New Delhi, September 11,2024. The RBI has imposed penalties totalling Rs 2.91 crore on Axis Bank and HDFC Bank for certain deficiencies in statutory and regulatory compliance. In a statement on Tuesday, the Reserve Bank of India (RBI) said a penalty of Rs 1.91 crore has been imposed on Axis Bank for contravention of certain…
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…
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…
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…
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…