Forex market intervention aims met with lower fall in reserves: RBI article The Reserve Bank of India (RBI) has been successful in achieving its foreign exchange market intervention goals with a progressively lower drawdown in its reserves, an article by staff of the central bank said. This is largely owing to the accumulation and timely use of ...

Big-bang privatisation of PSUs can be harmful, says RBI article A gradual approach to privatise public sector banks (PSBs) is more ideal than taking a big-bang approach, a study by Reserve Bank of India (RBI) staff has concluded. It has backed the government’s idea to privatise two PSBs initially. Such a gradual approach would ensure that ...

RBI turns net seller of US currency in June; sells $3.719 bn: Data Reserve Bank of India turned net seller of the US currency in June after it sold USD 3.719 billion on a net basis, the central bank data showed. In the reporting month, the central bank purchased USD 18.96 billion from the spot market and ...

Axis Bank hikes MCLR by 5 bps across tenors, follows other lenders Axis Bank has increased its marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) across tenors from August 18. The private lender revised its lending rate after the central bank’s monetary policy committee (MPC) on August 5 increased benchmark policy rates by ...

We expect rupee to trade in 79.25-79.75 per dollar range: BoB report The Indian rupee is expected to trade in the 79.25-79.75 per US dollar range in the coming days due to easing crude oil prices and continued inflows by foreign investors, the Bank of Baroda said in a research report. “The global oil price has come down ...

UPI charges may partially offset loss on credit card MDR: RBI paper There is a possibility that fees levied on credit card transactions may eventually come down, either through central bank intervention or otherwise. And the reintroduction of charges on Unified Payments Interface (UPI) may, perhaps, offset the impact of fee reduction in cards for banks, industry participants said. ...

rbi: RBI invites inputs for cap on credit card fees [ad_1] (This story originally appeared in on Aug 18, 2022) MUMBAI: The Reserve Bank of India (RBI), in a discussion paper on charges in the payments system, has flagged capping credit card fees as one of the issues to be considered. According to the report, the same limit the RBI ...

Inflation still elevated, may warrant policy response: RBI article The fall in consumer price index-based inflation in July to 6.7% in July from 7% in June was a heartening development and the trajectory is projected to hit 5% by the first quarter of the next financial year before hitting the target of 4%, the Reserve Bank of India’s ...

Tax department seeks to make faceless assessment smoother [ad_1] (This story originally appeared in on Aug 17, 2022) NEW DELHI: From setting up review panels to giving assesses time to respond to show cause notices and establishing a parallel verification system, the income tax department has worked out fresh checks and balances in its faceless assessment scheme to make it ...

UPI expands; Indian flyers to UK to enjoy hassle-free digital transactions Expanding further outside India, the indigenously developed real-time payments solution UPI will foray into the UK market starting with QR code-based transactions. The NPCI International Payments Ltd (NIPL) has forged a partnership with payments solutions provider PayXpert to internationalise the acceptance of its payment solutions in ...