'The impact of CBDC on deposits and deposit insurance is largely unknown.'
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
The Reserve Bank of India is closely monitoring liquidity to decide whether it needs to take fresh measures to absorb excess funds from the banking system, the central bank's deputy governor said on Saturday.
The country's foreign exchange reserves surged by $5.271 billion to touch a record high of $598.165 billion in the week ended May 28, RBI data showed on Friday. In the previous week ended May 21, 2021, the reserves had increased by $2.865 billion to $592.894 billion. While announcing the second bi-monthly monetary policy review earlier on Friday, RBI Governor Shaktikanta Das said the country's forex reserves may have crossed $600 billion currently.
The Reserve Bank of India on Friday decided to keep the policy rate unchanged at 6.5 per cent for the fifth time in a row as it maintains a tight vigil on inflation. The rate increase cycle was paused in April after six consecutive rate hikes, aggregating to 250 basis points since May 2022. Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) unanimously decided to keep the repo rate unchanged at 6.5 per cent.
Kotak Mahindra Bank was the biggest loser in the Sensex pack, sliding 2.68 per cent, followed by Tech Mahindra, Mahindra & Mahindra, Axis Bank, Hindustan Unilever, Tata Motors, Tata Consultancy Services, Bajaj Finserv, Bajaj Finance, Nestle and Titan. In contrast, NTPC, Power Grid, Larsen & Toubro, HDFC, Reliance and HDFC Bank were the gainers.
Even as the high inflation figure for October has ruled out any possibility of a rate cut by the Reserve Bank of India's (RBI's) monetary policy committee (MPC) in December, a rate cut in February also looks uncertain due to global uncertainties. Economists told Business Standard that unless domestic growth slows markedly, the outlook on rate cut remains unclear. India's headline inflation touched a 14-month high of 6.2 per cent in October, breaching the MPC's upper tolerance band of 6 per cent.
He will be the first bureaucrat to head the central bank in almost five years.
Changing aspirations and strong rural demand could explain why core inflation may not decline fast enough.
Subir Gokarn, Executive Director and Chief Economist at Standard & Poor's Asia Pacific, is heading the shortlist of candidates for the Reserve Bank of India Deputy Governor's post. Gokarn is also a Business Standard columnist.
A high-level panel led by former RBI governor Bimal Jalan, set up to decide the appropriate capital reserves that the central bank should maintain, on Wednesday finalised its report.
Duvvuri Subbarao the new Reserve Bank of India governor said on Tuesday that the central bank will review GDP growth forecast for this fiscal during its October review of monetary policy.
The three day MPC meeting began on Monday and the decision will be announced on Wednesday by RBI Governor Shaktikanta Das.
The RBI Governor also reiterated his reservation against repeated loan waivers by various state governments, saying the move distorts credit pricing, thereby also disrupting the credit market.
India is much better placed today to deal with future waves of the pandemic relative to the first wave, RBI deputy governor Michael Patra said.
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The NPAs of banks stood at over Rs 3 lakh crore as on December 2014.
'In plain simple English, these practices amount to a looting of our country's future by some in the business community, in cahoots with some lenders,' says RBI Governor Dr Urjit R Patel.
Dr Raghuram Rajan's departure holds lessons for all, be it sections of the media, politicians or the people themselves. We need to learn how to value and retain talent. At the same time the talented must realise that talent alone does not ensure the top job, says Sanjeev Nayyar.
Prime Minister Narendra Modi and Congress leaders Sonia Gandhi and Mallikarjun Kharge were among the top leaders who paid homage to former prime minister Manmohan Singh at his home in New Delhi on Friday.
Reserve Bank of India regional director J Sadakkadulla on Thursday said that a high-level committee headed by RBI Deputy Governor Usha Thorat had recommended installing of note sorting machines (NSMs) in all bank branches in a phased manner and has asked the banks to give a road map to the RBI to achieve this task.
He will look after the Department of Banking Operations and the Development and Urban Banks Department, which were held by Usha Thorat who retired in November last year.
The ratings agency currently rates India at Baa3
Reserve Bank of India Governor Raghuram Rajan, who will present his maiden policy on September 20, held discussions on Tuesday with Prime Minister Manmohan Singh and Finance Minister P Chidambaram on the macro-economic situation.
Finance Minister Nirmala Sitharaman on Tuesday asked banks and other financial institutions to ensure that their customers must update nominees to help resolve the problem of unclaimed money in future. "I want the banking system, the financial ecosystem including the mutual funds, stock markets to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that customers nominate their heirs, give the name and address," Sitharaman said speaking at the Global Fintech Fest (GFF) in Mumbai. According to a report, the banking system alone has more than Rs 35,000 crore of unclaimed deposits, while the overall quantum of the unclaimed money is said to be more than Rs 1 lakh crore.
Reserve Bank of India (RBI) Executive Director Anand Sinha is set to replace Usha Thorat as deputy governor. Finance Minister Pranab Mukherjee has recommended Sinha's candidature to the Appointments Committee of the Cabinet (ACC).
The Reserve Bank has reduced interest rate by 150 bps since January 2015.
India decisively withstood global headwinds in 2023 and is likely to remain as the world's fastest-growing major economy on the back of growing demand, moderate inflation, stable interest rate regime and robust foreign exchange reserves. Despite widespread pessimism witnessed among the developed nations and the worsening geopolitical situation, India recorded a gross domestic product (GDP) expansion of 6.1 per cent in the March quarter. The growth moved up to 7.8 per cent in the June quarter and was 7.6 per cent in the September quarter. For the first six months of this fiscal, the growth was 7.7 per cent.
Punjab National Bank Chairman and Managing Director K C Chakraborty has emerged as the frontrunner for the post of the fourth deputy governor of the Reserve Bank of India (RBI).
The central bank has also left the Bank Rate and the Cash Reserve Ratio unchanged at 6 per cent and 5 per cent, respectively, in the annual policy announcement 2007 released on Tuesday.
Amid a debate on the basis of a monetary policy stance, one may be curious enough to know how non-food retail inflation has behaved over the years in India. Let the eager souls catch a glimpse of facts. In the past 10 years, non-food inflation came down below 4 per cent on two occasions - pre-Covid period of 2019-20 and now in the first four months of the current financial year (FY25).
Financial inclusion has two parameters- access and use of banking services.
Financial inclusion has two aspects- access and use of banking services.
Garg had refused to sign on the report finalised by the former Reserve Bank of India governor Bimal Jalan-led committee reviewing the central bank's economic capital framework (ECF).
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
If numbers change, there will be scope for more rate cuts.
The Winter Session of Parliament is likely to witness a united opposition piling up pressure on the government on a plethora of issues like the exit of the RBI Governor, rumblings in the CBI and Rafale deal, while parties like Shiv Sena are set to make a renewed pitch for Ram temple in Ayodhya.
The Winter Session of Parliament is likely to witness a united opposition piling up pressure on the government on a plethora of issues like the exit of the RBI Governor, rumblings in the CBI and Rafale deal, while parties like Shiv Sena are set to make a renewed pitch for Ram temple in Ayodhya.
The Winter Session of Parliament is likely to witness a united opposition piling up pressure on the government on a plethora of issues like the exit of the RBI Governor, rumblings in the CBI and Rafale deal, while parties like Shiv Sena are set to make a renewed pitch for Ram temple in Ayodhya.
The current account deficit, which is the difference between inflow and outflow of foreign exchange, rose to a record high of 4.8 per cent of GDP in 2012-13, from 2.8 per cent in 2010-11.
200 staffers, consisting of RBI officials and support teams, who are essential to perform critical functions, were isolated at a separate facility in a dedicated quarantined environment near all three RBI data centres.
