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India’s FOREX Reserves Hit Lowest Level In 2 Years, Read To Know More About The Reserves!!

Gunjan ChaudharyOctober 29, 20220

India's foreign exchange reserves have come down to a two-year low on October 21, to $ 524.520 billion. There was a decrease of $3.85 billion in foreign exchange reserves compared to a week before that. According to RBI data, for the previous week ended October 14, forex reserves stood at $ 528.367 billion. Let us tell you that two years ago, India's foreign exchange reserves were about $ 577.00 billion. According to the latest RBI data, foreign currency assets, the largest component of foreign exchange reserves, declined by $3.59 billion to USD 465.075 billion. The country's gold reserves declined by $247 million to reach $37.206 billion during this period. However, RBI data shows that the value of India's Special Drawing Rights (SDR) with the International Monetary Fund rose by $7 mi...

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Rupee Depreciated Lowest Of 81.81 Against US Dollar For The First Time!! Will RBI Intervene Now?

Gunjan ChaudharySeptember 23, 20220

The rupee continues to depreciate against the US dollar. On Friday, the rupee weakened and reached the lowest level ever. On Friday, in the opening session itself, the rupee declined by 39 paise to reach the level of 81.81. At present, the rupee is holding at the level of 80.99 against the dollar. Earlier in Thursday's trading session, the rupee had closed at 80.79 with a fall of 83 paise. This was the biggest fall in the rupee so far in a day. Let us know that in recent days, due to which the rupee is slipping down? After all, what is the reason that the rupee which has now weakened against the dollar has gone to Rs 81? Market experts believe that there are two most important reasons for the sharp weakening of the rupee against the dollar in the last two days. The first is a hike in in...

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India’s Foreign Exchange Reserves Fall Sharply, Reach At It’s Lowest Of 23 Months!

Aditi priya singhSeptember 10, 20220

India's foreign exchange reserves fell to $553 billion. In August, India's foreign exchange reserves fell sharply. The decline comes as the Reserve Bank of India struggles to overcome the rupee's position against the strength of the dollar. This is the lowest level of India's foreign exchange reserves in the last 23 months. The data show that all components of foreign exchange reserves declined over this period. According to data released by the RBI, weekly foreign exchange reserves through September 2 stood at $553.1 billion, which is $7.94 billion less from the previous week, the lowest level since October 9, 2020. As of August 26, 2022, India's foreign exchange reserves stood at US $561.04 billion. Earlier this week, RBI Governor Shaktikanta Das said the central bank's int...

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Challenge To Raise Percentage Of Rich Amid India’s Growing GDP

Sayani ChakrabortySeptember 5, 20220

India's economic growth has surpassed that of the United Kingdom, making it the world's fifth biggest economy. India's growth is inevitable in the following years, thanks to its large pool of young people poised to enter the middle class and its thriving digital environment. Evidence from SBI Research suggests that India may overtake Japan and become the third biggest economy by the end of this decade. Inflation has not skyrocketed in India despite the Covid epidemic and the Ukraine conflict, and the country has avoided the energy crises that have plagued nations like the United Kingdom. GoI's resolution to not build up a huge budget deficit was correct despite the temptation to replicate the West's excessive stimulus programmes. More creative problem-solving is required for the de...

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India Experiences Market Uncertainty Amid Bizarre Economic Turn

Sayani ChakrabortySeptember 1, 20220

India is experiencing some strange times. RBI expects inflation to average 6.7% in 2022-23, marking the second time in three years that inflation would exceed 6%. However, overall demand has remained low. The rise of inflation is not the main issue. The repo rate has been lifted by the RBI's monetary policy committee by 1.4 percentage points, to 5.4%, since May in an effort to curb inflation's virtuous cycle. While inflation has moderated in recent months, a reversal of trend is yet possible. On August 26th, a barrel of crude oil in India cost $99.6 per unit. Food grain prices may also be affected by changes in the rainfall pattern. The area planted with paddy and pulses fell by 6% and 5% on August 26. After a poor first half, August saw a dramatic increase in net inflows of about $7 bi...

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Centre Ignores Inflation: A Dangerous Sign For Nation’s Future

Isha PoddarJune 24, 20220

The Reserve Bank of India (RBI) is in inflation pointing central bank. Legally, RBI needs to check on inflation. The central bank expects the economy to increase by 7.5%, less than the IMF estimate of 9%. Economic growth has suffered a lot and will suffer more because of the nascent recovery hit by the COVID-19 wave, both at the international levels. The expenditure that the government is making is not high enough to provide a massive boost to the economy. Private consumption, which holds the key to growth, also went below the pre-pandemic levels and showed no sign of improving. RBI is hopeful the government-invested capital will make a massive difference in the coming time. The previous experience does not support this hope or expectation. The central bank believes that the reta...

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Credit Card Link With UPI: Check Out What India’s Future Holds In Transaction Domain

Snehashish RoyJune 10, 20220

The Reserve Bank of India (RBI) has announced the provision to link credit cards with the Unified Payments Interface (UPI) and the integration will begin with RuPay credit cards. Both RuPay and UPI are operated by the National Payments Corporation of India (NPCI). According to experts, the move by the RBI will ensure excessive use of credit cards among users as payment through UPI has widely been accepted in India already. UPI can so far be used to link debit cards and bank accounts. “UPI has become the most inclusive mode of payment in India with over 26 crore unique users and five crore merchants on the platform. The progress of UPI in recent years has been unparalleled. Many other countries are engaged with us in adopting similar methods in their countries,” said the RBI gover...

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Economy May Take 12 Years To Recover From Loss Due To COVID-19: RBI Report

Gunjan ChaudharyApril 30, 20220

According to a report released by the Reserve Bank of India (RBI) on Friday i.e. 29th April, the Indian economy is likely to take more than 12 years to recover from the damage of Covid-19. In the report by RBI on 'Money and Finance for the Year 2021-22', the RBI said that the structural changes brought about by the pandemic could potentially change the growth outlook in the medium term. The report issued even said that continued thrust on capital expenditure by the government, promotion of digitization, e-commerce, start-ups, renewables and supply chain logistics can contribute to the growing opportunities for new investments. RBI further said in the report that the pre-Covid situation growth rate would have been 6.6 per cent (CAGR for 2012-13 to 2019-20) and it would have been up...

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Centre Appoints Economist Suman Bery As NITI Aayog’s Vice-Chairman; Know More About His Career!

Pooja YadavApril 26, 20220

The central government appointed economist Suman Bery as the vice-chairman of NITI Aayog after Rajiv Kumar resigned from the post on 22nd April 2022. Kumar had been appointed because the vice-chairperson of NITI Aayog five years ago. The cabinet committee had accepted Rajiv Kumar’s resignation and appointed Suman Bery as NITI Aayog’s full-time member and later because the vice-chairperson. Suman Bery was the National Council of Applied Economic Research (NCAER)'s director-general for a period of 10 years from 2001 to 2011. Being one of the senior visiting fellows at the Centre for Policy Research, Delhi. He's a world Fellow within the President of the United States International Center for Scholars’ Asia programme in Washington, DC. Also, he's a non-resident Fellow of Bruegel whic

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RBI Governor Inaugurates Innovation Hub; Rs 100 Crore Invested As Initial Capital Contribution

Pooja YadavMarch 28, 20220

The Reserve Bank Innovation Hub (RBiH) has been inaugurated by Shaktikanta Das, governor of the Reserve Bank of India (RBI) in Bengaluru. RBiH has been founded as a wholly-owned subsidiary of the RBI with Rs 100 crore as an initial capital contribution. An independent board has been constituted for this hub with S. Gopalakrishnan selected because the Chairman. The board also has other individuals from academia still as an industry. RBI's initiative puts it among a pick few global central banks that try to give birth to change within the mode of engagement while trying to create innovations during this sector. The aim of the RBIH is to form an ecosystem that will target the promotion of access to varied financial products and services for the low-income group population acr...

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RBI Announces New Policy For Microfinance Loans; Read On To Know More

Pooja YadavMarch 17, 20220

Reserve Bank of India (RBI) once again made announcements regarding the regulatory framework on microfinance loans. RBI has done away with the margin caps on the pricing of small loans given by non-banking financial company-microfinance institutions (NBFC-MFIs). Earlier, as far as the limit was concerned, there was a limit on the charge per unit charged by microfinance lenders. The most rate of interest was 10-12% above the price of funds incurred by the institution or 2.75 times the common interest rate of the five-largest commercial banks, whichever is lower. Now, the removal of margin caps brings NBFC-MFIs to the identical level as other lenders like banks. This can pave the way for the underwriting of loans supported risk analysis. Also, betting on the borrower, a risk premiu...

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New Development Bank To Set Up India Office In Gujarat Tech City

Pooja YadavMarch 4, 20220

  The New Development Bank (NDB) will now open its office in the Gujarat International Finance Tech (GIFT) city in May 2022.  The India office will help in identifying suitable projects and check out to form a pipeline of potential financing for the bank. NDB is additionally expected to partner with the newly launched National Bank for Financing Infrastructure and Development (NBFID), during a bid to support crucial infrastructure projects across India. The New Development Bank was founded by BRICS countries (Brazil, Russia, India, China, and South Africa) in 2014. It aimed at mobilizing and utilising resources for infrastructure and sustainable development projects in BRICS and emerging markets. The bank became operational in 2015. It is headquartered in Shanghai, China ...

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