Mumbai, June 23 (IANS) The Reserve Bank of India (RBI) on Tuesday issued clarifications on the operational aspects of Foreign Currency Non-Resident Bank (FCNR-B) deposits, addressing queries raised by banks regarding the mobilisation of such deposits and related lending activities. The clarification is expected to encourage greater inflows through the FCNR-B route, which could provide support to the rupee in the near term.According to a document released by the central bank, all Indian banks, in…
Latest Reserve Bank of India News & Updates
Mumbai, June 23 (IANS) The Reserve Bank of India (RBI) on Tuesday pumped in over Rs 1.41 lakh crore of transient liquidity into the banking system through a seven-day variable rate repo (VRR) auction.The funds were injected into the system at a cut-off rate and weighted average rate of 5.26 per cent, according to figures released by the RBI.This was done after the liquidity in the banking system turned into a deficit of Rs 19,971.89 crore as on June 22, from a surplus of Rs 30,685.11 crore as on…
New Delhi, June 22 (IANS) The Reserve Bank of India’s Monetary Policy Committee (MPC) is likely to maintain a wait-and-watch approach amid elevated uncertainty, with falling crude oil prices and a stronger rupee expected to cushion inflation risks, a report said on Monday.”Uncertainty is too high for immediate action. Hold now, stay neutral, wait for clarity and keep optionality open is the underlying message of the MPC minutes,” the report from SBI Research said.The report highlighted that the …
New Delhi, June 22 (IANS) Easing Middle East tensions and recent policy measures by the Reserve Bank of India and the government have eased near‑term stress on the Indian rupee, a report said on Monday.The report from Elara Securities said the domestic currency could appreciate against the American dollar in H1 FY27, as current account pressures reduce and flows improve, keeping the rupee oscillating within a 93‑95 range.If the US Federal Reserve raises rates, as expected with a 50 basis‑p…
New Delhi, June 21 (IANS) The Reserve Bank of India (RBI) is likely to maintain its wait-and-watch approach and keep the repo rate unchanged at 5.25 per cent in upcoming monetary policy meetings as easing geopolitical tensions reduce uncertainty and allow policymakers to focus on incoming economic data, according to a report.As per analysis by BofA Securities, the conclusion of the US-Iran peace agreement has eased a key source of global uncertainty, giving the central bank more room to remain d…
Bengaluru, June 19 (IANS) The Directorate of Enforcement (ED), Bengaluru Zonal Office, has conducted searches at six premises in Bengaluru in connection with alleged large-scale violations of the Foreign Exchange Management Act (FEMA), 1999, involving unauthorised cross-border money transfers through Virtual Digital Assets (VDAs), commonly known as cryptocurrencies, an official statement said on Friday.The searches were carried out on June 17 under Section 37 of FEMA at the premises of several f…
New Delhi, June 19 (IANS) The minutes of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting released on Friday show that India has been able to withstand the disruptions of the West Asia crisis because of the strong fundamentals of the economy. MPC member Nagesh Kumar said, “The Indian economy entered the West Asia crisis with much stronger macroeconomic fundamentals than most previous economic crises (including the global financial crisis, the taper tantrum, or Covid-19)….
New Delhi, June 19 (IANS) The Supreme Court on Friday agreed to examine a public interest litigation (PIL) seeking a court-monitored investigation by the Enforcement Directorate (ED), the Serious Fraud Investigation Office (SFIO) and the Reserve Bank of India (RBI) into an alleged banking fraud involving over Rs 1,500 crore of public sector bank funds and the role of asset reconstruction companies (ARCs) in facilitating debt settlements at a fraction of the outstanding dues. A Bench of Chief Jus…
Mumbai, June 18 (IANS) The Reserve Bank of India (RBI) on Thursday cancelled the licence of Karnataka-based Shree Mahalaxmi Urban Co-operative Credit Bank, citing its deteriorating financial condition, inadequate capital and poor earning prospects.In a statement, the RBI said the bank, located in Gokak, does not have sufficient capital and fails to comply with certain provisions of the Banking Regulation Act, 1949.The central bank added that the lender, in its current financial position, would b…
New Delhi, June 18 (IANS) The Reserve Bank of India (RBI) has issued compounding orders under Section 15 of the Foreign Exchange Management Act, 1999 (FEMA) against Sai Rayalaseeema Paper Mills and Cigniti Technologies Limited, which resulted in the termination of proceedings against the two companies for the contraventions under FEMA with one-time payments as fines, according to an ED statement.The orders have been passed by the apex bank after issuance of “No Objection” by the Directorate of E…