Tag «RBI»

The World Bank has lowered India’s GDP prediction for FY23 to 7.5 percent, citing increasing inflation

gross domestic product (GDP)

Based on inflationary pressures, supply-chain challenges, and geopolitical concerns resulting from Russia’s invasion of Ukraine, the World Bank decreased India’s real gross domestic product (GDP) growth prediction for 2022-23 (FY23) to 7.5 percent from 8%. The multinational agency also cut its global growth prediction for 2022 to 2.9 percent from 4.1 percent in its latest …

RBI risks falling behind curve on curbing inflation like US Fed: SBI Funds

RBI risks falling behind curve

India’s central bank may have to pay a bigger price for ignoring inflation by tightening interest rates much more aggressively later, as the Federal Reserve is doing now, according to the nation’s largest asset manager. “If you don’t normalize gradually and preemptively, you may be in a situation down the line where you have to slam …

RBI extends card tokenisation rule by 6 months after industry request

RBI extends card tokenisation rule by 6 months after industry request

By Administrator_India Capital Sands The Reserve Bank of India (RBI) on Thursday extended the deadline for wiping off card data on merchant sites and applying tokenisation by another six months as merchants and payments companies expressed their inability to meet the December 31 deadline. In a statement on its website, the central bank said “at the request …

India’s economy may have grown 22.1% in Q1, but demand is still low: RBI

Five things to note as RBI gears up for Friday policy decision on rates

By Administrator_India Capital Sands The tapering of the second Covid-19 wave, coupled with an aggressive vaccination push, has brightened the near-term prospects for the Indian economy, and real gross domestic product (GDP) growth is estimated at 22.1 per cent in the April-June quarter, the Reserve Bank of India (RBI) said in its July bulletin on Thursday. “A …

Retail inflation eases slightly to 6.26%, remains above RBI’s comfort level

Inflation pullback boosts RBI's easy money policy before Oct policy meeting

By Administrator_India Capital Sands India’s retail inflation eased marginally to 6.26 per cent in June from 6.30 per cent in the previous month owing to moderation in rural inflation, even as it remained above the upper range of the Reserve Bank of India’s (RBI’s) 2-6 per cent target for the second straight month, the official data showed …

RBI cancels the licence of West Bengal’s United Co-operative Bank

Five things to note as RBI gears up for Friday policy decision on rates

By Administrator_India Capital Sands The Reserve Bank of India (RBI) on Thursday said it has cancelled the licence of United Co-operative Bank Ltd, Bagnan in West Bengal due to poor financial condition. However, all the depositors will receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said. “Consequently, …

Rupee falls sharply to the dollar as pandemic resurgence grips Europe

Rupee falls sharply to the dollar as pandemic resurgence grips Europe

By Administrator_India Capital Sands The Indian rupee depreciated sharply on Monday as Europe got under a renewed grip of the coronavirus pandemic and risk aversion pushed the dollar index higher. The rupee fell about 24 paise on Monday to close at 73.85 a dollar as the dollar appreciated against major currencies, and nationalised banks bought dollars from …

India’s cenbank surprises with reverse repo rate cut in bid to spur bank lending

India's cenbank surprises with reverse repo rate cut in bid to spur bank lending

By Administrator_India Capital Sands The Reserve Bank of India unexpectedly cut its key deposit rate on Friday, for the second time in three weeks, to discourage banks from parking idle funds with it and spur lending instead, to revive a flagging economy amid the coronavirus lockdown. This week, Prime Minister Narendra Modi extended until May …