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The Latest Breaking News from RBI

Guru Raghavendra bank scam to be handed over to CBI

Govt to hand over Guru Raghavendra Co-op Bank scam to CBI by month-end. Translation of transcripts in progress. Govt against cancellation of bank's licence or liquidation. Congress, BJP spar over who ordered CBI inquiry. RBI faulted for not calling for expression of interest to take over bank.

The Hindu

Barclays, Yes Bank raise India inflation forecast as prices jump

NEW DELHI: A higher-than-expected India inflation reading in June has prompted some economists to raise their forecasts for consumer price gains for the year, cementing expectations the central bank will take more time to pivot to rate cuts.

The Times of India

Winners of RBI quiz

Government Vocational Higher Secondary School, Pattazhy, will represent the district in the State-level quiz competition to be held at Thiruvananthapuram.

The Hindu

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A.P. CID issues notices to subscribers of Margadarsi Chit Fund for alleged norm violations

For the first time in the ongoing investigation into the alleged financial fraud cases involving Margadarsi Chit Funds Pvt. Ltd. (MCFPL), the A.P. Crime Investigation Department (AP-CID) has issued notices to the individuals who have made cash deposits towards their subscription amount,

The Hindu

SC dismisses plea against ₹2,000 currency exchange policy

The Supreme Court on Monday dismissed a petition challenging the notifications issued by the Reserve Bank of India (RBI) and the State Bank of India (SBI) permitting the exchange of ₹2,000 currency notes without requirement of any identity proof.

The Hindu

Telangana to raise ₹10,200 cr. OMBs during second quarter

The State Government is continuing its tightrope walk in terms of financial resources to meet its immediate commitments like payments under Rythu Bandhu, Dalit Bandhu and other schemes.

The Hindu

RSS’s pharma body writes to Health Ministry criticising risk-based inspections, backtracks later

In a strongly worded letter to the Union Health Ministry, the Rashtriya Swayamsewak Sangh- (RSS) backed Laghu Udyog Bharati, which represents over 300 micro and small industries across India, has said the Union government’s risk-based inspections (RBI) on pharma companies were draconian and have been a huge discouragement to the…

The Hindu

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Modi govt’s push to take Indian rupee global gets off to a slow start

NEW DELHI: India’s year-old campaign to boost the rupee’s role in cross-border payments has made little headway, according to people familiar with the matter, underscoring the challenges for countries trying to reduce their dependence on the dollar.

The Times of India

Internationalising the rupee without the ‘coin tossing’

A start could be made to push for making the rupee an official currency in international organisations, thereby giving it a higher profile and acceptability

The Hindu

Delhi HC dismisses PIL against withdrawal of ₹2,000 notes

The Delhi High Court on July 3 dismissed a public interest litigation (PIL) challenging the Reserve Bank of India (RBI’s) decision to withdraw ₹2000 denomination currency notes from circulation.

The Hindu

AP Mahesh Co-operative Urban Bank Ltd penalised for lapses leading to loss of ₹12.48 crore

The Hindu

Apple In Talks To Launch Its Credit Card In India With HDFC Bank

Apple CEO Tim Cook met with HDFC Bank Chief during his April visit to India to discuss plans for the launch.

Zenger

Raghuram Rajan on why democracy is ‘biggest advantage’ for India’s economy

In a conversation with Newslaundry CEO Abhinandan Sekhri, former RBI governor Raghuram Rajan spoke about the role of artificial intelligence in economic development, competition in the news industry, and India’s response to environmental threats, among other issues.

Newslaundry

Banks cannot use muscle power to recover loan amount, says Madras High Court

If banks have to recover outstanding loan amount, the same has to be recovered in accordance with the procedure established by law. Coercive method of recovery by private agents, if appointed by banks, is not permissible. The banks certainly cannot use muscle power to recover the loan amount, the Madras…

The Hindu

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The Hindu

Former RBI Governor Raghuram Rajan’s paper lacks understanding of economics, says Minister Rajeev Chandrasekhar

RBI Governor Raghuram Rajan was met with a furious response from Minister Union Minister Rajeev Chandrasekhar when the former scrutinised the Union Government’s Production-Linked Incentive (PLI) scheme for mobile phone manufacturing on LinkedIn.

The Hindu

Data | Less than half of urban consumers pessimistic about the economy

When asked about their current perception of the economy, 48.9% said it has worsened

The Hindu

Base boost: On inflation and the consumer

Policymakers have their task cut out to convince consumers that inflation will be tamed so as to not erode their purchasing power and savings

The Hindu

Did Modi Government pressurise RBI to help loan defaulters: Congress

Congress questioned the latest Reserve Bank of India (RBI) instructions to the banks allowing for “technical write-offs” for accounts categorised as wilful defaults and allowing such accounts to take fresh loans after a cooling-off period.

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The Hindu

Bank unions oppose RBI's decision to allow compromise settlement for wilful defaulters

Bank unions AIBOC and AIBEA opposed RBI’s move to allow lenders to settle loans of wilful defaulters under compromise settlement.

The Hindu

India leads global digital payments with 89.5 million transactions in 2022: MyGovIndia data

In 2022, India accounted for 46% of the global real-time payments, adding that the digital payment transactions in India are more than the other four leading countries combined.

The Hindu

Unwavering focus: On the Monetary Policy Committee’s approach to policy

Achieving durable disinflation must remain a non-negotiable goal, especially amid widening income inequality and high unemployment

The Hindu

Supreme Court denies immediate intervention in plea challenging ₹2,000 notes' exchange

The Supreme Court on June 9 refused to entertain immediately a plea by advocate Ashwini Upadhyay challenging the notifications issued by the Reserve Bank of India (RBI) and State Bank of India (SBI) permitting the exchange of ₹2,000 currency notes without requirement of any identity proof.

Dynamite News

RBI Governor: About Rs 1.80 lakh crore worth of Rs 2,000 notes have so far come back in banks

As on 31 March 2023, Rs 2,000 notes worth Rs 3.62 lakh crore were in circulation. Read further on Dynamite News:

Dynamite News

RBI keeps repo rate unchanged at 6.5 per cent as inflation softens

Repo rate refers to the interest rate at which the RBI lends to commercial banks. Read further on Dynamite News:

The Hindu

RBI holds rates, vows to keep price stability

The Reserve Bank on June 8 decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50% and retained the GDP growth projection for current fiscal year at 6.5%, on the back of supportive domestic demand conditions.

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