RBI
India's forex reserves down by over $4 bn
The Reserve Bank of India's forex reserves decreased to $629.755 billion from $634.287 billion reported for January 21. The country's forex reserves comprises of foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF.
Long road ahead for RBI to launch its digital currency
FM Nirmala Sitharaman introduced the Central Bank Digital Currency in her Union Budget 2022-23 speech, saying that it will give a big boost to the digital economy."I said that RBI will be issuing a digital currency...a currency is a currency only when it is issued by a central bank, even if it's a crypto. So, let's understand that we are not taxing currencies which are yet to be regularised," Sitharaman said later during the press briefing on Tuesday while clarifying the government's stance on cryptocurrency.
SBI gets requisite approvals for setting up 'bad bank'
Accordingly, both the companies are ready to commence their business. In her Budget speech last year, Finance Minister Nirmala Sitharaman had announced the setting up of a 'bad bank', including an asset reconstruction company and asset management company, to take over the existing stressed debt of banks. Notably, a total of 38 accounts aggregating Rs 82,845 crore have been identified for transfer to NARCL. However, the transfer will happen in a phased manner.
India's forex reserves fall by $678 mn
On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.155 billion to $569.582 billion. The SDR value fell by $68 million to $19.152 billion and the country's reserve position with the IMF declined by $22 million to $5.216 billion.
However, the value of the country's gold reserves increased by $567 million to $40.337 billion.
India's forex reserves rise by over $2 bn
The Reserve Bank of India's forex reserves increased to $634.965 billion from $632.736 billion reported for January 7. The country's forex reserves comprises of foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF. Additionally, the SDR value was up by $123 million to $19.220 billion.
India's overall economic activity remains strong despite third wave: RBI Bulletin
"Overall economic activity in India remains strong, with upbeat consumer and business confidence and upticks in several incoming high frequency indicators," it said. "On the vaccination front, India has made rapid strides. On the Omicron variant, the recent data from the UK and South Africa suggest that such infections are 66 to 80 per cent less severe, with a lower need for hospitalisation. This has brightened near-term prospects and financial markets reflect this optimism."
RBI likely to hike interest rates by up to 100 basis points in 2022
"In the immediate neighbourhood, Pakistan and Sri Lanka have raised policy rates. We expect India, too, to start raising interest rates soon and the RBI may raise the policy rate by up to 100 bps in 2022. This can have negative impacts, at least in the short-term, on both the equity and bond markets," Anand Rathi Share and Stock Brokers said in a report.
'Gold Bonds' next series to be issued at Rs 4,786 per gram
According to the Ministry of Finance, the Sovereign Gold Bond Scheme 2021-22 (Series IX) will be opened for subscription during the period January 10-14, 2022 with settlement date January 18. "The Government of India in consultation with the Reserve Bank of India has decided to allow discount of Rs 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode," the ministry said.
India's Q2FY22 current account deficit at $9.6 bn
The current account swung into negative territory with a deficit of $9.6 billion in Q2FY22 from a surplus of $6.6 billion in the preceding quarter. On a YoY basis, the country's Balance of Payments was in surplus of $15.3 billion in Q2FY21. "The deficit in the current account in Q2:2021-22 was mainly due to widening of trade deficit to $44.4 billion from $30.7 billion in the preceding quarter and an increase in net outgo of investment income," the RBI said in a statement.
India's forex reserves decline by $587 mn
The Reserve Bank of India's forex reserves decreased to $635.080 billion from $635.667 billion.
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