Page 23 - Latest Updates on Reserve Bank of India
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
 "Policymakers at Reserve Bank remain divided over rate-growth debate")
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")
Growth is important, but not at cost of unacceptable risks: RBI governor
Business models designed for profitability could contain vulnerabilities that may not be apparent, says Shaktikanta Das
 "Growth is important, but not at cost of unacceptable risks: RBI governor")
RBI cancels licence of The City Co-operative Bank over inadequate capital
The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been asked to issue an order for winding up the bank and appoint a liquidator, RBI said
Outward remittances under LRS dips 2% in April, says RBI bulletin
According to the latest Reserve Bank of India (RBI) bulletin, the remittances under the scheme stood at $2.28 billion in April 2024, 1.98 per cent below $2.33 billion in April 2023
 "Outward remittances under LRS dips 2% in April, says RBI bulletin")
RBI invites applications for recognising SROs for NBFCs under its framework
The applicant should achieve a minimum net worth of Rs 2 crore within a period of one year after recognition as an SRO, or before commencement of operations
 "RBI invites applications for recognising SROs for NBFCs under its framework")
Retail inflation steadily easing, food prices still a concern: RBI bulletin
In India, high-frequency indicators suggest the real GDP growth in Q1 FY2024-25 is broadly maintaining the pace it achieved in the preceding quarter
 "Retail inflation steadily easing, food prices still a concern: RBI bulletin")
RBI sold net $3.6 bn in spot forex market in April: Monthly bulletin
The Indian rupee was little changed month-on-month in April but fell to its record low of 83.5750 during the month while its upside was capped at 83.15
 "RBI sold net $3.6 bn in spot forex market in April: Monthly bulletin")
Allow foreign currency transactions in India via RBI: ICT Chairman Kapila
ICT Chairman KK Kapila said currently, even domestic transactions in the US dollar between entities within India necessitate routing through the US banking system
 "Allow foreign currency transactions in India via RBI: ICT Chairman Kapila")
Govt bonds register marginal dip tracking US peers after soft retail sales
US yields eased on Tuesday after data showed retail sales in the world's largest economy was weaker than expected in May
 "Govt bonds register marginal dip tracking US peers after soft retail sales")
Banks struggle with ATM shortage as 'Make in India' policy disrupt supply
The initial cause of low number of ATMS across India is linked to the "Make in India" guidelines introduced in FY20, which required vendors to establish operations in India, leading to a delay
 "Banks struggle with ATM shortage as 'Make in India' policy disrupt supply")
