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RBI News

RBI increases cash withdrawal limit to Rs 40,000 at PMC bank

The PMC bank was put under "directions" by the Reserve Bank of India (RBI) last month due to weak financial health due to its exposure to near-bankrupt realty player HDIL, to which it has loaned over 70 per cent of its Rs 9,000 crore in advances.

Explained: How SBI rate cuts will impact your savings, FDs, and home loans

The interest you earn from FDs and savings bank deposits will come down. New home loans will be cheaper, but existing home loan rates will not change immediately. The bank wants people to borrow more, and spend more.

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Economic slowdown: Fund flows to commercial sector down 88%, says RBI data

Hit by falling credit offtake from banks owing to weak demand, risk aversion.

Explained: Why state budgets matter

Together the states are more important than the Centre in increasing India’s GDP. But RBI finds them cutting down expenditure and getting more indebted, which will hurt India’s growth and job creation.

Optimism to concern: Between April-October, how RBI downgraded RBI

Its commentary on the state of the economy and its outlook too has qualitatively changed — from being “optimistic” in April to expressing “concerns” in August and calling for “intensified efforts to restore the growth momentum” in October.

Slashing growth estimate, RBI cuts key rate by 25 bps to nine-year low

The benchmark Sensex slumped by 434 points to 37,673.31, reacting to RBI’s bigger-than-expected 80 basis points cut in the GDP growth forecast.

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No doubt about govt’s fiscal commitment: RBI Governor Shaktikanta Das

Das also scotched media reports that the government might seek an interim dividend of Rs 30,000 crore from the central bank to meet its revenue shortfall after the massive tax cuts.

Bankers see faster transmission of interest rate cuts

Rajnish Kumar, Chairman, SBI, said, “The 25-basis point rate cut coupled with an explicit policy acknowledgement of further rate cuts would ensure that fiscal and monetary policy work in tandem in arresting growth concerns.”

Monetary Policy Committee meeting: RBI may review co-op bank norms

Maintaining that cooperative banks are also sound, Das said, “one incident cannot be and should not be used to generalise about the health of all cooperative banks.”

Banking system, including cooperatives safe and sound: Shaktikanta Das on PMC

On September 23, the RBI had put restrictions on Punjab & Maharashtra Cooperative (PMC) Bank after it had found out financial irregularities, and under-reporting of loans given to real estate developer HDIL.

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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