India's Foreign Exchange Reserves Reach Two-Year Peak at $636.1 Billion
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This remarkable ascent marks the largest leap in the nation's forex reserves since the week culminating on July 14, 2023. In the prior reporting period, the overall reserves had already seen a substantial increase of $6.55 billion, reaching $625.63 billion.
India's Foreign Exchange Reserves Surge by $6.55 Billion
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The escalating foreign exchange reserves signify a favorable outlook for the economy, indicating an abundant influx of dollars that bolsters the strength of the rupee. A bolstering of foreign exchange reserves enables the RBI to fortify the rupee's stability, particularly during periods of volatility.
RBI Governor Das Forecasts GDP Growth Near 8% for FY24
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According to the National Statistical Office (NSO), the October-December quarter is projected to witness growth of 8.4 percent. Furthermore, the NSO has revised its GDP estimates for the first and second quarters upward to 8.2 and 8.1 percent, respectively, from the earlier figures of 7.8 percent and 7.6 percent.
RBI Directs Banks to Offer Customers Choice Across Card Networks
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In a draft circular soliciting feedback, the RBI noted that the existing arrangements between card networks and issuers are limiting customers' options. Currently, banks and non-banks typically assign a specific provider, such as American Express, Diners Club International, Mastercard, Visa, or RuPay, when issuing cards.
Paytm and PPBL Terminate Inter-Company Agreements Ahead of RBI Deadline
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In a filing with the Bombay Stock Exchange (BSE), the company stated that Paytm and PPBL have decided to terminate various inter-company agreements with Paytm and its group entities as part of an effort to reduce dependencies. Additionally, the shareholders of PPBL have agreed to simplify the Shareholders Agreement (SHA) to enhance PPBL’s governance independently of its shareholders.
Vijay Shekhar Sharma Resigns as Chairman of PPBL; Bank's Board Undergoes Reconstitution
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Last month, in response to regulatory actions, the central bank imposed restrictions on PPBL, prohibiting the acceptance of fresh deposits or top-ups in various customer accounts, including wallets and FASTags, effective initially until February 29, with an extension later granted until March 15.
RBI Authorization: Banks Granted Permission to Issue Pre-Paid Instruments for Public Transport Payments
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This move aims to enhance payment options for commuters, offering alternatives to cash payments for tickets. The introduction of these instruments is expected to bring convenience, speed, affordability, and safety through digital payment modes for transit services, according to RBI's notification.
RBI Governor Warns Against Premature Monetary Policy Decisions Amid Inflation Concerns
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During the three-day meeting of the Monetary Policy Committee (MPC) from February 6-8, the committee opted to maintain the key policy rate at 6.5 percent for the sixth consecutive time, marking nearly a year since the repo rate remained unchanged at this level.
India's Business Activity Reaches 7-Month Peak in February
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The flash India Composite Purchasing Managers' Index (PMI) by HSBC, compiled by S&P Global, climbed to 61.5 this month from 61.2 in January, marking the 31st consecutive month above the 50-mark, indicating expansion.
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