RBI

RBI projects Consumer Price-based Inflation (CPI) at 5.4 percent for the current fiscal year. Against a backdrop of declining inflation to 4.87 percent in October, the MPC meeting anticipates the November inflation figures to be released next week. The government mandates the RBI to maintain CPI inflation at 4 percent with a 2 percent margin on either side.

During this same period, these banks managed to recover only Rs 1.9 lakh crore, according to information obtained by Moneycontrol.com through a Right to Information (RTI) request.

Initially, the total value of Rs 2,000 banknotes in circulation stood at Rs 3.56 lakh crore when their withdrawal was announced.

This increase comes after a slight dip in the forex reserves by $462 million, recorded in the preceding week that ended on November 10, bringing the reserves down to $590.32 billion.

In his address at the FIBAC 2023 conference, Rao highlighted the rapidly evolving banking landscape, emphasizing the rise in financial inclusion, customer access, product diversity, and convenience.

During the FIBAC 2023 conference, Das emphasized the necessity for NBFCs to diversify their funding sources, reducing their reliance on banks to mitigate the risks associated with interconnectedness.

India's retail inflation in October hit a four-month low, reaching 4.87%, inching closer to the RBI's targeted rate of 4%.

In a move initiated on July 11 of the previous year, the RBI had implemented an additional framework for managing invoicing, payment, and settlement of exports/imports conducted in INR (Indian Rupee).

The recent decision by the RBI to impose higher risk weights on credit card and unsecured loans is expected to immediately increase the capital requirements for banks and NBFCs.

The report indicates a sequential rise in India's GDP growth for the mentioned quarter, buoyed by sustained festival-related consumer demand.