Tag: RBI
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‘Ex-RBI head warned against loan waiver promises by parties’
New Delhi : An ex-Governor of the Reserve Bank of India (RBI) had pointed to the risks in the practice of political parties promising loan waivers during poll campaigns to the Election Commission, Parliament was informed on Friday. In a written reply submitted to the Lok Sabha during Question Hour, Finance Minister Arun Jaitley said…
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Government to do additional market borrowing of Rs 50,000 cr
New Delhi : The government will undertake additional market borrowing of Rs 50,000 crore in the remaining period of the current fiscal to meet expenditure, according to its issuance calendar released on Wednesday. Giving details of the government securities (G-Sec) to be issued during the upcoming fourth quarter, a Finance Ministry statement said the government…
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RBI maintains key rates, GVA projection, concerned over inflation
Mumbai : In its penultimate monetary policy review of the fiscal, the Reserve Bank of India (RBI) on Wednesday maintained status quo on key lending rates citing concerns over the rising trajectory of inflation. It retained the economic growth projection for the current fiscal. The central bank said its repurchase rate, or the short-term lending…
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Bleak prospects for Indian economy for next few quarters
By Amit Kapoor, The much-awaited second quarter gross domestic product (GDP) figures were released last week. It must have come as a relief to the Modi government that economic growth is finally on the upswing. After five successive quarters of decline, growth inched up to 6.3 percent in the July-September quarter after hitting rock bottom…
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Equities close flat, IT stocks buoy sentiments
Mumbai : Breaking a four-day losing streak, key Indian equity indices on Monday closed in the green with marginal gains as investors traded with caution ahead of the Reserve Bank of India’s (RBI) two-day policy review meet starting Tuesday. According to market observers, a surge in stocks of IT major Infosys kept market sentiments buoyed.…
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RBI expected to hold key interest rate on Wednesday
Mumbai : The Reserve Bank of India (RBI) is expected to keep its key interest rate unchanged at its penultimate monetary policy review of the fiscal on Wednesday owing to higher inflation in October and a surge in oil prices, even as the reversal in the decline of GDP growth during the second quarter has…
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India’s Forex reserves up $1.2 bn, reclaim $400 bn mark
Mumbai : India’s foreign exchange (Forex) reserves kitty increased by $1.20 billion as on November 24, 2017, official data showed on Friday. The Reserve Bank of India’s (RBI) weekly statistical supplement released on Friday showed that the overall Forex reserves rose to $400.74 billion from $399.53 billion reported for the week ended November 17. India’s…
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RBI cautions co-operative societies against using bank in name
Mumbai : The Reserve Bank of India (RBI) on Wednesday cautioned some co-operative societies against the use of word “Bank” in their names. “It has come to the notice of RBI that some Co-operative Societies are using the word – Bank – in their names. This is a violation of Banking Regulation Act, 1949 (As…
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Demonetisation failed litmus test as most banned notes returned (Book Extract)
(‘Note-Bandi: Demonetisation and India’s Elusive Chase for Black Money’ is an upcoming book from Oxford University Press dedicated to the “memory of Indian citizens who lost their lives due to demonetisation”). Excerpts from a chapter. By R. Ramakumar, The litmus test for the success of any demonetisation is the amount of cash that does not…
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Demonetisation’s short-term costs were high, long-term benefit doubtful
(Note Ban Series) By Aparajita Gupta, New Delhi : When Raghuram Rajan, former governor of the Reserve Bank of India (RBI), cautioned the government against demonetisation, saying short-term economic costs would outweigh long-term benefits, he was not trying to be prophetic. But a year after Prime Minister Narendra Modi made that fateful announcement in a…