Reserve Bank Of India

A year on, NRIs debate effects of note ban

New Delhi - Emirates voice

This day a year ago India's financial base was hit by a tsunami as the Rs 500 and Rs1000 currency notes went into oblivion. The next three months were devastatingly difficult and the unilateral decision divided the country into for and against like no other issue ever had. A year down the road the divide still exists and on theRead more

Rupee jump to push India's central bank to use rare cash tool

Mumbai - Arab Today

The rupee’s surge and a banking system awash with funds will shift focus to a little-used tool in the Indian central bank’s arsenal before next month’s policy review. The Reserve Bank of India (RBI) may consider raising the cash reserve ratio (CRR) for the first time since 2010 if deposits accumulated due to November’s cash ban don’t flee over theRead more

India hunts for solution to bad-debt crisis as measures fail

Mumbai - Arab Today

If at first you don’t succeed, try, try, try and try again. Indian policy makers appear to have adopted the mantra as they mull setting up a state-run fund manager to resolve stressed assets in the banking system after numerous efforts to fix the problem failed. A "Public Sector Asset Rehabilitation Agency” will help deal with the soured-debt problem thatRead more

Indian firms fear lingering economic aftershocks from cash crackdown

Ghaziabad - Arab Today

Struggling with customers unable to pay on time and plummeting sales, Indian small-business owner Ravi Jain fears the government's crackdown on cash will have a much larger impact than predicted by top policymakers. Jain's bath taps manufacturing firm Supreme, along with many other Indian businesses, has been shaken by New Delhi's shock decision last November to scrap 86 per centRead more

Economy to pick up in fourth quarter due to faster remonetisation

Mumbai - Arab Today

Faster remonetisation and return of discretionary consumer demand will push economic activity in the latter part the fiscal, opined RBI Governor Urjit Patel while voting for no cut in interest rate earlier this month. Patel, during the two-day Monetary Policy Committee meeting on February 7-8, also said that shifting monetary policy stance from accommodative to neutral will provide sufficient flexibilityRead more

Wholesale inflation in India spikes to 5.25% in January

New Delhi - Arab Today

Wholesale inflation shot up to a 30-month high of 5.25 per cent in January as rising global crude oil prices spiked domestic fuel cost, even as food prices moderated. The wholesale price index (WPI) based inflation, reflecting the annual rate of price rise, in December stood at 3.39 per cent. In January 2016, the print was (-)1.07 per cent. TheRead more

Note ban pulls prices down; January retail inflation at 3.17%

New Delhi - Arab Today

Impacted by note ban, retail inflation fell to multi-year low of 3.17 per cent in January and may prompt the Reserve Bank to have a re-look at its hawkish monetary stance in the next policy due in April. Retail inflation has declined because of the impact of cash crunch following demonetisation of old Rs500 and Rs1,000 notes with effect fromRead more

India to remove cash withdrawal limits

Mumbai , India - Arab Today

Limits on cash withdrawals will be removed entirely from March 13, India’s central bank said Wednesday, as it left interest rates on hold for the second time since a ban on high-value rupee notes. The Reserve Bank of India capped cash withdrawals after Prime Minister Narendra Modi’s shock decision in November to take all 500 ($7.40) and 1,000 rupee notesRead more

India unexpectedly leaves key interest rates unchanged

Mumbai - Arab Today

India’s central bank signalled that its interest-rate easing cycle is coming to an end after unexpectedly leaving borrowing costs unchanged for a second straight meeting while citing sticky inflation. The benchmark repurchase rate was left at a six-year-low of 6.25 per cent, the Reserve Bank of India (RBI) said in a statement in Mumbai on Wednesday. The move was predictedRead more

Oman shares rise on continued buying support

Muscat - Arab Today

Oman’s benchmark MSM30 Index remained stable at 5,827.70 points, a marginal gain of 0.05 per cent. The MSM Sharia Index closed at 865.28 points, up 0.25 per cent. Al Madina Investment was the most active in terms of volume while Al Anwar Ceramics led in terms of turnover. The top gainer was Al Anwar Ceramics, up 2.42 per cent whileRead more