The Reserve Bank of India has proposed cash deposits in banks through the Unified Payment Interface (UPI) mechanism. RBI has also proposed making UPI payments through Prepaid Payment Instruments (PPI) wallets. Announcing the monetary policy outlook, RBI Governor Shaktikanta Das said, “Deposit of cash through Cash Deposit Machines (CDMs) is primarily being done through the […]
The share of UPI in digital payments in India has reached close to 80 per cent in 2023, informed Reserve Bank of India (RBI) Shaktikanta Das on Monday, as he outlined the growth of the payments ecosystem in the country. Addressing the Digital Payments Awareness Week organised by the Reserve Bank of India, the RBI […]
The Reserve Bank of India (RBI), while maintaining the status quo in the repo rate, pegged India’s GDP growth for the next financial year 2024-25 (April-March) at 7 per cent. Quarter-wise, 7.2 per cent growth is seen in Q1, 6.8 in Q2, 7.0 in Q3, and 6.9 in Q4, respectively. RBI said that risks are […]
The Monetary Policy Committee of the Reserve Bank of India (RBI) in its February review meeting unanimously decided to keep the policy repo rate unchanged at 6.5 per cent, thus maintaining status quo for the sixth straight time. The repo rate is the rate of interest at which RBI lends to other banks. Deliberating the […]
India’s monetary policy committee (MPC) will remain vigilant of inflation risks, with the overall outlook remaining clouded by volatile and uncertain food prices, members of the committee said in the December policy meeting minutes, released on Friday. “On the growth front, the economy is running at full steam,” wrote Rajiv Ranjan, executive director at the […]
Despite a decline in retail inflation to a four-month low of 4.87 per cent in October, India’s food inflation continues to exceed New Delhi’s “comfort” level, as indicated by a government official on Wednesday. The country’s retail inflation is approaching the central bank’s target of 4 per cent, a prerequisite for initiating rate reductions, the […]
In the fiscal year 2023-24, as stated by RBI Governor Shaktikanta Das on Friday, both India’s exports and imports have contracted. The contraction in merchandise exports and imports persisted, albeit at a slower pace in July and August, following the Monetary Policy Committee meeting. In August, merchandise exports and non-oil non-gold imports saw a moderated […]
As expected, the monetary policy committee of the Reserve Bank of India (RBI) in its October review meeting decided to keep the policy repo rate unchanged at 6.5 per cent, maintaining status quo for the fourth straight occasion. The repo rate is the rate of interest at which the RBI lends to other banks. At […]
