India's forex reserves jumped by $7.53 billion to a new record high of $674.92 billion for the week ended August 2, the Reserve Bank said on Friday. The overall kitty had dropped by $3.471 billion to $667.386 billion in the previous reporting week ended July 26.
Large tariffs by the United States administration and elevated geopolitical risk have increased near-term global financial stability risks, and along with weather events pose downside risks to domestic growth, Reserve Bank of India (RBI) Governor Sanjay Malhotra said in the foreword to the Financial Stability Report released on Monday.
The NCLAT said the RBI cannot restrict it from prohibiting banks from 'asset classfication' and observed that any change in this order would upset the entire resolution process of the IL&FS
The Bombay high court has upheld a decision by the State Bank of India (SBI) to classify accounts of industrialist Anil Ambani and his company, Reliance Communications (RCom), as "fraudulent" noting that there was no legal flaw in it.
CPI inflation slowed to 9.39% in April compared with 10.39% in March.
The new hire, Gangadhar Darbha, joined as a consultant
Reserve Bank will "wait and watch" the evolving situation before deciding on any further rate cut, Governor Sanjay Malhotra has said as he emphasised that both growth and price stability are equally important. With inflation on a downward trend, the RBI's Monetary Policy Committee (MPC) has been reducing the benchmark repo rate and has adopted a neutral stance, which also gives the flexibility to either cut or hike the rate going forward. The central bank has cummulatively reduced the repo rate by 100 basis points since February.
India's forex reserves jumped $8.31 billion to $686.14 billion for the week ended April 18, the RBI said on Friday. This is the seventh consecutive week of a rise in the kitty, which had jumped by $1.57 billion to $677.83 billion in the previous reporting week ended April 11.
Among Sensex firms, Bajaj Finance, ICICI Bank, Hindustan Unilever, Bajaj Finserv, HCL Tech and HDFC Bank were the major gainers. However, Maruti, Eternal, UltraTech Cement and State Bank of India were among the laggards.
ICICI Bank has reversed its decision to raise the minimum monthly average balance (MAB) for new savings accounts in metro and urban locations to Rs 50,000, revising it instead to Rs 15,000, effective August 1. The MAB for new savings accounts in semi-urban locations has been revised from Rs 25,000 to Rs 7,500, and for rural locations from Rs 10,000 to Rs 2,500.
Senior bankers anticipate discussions on issues related to technology, cyber security, and customer protection.
The move is to align affordable housing finance flows to the increase in property costs and inflation, says Raghu Mohan.
Gold and silver prices are poised to maintain their record-setting rally in the coming week as investors focus on global inflation data and key macroeconomic indicators that shape central bank policy paths, analysts said.
Among Sensex firms, Bajaj Finserv, ICICI Bank, Reliance Industries, Bajaj Finance, Larsen & Toubro and Bharat Electronics were the major gainers. However, Power Grid, Eternal, Hindustan Unilever and Adani Ports were among the laggards.
The Reserve Bank of India (RBI) is in no rush to launch the central bank digital currency (CBDC) nationwide, as its most promising use case - cross-border payments - depends on other countries rolling out their own CBDCs simultaneously for the system to work effectively. That said, the CBDC pilot is progressing well, with the user base in India expanding to about seven million, said RBI Deputy Governor T Rabi Sankar.
The Indian economy recorded a six-quarter high growth of 8.2 per cent in July-September, as factories churned out more products in anticipation of a consumption boost from the GST rate cut, according to government data.
Championship side Oxford United beat League Two's MK Dons on penalties after their match ended 1-1, while a couple of League One teams moved on, with Wigan Athletic beating Championship side Preston North End 1-0, and Port Vale defeating League Two's Fleetwood Town 1-0.
The rupee recovered 55 paise from its all-time low level to close at 90.38 against the US dollar after a volatile trade on Wednesday, amid suspected aggressive central bank intervention.
The rupee continued to face pressure in the first half of the current financial year (FY26), hitting fresh lows against the dollar, due to strengthening of the greenback, rising crude oil prices, and foreign outflows. Rupee has depreciated by 3.7 per cent so far in the current financial year after starting at a good note in April.
'Given the lag in transmission, further softening of lending rates may happen in the coming months.'
The Reserve Bank on Thursday affirmed its commitment to continue with its supervisory measures aimed at early identification of risks and vulnerabilities. The central bank would also focus on enhancing cyber resilience and capabilities of Supervised Entities (SEs) by implementing the recommendations of the inter-regulatory Working Group, which has uniform baseline cybersecurity guidelines for financial entities, it said in its annual report.
The second post of deputy governor became vacant after V Leeladhar superannuated a few months ago. Punjab National Bank chairman and managing director K C Chakrabarty is to take over as deputy governor on Monday. Apart from monetary policy, Subbarao will also handle the department of economic analysis and policy, department of statistics and information management.
'The US reciprocal tariff has added another element of uncertainty and the central bank may prefer to wait and get further clarity.'
Wholesale price inflation (WPI) returned to the positive zone after two months at 0.52 per cent in August, as prices of food articles and manufactured items inched up, government data showed on Monday. WPI-based inflation was (-) 0.58 and (-) 0.19 per cent in July and June, respectively.
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'All commercial and banking transactions happen in South Mumbai.'
India's forex reserves dropped by $4.8 billion to $670.12 billion for the week ended August 9, the Reserve Bank of India said on Friday. In the previous reporting week, the kitty jumped by $7.53 billion to an all-time high of $674.92 billion.
Persisting uncertainties related to the US trade policies pose downside risk to the overall demand in the Indian economy while the inflation outlook for the near term has become more benign than anticipated earlier, RBI said in its latest bulletin on Thursday. In the August bulletin, the Reserve Bank of India (RBI) also said that India's sovereign rating upgrade by S&P bodes well for capital inflows and sovereign yields, going forward.
Despite a strong 7.8 per cent growth in the first quarter, the Indian economy is expected to grow at 6.5 per cent in the current financial year as the impact of US tariffs on Indian exports will reduce prospects, particularly in the second half, ADB said on Tuesday.
In an event-heavy week, stock investors will track ongoing quarterly earnings, the US Federal Reserve's interest rate decision, and macroeconomic data for market direction, analysts said. Moreover, progress in India-US trade negotiations will remain a key focus for investors, an expert said.
India's forex reserves dropped $4.89 billion to $685.73 billion for the week ended May 16, the Reserve Bank of India said on Friday. The overall reserves jumped by $4.553 billion to $690.617 billion in the previous reporting week.
India's forex reserves rose by $223 million to a new all-time high of $689.46 billion for the week ended on September 13, according to the Reserve Bank data released on Friday. The overall forex kitty had jumped by $5.25 billion to a high of $689.24 billion for the previous reporting week ended on September 6.
'We deposited money just yesterday, but they did not say anything...'
India's forex reserves jumped by $4.55 billion to $690.62 billion for the week ended May 9 on the back of a steep increase in gold assets, the RBI said on Friday.
External auditor PwC is likely to submit its report to IndusInd Bank's board on Friday regarding accounting discrepancies in its derivatives portfolio, sources said. As per an estimate, Rs 2,100 crore discrepancy in accounting may impact 2.35 per cent of the bank's net worth.
'Calibrated depreciation will help rebalance external fundamentals, offset some of the tariff differentials with competitors, improve the competitiveness of domestic substitutes vis-a-vis Chinese imports, and contribute to the easing of financial conditions at a time when the inflation rate is unusually low,' explains Sajjid Z Chinoy, head of Asia Economics at JP Morgan.
India's merchandise trade deficit widened to a record $41.68 billion in October, as gold imports trebled and outbound shipments registered their sharpest contraction in 14 months, according to data released by the commerce department.
The co-operative banking sector is well regulated, and a few cases of restrictions being imposed by the Reserve Bank of India (RBI) should not paint a negative picture of the entire sector, said Department of Economic Affairs (DEA) secretary Ajay Seth on Monday. "Co-operative banks in the country are generally quite robust, and the RBI takes regulatory action whenever issues arise.
'...aggressive pricing amid volatility, but these are exceptions.'
Rashtrapati Bhavan has introduced a new initiative, the E-Upahaar auction, to monetise valuable assets for a social cause, in alignment with a broader governmental policy, championed by Prime Minister Narendra Modi, of auctioning gifts received by dignitaries to fund welfare programmes.
