Forex Reserves rise to record high of $620.57 billion
The increase in the increment of the reserves led to the gradual growth of foreign policy assets. Which proved to be a major element in general for all the reserves.
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The increase in the increment of the reserves led to the gradual growth of foreign policy assets. Which proved to be a major element in general for all the reserves.
The repo rate stands at 4% while the reverse repo rate remains unchanged at 3.5%. The auto index led by Amara Raja Batteries, Tata Motors, Maruti Suzuki, and Eicher Motors increased by 0.6% following the MPC announcement.
In the previous week, IMF had lowered the growth projections from 12.5 per cent to 9.5 per cent for the fiscal year 2021-22 which was down by 3 per cent points which were continued by the second wave of the COVID-19 pandemic in the country.
CPI inflation for the first quarter of 2022-23 is estimated at 5.1%. The repo rates have been fixed at 4%.
Economists, henceforth, anticipate RBI to start with policy normalization just after the fourth quarter of the current fiscal year.
The implementation of Doorstep service charges, changes in salary, EMI, increased cash withdrawal charges and updated charges of ICICI bank will not just change the personal finance but will transform the entire economy.
Various incidents happened in the past but this is the latest instance of the Central bank shutting down the weakly run collective bank. Institutional disappointments and instigated penal actions have been illustrated as the reason for closing off.
IDBI’s standalone net profit increased 318 percent year-on-year (YoY) in Q1.
NACH services are available only on days when banks are working, but from August 1, this facility will be available on all 7 days.
On risks arising from such digital currencies, Sankar said, "There are associated risks, no doubt, but they need to be carefully evaluated against the potential benefits. "
The PFRDA Amendment Bill, which aims at separating NPS from PFRDA, has been introduced in the Parliament.
The decision of setting up a bad bank that would take over the stressed assets of the banks was announced by Finance Minister Nirmala Sitharaman in her union budget 2021-22 speech.
The tapering of the second wave has brightened near-term prospects for the Indian economy.
The banking regulator has taken supervisory action against Mastercard for its failure to comply with the directions issued by RBI on Storage of Payment System Data.
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