The RBI allowed urban cooperative banks to provide doorstep banking services to meet the needs of customers, especially senior citizens and differently abled persons.
The central bank has now raised the Repo rate by 90 basis points to 4.90 per cent in a matter of five weeks, with the hikes set to raise the lending rates in the banking system and impact the demand in the economy.
Reserve Bank of India Governor Shaktikanta Das bats for fuel VAT cut by states.
Speaking at Wednesday’s ‘India’s Economic Journey@75’ event, Finance Minister Nirmala Sitharaman said India, with its strong fundamentals, has periodically faced challenges and emerged from it.
The hike in RBI's key interest rates was largely anticipated and was mostly factored in the domestic stock market where the S&P BSE Sensex fell by a modest 214.85 points (0.39 per cent) to end at 54,892.49 while the Nifty 50 slipped to 60.10 points (2.29 per cent) to settle at 16,356.25. Here's how various market analysts, economists and experts reacted to RBI's rate hike.
RBI policy announcement today live updates: The six-member Monetary Policy Committee (MPC) headed by Reserve Bank of India (RBI) Governor Shaktikanta Das hiked the repo rate by 50 bps to 4.90 per cent. Here's what the Indian central bank chief announced.
With Monday’s rise, 10-year bond yield has risen 147 basis points in the last one year. The rupee inched up 2 paise to close at 77.64 against the US dollar on Monday, tracking a weak American currency in the overseas market.
"Indian families are suffering from the onslaught of inflation and job loss and earning less per capita than they were two years ago," Gandhi said in a Facebook post.
However, those transactions for which expression of interest (EoI) have been issued will continue to be handled by the Department of Investment and Public Asset Management (DIPAM), it added.
RBI MPC likely to raise repo rate by up to 50 bps at upcoming meet
The growth was led by substantial pick-up in new business growth amid demand recovering following the reopening of the economy after the Covid lockdowns.
The UN Food and Agriculture Organisation's (FAO) food price index has fallen for a second consecutive month to 157.4 points in May.
The seasonally adjusted S&P Global India Services PMI Business Activity Index jumped to 58.9 in May, up from 57.9 in April, amid better underlying demand and strong inflows of new work.
According to research compiled by the World Bank between 2010 and 2020, the number of working women in India dropped from 26% to 19%.
As per official data, the economy grew by 8.7 percent in FY22, net adding Rs 11.8 lakh crore in the year to Rs 147 lakh crore, the report said, adding this was however only 1.5 percent higher than the pre-pandemic year of FY20.
Bucking the month-on-month increasing trend of the last two months, the Goods and Services Tax (GST) revenues came in lower than the record high collection in April at Rs 1.68 lakh crore.
India’s GDP grew at 8.7 per cent in the financial year 2021-22, while the GDP for the January-March quarter (Q4 of FY22) rose 4.1 per cent, data released by the National Statistical Office (NSO) showed.
The revenue deficit at the end of 2021-22 was 4.37 per cent.
Retail inflation rate had surged to a eight-year high of 7.79 per cent in April and has remained above the central bank’s inflation target for four months.
The government has proposed to issue a Digital Rupee, or Central Bank Digital Currency (CBDC), in the fiscal year 2022-23.
The advisory was withdrawn by the Ministry of Electronics and Information Technology on Sunday on account of it being “misinterpreted”. Instead, the Ministry said, Aadhaar holders are “advised to exercise normal prudence in using and sharing” their card details.
Experts indicated the fresh draft could also face a pushback, given that private companies are unlikely to be keen on voluntarily sharing non-personal data as there could be trade and intellectual property issues.
In its annual report, the Reserve Bank of India also stressed that the future path of growth would be conditioned by addressing supply-side bottlenecks, calibrating monetary policy to bring down inflation and boosting capital spending.
In its annual report, the RBI said that the cost-push pressures from high industrial raw material prices, transportation costs and global logistics, and supply chain bottlenecks continue to impinge on core inflation.
In an instruction, it also asked chief commissioners to take "strict disciplinary action" against officers for using force or coercion for getting the tax due amount deposited during search or inspection or investigation.