RBI had in May hiked the repo rate by 40 basis points (bps) to 4.40 per cent amidst rising inflation concerns. This was the first hike after August 2018.
There were reports earlier that the Reserve Bank is considering changes to the existing currency and banknotes by replacing the face of Mahatma Gandhi with that of others.
The retail inflation, which RBI factors in while arriving at its monetary policy, galloped for a seventh straight month to touch an 8-year high of 7.79 per cent in April, mainly on account of surging commodity prices.
The introduction of CBDC (Central Bank Digital Currency) was announced in the Union Budget 2022-23 and an appropriate amendment to the RBI Act, 1934 has been included in the Finance Bill, 2022, RBI said in its annual report for 2021-22 released on Friday.
RBI said that the registrations of five NBFCs were cancelled for violating norms related to outsourcing and fair practices code in their digital lending operations.
RBI Governor Shaktikanta Das said that there will be some hike but how much I will not be able to tell now... to say that 5.15 (per cent) may not be very accurate.
RBI said that the National Payments Corporation of India (NPCI) has been advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks.
The economists said they did a study of the Russian invasion's impact on inflation, which revealed that 59 per cent of the jump in prices is due to geopolitical events.
Discussing the impacts of cryptocurrency, the RBI officials said it will have a negative impact on the banking system as these being attractive assets people may invest their hard-earned savings in these currencies which may result in banks having lesser resources to lend.
Prior to being promoted as ED, Pattanaik was an Adviser in the Department of Economic and Policy Research (DEPR), while Ranjan was serving as Adviser-in-Charge of Monetary Policy Department and Secretary to the MPC.
RBI in an off-cycle announcement earlier this month hiked the key repo rate -- at which it lends short term money to banks -- by 0.40 per cent to 4.40 per cent to tame inflation.
PIB fact check busts rumours claiming currency notes of Rs 500 are fake in which the proximity of the green strip is not near to the Reserve Bank of India (RBI) Governor's signature.
The revised interest rates on bulk term deposits amounting to Rs 2 crore and above are effective from Tuesday, the bank said.
Reserve Bank of India Governor Shaktikanta Das on Wednesday said that the Monetary Policy Committee (MPC) of the central bank, in an off-cycle meeting, hiked the repo rate by 40 basis points (bps) to 4.40 per cent with immediate effect.
On what changed since April 8 -- when the last scheduled policy meet decided to maintain status quo -- and May 4, the source said the inflation print at near 7 per cent for March came way above RBI's expectations, and the momentum is likely to continue in April as well.
RBI's sudden rate hike coinciding with the first day of LIC IPO subscription baffled marketers. Confused as to what is happening Twitterverse churned funny memes and jokes. Check out the best ones here.
RBI Governor Shaktikanta Das said that all six members of the MPC unanimously voted for a rate hike to contain inflation that has remained stubbornly above the target of 6 per cent for the last three months.
RBI hikes repo rate by 40bps hike to 4.40% in an unscheduled policy review citing inflation woes
The RBI in its recent report on 'currency and finance' stated that the pandemic is a watershed moment. It further clarified that the ongoing structural changes catalysed by the pandemic can potentially alter the growth trajectory in the medium-term.
Known for his frank views, Rajan also said it was important to remember that the "war against inflation" is never over.
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