Indo American News

Tag: RBI

  • ‘Day of reckoning’: Amid friction with govt, all eyes now on RBI board meeting tomorrow

    ‘Day of reckoning’: Amid friction with govt, all eyes now on RBI board meeting tomorrow

    The RBI board meeting will be held Monday. (Express Photo by Pradip Das)
    The RBI board meeting will be held Monday. (Express Photo by Pradip Das)

    NEW DELHI: Amid an ongoing rift between the Union government and the central bank, all eyes will be on the board meeting of the Reserve Bank of India (RBI) on Monday. Finance Ministry nominees and some independent directors are expected to take on Governor Urjit Patel and his team over issues ranging from liquidity for MSMEs to economic capital framework.

    The meeting comes amid reports that Urjit Patel might step down from his post, even as PTI reported that the governor is likely to present a united front, with the RBI’s 18-member central board supporting the central bank’s mission to clean up bank balance sheets, PTI reported.

     

    Click here to read more…

    Credit: indianexpress.com

  • RBI: Foreign currency assets decline $19 billion in 3 months

    RBI: Foreign currency assets decline $19 billion in 3 months

    RBI in Mumbai, Wednesday - RBI cuts Repo Rate by 25 bps: of third bi-monthly monetary policy, 2017-18. Express Photo by Pradip Das. 29.07.2017. Mumbai.
    The capital market also witnessed outflows of around `60,000 crore since April this year. (Express Photo by Pradip Das)

    MUMBAI: India’s foreign currency assets fell by around $19 billion since April this year in the wake of capital outflows and intervention by the Reserve Bank of India to arrest the decline in the rupee’s value against the dollar. During the week ended June 29, foreign currency assets, a major component of the overall reserves, decreased by $1.781 billion to $380.718 billion, according to Reserve Bank data. As at end-March 2018, the total foreign currency assets were $ 399.44 billion, indicating a decline of $ 19 billion in three months. The RBI had sold dollars to stabilize the rupee which had fallen below 69 level last week. The capital market also witnessed outflows of around Rs 60,000 crore since April this year.

    Overall forex reserves which had touched a record high of $426.028 billion in the week ended April 13, 2018 have now fallen $ 20 billion. Foreign exchange reserves declined by $1.757 billion to $406.058 billion in the week ended June 29 owing to fall in foreign currency assets, RBI data showed. In the previous week, reserves had dipped by $2.25 billion to $407.81 billion.

    Click here to read more…

    Credit: indianexpress.com

  • 15 months after demonetisation, RBI still processing returned notes

    15 months after demonetisation, RBI still processing returned notes

    RBI said in the report, for the year ended June 30, 2017, that only Rs 16,050 crore of the Rs 15.44 lakh crore in old high denomination notes had not returned (File)
    RBI said in the report, for the year ended June 30, 2017, that only Rs 16,050 crore of the Rs 15.44 lakh crore in old high denomination notes had not returned (File)

    NEW DELHI:

    The RBI has said that Rs 500 and Rs 1,000 notes, returned to banks when the government demonetised high-value currency 15 months ago, are still being “processed for their arithmetical accuracy and genuineness”. This is being done in an “expedited manner”, the central bank said.

    “Specific bank notes are being processed for their arithmetical accuracy and genuineness and the reconciliation for the same is ongoing. This information can, therefore, be shared on completion of the process and reconciliation,” the RBI said in reply to an RTI application filed by a PTI correspondent.

    Click here to read more…

    Credits: indianexpress.com