RBI
RBI enhances Transaction Limit in IMPS transfers to Rs 5 lakh
RBI Governor Shaktikanta Das said that the limit has been raised in view of importance of the IMPS system and for enhanced consumer convenience. The current IMPS limit is Rs 2 lakh meaning a bank consumer can transfer this amount for making any immediate money transfer on a day.
Growth Stimulating: RBI's MPC retains rates, accommodative stance
Accordingly, RBI Governor Shaktikanta Das pointed out that GDP is expected to grow at 7.9 per cent in Q2, 6.8 per cent in Q3, 6.1 per cent in Q4 and 17.2 per cent in Q1FY23. On Friday, the RBI retained its key short-term lending rates during the third monetary policy review of FY22. Besides, the growth-oriented accommodative stance was retained to give a push to economic activity.
New RBI rule on recurring payment not to impact transactions with compliant merchants
Banking sector experts said that most of these merchants offering various bouquet of service have migrated to the new Standard Instruction Platform put in place by the banks in the country. This would mean that payment instruction to these compliant vendors would have to be revalidated once and it would move seamlessly in subsequent months without any hindrance to the service.
Growth Stance: MPC to hold rates despite excess liquidity
On the other hand, the central bank might indicate a timeline for commencing solid tapering measure in addition to variable reverse repo rate (VRRR) operations to withdraw excess liquity, thereby, staving off inflationary pressure. In a poll conducted by IANS, economists and industry experts cited inflationary pressures as a key factor halting any further monetary policy easing.
RBI sets WMA limit at Rs 50K cr
In financial parlance, the WMA is a mechanism used by the RBI, under its credit policy, to provide advances to states banking with it, to tide over temporary mismatches in the cash flow of their receipts and payments. This is repayable in each case, not later than three months from the date of making the advance.
Govt to borrow Rs 5.03 lakh cr in second half of FY22
Out of gross market borrowing of Rs 12.05 lakh crore projected for FY22 in the Union Budget, Rs 7.24 lakh crore (60 per cent) was planned to be borrowed in first half (H1). The effective borrowing in H1 of FY 2021-22 was, however, Rs 7.02 lakh crore. The government now plans to borrow the balance Rs 5.03 lakh crore in the second half year (H2) of FY 2021-22.
RBI to purchase Rs 15K cr of securities under G-SAP 2.0
The open market purchase was announced by the RBI after the Monetary Policy Review meeting held in June. The RBI's recent G-SAP auctions have focused on securities across the maturity spectrum with the intention to ensure that all segments of the yield curve remain liquid.
Need to continue labour, product markets reforms for growth: RBI Guv
In his address at the 48th National Management Convention of the All India Management Association (AIMA), he cited the need to deal with pandemic's legacy and create conditions for future growth. "Limiting the damage that the crisis inflicted was just the first step; our endeavour should be to ensure durable and sustainable growth in the post-pandemic future.
US official privately criticised RBI ban on Mastercard
The documents show frustration within the US government after India's central bank banned new card issuance by American Express and Diners Club International in April, then took similar action against Mastercard in July. The Reserve Bank of India accuses the companies of breaking local data-storage rules. The bans do not affect existing customers.
Aggregate demand gains firmer ground: RBI August Bulletin
The central bank noted that IIP and core industries mirrored improvement in industrial activity and services sector indicators point towards sustained recovery. "The trajectory of inflation is shifting down more favourably than anticipated." "As pandemic scars heal and supply conditions are restored with productivity gains, a sustained easing of core inflation can be expected, which will reinforce the growth-supportive stance of monetary policy."
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