RBI

Retail inflation surges to 8-year-high of 7.79%

New Delhi: The Consumer Price Index (CPI), India’s retail inflation, rose to an eight-year-high of 7.79 per cent in April, as per data from the government released on Thursday. The previous high was of 8.33 per cent in May 2014. The retail inflation for the month of March was 6.95 per cent, while it was...

RBI reduces growth forecast, keeps key rates unchanged

Reverse repo rate raised by 40 bps   New Delhi: The Reserve Bank of India (RBI) has kept the benchmark repo rate unchanged once again. This is for the 11th time that the rate has remained unchanged. However, the Monetary Policy Committee has reduced the forecast for growth. The inflation is predicted to rise further....

RBI keeps repo, reverse repo rates unchanged; real GDP growth projected at 7.8%

New Delhi: The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the policy repo and reverse repo rates unchanged. While the repo rate continues to be 4 per cent, the reverse repo rate is 3.35 per cent. RBI Governor Shaktikanta Das announced the decisions of the MPC on...

Budget 2022: RBI to issue digital rupee using blockchain tech this year

New Delhi: FM Nirmala Sitharaman, in the Union Budget 2022, announced that digital rupee would be launched this year. The digital rupee, to be issued by the Reserve Bank of India (RBI), will be issued using blockchain and other technologies. The introduction of the central bank digital currency will give a big boost to digital...

PM Modi to launch 2 customer-centric initiatives of RBI on Nov 12

New Delhi: Prime Minister Narendra Modi will launch two innovative customer centric initiatives of the Reserve Bank of India (RBI) on Friday, November 12. The launch will happen at 11 am via video conferencing. These initiatives are the RBI Retail Direct Scheme and the Reserve Bank -Integrated Ombudsman Scheme. According to a release, the RBI...

RBI Governor Shaktikanta Das gets 3-year extension

New Delhi: Reserve Bank of India Governor Shaktikanta Das has been given an extension of three years till December 2024, as per an official order. This is the first time since the current BJP government came to power that an RBI Governor has got an extension. Earlier Governors either resigned (Urjit Patel), or went to...

India’s retail inflation declines to 5.3% in August

India’s retail inflation declined marginally to 5.30 per cent in August compared to 5.59 per cent in July, the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation said Monday.  While the rural inflation was 5.28 per cent in August, the urban inflation was 5.32 per cent. Notably, inflation has declined significantly...

RBI fines Axis Bank for violation of guidelines

India’s central bank—the Reserve Bank of India (RBI) — has imposed a monetary penalty of Rs 25 lakh on private banking major Axis Bank for non-compliance with guidelines issued by it. The RBI said the fine was imposed for non-compliance with certain provisions of directions issue by it in Reserve Bank of India-KYC Direction, 2016....

Online transactions through debit, credit cards may become cumbersome from 2022—Here’s what you need to know

From 2022, online transactions using debit and credit cards are likely to become cumbersome, if the Reserve Bank of India (RBI) has its way. As of now, cardholders need to remember only the card verification value (CVV) number to execute credit and debit card transactions on e-commerce platforms such as Amazon and Flipkart. This is...

RBI restricts Mastercard from adding new domestic customers from July 22

In a supervisory action, the Reserve Bank of India (RBI) on Wednesday restricted Mastercard from onboarding any new domestic customers onto its card network from July 22. The action has been taken against the global payments and technology company for its failure to comply with the central bank’s directions on the storage of payment system...

RBI cuts growth forecast to 9.5% in 2021-22, benchmark rates remain unchanged

The Reserve Bank of India (RBI) on Friday projected a real gross domestic product (GDP) growth of 9.5 per cent in the current financial year, a 1 per cent cut from an earlier prediction 10.5 per cent. The sharp cut in the growth forecast is due to the impact of the second wave of the...

SC says complete waiver of interest during moratorium period not possible

In an important verdict, the Supreme Court on Tuesday said that a complete waiver of interest during the moratorium period could not be granted as banks have to pay interest to account holders and pensioners. The apex court directed that no compound or penal interest shall be charged from borrowers for the six-month loan moratorium...