Moneycontrol PRO
you are here: HomeNewsRBI

The Reserve Bank of India (RBI) was established on April 1 1935 and is the country’s central bank that is responsible for creating financial stability and regulating the country’s currency and credit systems. RBI was established under the Reserve Bank of India Act. It is responsible for regulating the Indian banking system and also managing the country’s main payment systems. Under a specialized division of the RBI- Bharatiya Reserve Bank Note Mudran- it also mints Indian banknotes and coins. Under the Foreign Exchange Management Act 1999, the RBI also manages all the foreign exchange. It facilitates external trade and payments to promote the development of the foreign exchange market in India. Until the Monetary Policy Committee was established in 2016, it also had full control over monetary policy in the country. A 23 member central board of directors are heading the RBI. This includes the governor, four deputy governors, two finance ministry representatives (usually the Economic Affairs Secretary and the Financial Services Secretary), ten government nominated directors and four directors who represent local boards of Mumbai, Kolkata, Chennai and Delhi. Each of these local boards consists of five members who represent regional interests and the interests of co-operative and indigenous banks. More

Jump to
  • KreditBee raises $80 million in Series D round from existing investors Dec 02, 2022 03:56 PM IST

    KreditBee raises $80 million in Series D round from existing investors

    KreditBee will use the funds to venture into secured loans, home loans, and credit lines. It will also add financial services like insurance, credit score report, and merchant-side offers, among others.

  • Indian rupee premiums close to bottoming, RBI key moving part: Analysts Dec 02, 2022 01:52 PM IST

    Indian rupee premiums close to bottoming, RBI key moving part: Analysts

    The USD/INR 1-year implied forward premium plunged almost 50 basis points (bps) in November to 1.88% 'its lowest in more than ten years' mainly due to the shrinking U.S. and India interest rate differentials.

  • RBI comes out with four-tiered regulatory framework for urban cooperative banks Dec 01, 2022 09:40 PM IST

    RBI comes out with four-tiered regulatory framework for urban cooperative banks

    The four-tiered regulatory framework, based on size of deposits of the UCBs, will come into force with immediate effect.

  • Hard cash, made easy | Digital Rupee will enhance financial inclusion: Fintech industry Dec 01, 2022 06:19 PM IST

    Hard cash, made easy | Digital Rupee will enhance financial inclusion: Fintech industry

    Digital currencies have many benefits like zero currency loss and lower operational costs associated with physical cash management.

  • RBI’s Retail digital rupee pilot kicks off today: Five things to know Dec 01, 2022 01:56 PM IST

    RBI’s Retail digital rupee pilot kicks off today: Five things to know

    RBI said on November 29 while announcing the pilot that the implementation will be done in phases with a few banks and cities to start with and the scope will eventually be expanded.

  • India monetary tightening cycle to be over soon as economy slows down: Societe Generale Dec 01, 2022 01:14 PM IST

    India monetary tightening cycle to be over soon as economy slows down: Societe Generale

    The RBI’s rate-setting panel is due to meet December 5 to December 7 where it is widely expected to raise policy rates again

  • RBI seen raising rates by smaller 35bps in December, hiking again in early 2023: Poll Dec 01, 2022 11:48 AM IST

    RBI seen raising rates by smaller 35bps in December, hiking again in early 2023: Poll

    A strong two-thirds majority said it was still too soon for the central bank to take its eye off inflation, which slowed to 6.77% in October having stayed above the upper end of the RBI's 2-6% tolerance band all year.

  • Government, RBI caution on cryptocurrencies has served India well Dec 01, 2022 10:42 AM IST

    Government, RBI caution on cryptocurrencies has served India well

    While the exact number of cryptocurrency investors and the scale of investments in India is not clear, in all likelihood the Indian investor community has not faced the brunt of crypto meltdown as have the investors in other countries

  • GDP growth falls to 6.3% in July-September, meets expectations Nov 30, 2022 05:38 PM IST

    GDP growth falls to 6.3% in July-September, meets expectations

    The sharp fall in GDP growth in July-September was due to the fading away of a favourable base effect

  • Banks to send invites to select customers for use of retail pilot CBDC: V Vaidyanathan, MD & CEO of IDFC First Bank Nov 30, 2022 03:50 PM IST

    Banks to send invites to select customers for use of retail pilot CBDC: V Vaidyanathan, MD & CEO of IDFC First Bank

    Under the first pilot project that starts on December 1, four banks have created a wallet in their mobile banking applications where these CBDCs will be available to select customers.

  • Short tenure bonds hint that RBI rates may be near peak Nov 30, 2022 02:55 PM IST

    Short tenure bonds hint that RBI rates may be near peak

    Investors such as Quantum Asset Management Co. and Tata Asset Management Private are piling into debt with maturities of up to five years.

  • MC Explains | What is the RBI pilot programme for a retail digital rupee? Nov 29, 2022 08:04 PM IST

    MC Explains | What is the RBI pilot programme for a retail digital rupee?

    The RBI and commercial banks will form a closed user group comprising participating customers and merchants. The banks will distribute the digital rupee to the user group in the form of tokens in the same denominations that paper currency and coins are currently issued

  • RBI to launch first pilot for retail digital rupee on December 1 Nov 29, 2022 03:35 PM IST

    RBI to launch first pilot for retail digital rupee on December 1

    Eight banks have been identified for phase-wise participation in this pilot, the RBI said, adding that the testing phase would initially cover only four cities - Mumbai, New Delhi, Bengaluru and Bhubaneswar.

  • Digital lenders align with new RBI norms ahead of November 30 deadline, brace for consolidation Nov 29, 2022 10:10 AM IST

    Digital lenders align with new RBI norms ahead of November 30 deadline, brace for consolidation

    Fintechs have changed core business models, lending flows and processes since the new digital lending norms came into effect in August.

  • EM central banks may start rate cuts mid-2023 as inflation cools off Nov 28, 2022 12:01 PM IST

    EM central banks may start rate cuts mid-2023 as inflation cools off

    EM central banks have waited around four months on average between ending their hiking cycle and delivering their first rate cut, Capital Economics said

  • GDP growth may more than halve to 6.3% in July-September, finds poll Nov 28, 2022 11:26 AM IST

    GDP growth may more than halve to 6.3% in July-September, finds poll

    Economic growth is expected to have fallen sharply in the second quarter of financial year 2022-23 as the effect of a favourable base faded

  • RBI rejects Paytm plea for payment aggregator licence Nov 26, 2022 10:08 AM IST

    RBI rejects Paytm plea for payment aggregator licence

    The central’s bank response also said that PPSL is required to take to re-submit its PA application with 120 calendar days, and outlined two steps to fulfil

  • RBI’s MPC panel blames global factors in inflation letter Nov 25, 2022 11:23 AM IST

    RBI’s MPC panel blames global factors in inflation letter

    The war in Ukraine and resultant spurts in energy and food costs, and supply disruptions caused by the pandemic are among main reasons cited, the people said, asking to stay unidentified as the correspondence is private.

  • For big tech and banking, cautious optimism is a better approach Nov 25, 2022 09:56 AM IST

    For big tech and banking, cautious optimism is a better approach

    Regulators around the world have already taken or are contemplating a variety of steps and policy measures to contain and manage the risks arising from big techs’ linkages with the banking and financial services sector

  • Five state-run lenders ride on stocks rally to enter 10 most-valued banks league Nov 25, 2022 08:31 AM IST

    Five state-run lenders ride on stocks rally to enter 10 most-valued banks league

    Analysts attributed the rally in PSU bank stocks to robust earnings, higher credit growth and improvement in asset quality.

  • 'Highly doable' for Centre to cut fiscal deficit to 4.5% of GDP by FY26: MPC's Ashima Goyal Nov 24, 2022 06:57 PM IST

    'Highly doable' for Centre to cut fiscal deficit to 4.5% of GDP by FY26: MPC's Ashima Goyal

    While the latest data shows the Indian government is on track to meet the fiscal deficit target for the current financial year, questions have been raised about whether the medium-term target of 4.5 percent will be achieved

  • Pass-through of higher input prices to retail inflation nearly complete: FinMin Nov 24, 2022 04:06 PM IST

    Pass-through of higher input prices to retail inflation nearly complete: FinMin

    According to the finance ministry's monthly economic review report, India's inflation dynamics have shifted from imported inflation to domestically driven inflation

  • PayU India's revenue grew by 38% in the first half of FY23 Nov 23, 2022 01:35 PM IST

    PayU India's revenue grew by 38% in the first half of FY23

    PayU India's growth was aided by increased digitisation in retail through e-commerce, financial services and bill payments, besides travel and hospitality bouncing back, parent company Prosus has said in its earnings presentation

  • RBI's forex reserve surge a sight for sore eyes but don’t read much into it Nov 21, 2022 12:38 PM IST

    RBI's forex reserve surge a sight for sore eyes but don’t read much into it

    The sentiment towards emerging markets is still cautious amid a tightening by the US Federal Reserve. The RBI may still predominantly be a seller of dollars in the coming weeks

  • NPCI in talks with RBI on volume cap deadline Nov 20, 2022 06:16 PM IST

    NPCI in talks with RBI on volume cap deadline

    At present, there is no volume cap. So, two players -- Google Pay and PhonePe -- account for a market share of about 80 per cent.