In this month itself, UPI can hit 2 billion transactions and by March 2021, it should reach 2.15 billion transactions in a month.
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The Reserve Bank of India sold dollars via state-owned banks around 62.3575 per dollar to contain the rupee's fall, traders said.
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The RBI has bought Rs 124.62 billion worth of bonds since its announcement on Aug. 20 that it would occasionally buy bonds to relieve some of the cash tightness in the banking system.
'Flush with funds, lending became a cash management exercise.' 'Road projects, power generation plants, airports etc were financed left and right with apparently no regard for the projects' ability to repay,' explains S Muralidharan, former managing director, BNP Paribas.
Religion matters. Aspirational India is still poor. India admires strong leaders. India values decency. Shreekant Sambrani highlights the reasons why the BJP pulled off improbable victories in the Hindi heartland.
The rupee resumed higher at 59.69 per dollar as against the last closing level of 59.73 at the Interbank Foreign Exchange market.
The former Union minister alleged that the government is "intolerant to the slightest criticism".
The repo or short term lending rate remains unchanged at 6.75 per cent and the reverse repo rate at 7.75 per cent.
BofA-ML revised its end-2015 rupee-dollar forecast to 60 from 64 earlier.
The main factor boosting production was a sustained rise in new work inflows.
If raters get away by moving from AAA to D overnight after companies default, as happened with DHFL, YES Bank, RCom, and IL&FS, it shows a complete breakdown in the rating system. It calls for exemplary punishment, not kid glove treatment, says Debashis Basu.
]If Andhra Pradesh's middle class is denied salaries and pensions or, if these are delayed, it will rise against Jagan Mohan Reddy with the same fervour with which it voted him in.
'There is a misconception that gold is a dead asset in India.' 'Around 30 per cent of agriculture loans are collateralised by gold, Soumya Kanti Ghosh and Saket Hishikar, economists at the SBI, point out.
The headline seasonally adjusted Nikkei India Composite PMI Output Index, that maps both the manufacturing and services sectors, rose from 53.3 in June to 54.1 in July.
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Privatising public sector companies would have encountered significant opposition from their managers as well as from strong unions.
The 6.7% growth in Index of Consumer Sentiments in July 2022 is the highest since September 2021, explains Mahesh Vyas.
Former Reserve Bank Governors do not seen any harm in central bank consulting the government before firming up monetary policy initiatives saying such an step would not amount to infringement on its independence.
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The rupee has avoided the heavy losses suffered by some emerging Asian currencies such as the Philippine peso this year because of its efforts to narrow the current account deficit, and strong foreign investor inflows.
Wholesale fuel prices in May fell 10.51 per cent year-on-year.
India's macroeconomic situation is improving fast and the country's GDP growth will turn positive in the third and fourth quarters of the current financial year, eminent economist Ashima Goyal said on Sunday. Goyal in an interview to PTI said the management of the COVID-19 pandemic and gradual unlocks announced by the government have helped in avoiding multiple COVID-19 peaks. The growth estimates by different agencies are being continuously revised, she said.
On price rise, HSBC said that the rate of cost inflation decelerated sharply while output prices were unchanged.
The over-recovery on diesel for such companies reached Rs 3.56 a litre for the first fortnight of October.
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Traders say the outlook for the rupee has improved on the back of a sharp narrowing in the current account deficit after government and central bank emergency measures such as curbing gold imports.
Chidambaram has been magnanimous in endorsing my book, says the former RBI Governor D Subbarao.
Foreign investors have bought around $2.4 billion in both debt and equity so far in October, pushing the total inflows to nearly $36 billion so far in the year.
The IMF and World Bank have stopped loans, and the FATF warned its 39 member nations to block Taliban assets.
The rupee appreciated by 10 paise to close at a nearly six-week high of 60.29 against the US dollar in the previous session tracking a solid rally in local shares and continued dollar selling by exporters and some banks.
A large part of the work that CEO Sumit Gupta does is focused on educating users and the larger community about investing in cryptocurrencies, reports Neha Alawadhi.
More and more PE players are willing to test the waters now, just in case they become early entrants in a future booming business.
A key hindrance to a faster turnaround of these banks is the slow progress in the resolution of legacy bad loans and the need to build up provisions against those assets.
'The market movement will be largely driven by earnings growth.'
Inflation in food articles, fuel and power contracted in July.
The resurgence of COVID-19 has dented but not debilitated economic activities in the first half of Q1 of the current fiscal even though caseload of infections is much higher than before, according to an RBI article. The ferocity of the second COVID-19 wave has overwhelmed India and the world, the article said, adding that war efforts have been mounted to stop the surge in its tracks. "The impact of the second wave on the real economy seems to be limited so far in comparison with the first wave. Evidently, the localised nature of lockdowns, better adaptation of people to work from home protocols, online delivery models, e-commerce and digital payments are at work," the article on the state of economy authored by RBI Deputy Governor M D Patra and other officials said.
Sensex sinks into red at close on growth concerns.
'India's economic fundamentals are much too strong to be affected by his resignation,' says B S Raghavan.
Service providers' confidence with regard to the 12-month outlook for business activity remained positive.
New York's main contract, West Texas Intermediate for February delivery, was up 22 cents at USD 98.64 in mid-morning trade while Brent North Sea crude for February rose 17 cents to $ 110.97.
The latest rate cut has not yet trickled down to consumers.
The hit to economic activity will be mostly confined to the first quarter. And a third wave, if it materialises, is unlikely to be hugely disruptive for the economy, predicts T T Ram Mohan.
This comes against the backdrop of instances of indicative ratings given by agencies, for which there are no written agreements.
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