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MUMBAI (Reuters) -The rupee is likely to stay under pressure this week as concerns over steep U.S. tariffs on Indian exports linger, while the Reserve Bank of India's upcoming policy decision also looms large over the currency and government bonds. The rupee closed at 87.54 against the U.S. dollar on Friday, down 1.2% for the week, pressured by persistent foreign portfolio outflows and a 25% levy on Indian exports. While the local unit is hovering near its weakest level since February, fresh tar ...Read More >
New Delhi, Aug 3 (SocialNews.XYZ) With the income tax return (ITR) filing date extended to September 15, taxpayers have more time to decide whether to choose the old or new tax regime. Salaried employees or pensioners without business income can change their tax regime at any time prior to filing their ITR every year by simply selecting the relevant option on the ITR-1 or ITR-2 form. With commercial or professional income, the regulations are stricter. Only once in your lifetime may you return ...Read More >
Mumbai, Aug 3 (PTI) The Reserve Bank is likely to hold the key short-term lending rate at 5.5 per cent in its upcoming bi-monthly monetary policy on Wednesday after three back-to-back reductions, notwithstanding the headwinds to near-term economic growth in the wake of elevated US tariff uncertainties and subdued inflation trends, according to experts. However, some experts opined that the central bank may go for another round of rate cuts as challenges to the growth outlook outweigh potential ...Read More >
New Delhi/Imphal, Aug 1 (SocialNews.XYZ) The National Investigation Agency (NIA) has made a second consecutive arrest in the 2024 killings in Manipur's Jiribam, central probe agency sources said on Friday. The NIA in a statement said that the national probe agency caught Lalrosang Hmar alias Rosang, a resident of Moinathol Village in southern Assam's Cachar district, from the Mizoram capital Aizawl on Thursday. The arrest came after the arrest of another key accused, Thanglienlal Hmar, by a jo ...Read More >
Bhubaneswar: Reserve Bank of India (RBI) has nominated two officers to carry out the inventory of Ratna Bhandar (treasury) of Puri Jagannath Temple, law minister Prithiviraj Harichandan said on Friday."We had requested RBI to help us with experts for the smooth evaluation and cataloguing of Ratna Bhandar's assets. We have received a reply from the RBI, confirming the nomination of two experts," Harichandan told reporters.According to the minister, schedule of the ensuing inventory will be decide ...Read More >
New Delhi, August 1: The Reserve Bank of India (RBI) is projected to keep repo rates unchanged in the upcoming Monetary Policy Committee (MPC) meeting on August 6, a report said on Friday. Amid global market uncertainties and tariff concerns, India's GDP is projected to be 7 per cent in the upcoming three quarters, higher than current estimates, according to the report from HSBC Global Investment Research. Analysts believe that the GDP deflator has too much WPI inflation in it. "Such a scenario ...Read More >
New Delhi, July 14 (SocialNews.XYZ) India's inflation based on the Wholesale Price Index (WPI) plummeted to the negative zone at 0.13 per cent in June for the first time this year as prices of food and fuels declined during the month, according to data released by the Commerce and Industry Ministry on Monday. WPI-based inflation has been steadily easing since March and hit a 14-month low of 0.39 per cent in May. There was a 0.26 per cent decline in prices of food items while the cost of fuels ...Read More >
New Delhi: RBI Governor Sanjay Malhotra has cleared the air on the status of Rs 2000 notes. Speaking to the Parliamentary Standing Committee on Finance, he confirmed that although these high-value notes are no longer in circulation. He also mentioned that they are still considered legal tender. His remarks came during a briefing on the current state of India's economic growth. According to sources quoted by news agency ANI, several MPs raised questions about the status of RS 2,000 notes during ...Read More >
New Delhi [India], July 10 (ANI): RBI Governor Sanjay Malhotra on Thursday briefed the Parliamentary Standing Committee on Finance about the growth of the Indian economy. In the meeting, many MPs have asked questions about the status of Rs 2000 bank notes, sources said. In his reply, the RBI Governor stated that Rs 2000 currency notes are no longer in circulation, but they continue to be a legal tender. The RBI has yet to declare the Rs 2000 currency invalid. One MP raised the issue of counte ...Read More >
Jaipur: Senior Congress leader and former chief minister Ashok Gehlot criticised the Bhajan Lal Sharma-led BJP govt in Rajasthan, accusing it of surrendering to the sand mafia and failing to uphold law and order in the state. Speaking on the birth anniversary of senior Congress leader Late Girija Vyas at PCC Tuesday, Gehlot said, "The sand mafia has completely taken over. Sand prices are skyrocketing, and the common man can't even afford to build a home. During our tenure, we faced challenges to ...Read More >
Bhubaneswar: State govt has decided to request the Reserve Bank of India (RBI) to provide experts for assessing and cataloguing the jewellery in Puri Jagannath Temple's Ratna Bhandar, after the Archaeological Survey of India's completed repairs of the treasury on Monday.Law minister Prithiviraj Harichandan stated that RBI valuers, who possess experience in conducting inventory of ornaments of major temples across India, will be tasked with the Ratna Bhandar's assessment and valuation."We will so ...Read More >
New Delhi: India's foreign exchange reserves rose by USD 4.84 billion to USD 702.78 billion for the week ending June 27, close to the record high of USD 704.89 billion in September 2024, according to RBI data. This is a strong recovery from January when reserves had dropped to around USD 624 billion. The increase came mainly from foreign currency assets, which jumped by USD 5.75 billion to USD 594.82 billion, while gold reserves fell by USD 1.23 billion to USD 84.5 billion. Special Drawing Rig ...Read More >
India's Latest Forex Reserves: India's foreign exchange reserves rose sharply by $4.84 billion to $702.78 billion in the week ended June 27, bringing them within striking distance of the all-time-high level of $704.89 billion recorded in end-September 2024, according to the latest data released by the Reserve Bank of India (RBI). This marks a strong rebound from late January levels, when reserves had fallen to a multi-month low of around $624 billion. The gain was led by an increase in foreign ...Read More >
Mumbai: India's foreign exchange reserves once again crossed the $700 billion mark, reaching $702.78 billion for the week ending June 27, according to data released by the Reserve Bank of India (RBI) on Friday. This marks a significant rise of $4.8 billion from the previous week, when reserves stood at $697.93 billion. This is the first time in nine months that India's forex reserves have gone above the $700 billion level. The reserves had last touched an all-time high of $704.88 billion in en ...Read More >
Pune: Passengers on board a Goa to Pune SpiceJet flight (SG-1080) had a scare on Tuesday evening when a window panel was found dislodged while the plane was mid-air.The airline played down the incident, saying the window part that had come off was "a non-structural trim component, fitted onto the window for the purpose of shade".But a person on board the plane -- a Bombardier Q400 -- told TOI the incident triggered anxiety among the passengers. "Two to three layers of the window panel just came ...Read More >
MUMBAI: RBI has mooted a unique, secure borrower identifier to avoid duplication and misreporting of data with credit bureaus, and to improve loan access for borrowers."Credit information companies rely on credit institutions to provide accurate and validated IDs. Without this, duplication and misreporting remain risks. We must move towards a unique borrower identifier, which is secure, verifiable, and consistent across the system," RBI deputy governor M Rajeshwar Rao said in his keynote address ...Read More >
MUMBAI: The nation's largest bank State Bank of India (SBI) has decided to classify the loan account of the beleaguered telecom firm Reliance Communications (RCom) that's under bankruptcy since June 2019, as a "fraud" account and also to report the name of its erstwhile promoter and director Anil Ambani to the Reserve Bank. The company has been found to have used as much as Rs 12,692.31 crore of bank loans which is 41% of the total loan, to pay connected parties through a web of inter-group tra ...Read More >
Mumbai (Maharashtra) [India], July 2 (ANI): RBI Deputy Governor M Rajeshwar Rao has called for frequent data updates by Credit Information Companies (CICs), asserting that it will improve loan underwriting precision, among others. Addressing TransUnion CIBIL's Credit Conference in Mumbai on Tuesday, the RBI deputy governor outlined two critical enablers -- data freshness and data quality-- for the betterment of India's credit ecosystem. Currently, credit data is refreshed on a fortnightly basi ...Read More >
NEW DELHI: More than 30 years after it mandated a 200-point-roster system for earmarking posts for Scheduled Caste and Scheduled Tribe candidates in direct recruitments, the Supreme Court has now identified staff posts reserved for SC and ST candidates but provided no quota for OBC candidates.The judgment in R K Sabharwal case was delivered by a five-judge bench on Feb 10, 1995, during the tenure of 26th CJI A M Ahmadi, but it will be implemented now during the tenure of 52nd CJI in Justice B R ...Read More >
New Delhi [India], July 2 (ANI): The Reserve Bank of India (RBI) has appointed Kesavan Ramachandran as Executive Director of RBI with effect from July 1. "As Executive Director, Kesavan Ramachandran will look after Department of Regulation (Prudential Regulation Division)," said the central bank in the statement. Also Read | India Developing Its Own Bunker-Buster Missile? Reports Say DRDO Modifying Agni-5 ICBM To Carry Massive Conventional Warhead. Prior to being promoted as Executive Directo ...Read More >
New Delhi [India], July 2 (ANI): The Reserve Bank of India (RBI) has appointed Kesavan Ramachandran as Executive Director of RBI with effect from July 1. 'As Executive Director, Kesavan Ramachandran will look after Department of Regulation (Prudential Regulation Division),' said the central bank in the statement. Prior to being promoted as Executive Director, Kesavan Ramachandran was serving as Principal Chief General Manager in Risk Monitoring Department. Ramachandran has experience of over t ...Read More >
New Delhi [India], July 2 (ANI): The Reserve Bank of India (RBI) has appointed Kesavan Ramachandran as Executive Director of RBI with effect from July 1. 'As Executive Director, Kesavan Ramachandran will look after Department of Regulation (Prudential Regulation Division),' said the central bank in the statement. Prior to being promoted as Executive Director, Kesavan Ramachandran was serving as Principal Chief General Manager in Risk Monitoring Department. Ramachandran has experience of over t ...Read More >
Mumbai, Jul 1 (PTI) The high-value Rs 2000 notes worth Rs 6,099 crore are still in circulation even after two years of the Reserve Bank withdrawing the currency, according to official data released on Tuesday. Rs 2000 banknotes continue to be legal tender. On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of Rs 2000 denomination banknotes from circulation. In a statement, the RBI said the total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at ...Read More >
Mumbai, July 1 (SocialNews.XYZ) The remittances sent back home by Indians working abroad have registered a 14 per cent rise in the financial year 2024-25 to a record $135.46 billion, according to data compiled by the RBI. The RBI said the inflows, classified under "private transfers", accounted for more than 10 per cent of India's gross current account flows of $1 trillion in FY25. Personal transfer receipts, mainly representing remittances by Indians employed overseas, rose to $33.9 billion i ...Read More >
Sangareddy (Telangana) [India], July 1 (ANI): Telangana Governor Jishnu Dev Varma has expressed grief over the tragic fire accident that occurred at the Pashamylaram industrial area in Sangareddy district that killed 12 people. The Governor paid condolences to the families of those who lost their lives in the incident and wished a speedy recovery to the injured. Also Read | Rules Changing From July 1, 2025: From LPG Cylinder Prices and Railway Fares to Aadhaar-PAN Link, Check Key Rule Changes ...Read More >
Mumbai: Even as global economic risks mount, India continues to stand out as a key engine of global growth on the back of strong domestic fundamentals and a resilient financial system, RBI governor Sanjay Malhotra said in the central bank's financial stability report."In a world of increasing uncertainty, India remains a key driver of global growth," Malhotra said, highlighting the country's robust demand, prudent policymaking, and macroeconomic stability. While external shocks and climate-relat ...Read More >
New Delhi [India], June 30 (ANI): Despite an uncertain and challenging global economic backdrop, the Indian economy remains a key driver of global growth -- underpinned by sound macroeconomic fundamentals and prudent macroeconomic policies, RBI said in its latest Financial Stability Report. Elevated economic and trade policy uncertainties are testing the resilience of the global economy and the financial system. Also Read | 'I Stand Firmly With Diljit': Actor Naseeruddin Shah Comes Out in Supp ...Read More >
Mumbai, Jun 27 (PTI) India's external debt increased by 10 per cent to USD 736.3 billion at the end of March 2025 compared to USD 668.8 billion in the year-ago period, the Reserve Bank said on Friday. As a percentage of the GDP, the external debt increased to 19.1 per cent at the end of the recently concluded financial year from 18.5 per cent a year ago, it added. In a year which saw some volatilities in the currency markets, the RBI said the "valuation effect" due to the appreciation of the U ...Read More >
Mumbai, June 27 (SocialNews.XYZ) India recorded a current account surplus of $13.5 billion, constituting 1.3 per cent of GDP, in the fourth quarter of financial year 2024-25 (January-March), according to data released by the Reserve Bank of India (RBI) on Friday. The robust performance has reversed the current account deficit of $11.3 billion (1.1 per cent of GDP) in the preceding third quarter (October-December) of 2024-25. It also represents a more than two-fold increase from a surplus of $4. ...Read More >
The Current Account Deficit or CAD (as per cent of GDP) is projected at 1.0 per cent in FY25 and 0.9 per cent in FY26, while the fiscal deficit is estimated at 4.4 per cent, according to a CareEdge Ratings report. India's GDP is projected to grow at 6.2 per cent in FY26, with CPI inflation around an average 4.0 per cent, a report showed on Friday, adding that it does not expect any further rate cuts from the RBI "unless downside risks to growth materialise". The Current Account Deficit or CAD ...Read More >
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