Finance News

RBI expects current account deficit to come under 3% of GDP in FY23 The Reserve Bank expects the current account deficit to be under 3 per cent of GDP in FY23, Deputy Governor Michael Patra said on Friday. The CAD will “modestly widen” in the first half of the fiscal year and narrow in the second half, ...

Home loans dearer, moderate impact on residential sale from RBI rate hike The RBI’s decision to hike repo rate will hit consumers’ buying sentiment, but will have a moderate impact on housing sales in the affordable and mid-income categories, according to industry experts. With a hike in repo rates by 50 basis points, interest rates on home ...

67% of fall in forex reserves due to valuation changes: RBI governor Das Reserve Bank of India Governor Shaktikanta Das said around 67 per cent of the decline in foreign exchange reserves during the current fiscal year were because of valuation changes owing to a stronger US dollar and higher US bond yields. “How we stand compared ...

Rupee gains on report of RBI nudging oil firms to reduce dollar buys The rupee gained sharply on Friday as the US dollar eased globally and reports said the Reserve Bank of India had nudged public sector oil companies to cut down on dollar purchases in the spot market, dealers said. The domestic currency settled at 81.35 ...

System ready for tokenisation, says RBI deputy governor T Rabi Sankar The payments industry is “perfectly ready” for a smooth transition to token-based transactions from October 1, Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar said on Friday, based on the feedback from various stakeholders. Tokenisation is a back-end process of replacing credit/debit/prepaid card details ...

System ready for tokenisation as 35 crore cards tokenised, says RBI About 35 crore cards have been tokenised and the system is ready for the new norms which set in from October 1, the Reserve Bank said on Friday. There are a few laggards in the system who have not complied with the mandate because of their ...

Currency movements not guiding factors for monetary policy: Shaktikanta Das Reserve Bank of India Governor Shaktikanta Das on Friday said that currency movements are not the guiding factors for monetary policy decisions. He said currency management is the domain of RBI and that it will deploy all the appropriate measures on the same. The Monetary Policy ...

Regulations for offline payment aggregators to be same as online peers: RBI Offline payment aggregators (PAs) who aid in face-to-face transactions at merchant outlets will now come under the regulatory purview of RBI, Governor Shaktikanta Das announced on Friday. “Keeping in view the similar nature of activities undertaken by online and offline PAs, it is proposed to ...

RBI to publish paper on expected loss-based approach for loan provisioning The Reserve Bank of India (RBI) wants banks to adopt the expected credit loss (ECL) regime for provisioning of loan assets and it will shortly come out with a discussion paper on the transition, said Governor Shaktikanta Das on Friday. Banks in India are currently required ...

More rate hikes, eye on rupee: How experts interpret RBI’s 50-bps rate hike The Reserve Bank of India (RBI) governor, Shaktikanta Das’, reiteration that the Indian economy remains resilient in the face of a third global shock, boosted investor sentiment on Dalal Street. Besides, the Monetary Policy Committee’s (MPC’s) 50-basis point (bps) rate hike, in-line with expectations, cheered investors. ...