Mumbai: Deposits are still the most preferred instrument of saving in India although market-based instruments are gaining share, said an article published in the Reserve Bank’s July Bulletin. The article provides estimates of quarterly financial balance sheet of households and their net financial wealth for 2011-12 to 2022-23. The article has been authored by Anupam … Read more
Every month, the Reserve Bank of India (RBI) issues a full list of bank holidays. On a regular basis, the banks are open on first and third Saturdays and are closed on second and fourth Saturdays. The month of June will see the fifth Saturday. As per RBI rules, banks will be open for business … Read more
The Reserve Bank of India‘s income rose 17 percent last fiscal on higher interest income from bond holdings, but it was the sharp drop in provisions transferred to the Contingency Fund that helped it pay a record Rs. 2.1 lakh crore in dividend to the central government. An amount of ₹42,819.91 crore was provided towards … Read more
Kolkata: The Indian economy is on a firm footing with an improved external sector sustainability and a robust corporate balance sheet which along with a thrust on production linked incentive schemes could boost employment, said the Reserve Bank of India in its annual report. “The outlook for the Indian economy remains bright, underpinned by a … Read more
The Reserve Bank of India (RBI) on Tuesday introduced three new facilities for investors. Retail Direct Mobile App has been introduced to facilitate seamless and convenient access to the retail direct platform for retail investors and ease of transacting in government securities (G-Secs). With the launch of the retail direct mobile app, retail investors can … Read more
The Union Finance Minister has noted that the Central Board of Direct Taxes (CBDT) has exempted the Reserve Bank of India from the special provisions of the Income Tax Act, 1961, regarding the tax deducted at source, and the tax collected at source for non-filers of an income-tax return. In a notification, the Finance Ministry … Read more
Mumbai: India‘s benchmark indices soared to fresh all-time highs on Thursday as the Reserve Bank of India‘s larger-than-expected dividend payment to the government prompted traders to cover some of their bearish bets. Receding uncertainty over the BJP’s performance in the general elections also bolstered sentiment, with the NSE Nifty ending a whisker away from 23,000. … Read more
New Delhi: The central government’s fiscal deficit, in absolute terms, could be slightly better than the revised estimates for FY24, on the back of better than expected revenue receipts, an official said. In the interim Budget in February, the government pegged its FY24 fiscal deficit at ₹17.35 lakh crore, against the budget estimate of ₹17.89 … Read more
Mumbai: Shares of state-owned banks, non-banking finance companies (NBFCs) and infrastructure firms plunged as much as 10% on Monday following the Reserve Bank of India‘s tougher draft guidelines on the financing and accounting of project loans. The proposed stricter lending criteria, with additional provisioning, are aimed at preventing accounting shocks but could potentially hurt balance … Read more
Governor Shaktikanta Das on Monday said that permanent deletion of transactions can make the e-rupee or central bank digital currency (CBDC) become anonymous and make it at par with paper currency. Speaking at the BIS Innovation Summit, Das said India is also working on making the CBDC transferable in the offline mode along with introducing … Read more