Page 21 - Latest Updates on Reserve Bank of India
Rs 2000 notes: 97.87% returned; Rs 7,581 cr worth notes still with public
On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation
 "Rs 2000 notes: 97.87% returned; Rs 7,581 cr worth notes still with public")
After historic high, UPI transactions see marginal dip in June to 13.89 bn
IMPS down by 7%, FASTag 4%; but Aadhaar Enabled Payment System (AePS) see a 11% jump in volume & 7% in value
 "After historic high, UPI transactions see marginal dip in June to 13.89 bn")
Tech to risk perception: Co-lending model battles 'multiple issues'
Colending happens when multiple lending partners enter into an arrangement to provide loans to priority sectors like micro, small, and medium enterprises (MSMEs)
 "Tech to risk perception: Co-lending model battles 'multiple issues'")
RBI raises limit for short-term borrowing for states, UTs from July 1
The RBI provides WMA to states banking with it to help them tide over temporary mismatches in the cash flow of their receipts and payments
 "RBI raises limit for short-term borrowing for states, UTs from July 1")
Forex reserves rise by $810 mn to $653.7 bn as on June 21: RBI data
The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee
 "Forex reserves rise by $810 mn to $653.7 bn as on June 21: RBI data")
RBI using alternative data sources for economic insights: Shaktikanta Das
World from moving from 'era of data scarcity to abundance', says central bank governor
 "RBI using alternative data sources for economic insights: Shaktikanta Das")
RBI revises framework for currency swap arrangements with Saarc countries
Under the framework, the RBI will enter into bilateral swap agreements with SAARC central banks that wish to utilise the swap facility
 "RBI revises framework for currency swap arrangements with Saarc countries")
RBI's action against regulated entities rises even as amounts fall
According to Financial Stability Report, the enforcement action by the banking regulator increased to 161 entities in December 2023 - May 2024 from 146 entities in June 2023 - November 2023
 "RBI's action against regulated entities rises even as amounts fall")
Foreigners buy India debt on eve of index inclusion, indicators signal
Firstly, the rupee rose to 83.4525 per dollar, up 0.14 per cent on the day, despite a jump in US Treasury yields on Wednesday
 "Foreigners buy India debt on eve of index inclusion, indicators signal")
Indian diaspora breaks record with $107 billion remittance surge in FY24
According to a survey by the Reserve Bank of India on post-Covid-19 remittances, the United States emerges as the primary contributor, constituting 23% of the total amount
 "Indian diaspora breaks record with $107 billion remittance surge in FY24")
Banks seek clarification on RBI's credit card network choice guidelines
The Reserve Bank of India's directive, which will go into effect in September, requires banks and non-banking financial companies to provide customers options to choose multiple card networks
 "Banks seek clarification on RBI's credit card network choice guidelines")
'We are positive about growth, disinflation', says RBI Governor Das
Addressing the 188th AGM of Bombay Chamber of Commerce & Industry, RBI Governor Shaktikanta Das says, "India is at the threshold of a major structural shift in its growth trajectory
 "'We are positive about growth, disinflation', says RBI Governor Das")
India's external debt rises to $663.8 bn; debt to GDP ratio falls: RBI
At end-March 2024, India's external debt was placed at $ 663.8 billion, an increase of $ 39.7 billion over its level at end-March 2023, according to RBI
 "India's external debt rises to $663.8 bn; debt to GDP ratio falls: RBI")
Additional director on Bandhan Bank is prudent measure by RBI: Macquarie
On Monday, RBI inducted an additional director on the board of Bandhan Bank - Arun Kumar Singh, former chief general manager of RBI
 "Additional director on Bandhan Bank is prudent measure by RBI: Macquarie")
Digital currency transactions slump after reaching initial RBI's target
RBI started a pilot for the e-rupee, devised as a digital alternative to physical cash, in December 2022, and successfully reached a target of 1 million retail transactions per day
 "Digital currency transactions slump after reaching initial RBI's target")
Policymakers at Reserve Bank remain divided over rate-growth debate
The split in the views show a widening gap between the external and internal members on how to balance economic growth and inflation
RBI's rate panelists see growth risks, call for rate cut to sustain economy
The views of the three members show increasing concern among policymakers about momentum in Asia's third-largest economy
 "RBI's rate panelists see growth risks, call for rate cut to sustain economy")
Bond investors positioned for India's index inclusion: Morgan Stanley
India's index-eligible bonds have attracted $10 billion since the inclusion was announced in September
 "Bond investors positioned for India's index inclusion: Morgan Stanley")
Switch to India's longer-dated bonds extends as index inclusion date nears
While news of Modi's poor electoral showing triggered a bond selloff, the market later recovered after cabinet appointments including FM Sitharaman were seen to indicate no change
 "Switch to India's longer-dated bonds extends as index inclusion date nears")
Securitisation volumes back to historic high after HDFC twins' merger
Housing finance company accounted for 23% of the FY23 volumes of around 1.8 trillion
 "Securitisation volumes back to historic high after HDFC twins' merger")
