The government, in consultation with the Reserve Bank, has decided to offer a discount of Rs 50 per gram to investors applying online and making payments digitally.
The Reserve Bank had early July transferred Rs 30,659 crore as surplus to government for fiscal 2017, which was almost 50 percent lower than the previous year. The payout plunged due to the huge expenses incurred towards printing new banknotes and paying bank interest by way of reverse repo after the demonetisation last November.
According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 85.3371 and 56.85 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.
Those having an exposure between Rs 500 crore and Rs 1,000 crore have to obtain the LEI code by June 30 and those having between Rs 100 crore and Rs 500 crore by March 31, 2019.
The RBI said at least 66 Sophisticated Currency Verification and Processing (CVPS) machines were being used for counting of junked Rs 500 and Rs 1,000 note
Yes Bank on our radar this morning. Reserve Bank of India (RBI) inspection for FY17 has not been done yet.
Banks will be subvented to the extent of difference between the Weighted Average Interest Charged and 7 percent subject to the maximum limit of 5.5 percent for the year 2017-18.
Further, the RBI said the investment limit by NRIs has gone up to 24 percent from the existing 10 percent.
Wholesale inflation fell to 2.60 percent in September as prices of food articles, led by vegetables, softened.
The government had on November 8 last year banned the use of old Rs 500 and Rs 1,000 notes but allowed holders to deposit them with banks or use them with certain notified utilities. The notes deposited or collected are being counted by the central bank at its offices to establish the total number of currency returned and to weed out fake notes.
Debroy also said that the members of the PMEAC had reached consensus about "the various reasons that have contributed to the slowdown in the growth rate".
When it came to "one year ahead expectation", more than 50 percent respondents said the situation "will improve", as compared to 66.3 percent respondents in December 2016.
Goyal was speaking on the sidelines of the India Economic Summit of the World Economic Forum (WEF).
RBI also reduced the statutory liquidity ratio (SLR) by 50 basis points from 20 percent to 19.50 of banks' net demand and time liabilities from the fortnight beginning October 14.
House of Hiranandani chairman Surendra Hiranandani said if continuous price pressures are going to limit the room for further rate cuts then the government will have to boost spending that may impact its budget deficit target.
The Monetary Policy Committee (MPC) reduced the outlook for the GVA growth to 6.7 percent for this fiscal year from the August projection of 7.3 percent, citing uncertainty around the implementation of Goods and Services Tax.
The Reserve Bank of India (RBI) on Wednesday kept its key lending rate—the repo rate—unchanged at 6 percent, dashing hopes of lower borrowing costs for households and the companies ahead of the festival season.
Existing Rs 100 currency notes will continue to be legal tender and will be withdrawn gradually, the report said, adding that they will retain their size and dimensions to ensure compatibility with ATMs.
The six-member Monetary Policy Committee (MPC) headed by Patel will meet for two days on October 3 and 4 in Mumbai to deliberate on the fourth bi-monthly monetary policy statement for 2017-18.
Outstanding loans rose to Rs 105.00 billion (USD 1.61 billion) to Rs 77.81 trillion in the two weeks to September. 15. Non-food credit rose Rs 71.30 billion to Rs 77.28 trillion, while food credit rose Rs 33.70 billion to Rs 533.80 billion.
The meeting comes at a time when there are talks to relax fiscal deficit target with a view to perk up growth which has hit a three-year low at 5.7 percent in April-June.
The committee is scheduled to come out with next bi-monthly monetary policy decision on October 4.
In amendments to the Master Direction- Reserve Bank of India (Financial Services provided by banks) Directions, 2016, the central bank said banks should not invest more than 10 percent of the unit capital of a real estate investment trust (Reit) or an infrastructure investment trust (InvIt) subject to overall ceiling of 20 percent of its net worth.
The foreign shareholding through Foreign Institutional Investors (FIIs)/Foreign Portfolios Investors (FPIs) in JSW Holdings Ltd has reached the trigger limit, RBI said.
As part of the OMO, the RBI will sell government securities maturing in 2019 (bearing interest rate of 7.28 percent), 2020 (8.12 percent), 2022 (8.15 percent), 2025 (8.20 percent) and 2028 (8.60 percent).