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
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Inflation expectations are keenly eyed by policymakers as anchoring them is critical to ensuring price stability
The global financial system’s interdependencies need to be better understood by mapping key operational and technological interconnections, including that of critical infrastructure, Jain said.
The RBI has invited comments from stakeholers by July 7 through email. The comments will be examined before taking a final view on the recommendations made by the Committee, the RBI said.
Loan growth was driven by auto NBFCs and affordable housing finance companies. NBFC stocks may be poised for a rebound.
The government's wholesale inflation-indexed bonds were issued in 2013. But they were as good as dead in less than a year after seismic changes in Indian policy.
Earlier, RBI Governor Shaktikanta Das too had said that the central bank had found some gaps in banks’ corporate governance despite issuing guidelines on the matter.
The rupee is poised to test the 83-per dollar mark in the near term if the central bank remains on hold this week and changes its stance to neutral, effectively signaling an end to its hiking cycle.
Headed by Reserve Bank Governor Shaktikanta Das, a meeting of the six-member Monetary Policy Committee (MPC) is scheduled for June 6-8. The decision of the 43rd meeting of the MPC would be announced on Thursday, June 8.
The draft directions cover governance mechanisms for the identification, assessment, monitoring and management of cybersecurity risks, including information security risks and vulnerabilities.
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The Monetary Policy Committee kept the repo rate unchanged at 6.5 percent in April, after raising it by 250 basis points since May 2022
The blockbuster headline January-March and full year GDP numbers have left the government rather chuffed. But some aspects of the data need further explanation
A panel consisting of RBI Governor Shaktikanta Das, cabinet secretary, financial services secretary and the chief economic advisor interviewed the candidates.
Given the fast moderation in inflation, the RBI should continue with a pause in the repo rate and also change its stance to neutral, the CII President explained
A vacation bench of justices Sudhanshu Dhulia and K V Vishwanathan took note of the submissions for urgent hearing of lawyer Ashwini Updhyay, and said it will not be taking up such pleas during the summer vacation.
The RBI's ‘100 Days 100 Pays’ campaign will complement its ongoing efforts to cut the quantum of unclaimed deposits in the banking system
Nirmal Bang's Teresa John, Axis Bank's Saugata Bhattacharya, and Abhishek Gupta of Bloomberg Economics have correctly predicted the fiscal 2023 gross domestic product numbers at 7.2%.
While the RBI insists that the pause in hiking rates in April was not a pivot, rate cuts could be on the anvil as muted domestic and global demand could lead to loss of growth momentum.
Loan to agriculture and allied activities improved to 16.7 per cent (y-o-y) in April 2023 from 10.6 per cent a year ago.
For 2022-23, the statistics ministry has estimated a GDP growth of 7.2 percent.
Evergreening of loans happens when a bank tries to save a loan from defaulting so that it does not appear as a non-performing asset in its books. This is done by giving a fresh loan to a borrower to pay up an old loan.
From a revised locker agreement and new rules for mutual fund investments in minors' names to SEBI inviting comments on total expense ratio and applying for higher pension on actual salary, here’s what to watch out for.
Long lines could be spotted at branches of SBI in Delhi. Store owners too have begun to refuse accepting the currency citing a lack of change of smaller currency.
The continued poor performance of manufacturing on which government relies to generate jobs and absorb surplus labour from agriculture is a cause for concern on the growth front.