RBI

RBI receives $17.5 billion through currency swap

RBI receives $17.5 billion through currency swapMumbai, Nov 11 : The Reserve Bank of India Monday said it has received $17.5 billion through special window for swapping foreign currency. The scheme was introduced in early September to support the battered rupee.

“The Reserve Bank has received till date $17.5 billion under the special concessional window for swapping Foreign Currency Non-Resident (Banks) Deposits and Overseas Foreign Currency Borrowings,” the RBI said in a statement.

India's forex reserves down $1.65 bn to $281 bn

India's forex reserves down $1.65 bn to $281 bnMumbai, Nov 9 : India's foreign exchange (forex) reserves declined by $1.65 billion to touch $281.29 billion for the week ended Nov 1, official data showed.

The forex reserves had risen by $1.82 billion to touch $282.95 billion for the week ended Oct 25.

According to the Reserve Bank of India (RBI) Weekly Statistical Supplement, India's foreign currency assets (FCA), the biggest component of the forex reserves, decreased by $894.2 million to $253.60 billion for the week under review.

RBI refuses to include export credit in priority sector list

RBI refuses to include export credit in priority sector listThe Reserve Bank of India (RBI) has reportedly refused to include export credit in the priority sector list, saying any such move could crowd out loans under this window to certain sectors.

According to emerging reports, the central bank communicated to the commerce ministry that it was not in favour of including export credit in the priority sector list because it could crowd out loans to sectors like agriculture and micro, small & medium enterprises.

RBI to allow foreign banks to enter into M&A, with certain conditions

RBI to allow foreign banks to enter into M&A, with certain conditionsThe Reserve Bank of India (RBI) will treat foreign banks on par with their domestic peers and offer them incentives if they convert into wholly owned subsidiaries (WOS).

However, the central bank also made it clear that there would be certain condition that must be fulfilled before foreign banks get incentives in India.

India's forex reserves up $1.82 bn to $282.95 bn

India's forex reserves up $1.82 bn to $282.95 bnMumbai, Nov 2 : India's foreign exchange (forex) reserves gained $1.82 billion to touch $282.95 billion for the week ended Oct 25, official data showed.

The forex reserves had risen by $1.88 billion to touch $281.12 billion for the week ended Oct 18.

According to the Reserve Bank of India (RBI) Weekly Statistical Supplement, India's foreign currency assets (FCA), the biggest component of the forex reserves, increased by $1.80 billion to $254.50 billion for the week under review.

Foreign banks’ wholly owned subsidiaries will get near-national treatment: RBI

Foreign banks’ wholly owned subsidiaries will get near-national treatment: RBIForeign lenders' wholly owned subsidiaries in India will receive near-national treatment, the Reserve Bank of India (RBI) assured on Tuesday.

In its recently published policy, the central bank said that foreign banks would be incentivized to convert into wholly owned subsidiaries (WOS) by providing them with near-national treatment.

RBI rate hike will hit investment, growth, says India Inc

chandrajit-banerjeeNew Delhi, Oct 29 : The Reserve Bank of India's decision to hike repo rate 0.25 percent will hurt investments and economic growth, industry leaders and experts said.

Director General of the Confederation of Indian Industry (CII) Chandrajit Banerjee said the hike in repo rate has come as a disappointment to industry, especially as the investment climate continues to be weak and growth outlook remains muted.

Inflation to remain at elevated level this year: RBI

Reserve-Bank-of-IndiaMumbai, Oct 28 : Wholesale price-based inflation that jumped to 6.46 percent in September, is likely to remain around the same level in the second half of the current financial year, the Reserve Bank of India (RBI) said Monday.

In a note released ahead of the second quarter review of monetary policy 2013-14, the RBI said the persistent high consumer price-based inflation remained a concern.

RBI set to hike rates as inflation control remains priority

Reserve-Bank-of-IndiaNew Delhi, Oct 28 : Reserve Bank of India (RBI) Governor Raghuram Rajan is likely to hike a key policy interest rate by at least 0.25 percent Tuesday, analysts said. This will be the second increase in the repurchase or repo rate in nearly one-and-a-half months to curb inflation.

In his first policy review announced just a fortnight after he took charge Sep 4, Rajan had increased the repo rate by 0.25 percent to 7.5 percent, terming the inflationary situation "worrisome".

India's forex reserves up $1.88 bn to $281.12 bn

India-forexMumbai, Oct 26 : India's foreign exchange (forex) reserves gained $1.88 billion to touch $281.12 billion for the week ended Oct 18, official data showed.

Forex reserves had risen by $1.51 billion to touch $279.24 billion for the week ended Oct 11.

According to the Reserve Bank of India (RBI) Weekly Statistical Supplement, India's foreign currency assets (FCA), the biggest component of the forex reserves, increased by $1.84 billion to $252.69 billion for the week under review.

Foreign banks must meet certain conditions to enter India: Raghuram Rajan

Raghuram RajanBy setting up wholly-owned subsidiaries in India, foreign banks will get more opportunities and freedom to expand, but with some conditions, Reserve bank of India (RBI) Governor Raghuram Rajan said.

Mr. Rajan said that the central bank would soon announce new rules for allowing foreign banks entry into domestic banking market. He noted that foreign bank might later take over some Indian banks.

However, he added that for getting near national treatment in India, foreign banks would have to meet a couple of conditions.

Bank stocks enjoy considerable gains on RBI’s rate action

Bank stocks enjoy considerable gains on RBI’s rate actionPrivate-sector lenders enjoyed considerable gains on the National Stock Exchange (NSE) in morning trade on Tuesday, thanks to cut in lending rate by the Reserve bank of India.

In a bid to ensure adequate liquidity in the system, the RBI on Monday cut the marginal standing facility (MSF) rate from 9.5 per cent to 9 per cent. It was the second cut in MSF in less than a month.

India's forex reserves drop by $1.11 billion

India-forexMumbai, Oct 5 : India's foreign exchange (forex) reserves fell by $1.11 billion to $276.26 billion for the week ended Sep 27 as compared to $277.38 billion in the previous week due to a sharp drop in the value of foreign currency assets, official data showed.

The forex reserves has declined sharply after a significant gains in the previous two weeks. The reserves had increased by $277.38 billion and $544.7 million respectively in the previous two weeks.

India's forex reserves jump by $2 bn

India-forex-reservesMumbai, Sep 28 : India's foreign exchange (forex) reserves jumped by $2.03 billion to $277.38 billion for the week ended Sep 20, the biggest weekly gain in nearly two years, on the back of concessional swap facilities offered to banks by the Reserve Bank of India (RBI).

The forex reserve has increased sharply for the second consecutive week. It had jumped by $544.7 million in the previous week.

According to RBI's Weekly Statistical Supplement, the country's foreign currency assets, the biggest component of the forex reserves, increased by $1.97 billion to $249.22 billion for the week ended Sep 20.

RBI to take steps to ensure adequate liquidity in the system

RBI to take steps to ensure adequate liquidity in the system The Reserve Bank of India (RBI) has indicated that it will take all required steps, including resorting to open market operations (OMOs), to ensure sufficient supply of money in the system and ease soaring bond yields.

In its most-recent statement over liquidity management, the central bank assured that it was monitoring liquidity conditions, and that it would take steps as appropriate to ensure adequate supply of money to the productive sectors of the economy.

RBI expected to hike repo rate to 8% by end of FY2013-14

RBI expected to hike repo rate to 8% by end of FY2013-14New Reserve Bank of India (RBI) Governor Raghuram Rajan is expected to increase the repo rate by another 50 basis points (bps) to 8 per cent by end of 2013.

Focusing more on inflation than growth, Mr.  Rajan increased the repo rate 25bps to 7.50 per cent on September 20.  The increase, which surprised the markets, was enough to show that inflation continues to be the central bank's number one enemy.

Inflation demon back to hound Indian policymakers

Inflation demon back to hound Indian policymakersNew Delhi, Sep 22 : When Raghuram Rajan moved to Mint Street in Mumbai earlier this month, expectations were high that he would ease the monetary policy to support growth.

Contrary to expectations, Rajan hiked the key policy interest rate in his debut policy review announced just a fortnight after he took charge as the Reserve Bank of India governor Sep 4. Rajan termed the situation "worrisome" and said headline inflation would remain much higher than the earlier projection in the absence of an "appropriate policy response."

India's foreign exchange reserves rise by $544.7 mn

India's foreign exchange reserves rise by $544.7 mnMumbai, Sep 21 : India's foreign exchange (forex) reserves increased by $544.7 million to $275.35 billion, led by healthy rise in core currency assets, the Reserve Bank of India (RBI) data showed.

According to the central bank's Weekly Statistical Supplement, the country's total reserve stood at $275.35 billion for the week ended Sep 13, posting a weekly gain of $544.7 million.

The forex reserves had declined by $685.1 million in the previous week.

SBI hikes interest rates ahead of RBI policy review

State-Bank-of-IndiaMumbai, Sep 19 : The State Bank of India (SBI) Thursday hiked deposit and lending rates, a day ahead of the monetary policy announcement by the central bank.

The decision by the country's largest lender will make home, auto and other loans costlier, which may impact demand negatively.

In a statement, SBI said it had raised the base rate to 9.8 percent per annum from the earlier rate of 9.7 percent. The new rate became effective from Thursday.

The Benchmark Prime Lending rate is also increased by 10 basis points to 14.55 percent per annum from the earlier rate of 14.45 percent.

Inflation, rupee may force RBI to keep rates on hold

Raghuram-RajanNew Delhi, Sep 18 : Reserve Bank of India Governor Raghuram Rajan is likely to maintain his predecessor Duvvuri Subbarao's “hawkish” policy and keep key rates on hold due to continued inflationary pressure and the volatility in rupee, analysts say.

Most analysts feel that the sharp jump in the headline inflation in August has made choices tougher for Rajan, who will be holding his first monetary policy meeting Friday, barely a fortnight after taking charge at the Mint Street in Mumbai.




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