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
Nomura's forecast comes on the day RBI raised the repo rate for the fifth time in eight months and cut GDP growth forecast for FY23 by 20 basis points to 6.8 percent
Markets now look ahead to domestic inflation data and the U.S. Federal Reserve meeting, both due next week, to gauge the currency's direction.
The policy rate hike of 35 bps augurs well for the Indian Rupee. The forex market participants have interpreted the policy as slightly hawkish, and there was some dollar selling by the exporters after the announcement
Deputy Governor T Rabi Sankar says retail CBDC can have multiple use cases and its evolution will depend on how the Indian startup and fintech ecosystem innovates
Experts suggest investing in short-term funds but also allocating a part of the capital to long-term gilt funds to take advantage of any positive surprises on the inflation front
RBI's Monetary Policy Committee has delivered yet another rate hike but this time - a smaller quantum. Does it suggest that the end is near for rate hikes or are there more to go? Watch as CJ discusses the monetary policy outcome with UBS economist Tanvee Gupta Jain. Also, know CJ's thoughts on L&T and VIP Industries stocks.
In today’s edition of Moneycontrol Pro Panorama: US government reels under high interest rates, China woos the Middle East, DESH Bill a missed investment chance, geopolitics dictate companies' investment plans, and more
Fixed rate loans, referred to as MCLR (marginal cost-based lending rate) move up with a lag. On the other side of the table, the move stands to benefit depositors.
Das' comments come after the European Securities and Markets Authority (ESMA) on October 31 derecognised six Indian clearing houses with effect from May 1, 2023
Potential homebuyers may opt to rent a home if loan costs exceed their budget
Bond investors view the MPC as a committee high strung by inflation, reflected in the seven basis point jump of the benchmark 10-year government bond yield during Das’s address.
"Heard. judgement reserved. Learned counsels of the Union of India and Reserve Bank of India are directed to produce the relevant records," the bench also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna, said.
UPI currently includes functionality to process payment mandates for recurring as well as single-block-and-single-debit transactions. The new facility will enable a customer to block funds in his/her account for specific purposes, which can be debited whenever needed.
RBI Governor Shaktikanta Das on December 7 announced that five out of six members of the MPC opted to go for a hike in the rate during the meeting.
The central bank's Monetary Policy Committee again voted to remain focused on the withdrawal of accommodation to ensure that inflation remains within the target while supporting growth
The Indian economy remains resilient, drawing strength from its macroeconomic fundamentals, says RBI Governor Shaktikanta Das and assures that the RBI will be watchful of the MPC policy's impact and be ready to act as may be necessary
RBI monetary policy committee (MPC): The six-member monetary policy committee (MPC) headed by Shaktikata Das raised the key lending rate or the repo rate by 35 basis points to 6.25 per cent.
We will keep Arjuna's eye on inflation and we will be ready to act. Our actions will be nimble
“The battle against inflation is not over”, Das said today while announcing a 35-basis-point increase in the repo rate to 6.25 percent.
The Reserve Bank of India's (RBI) policy decision is due shortly after the open.
In this edition of Market Minutes, N Mahalakshmi talks about expectations from the MPC and how markets are poised ahead of policy announcement. Market Minutes is a morning podcast that tracks the risk-reward in stock markets by putting the spotlight on keys data points and developing trends
The ratings agency has retained its GDP growth forecast for India at 7 percent for FY23 but cut the forecast for FY24 by 50 basis points to 6.2 percent
The RBI'S Monetary Policy Committee will announce its rate decision tomorrow. Will the central bank opt for a 35 bps rate hike this time around? What are the key expectations from the announcement? Watch this chat between Nandita Khemka and Latha Venkatesh to know more!
The Indian central bank looks at a variety of economic indicators before deciding on interest rates and other monetary policy matters. How have some of these data points moved since the Monetary Policy Committee (MPC) last met?
The repo rate is at 5.9 percent and most economists reckon that it should be at 6.25 percent. Many economists believe at this level, inflationary pressures can be contained without hurting the economic growth