An SDR booster from IMF puts India’s forex kitty at $633 billion

India’s foreign exchange reserves rose to a record $633 billion in the week ended August 27 after the International Monetary Fund (IMF) made an allocation of 12.57 billion special drawing rights (SDRs), equivalent to $17.86 billion, to the country on August 23. The fresh SDR allocation to the Reserve (RBI) follows the recent G-20 decision … Read more

Bank of India approves Rs 3,000 cr QIP, sets floor price at Rs 66.19 per share

New Delhi: State-owned on Wednesday approved the launch of QIP, aimed at raising Rs 3,000 crore equity capital to fund business growth and meet regulatory compliance. The capital issue committee of the bank at its meeting approved and adopted the preliminary placement document cum application form for the issue and authorised the opening of the … Read more

Bank of India plans to raise Rs 3,000 cr equity capital via QIP

New Delhi: is planning to raise Rs 3,000 crore equity capital through a qualified institutional placement (QIP) offer to fuel business growth and meet regulatory compliance, sources said. “The bank is in the process of raising Rs 3,000 crore through QIP and seven book running lead managers have been appointed for the proposed issue,” sources … Read more

RBI may come out with model on India’s digital currency by year-end

Mumbai: The Reserve Bank of India may come out with a model on initial implementation of India’s sovereign digital unit, aka Central Bank Digital Currency (CBDC), as early as “the end of this year,” deputy governor T Rabi Sankar said on Friday. “These (CBDC) are extremely evolving technologies and business choices that one has to … Read more

Govt introduces Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill in Rajya Sabha

The government introduced the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, which aims to enable bank customers to access their deposits in a time-bound manner even when restrictions are imposed on a bank, in the Rajya Sabha on Friday. The proposed legislature seeks to ensure that the guaranteed amount of up to ₹5 lakh … Read more

RBI is working on making virtual currency a reality

The Reserve Bank of India is working toward a “phased implementation strategy” of a Central Bank Digital Currency (CBDC), RBI deputy governor T Rabi Sankar said on Thursday. A pilot to test a general purpose digital currency is a possibility in the near future, he said. “Every idea has to wait for its time. Perhaps … Read more

Pawar meets PM Modi, red flags change in law to regulate cooperative banks

NCP chief Sharad Pawar, who held an hour-long meeting with Prime Minister Narendra Modi on Saturday, raised serious questions on the constitutional validity of Banking Regulation Act amendments, especially on encroaching into a state subject and violating directive principles of state policy. Pawar’s concerns with granting greater authority to Reserve Bank of India to regulate … Read more

Industry needs to make pricing of financial products transparent: RBI Deputy Governor T Rabi Sankar

Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar on Monday urged the industry to make the pricing of financial products and services transparent to minimise chances of mis-selling. Speaking at an event organised by think-tank National Council of Applied Economic Research (NCAER), he said there is an amount of pricing even in the … Read more

Forex reserves rise $3.07 bn to lifetime high of $608.08 bn

MUMBAI: The country’s foreign exchange reserves surged by $3.074 billion to reach a record high of $608.081 billion in the week ended June 11, the latest data from the Reserve Bank of India (RBI) showed on Friday. The reserves had increased by $6.842 billion to $605.008 billion in the previous week ended June 4, 2021. … Read more

RBI economists call rising inflation transitory, owing to pent-up demand

India’s inflation may have breached the prescribed target for the Reserve Bank of India, but the economists at the central bank believe that it may just be transitory and is driven by release of pent-up demand. High frequency indicators show pressures easing, which may get support from normal monsoon though core inflation is at its … Read more