The 30-share BSE Sensex ended 89.13 points or 0.15 percent higher at 58,387.93 after facing volatility during the fag-end of trade. During the day, it climbed 350.39 points or 0.60 percent to 58,649.19. The broader NSE Nifty went up by 15.50 points or 0.09 percent to finish at 17,397.50.
The RBI governor said the financial stability, macroeconomic stability and resilience of growth is being witnessed despite two Black Swan events happening one after the other and multiple shocks.
RBI monetary policy: The RBI expects growth in the first quarter of the current fiscal at 16.2 per cent, which will taper to 4 per cent by the fourth quarter.
The latest RBI action follows the Bank of England raising rate by 50 basis points, the biggest hike in 27 years, to 1.75 per cent.
RBI rate hike: The Reserve Bank of India's rate-setting panel -- the Monetary Policy Committee -- is meeting to deliberate on the prevailing economic situation and announce its bi-monthly review on Friday.
RBI's composite financial inclusion index (FI-Index) capturing the extent of financial inclusion across the country rose to 56.4 in March 2022, showing growth across all parameters.
Replying to supplementaries, Sitharaman said interventions that are happening from the RBI side are more for containing volatility that is happening between the Indian rupee and the US dollar and so on.
The Reserve Bank's rate-setting panel -- Monetary Policy Committee -- will meet on August 3 for three days to deliberate on the prevailing economic situation and announce its bi-monthly review on Friday.
The restrictions imposed on the three banks under the Banking Regulation Act, 1949 the Reserve Bank would remain in force for six months and are subject to review.
The newly constituted RBI's digital payment index (RBI-DPI) stood at 349.3 in March 2022 against 304.06 in September 2021 and 270.59 per cent in March 2021.
RBI bank restriction: The restrictions have been imposed on Saibaba Janata Sahakari Bank, The Suri Friends' Union Co-operative Bank Ltd, Suri (West Bengal) and National Urban Co-operative Bank Ltd, Bahraich.
RBI had registered its concern over the adverse effect of cryptocurrencies on the Indian economy, the Finance Minister said.
Ola Financial Services Private Limited, a subsidiary of ride-hailing app Ola, offers financial services such as lending for two-wheelers, four-wheelers, personal loans and insurance products.
Apex exporters' body Federation of Indian Export Organisations (FIEO) said as per existing FEMA provisions, the final settlement has to be in free foreign exchange except for Nepal and Bhutan.
The merger proposal of HDFC and HDFC Bank remains subject to various statutory and regulatory approvals.
The RBI said the penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
The global economic outlook is clouded by the ongoing war in Europe and the pace of monetary policy tightening by central banks in response to mounting inflationary pressures, Reserve Bank of India (RBI) report said.
In a circular, the RBI said the industry stakeholders have highlighted some issues related to the implementation of the framework in respect of guest checkout transactions.
Michael D Patra, who looks after the monetary policy department in the RBI, also stressed that the Indian currency has witnessed the least depreciation in recent times.
While the retail inflation based on Consumer Price Index (CPI) moderated to 7.04 per cent in May from 7.8 per cent in April, it remained above the RBI's threshold of 6 per cent for the fifth month in a row.
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