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RBI News

Banks cannot charge for failed transactions, balance enquiry: RBI

In a circular issued on Wednesday, the central bank stated that transactions that fail due to technical reasons like hardware, software, communication issues; non-availability of currency notes in the ATM will not be counted as valid ATM transactions for the customer.

RBI Monetary Policy August 2019: RBI Repo rate cuts lending rate by 35 basis points, revises GDP forecast to 6.9%

RBI Monetary Policy 2019 Repo Rate: The RBI noted that global economic activity has slowed down since the previous monetary policy meeting in June owing to trade tensions among leading economies.

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Amid slipping growth and low inflation, markets factor in another policy rate cut

Foreign portfolio investors (FPIs), worried over the ‘super rich tax’, pulled out Rs 12,419 crore in July and another Rs 2,633 crore in August so far.

Supreme Court asks RBI to confirm WhatsApp's compliance with local data rules

Supreme Court has given the Reserve Bank of India (RBI) six weeks to report on whether WhatsApp had complied with data localisation norms.

What compulsion behind changing currency notes, Bombay High Court asks RBI

Chief Justice Nandrajog asked the counsel appearing for RBI why was there a complusion to change the notes.

Govt to make provision for hedging currency risk in overseas borrowings

Sources said after discussions with the Reserve Bank of India (RBI) on the sovereign bond issue, the government will put in place a mechanism to hedge its currency risk

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Borrowing rates for govt decline but stay high for individuals, corporates

The Finance Ministry said it would borrow less this year, and pared its fiscal deficit target to 3.3 per cent of GDP, below the interim Budget estimate of 3.4 per cent of GDP. Besides, it also proposed to part-fund its deficit by tapping the international market.

Govt changes, but 'economic manhandling' remains: Congress on Acharya's resignation

This is the second high-profile exit from the Reserve Bank of India (RBI) in the last seven months. Earlier in December 2018, Governor Urjit Patel had resigned nearly nine months before the end of his scheduled term.

Explained: What led to RBI deputy Governor Viral Acharya's resignation

Acharya is a strong votary of Central bank’s independence and differed with Governor Shaktikanta Das on inflation issues and repo rate reduction in monetary policy reviews this year.

Express Daily Briefing: RBI Deputy Governor Viral Acharya quits; India scraps Israel anti-tank missile deal; and more

From Deputy Governor Viral Acharya quitting, to India scrapping Israel anti-tank missile deal and Turkey’s President suffering stinging defeat in Istanbul election redo, here are the top stories for the day

RBI Videos

‘Think of it the other way, not about govt raiding RBI, but how RBI could have behaved differently’

In this edition of the Idea Exchange, Former Chief Economic Adviser Arvind Subramanian talks about demonitisation, defends GST, explains the reasons why growth has not been robust and reflects back on his tenure as Chief Economic Adviser of India.

Express Eye for Detail Ep 12: Two years of demonetisation, the Diwali mess and Faizabad renamed as Ayodhya

Two years on, The Indian Express learns that RBI did not approve of demonetisation and more about the week’s top stories in Express Eye for Detail episode 12.

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Eye for Detail EP 12: All about the Ayodhya uncertainty, RBI vs govt and Statue of Unity

How the BJP and RSS are reacting to the Supreme Court deferring the Ayodhya case, why the RBI and the government are at loggerheads and what it means to have a statue worth almost Rs 3000 crores. All that and more in this week’s Eye for Detail.

'For the first time we have a majority govt. If some hard decisions have to be taken, they must be announced now'

Former governor of Reserve Bank of India Bimal Jalan talks about how he addressed the issues of transparency and accountability in financial transactions and governance in his new book, India Ahead: 2025 and Beyond.

Congress has no faith in us or any other institution because it has no faith in itself: Narendra Modi

Prime Minister Narendra Modi said the Congress party has no faith in the government, the CJI, the RBI or any international organisation that gives data on India's growth. He said it is because Congress has no faith in itself.

Demonetisation: RBI recovers almost all banned notes

The Reserve Bank of India (RBI) Wednesday disclosed that almost 99 per cent of Rs 500 and Rs 1,000 currency notes which were withdrawn from circulation on November 8, 2016 has returned to the central bank, confirming what the government’s critics had been pointing out about the weak economic rationale for demonetisation. This also raises […]

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56.4 Per Cent Rise In Bad Loans Or Non Performing Assets Of State Owned Banks

Gross non-performing assets (NPAs), or bad loans, of state owned banks surged 56.4 per cent to Rs 614,872 crore during the 12-month period ended December 2016, and appear set to rise further in the next two quarters with many units, especially in the small and medium sectors, struggling to repay after being hit by the […]

RBI Asks Banks To Track Demand Drafts Used To Convert Old Notes To New During Demonetisation

During the 50-day demonetisation window-period numerous cases of illegitimate conversion of old Rs 500 and Rs 1,000 notes were reported at various bank branches, the Reserve Bank of India has centred its investigation on unusual transactions at bank branches that include those who got demand drafts (DD) made during that period using old currency notes […]

Election Commission Hits Back After RBI Rejects Plea To Raise Cash Limits For Poll Candidates

After RBI shot down the Election Commission’s proposal to relax the weekly withdrawal limit for those contesting the Assembly elections, EC reminded the central bank that it is “imperative” that its directions are “complied with” during poll season. Upset about the “cursory manner” in which the RBI had dealt with its request and asking it […]

Rs 14 Lakh Crore In Old Notes Back With Banks, Micro-Small Scale Industries Suffer Job Loss

The government is resigned to the prospect of only about Rs 75,000 crore in demonetised Rs 500 and Rs 1,000 notes not returning to the formal banking system, a top official said. When the decision to scrap these high-denomination notes was taken, the government had estimated that up to Rs 3 lakh crore or almost […]

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