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NEW DELHI (AP) -- Sanjay Malhotra, a career civil servant, became India's new central bank governor on Wednesday as the country's economic growth slows and inflation is rising. The Reserve Bank of India said Malhotra, a former revenue secretary, will formulate India's monetary policy for the next three years. He succeeds Shaktikanta Das, who retired as RBI governor after an extended six-year term. GDP growth slowed to 5.4% in the quarter ending in September, the weakest level in seven quarter ...Read More >
(Bloomberg) -- Indian bonds are poised to gain while the rupee is set to weaken as analysts bet on a softer monetary policy after the government named career bureaucrat Sanjay Malhotra as the new Reserve Bank of India governor. Most Read from Bloomberg Malhotra, a surprise pick, will take charge from Shaktikanta Das under whom the RBI kept borrowing costs unchanged for almost two years. While Malhotra's views on monetary policy are largely unknown, he recently urged revenue officials to priori ...Read More >
Mumbai, Dec 6 (VOICE) The RBI on Friday increased the interest rate ceilings on Foreign Currency Non-Resident Bank deposits or FCNR (B) deposits which will enable NRIs to earn more on their savings.The move is aimed at attracting more foreign capital at a time when the Indian rupee has come under pressure as foreign investors have been pulling money out of the Indian stock markets resulting in hot money outflows. FCNR(B) deposits are accounts where Non-Resident Indians (NRIs) can hold their ear ...Read More >
Mumbai, Dec 6 (SocialNews.XYZ) The Reserve Bank of India (RBI) on Friday announced that a pilot with two large public sector banks on its MuleHunter.AI solution to identify mule bank accounts has yielded encouraging results and urged banks to join the initiative. Banks are encouraged to collaborate with the Reserve Bank Innovation Hub (RBIH) to further develop the MuleHunter.AI initiative to deal with the issue of mule bank accounts being used for committing financial fraud, the central bank sa ...Read More >
New Delhi [India], December 6 (ANI): The Reserve Bank of India (RBI) kept its key interest rates unchanged on Friday but cut the cash reserve ratio by 50 basis points to bring enough liquidity in the banking system. The Monetary Policy Committee decided to keep the reo rate unchanged at 6.5 per cent and Cut CRR by 50 basis points to 4 per cent to infuse liquidity in the banking system and lower interest rates. Eminent economists, reacting to the RBI's says that the apex bank has opted for a du ...Read More >
Mumbai: Traders loaded up shares of banks and property developers on Wednesday in a tepid market in anticipation of a cut in the Cash Reserve Ratio - the percentage of a bank's total deposits required to maintain in cash with the RBI - in the central bank's three-day Monetary Policy Committee meeting ending on Friday. Analysts favour banks over real estate companies because of cheaper valuations. The Nifty Realty Index and Bank Nifty surged 2.1% and 1.1%, respectively; while the benchmark Nifty ...Read More >
Mumbai (Maharashtra) [India], December 5 (ANI): The Indian stock indices revived during the day on Thursday after a slow start at the opening, as investors anticipate a rate cut in the ongoing MPC meeting says market experts. The Nifty 50 index surged 165 points or 0.67 per cent to 24,628.80 points at the time of filing this report, while the BSE Sensex gained 600 points or 0.74 per cent to 81,560.61 points. Experts noted that the markets are gaining as investors anticipate a rate cut in the M ...Read More >
BENGALURU (Reuters) - The Indian rupee will break through 85 per U.S. dollar to hit a new low in the next six months even as the Reserve Bank of India continues to intervene to stem the currency's losses, according to a Reuters poll of FX strategists. The results come days after news that growth in India, the world's fastest growing major economy this year, unexpectedly slowed sharply to an annual 5.4% in the latest quarter, triggering speculation the RBI may cut interest rates on Friday. Only ...Read More >
Mumbai, Dec 4 (PTI) Reserve Bank's high level panel on Wednesday started deliberations on the bi-monthly monetary policy amid expectations of status quo on interest rate as the retail inflation is above the upper tolerance level of the central bank. The decision taken at the RBI Governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) [...] Mumbai, Dec 4 (PTI) Reserve Bank's high level panel on Wednesday started deliberations on the bi-monthly monetary policy amid expectations ...Read More >
RBI MPC Meeting December 2024: Experts say the MPC may set the stage for a February rate cut and ease some liquidity conditions this time. The RBI MPC's 3-day meeting is set to begin on Wednesday, December 4, and the monetary policy decision will be announced on December 6, the last day of the meeting. Economists expect the RBI's rate-setting committee to maintain the status quo on the key repo rate but they said the central bank might ease some liquidity conditions by cutting CRR or undertakin ...Read More >
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