India's forex reserves decreased by $587 million to $635.08 billion for the week ended December 24, the RBI said on Friday. In the previous week ended December 17, the overall reserves had decreased by $160 million to $635.67 billion. The kitty had touched a lifetime high of $642.45 billion in the week ended September 3, 2021.
The bank, however, maintained that the incremental benefit from the MCLR based lending rates introduced in April 2016 as an alternative to the earlier system of base rate, was positive.
RBI's previous monetary policy was announced on September 29.
The top court said it cannot order a roving inquiry into purchase of electoral bonds on the assumption that it was quid pro quo for award of contract.
RBI has already come out with a discussion paper on banking sector in India, on which the regulator has invited comments from stakeholders.
State Bank of India on Monday moved the Supreme Court seeking an extension of time till June 30 to disclose details of each electoral bond encashed by political parties.
Yes Securities, the broking and investment arm of Yes Bank, on Wednesday said the Supreme Court directive on loan moratorium due to pandemic has brought the much needed clarity and there will not be any financial impact on the banks as the compound interest waiver is to be reimbursed by the government. On its verdict on a batch of pleas seeking moratorium extension beyond August 31, 2020, the apex court on Tuesday said it is a policy decision, refusing to interfere with the Centre's and RBI's decision to not extend the loan moratorium beyond the limit. However, it observed that the benefit of moratorium should go to all set of borrowers irrespective of the loan amount and asked to refund any amount collected as penal interest and compound interest during March-August 2020.
The RTI also sought the details of the fees paid by the SBI to senior advocate Harish Salve to defend its case against the disclosure of the electoral bonds' records, citing that the records are held in a fiduciary capacity and the information is personal in nature.
RBI Governor Raghuram Rajan on Tuesday said the Finance Ministry's decision to provide more capital to PSU banks will lower the borrowing cost and increase their capacity to lend, besides promoting investments.
The SBI report ruled out a October rate hike
India's forex reserves increased for the second consecutive week, touching $584.554 billion as of February 26, up by $689 million, the Reserve Bank said on Friday. The overall reserves had increased by $169 million to $583.865 billion in the previous reporting week. The reserves, which have been steadily increasing over the last few months, had touched an all-time high at $590.185 billion for the week ended January 29 this year.
Apart from Gujarat, Shah claimed that co-operative movement is still active in many other states, such as Maharashtra, Karnataka and Rajasthan.
;The entire INDIA bloc, led by Rahul Gandhi, was against the bonds and they wanted the old system of cut money to rule over politics once again;
'The committee has been constituted. Different government departments and FSDC members are part of it.'
In his letter to President Droupadi Murmu, SCBA President Adish C Aggarwala urged her to seek presidential reference of the apex court judgement in the electoral bonds scheme case.
The apex bank held 586.44 tonne of gold as on September 30, of which 294.14 tonne are held overseas in safe custody with the Bank of England and the Bank for International Settlements, while the remaining gold is held domestically
The RBI also looked into the effectiveness of systems and processes for implementation of KYC norms
The inflation data for May and the US Fed interest rate decision are the crucial factors that would dictate terms in the equity market this week, analysts said. Moreover, foreign fund trading activity, movement of rupee and crude oil prices would be the other key monitarables for the markets, they added. "All eyes will be on the US FOMC (Federal Open Market Committee) decision scheduled on June 15, and the market is fearing aggressive rate hikes amid inflation monster. "Bank of Japan will also announce its credit policy on June 17.
Reserve Bank of India will carry out a mid-term review of monetary and credit policy for 2003-04 on November 3.
'Mumbai main branch (SBI headquarter) has all the data ready-made. It doesn't take even an hour to out the data from the system.'
A five-judge Constitution bench headed by Chief Justice D Y Chandrachud, which was hearing an application filed by the Election Commission (EC) seeking a modification of the operative portion of its March 11 order in the electoral bonds case, directed its registrar (judicial) to ensure that the data filed earlier by the poll panel before it in a sealed cover be scanned and digitised.
The country's foreign exchange reserves rose by $2.865 billion to a record high of $592.894 billion for the week ended May 21, boosted by gold and currency assets, RBI data showed on Friday. The previous all-time high for the forex kitty was $590.185 billion for the week ended January 29, 2021. For the previous week ended May 14, the reserves had increased by $563 million to reach $590.028 billion.
Sharma would be 60 in November 2018, and would have completed 10 years as Axis Bank's CEO the following year in June.
Banks are also weighing the option of hiring experts for help in specialised areas.
In its verdict last month, the top court directed the SBI to furnish the details to the Election Commission (EC) by March 6.
Public sector banks may have to bear a burden of Rs 1,800-2,000 crore arising due to a recent Supreme Court judgement on the waiver of compound interest on all loan accounts which opted for moratorium during March-August 2020, sources said. The judgement covers loans above Rs 2 crore as loans below this got blanket interest on interest waiver in November last year. Compound interest support scheme for loan moratorium cost the government Rs 5,500 crore during 2020-21 and the scheme covered all borrowers including the prompt one who did not avail moratorium.
A five-judge constitution bench headed by Chief Justice DY Chandrachud had on May 11 reserved its verdict on the pleas after a marathon hearing of 10 days.
Banks might hold on to lending rates for the time being.
Banks have started refunding borrowers the compound interest charged on specified loan accounts during the moratorium period. Last week, the Reserve Bank of India (RBI) had asked all lending institutions, including non-banking financial companies, to ensure that the scheme of waiver of interest on interest for loans up to Rs 2 crore for the six-month moratorium period is implemented by November 5.
A five-judge Constitution bench of the Supreme Court is scheduled to commence a crucial hearing from Tuesday on a batch of pleas challenging the validity of the electoral bonds scheme for funding political parties.
UltraTech Cement was the top gainer in the Sensex pack, rising 3.06 per cent, followed by IndusInd Bank, ICICI Bank, HDFC Bank, Titan, Axis Bank, SBI and Reliance Industries. NSE Nifty advanced 78.35 pointsto close at 14,814.75.
Congress general secretary in-charge communications Jairam Ramesh said "surprisingly" the prime minister is grounded in New Delhi on Wednesday and not travelling around the country for new "inaugurations", for rebranding, or for claiming credit for past work.
Foreign currency assets, a major component of the overall reserves, fell by $490 million to $441.458 billion in the reporting week.
According to the cause list for December 11, Monday, uploaded on the apex court website, a five-judge constitution bench headed by Chief Justice D Y Chandrachud would deliver the verdict.
Subhash Shankar Parab, a key accused in the Rs 7,000 crore diamantaire Nirav Modi bank fraud case, was "deported" from Cairo on Tuesday after a long diplomatic and legal process, officials said in New Delhi. A CBI team had gone to Egypt's capital to bring back 50-year-old Parab, who was allegedly kept in illegal confinement in a Cairo suburb by Modi, the fugitive diamantaire, they said. The CBI had been chasing Parab, deputy general manager (finance) in Modi's Firestar Diamond and understood to be a key witness to the Letters of Undertaking (LoU) submitted to the Punjab National Bank (PNB) to siphon off over Rs 7,000 crore, they said.
The macro economic situation and currency depreciation might top the priority list of Reserve Bank of India (RBI) governor-designate Raghuram Rajan.
The Supreme Court of India on Wednesday said the problem with electoral bonds scheme is that it provides for "selective anonymity" and "selective confidentiality" as the details are available with the State Bank of India (SBI) and can also be accessed by the law enforcement agencies.
Government unlikely to bring in an ordinance to address the developments arising out of the Supreme Court order.
When the landslide hit, Sruthi's house was washed away, along with its inhabitants. She lost her entire family and some relatives. All she had left for a close confidante was her fiance Jenson. Days after the landslide and the loss of her family, Jenson died in a road accident that also left Sruthi with serious injuries. News of the accident and Sruthi's backdrop as the lone surviving member of a family wiped out in the July landslide, was picked up by the media, and people rushed to help.
During the week, gold reserves decreased by $200 million to $26.709 billion.
