Shaktikanta Das

RBI Reduces repo rate and reverse repo rate by 25 basis points

Indian Markets were trading low after RBI announced 25 basis points rate cut. The markets were expecting rate cut but as the outlook for GDP growth has been lowered, many market players would be concerned. Indian economy has been going strong but there are many issues that could lead to lower growth.

RBI has cut the rate as per expectations on the street. The 25 BPS repo rate cut bringing it down to 5.75% and reverse repo now down to 5.5% and MSF and bank rate to 6% The stance which was neutral is now shifted to accommodate given the ongoing global trade tensions, currency devaluations in emerging economies. This is a welcome move for the market which was widely expected.

Demonitisation: Task force set up for recalibration of ATMs

Demonitisation: Task force set up for recalibration of ATMs

New Delhi [India], Nov. 14 : Economic Affairs Secretary Shaktikanta Das has announced that a task force is being set up under the chairmanship of deputy governor of the Reserve Bank of India (RBI) for recalibration of ATMs to expedite the process of cash transactions.

"The ATMs which are being recalibrated to dispense 500 rupee notes and 2,000 rupee notes i.e. the new series of 500 rupee notes and the 2,000 rupee notes.to expedite this process as fast as possible a task force is being set up under the chairmanship of deputy governor of the Reserve Bank. It will have representatives of banks as its members," Das told ANI.

Central bank will in due course infuse notes of Rs. 1000: Shaktikanta Das

Economic Affairs Secretary Shaktikanta Das

New Delhi [India], Nov 10 : Backing the government's decision to demonetize Rs. 500 and 1,000 currency notes, Economic Affairs Secretary Shaktikanta Das on Thursday said that there was a need to revive the currency as the value of rupee has depreciated after 2001, adding notes of Rs. 1,000 will be introduced in due course.

Throwing light on the other logical reasons behind the government deciding to infuse the new currency, Das said: "Firstly, the logistical reason behind the very decision was to make it convenient for the citizens to exchange or deposit the old notes and get the value out of the new notes."

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