RBI
RBI Chief Announces Reduction in Cheque Clearing Time from Two Days to Hours
He outlined a proposed shift to continuous clearing with 'on-realisation-settlement' under CTS. This approach, he added, will ensure same-day clearing of cheques on presentation, and the paying and receiving public at large will benefit by way of faster payment processing. Cheque truncation is a process whereby the physical movement of the cheque from the presenting bank to the paying bank branch is substituted by its electronic image. This image is sent to the clearing house with the included details of the MICR band, date of presentation, and the presenting bank information.
RBI Raises UPI Tax Payment Limit to Rs 5 Lakh
"UPI has evolved as the most preferred mode of payment because of its good system response and convenience. The limit for per transaction is presently Rs 1 lakh. It is, however, in many cases reviewed and revised from time to time based on varied needs, including capital markets, IPO subscriptions, loan collections, and insurance, medical, educational services," Das explained.
RBI Projects 7.2% GDP Growth Driven by Strong Urban and Rural Demand
Against this background, real GDP growth for 2024-25 is projected at 7.2 per cent, with quarterly growth rates of 7.1 per cent in Q1, 7.2 per cent in Q2, 7.3 per cent in Q3, and 7.2 per cent in Q4.
RBI Holds Repo Rate Steady for Ninth Consecutive Meeting at 6.5 Percent
It had paused the rate increase cycle in April last year after six successive rate hikes aggregating 250 basis points since May 2022.
India's Banks Bolster Economic Growth with Enhanced Strength, Says RBI Deputy Governor
"Excluding the post-COVID rebound in 2021-22, India's real GDP growth in 2023-24 accelerated to its highest since 2016-17 and surprised to the upside. It has represented a turning point in the growth trajectory from an average of 7 per cent pre-2020 to an average of 8 per cent or higher during the period since then, largely domestic in origin.". He said at the J P Morgan India Leadership Series Lecture recently, "Inflation is now expected to average at around 4.5 per cent in 2024-25 and 4.1 per cent in 2025-26."
Rural Economic Surge Boosts Indian Economy: RBI Report
It further enumerates some of the key reasons behind this enhanced spending power of rural households, which "include increase in fiscal transfers, revision in wage rates under programmes such as MGNREGS, and increase in remittances on account of migration to urban areas". Spending pattern in rural areas has undergone a change; now expenditure on conveyance, medical services, and consumer services has surpassed that on cereals, the survey data shows. These trends foster optimism, the report says, of rural India closing the gap with the urban areas and moving toward catching up.
India Achieves Record Forex Reserves of $657.2 Billion
The reserves had dropped by $1.71 billion to $652 billion in the June 28 week but have now bounced back to continue their upward streak seen in the previous weeks.
RBI Reports Surge in Job Creation: Over 46.6 million New Jobs Added in 2023-24
The KLEMS database of the RBI on inputs to production—Capital, Labour, Energy, Materials, and Services—cuts across 27 industries, classified into six sectors. All in all, they offer a pretty good view of the economy. For the first time, overall productivity for FY24 has also been provisionally estimated by RBI, based on available data, with improvements in labor quality being driven by educational attainments of workers.
Massive Government Bond Auction: Rs 28,000 Crore Offered This Friday
The first batch includes "7.02 per cent Government Security 2027" with a designated amount of Rs 6,000 crore. Following that, the second set comprises "7.23 per cent Government Security 2039" valued at Rs 12,000 crore, while the third lot, "7.30 per cent Government Security 2053," is set at Rs 10,000 crore.
RBI's Monetary Policy Panel Member Predicts Stable High Growth Phase for Indian Economy
He told, "With respect to growth momentum and inflation trends, the Indian economy is set for a possibly stable high growth phase. It is also in an enviable position given the huge risks that we are facing.".
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