India's forex reserves dropped by $7.27 billion to $594.89 billion for the week ended August 18, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by $708 million to $602.16 billion. The country's forex kitty had reached an all-time high of $645 billion in October 2021.
Bank credit growth is expected to moderate this financial year after a robust 16 per cent estimated for last financial year, driven by strong economic activity and retail credit demand. There are three reasons for this: a statistical high-base effect given the strong growth seen last financial year, revision in risk weights by the Reserve Bank of India (RBI), and relatively slower economic activity.
HDFC Bank on Tuesday said RBI has given approval to the group to acquire up to 9.5 per cent stake each in six lenders, including ICICI Bank and Axis Bank.
India's foreign exchange reserves jumped $708 million to $602.16 billion for the week ended August 11, the Reserve Bank of India (RBI) said on Friday. This is the first increase in the kitty after declining for three consecutive weeks. In the previous reporting week, the overall reserves had declined $2.42 billion to $601.45 billion.
'Maharashtrians are facing a dual battle -- numerical battle with North Indians and financial battle with Gujaratis and Marwaris.' 'This has created anxiety about survival and ownership over Mumbai and Maharashtra.'
Analysts expect Nifty to rise up by to 6 per cent in six months, with intermittent corrections likely due to global factors.
This marks a 67% increase from the Rs 2,537 crore lost in scams in 2022-2023.
The Reserve Bank on Wednesday announced the increase of the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000, in order to encourage wider adoption of the popular instant payment system through mobile phones. A limit of Rs 500 per transaction and an overall limit of Rs 2,000 per UPI Lite wallet, is presently applicable, with the facility of auto-replenishment. Unveiling the October bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das also said the per-transaction limit in UPI123Pay will be enhanced to Rs 10,000 from the current Rs 5,000.
In the past 10 years, over 500 PSB officers have died by suicide. When targets are overwhelming, senior management and customers are both impatient, and there is constant fear, not every banker has the resilience to survive and thrive, warns Tamal Bandyopadhyay.
Outgoing Reserve Bank Governor Shaktikanta Das said on Tuesday that restoring inflation-growth balance is the most important task ahead of the central bank. Addressing a press conference on his last day as the central bank chief, Das said his successor will have to navigate the changing world order, effectively deal with cyber threats, and focus on harnessing new technologies.
New investors should avoid short-term, tactical entries and instead go for staggered buying via ETFs to manage volatility.
The weakening of inflation, prospects of economic growth, geopolitical uncertainty and comfortable system liquidity may result in the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) to cut the repo rate by another 25 basis points, opine top economists. They also said the external economic pressures like trade policies and others would require continued RBI's accommodative stance and policy support for the Indian industry to sustain the growth.
'We continue to view India as a standout within EM.'
The RBI on Monday said state-owned SBI, along with private sector lenders ICICI Bank and HDFC Bank continue to be Domestic Systemically Important Banks (D-SIBs) or institutions which are 'too big to fail'. SIBs are perceived as banks that are 'too big to fail (TBTF)'. This perception of TBTF creates an expectation of government support for these lenders in times of distress.
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