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The Latest Breaking News from RBI

TDB to deposit 500 kg of gold in RBI for an annual interest of ₹6 crore

TDB to deposit 500kg gold in RBI for 5yrs; earn ₹6cr/yr. SBI Mumbai to assist. Gold to be smelted into biscuit form. Antique gold, artefacts, utensils to be catalogued, sorted. Fast-tag system for Sabarimala parking fees. Thirupathi model queue system for crowd control. No cardamom in Aravana Payasam. 6 lakh…

The Hindu

Fear factor: On the inflation battle

Inflation faced by consumers eased to 5% in September, but the preferred inflation rate remains 4%

The Hindu

Festive cheer: Urban consumer confidence at seven-year peak | Data

Urban consumers enter 2023 festival season w/ more confidence than 7 years ago. RBI's Consumer Confidence Survey finds 36% of respondents say general economic situation improved, 25% say income improved, & 91% say price levels of commodities increased. FEI hit highest level in 4 years.

The Hindu

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All of Google’s eyes, now on Madras High Court

The Hindu

India’s Bank of Baroda expose worsens: Agents steal money from accounts

RBI has banned BoB from onboarding new customers on its app after an expose by The Reporters’ Collective-Al Jazeera.

Al Jazeera

Tightrope walk: On RBI holding rates

RBI’s Monetary Policy Committee decision to leave interest rates unchanged even as the central bank warned of the major risk that ‘high inflation’ poses to macroeconomic stability is a clear sign that monetary authorities find themselves caught in a cleft stick.

The Hindu

Retail inflation likely eased in September, but may be higher than RBI hopes

India’s retail inflation is likely to have retreated below 6% in September after two months over the central bank’s tolerance threshold.

The Hindu

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Morning Digest | FIR links NewsClick case to legal aid for Chinese companies; Canada moves diplomats out of India to Singapore, Malaysia, and more

The Hindu’s Morning Digest brings readers a select list of stories to start the day

The Hindu

Judicial interventions in ongoing cases against NewsClick: A timeline of events

We take a look at the chronology of events pertaining to interventions by High Courts in the ongoing cases against NewsClick

The Hindu

October 7 deadline to exchange ₹2,000 notes

RBI extends deadline to exchange/deposit ₹2,000 notes till Oct 7; exchange can be done at 19 RBI Issue Offices up to ₹20,000. Courts, law enforcement, govt. depts. can exchange/deposit without limit. India Post can also send ₹2,000 notes to RBI Issue Offices for credit to bank accts.

The Hindu

India’s external debt rises to $629.1 billion at end-June 2023: RBI

India's external debt rose to $629.1B at end-June 2023, with long-term debt up $9.6B. CAD widened to $9.2B in Q1:2023-24, due to higher trade deficit and lower net services surplus.

The Hindu

Ordinary households, small businesses hit due to high unemployment and inflation: Jairam Ramesh

Jairam Ramesh said no matter how much the Modi government hides the data, the reality is that the vast majority of people are suffering.

The Hindu

ED conducts searches in case alleging illegal forex trading by TP Global FX

ED searches Ahmedabad in money laundering case involving TP Global FX. Seized ₹1.36 crore cash, 1.2 kg gold, two luxury vehicles, ₹14.72 lakh bank account. Probe based on FIR against TM Traders, KK Traders. Accused allegedly defrauded public under guise of forex trading. Arrested Prasenjit Das, Shailesh Kumar Pandey, ₹121.02…

The Hindu

ED conducts search operations in illegal TP Global FX forex trading case, seizes Rs 1.36 cr

The Enforcement Directorate conducted search operations in Ahmedabad in the illegal Forex Trading case by TP Global FX. Read further on Dynamite News:

Dynamite News

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The Hindu

Little succour: On Consumer Price Index data

As the Reserve Bank of India has been highlighting, failure to anchor inflation expectations risks hurting growth

The Hindu

RBI asks banks, NBFCs to release original movable, unmovable property documents within 30 days of full repayment of loan

RBI issues directions to REs to release all property docs & remove charges after loan repayment. Borrowers can collect docs from banking outlet or other RE office. REs must have procedure for return of docs to legal heirs & must compensate borrowers for delay/damage. Directions applicable from Dec 1, 2023.

The Hindu

RBI resisted govt push for ₹3 lakh crore transfer in 2018 ahead of elections: Viral Acharya

He called the exercise a “backdoor monetisation of the fiscal deficit by the central bank”.

The Hindu

‘India on path to become solid global player due to robust financial regulations’

India is in a sweet spot to grow robustly despite global turmoil and monsoon risks. RBI Deputy Governor M. Rajeshwar Rao inaugurated the first annual seminar on ‘Banking regulation, intermediary soundness and systemic stability’ at IIM-Kozhikode. He said credit risk management tools, especially for risk transfer or migration, are essential.…

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The Hindu

Telangana to raise ₹2,500-crore market borrowings through RBI on Sept.5

The government, according to the RBI website, has opted for ₹1,000-crore loan with a tenure of 16 years and another ₹1,500 crore which has tenure of 20 years.

The Hindu

The transition of loans from floating to fixed rates | Explained

What has RBI said about allowing borrowers to transition from floating to fixed rates for loans? We take a look.

The Hindu

Bank credit outstanding to real estate rose to Rs. 28 lakh crore in July: RBI

RBI data shows loan outstanding to housing and commercial real estate rose 38% in July to Rs 28 lakh crore. Property consultants report housing sales and new launches across major cities are increasing, indicating demand revival.

The Hindu

Himachal Pradesh exploring interest-subvention facilities for borrowers affected by natural calamities: Sukhvinder Singh Sukhu

Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu says the government is exploring interest-subvention facilities for borrowers affected by natural calamities, to provide financial relief & aid recovery efforts. Moratorium period of 12 months & relief to all regulated entities of RBI. Losses so far estimated at Rs 8,660.18 Crores.

The Hindu

Absconding directors of co-op bank nabbed

The Hindu

MHA clearance for credit of foreign contribution is necessary; mere registration under the FCR Act is not enough: Karnataka High Court

Mere possession of permanent registration under the Foreign Contribution (Regulation) Act, 2010, does not create a right in favour of an organisation to get the amounts, received from foreign countries, credited to their designated savings bank account, the High Court of Karnataka has said.

The Hindu

Data | Irrigation in focus as India moves towards driest-ever August

India is facing its driest August in 100 years, with 7% less rainfall than the long-period average. This is expected to hit kharif crop sowing, leading to higher food prices. RBI's August bulletin shows that while monsoon rainfall still plays a major role in agricultural results, its impact has reduced…

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