Country's foreign exchange reserves declined sharply by $3.433 billion to $351.920 billion.
"The economy is going through a very difficult patch and business confidence has plummeted. New investments have slowed down," Assocham President Rajkumar Dhoot said during his interaction with RBI Governor D Subbarao ahead of the central bank's monetary policy review scheduled on April 17.
The Reserve Bank on Wednesday said it will soon start issuing banknotes of Rs 1,000 denomination in non-sequential numbering.
As the rupee depreciated to a new 32-month low against the US dollar, Finance Minister Pranab Mukherjee on Wednesday said the Reserve Bank is monitoring the situation and will intervene in the forex market "as and when necessary".
Chanda Kochhar, the high-profile ex-banker had on November 30 moved the Bombay high court challenging "termination" of her employment by ICICI Bank which also denied her remuneration and clawed back all the bonuses and stock options between April 2009 and March 2018 for her alleged role in granting out of turn loans worth Rs 3,250 crore to the Videocon Group which benefitted her husband Deepak Kochhar. A division Bench of justices Ranjit More and SP Tavade allowed her to implead RBI and directed the apex bank to file its reply by December 16.
The coins will be circular in shape and have a diameter of 23 millimetres.
Maharashtra, the country's largest cane and sugar producer after Uttar Pradesh, had, over the past few years, weathered adverse market dynamics brought about by a domestic and global sugar glut, mounting arrears and muted exports.
Chakrabarty would succeed V Leeladhar as the deputy governor in charge of banking in the apex bank. The official notification is expected soon and Chakrabarty is likely to assume office on Monday, banking sources said.
According to the Reserve Bank of India, the total flow of financial resources (rough estimates) from banks and non-banks to the commercial sector during April-December 2010 stood at Rs 9,01,000 crore (Rs 9,010 billion), up from the Rs 6,36,000 crore (Rs 6,360 billion) during the year-ago period.
The three-year tenure of Raghuram Rajan saw the RBI adding a net of $92 billion to the kitty.
Households expect inflation to rise further by 170 basis points during the next 12 months.
RBI is scheduled to announce the annual credit policy on May 3.
India's foreign exchange reserves dipped by $1.327 billion to $317.313 billion in the week ended September 5 on a slide in the currency assets and gold stockpile, the Reserve Bank said.
The apex bank's observation on Tuesday comes at a time when global markets remain uncertain about the overall impact of the tsunami and the subsequently unravelling nuclear crisis in Japan.
'Prevention is better than cure' seems to be the focal point of the latest action points of the Reserve Bank of India (RBI) in the Annual Conference of Banking Ombudsman. So, the apex bank is looking at setting a template of good customer service that will prevent consumer grievance.
Urban households expect inflationary pressure to sustain through 2011 and feel there may not be any softening of food prices, an RBI survey shows.
To consider revising interest rates after RBI's review.
Financial experts feel with inflation still not under control, RBI could raise rates in the future.
The apex bank also noted that manufacturing activities slowed down in certain parts of the country.
Though there is no formal agenda for the meeting, it is generally conducted to get bankers' views on the macro economic scenario and credit and deposit growth. The apex bank also point out its concerns, if any, on specific issues.
However, growth is expected to bounce back to an average of 7.3 per cent in the second half of 2017 and 7.7 per cent in 2018
The Japanese central bank on Monday unveiled new measures, entailing short-term loans worth 10 trillion yen (about $ 118 billion) to domestic financial entities, to boost sagging economic recovery.
Currently, banks follow system of internal benchmarks, including Prime Lending Rate, Benchmark Prime Lending Rate, Base rate and Marginal Cost of Funds based Lending Rate.
Analysts feel the RBI should not opt for another hike in the calendar year.
RBI said monetary management in the current fiscal will be dominated by the challenge of moderating inflation and anchoring inflation expectations, while remaining supportive of growth impulses.
Reserves had touched an all-time high of $355.46 billion in the week to June 19.
The Reserve Bank of India has ordered a special audit of private sector lender Bank of Rajasthan's accounts, suspecting violation of operational norms by the lender, including transparency in lending.
Earlier, the apex bank had projected inflation at 5.5 per cent by March 2011 and the latest higher estimate is on account of high food, fuel prices high and persistent demand pressures building up in the economy.
The report, however, said it remains watchful of the upside risks to inflation emanating from pass-through of minimum support prices (MSPs), adverse movement in crude oil prices, volatility in global financial markets, lagged impact of the rupee weakness on input prices, adverse implications from fiscal slippage and staggered impact of HRA increases by states and its second-round impact.
In the previous reporting week, the reserves had surged by $954.6 million to $294.36 billion.
The country's foreign exchange reserves rose by $954.6 million to $294.36 billion on account of gains in the value of gold reserves, the Reserve Bank said.
Amid concerns raised by RBI over its autonomy, the central bank has for the first time sought the Finance Ministry's nod for wage revision in the apex bank.
The apex bank has come out with a discussion paper on entry of new private banks to broaden the reach of banking in the country.
India's foreign exchange reserves surged by $1.26 billion to $292.33 billion in the week ended February 7 on the back of a healthy increase in the currency assets, the Reserve Bank said.
The SBI report ruled out a October rate hike
Hinting at some tightening of the monetary policy on Friday, the Reserve Bank on Thursday said inflation is a major challenge and would address it without hurting the growth.
The Commerce Ministry wants the Reserve Bank to reduce interest rate for dollar credit in its forthcoming monetary policy to help sustain the fledgling recovery in the exports sector.
India's foreign exchange reserves declined for the second consecutive week to $295.50 billion, down $12.6 million, in the week ended December 20, the Reserve Bank said.
The rupee had ended 12 paise higher at 63.70 on Monday.
The apex bank, however, may not aggressively tighten the monetary policy and is likely to resort to only a moderate 0.25 per cent hike in short-term borrowing rates and mandatory bank deposits with RBI, bankers said.
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