Tag: RBI

New Delhi, June 25, 2024. The country’s current account balance recorded a surplus of $5.7 billion, or 0.6 per cent of gross domestic product (GDP) in the January-March 2024 quarter, driven by a lower merchandise trade deficit. In Q4 FY2023, the current account deficit (CAD) stood at $1.3 billion, or 0.2 per cent of GDP, the Reserve Bank of India’s (RBI) data showed. In Q3 FY24, the CAD was $8.7 billion, or 1 per cent of GDP. The current account deficit is the difference between exports and imports of goods and services. It is a key indicator of the country’s external sector. For the full year (FY24), the country’s current account deficit moderated to $23.2 billion, or 0.7 per cent of GDP, from $67 billion, or 2 per cent of GDP, during FY23, on the back of a lower merchandise t...

New Delhi, May 21, 2024. India is likely to grow by 7.5 per cent in the first quarter of the current financial year, driven by rising aggregate demand and non-food spending in the rural economy, according to an article in the RBI's May Bulletin released on Tuesday. The Indian economy has demonstrated marked resilience in the face of geopolitical headwinds impacting the supply chain, said an article on the state of the economy published in the May Bulletin. "According to the economic activity index (EAI), activity rebounded in April, and early estimates suggest that GDP growth for Q1:2024-25 is likely to remain close to 7.5 per cent," it said.

New Delhi, February 24, 2024. Reserve Bank on Friday permitted banks and non-banking institutions to issue pre-paid instruments (PPIs) for making payments across various public transport systems. With the introduction of these instruments, commuters will have more options to pay for tickets besides cash mode. The instrument will provide convenience, speed, affordability, and safety of digital modes of payment to commuters for transit services, RBI said in a notification.

New Delhi, February 2024 The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) kept repo rates unchanged at 6.5% and is focused on the withdrawal of accommodation, Governor Shaktikanta Das said. It projects real GDP growth of 7 percent for FY'25 with risks evenly balanced. RBI's mandatory KFS, multiple hidden costs will be brought to light, says Veefin Solutions MD RBI MPC Meeting 2024 Live: “We welcome the RBI’s decision to mandate Key Fact Statements (KFS) for all MSME loans. Initially this lack of transparency often led to financial stress and hindered informed decision-making for MSMEs. For example, oftentimes MSMEs have been unaware of charges like foreclosure fees, which can be substantial and significantly impact their bottom line. With KFS, such hidden costs will...