Page 28 - Latest Updates on Reserve Bank of India
India sees forex reserves as main tool to manage bond index inflows
The Reserve Bank of India plans to absorb the inflows and match the outflows using its near-record high $642 billion reserves
 "India sees forex reserves as main tool to manage bond index inflows")
Govt plans to change base year of key economic gauges like CPI to FY23
Economic indices such as the Index of Industrial Production (IIP), Wholesale Price Index (WPI), and National Income are benchmarked to FY12
 "Govt plans to change base year of key economic gauges like CPI to FY23")
Agile approach
Rupee should be allowed to adjust to lower levels
 "Agile approach")
RBI urges gold loan NBFCs to strictly comply with norms amid biz surge
RBI took stock of the gold loan business of non-banking finance companies after one of them - IIFL Finance faced regulatory restriction for violating norms
 "RBI urges gold loan NBFCs to strictly comply with norms amid biz surge")
Global funds eye India's maturity bonds betting on RBI's policy shift
The proportion of foreign money allocated to local bonds due in 10 years or more climbed to 17 per cent last week, up from just 11 per cent in September
 "Global funds eye India's maturity bonds betting on RBI's policy shift")
Rupee appreciates 4 paise to 83.47 against US dollar in early trade
Forex traders said with foreign investors buying US dollars and the Reserve Bank of India (RBI) selling the greenback, the USD/INR pair is expected to remain range-bound
 "Rupee appreciates 4 paise to 83.47 against US dollar in early trade")
Quant Money Managers gets RBI nod to acquire up to 9.98% in RBL Bank
Stake can be acquired through various schemes by mutual fund subsidiary of the investment management firm
 "Quant Money Managers gets RBI nod to acquire up to 9.98% in RBL Bank")
Piramal Group's fund management arm invests Rs 600 cr in Annapurna Finance
The assets under management of Annapurna Finance exceed $1.25 billion as of March 31, 2024, with 1,372 branches spread across 20 states and covering nearly 450 districts
 "Piramal Group's fund management arm invests Rs 600 cr in Annapurna Finance")
India's move to buy back bonds runs into RBI's need to keep tight stance
Last week, the monetary authority accepted bids for about a quarter of the 400 billion rupees ($4.8 billion) of bonds the government offered to repurchase
 "India's move to buy back bonds runs into RBI's need to keep tight stance")
Bullish case for the rupee's rebound dented by RBI's intervention fears
RBI's objective is to prevent outsized moves in the rupee in either direction, said Michael Wan, senior currency analyst at MUFG, adding that this would limit the rupee's upside
 "Bullish case for the rupee's rebound dented by RBI's intervention fears")
RBI appoints R Lakshmi Kanth Rao as executive director effective May 10
As executive director, Rao will handle the Deposit Insurance and Credit Guarantee Corporation (DICGC), the Right to Information Act (FAA), and the Department of Communication
 "RBI appoints R Lakshmi Kanth Rao as executive director effective May 10")
Foreign portfolio investor selling tops $2 billion in May: NSDL data
The selling by FPIs has come at a time when traders are increasingly anxious about the margin of victory of the incumbent Narendra Modi government in the ongoing Lok Sabha elections
 "Foreign portfolio investor selling tops $2 billion in May: NSDL data")
Risk provisioning
The stability of the banking system should be paramount
 "Risk provisioning")
No country can ignore ratings by credit rating agencies: Subbarao
RBI may be looking at the bigger picture, and companies at their balance sheets, says former RBI governor D Subbarao on draft provisioning norms
 "No country can ignore ratings by credit rating agencies: Subbarao")
RBI project finance norms: Will absorb additional provision, says SBI chief
Provision buffer of Rs 33, 000 crore sufficient for ECL norms
 "RBI project finance norms: Will absorb additional provision, says SBI chief")
RBI's advisory will not affect Manappuram's business, says MD & CEO
The RBI recently advised NBFCs extending gold loans not to lend in cash exceeding Rs 20,000, citing the Income Tax Act
 "RBI's advisory will not affect Manappuram's business, says MD & CEO")
Reserve Bank of India repurchases govt bonds worth Rs 10,512 crore
Most of the funds were picked up by state-owned banks and insurance companies, said market participants
 "Reserve Bank of India repurchases govt bonds worth Rs 10,512 crore")
Muthoot, Manappuram Finance tank up to 9% on RBI's cash disbursal advisory
According to reports, the RBI has said no gold loan NBFC should disburse loan amount in excess of Rs 20,000 in cash
 "Muthoot, Manappuram Finance tank up to 9% on RBI's cash disbursal advisory")
Consumer price inflation likely slipped in April, food inflation sticky
V Anantha Nageswaran, the government's chief economic adviser, said on Wednesday the Indian economy was better placed than before to pursue 'non-inflationary' growth
 "Consumer price inflation likely slipped in April, food inflation sticky")
FinMin to discuss RBI's draft project financing norms with banks, IBA
The official said banks will assess the impact of the draft rules on their balance sheets and can approach the RBI based on their assessment
 "FinMin to discuss RBI's draft project financing norms with banks, IBA")
