The Reserve Bank of India (RBI) has sold Rs 8,710 crore worth of government securities in the secondary market in just four weeks to drain excess liquidity. The move will likely end unwarranted volatility in interest rates, helping North block borrow cheaply despite increasing likelihood of the rate cycle turning. Between November 10 and December … Read more
The Reserve Bank of India (RBI) Friday raised by about three-fourths its annual surplus transfer to the Centre, beating both market estimates and the government’s conservative budget projections. Revaluation gains of forex reserves and a decision to maintain aggressive contingency-risk buffers likely helped increase the dividend payout to nearly Rs 1 lakh crore. The central … Read more
MUMBAI: The Reserve Bank of India (RBI) could not find takers for about Rs 25,000 crore of government bonds at reasonable rates as bidders demanded higher yields, pointing to the challenges North Block’s principal money manager faces in preventing a spiral in debt costs. The benchmark yield surged 11 basis points Thursday, mimicking the recent … Read more
Former finance secretary Subhash Chandra Garg has blamed a messy stint with finance minister Nirmala Sitharaman for his abrupt exit in June last year. In a blog post, Garg claimed Sitharaman had insisted on his transfer from the north block, a month after she took over as the finance minister. “She has a very different … Read more