Tag: Reserve Bank of India

No gold shifted from India to other countries in 2014 and thereafter

Newsroom24x7 Network Mumbai: Reserve Bank india today, 3 May 2019, stated categorically that no gold was shifted by the RBI from India to other countries in 2014 or thereafter. The RBI statement comes as a rejoinder to certain media reports. Underscoring that the reports in question are “factually incorrect”, RBI has further said thatIt is

Continue reading

Fitch Ratings: RBI Governor resignation highlights risks to policy priorities

Newsroom24x7 Network Hong Kong/Singapore: The resignation of the Reserve Bank of India (RBI) governor on 11 December follows a period of government pressure on the central bank to spur economic growth, and highlights risks to the RBI’s policy priorities, says Fitch Ratings. The RBI’s efforts to address bad loan problems have the potential to improve

Continue reading

Urjit Patel quits as RBI Governor

Newsroom24x7 Network Mumbai: ReservevBank of India Governor Urjit R Patel has cited personal reasons and stepped down frim his position with immediate effect. Urjit Patel’s Statement On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve

Continue reading

Gurumurthy nominated to RBI Central Board

Newsroom24x7 Network Mumbai: The Central Government has nominated Swaminathan Gurumurthy and Satish Kashinath Marathe as directors of the Central Board of the Reserve Bank of India for a period of four years with effect from August 7, 2018 or until further orders.’ These nominations have been done under the powers conferred by clause (c) of

Continue reading

Inflation clouds force RBI to increase repo rate

Newsroom24x7 Network Mumbai: Four years down the line, after Narendra Modi assumed office as Prime Minister, with inflation clouds looming over Indian economy, the Reserve Bank of India has increased the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.5 per cent. The decision to hike the rate, after four

Continue reading

RBI on demonetisation, decline in currency in circulation and surplus liquidity with banks

Newsroom24x7 Network Mumbai: Buoyed by festival demand and a bumper kharif harvest, a renewed pick-up in Currency in Circulation (CiC) was beginning to form in Q3-2016-17 when demonetisation abruptly stifled it. //pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({}); Underscoring this point with regard to the trickling down of CIC in the aftermath of demonetisation, the Reserve

Continue reading

India’s sovereign ratings balance: Fitch points to weak fiscal position and difficult business environment

Newsroom24x7 Network India’s Long-Term Foreign- and Local-Currency Issuer Default Ratings is affirmed at ‘BBB-‘. The Outlooks are Stable. The Country Ceiling is also affirmed at ‘BBB-‘ and the Short-Term Foreign- and Local-Currency IDRs are affirmed at ‘F3’. –Fitch Ratings Hong Kong: On India’s sovereign ratings balance, Fitch Ratings has affirmed a strong medium-term growth outlook

Continue reading

Sovereign Gold Bond Scheme opens September 1

Newsroom24x7 Staff New Delhi: The Government of India, in consultation with the Reserve Bank of India, has decided to issue fifth tranche of Sovereign Gold Bonds. Applications for the bond will be accepted from 1 September 2016 to 9 September 2016. The Bonds will be issued on September 23, 2016 and will be sold through

Continue reading

Dr. Urjit R Patel appointed as the new Governor of Reserve Bank of India

Newsroom24x7 Staff I’m sure he will successfully lead the Reserve Bank & contribute to India’s economic development. -Finance Minister Arun Jaitley New Delhi: Dr. Urjit R Patel has been appointed as the New Governor of Reserve Bank of India (RBI) for a period of three years with effect from 4 September, 2016. Dr. Patel will

Continue reading

RBI cancels Certificate of Registration of 2 NBFCs

Newsroom24x7 Desk Mumbai: The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following two non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Company’s Name Address of Registered Office Certificate of Registration No.

Continue reading

Masala Bonds Offer India Firms Funding Diversification

Newsroom24x7 Desk Mumbai/Singapore: The opening of a ‘Masala’ bond market, where Indian firms issue bonds offshore in rupee, will provide an opportunity for some larger issuers to diversify funding sources without taking on currency risks, says Fitch Ratings. The ability to diversify funding, according to Fitch, would be credit positive, but in the early stages of

Continue reading

Government and RBI are taking measures to restore sustainable growth: Raghuram Rajan

Newsroom24x7 Staff Mumbai: Raghuram Rajan, Governor, Reserve Bank of India today underscored the economic problems of the recent past and said they arose because India outgrew its institutions. The Government and the Reserve Bank are both taking measures to restore sustainable growth by building the necessary institutions. The RBI Governor was addressing FIBAC 2015 today.

Continue reading

RBI imposes Monetary Penalty on Krishna Mercantile Co-operative Bank

Newsroom24x7 Desk Mumbai: The Reserve Bank of India has imposed a monetary penalty of  Rs. 5 lakh on the Krishna Mercantile Co-operative Bank Ltd. of Bhopal. RBI has imposed the fine on Krishna Mercantile Co-operative Bank under powers vested in it under the provisions of Section 47A (1)(b) read with section 46(4) of Banking Regulation Act, 1949 (As Applicable to

Continue reading