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RBI imposed heavy fines on 3 banks, including Paytm Payment Bank

The Reserve Bank of India -RBI has imposed a fines of Rs 39 crore on Paytm Payments Bank and 3 cooperative banks in Maharashtra. Paytm Payments Bank and three cooperative banks have been sanctioned by the Reserve Bank of India. According to RBI’s press release on Thursday, the names of the three cooperative banks are

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Banking & Insurance Commodities & Currency Economic & Finance

The Reserve Bank of India Reveals Shocking Statistics: 93% of 2000 Notes Have Found Their Way Back to Banks!

The Reserve Bank on Friday said that 93 percent of Rs 2000 currency notes that were in circulation on May 19 — the day the currency was withdrawn from circulation — have been returned to banks. Until August 31, 2023, the total value of Rs 2000 bank notes received back from circulation will be Rs

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Economic & Finance

Indian Economy Outshines Global Headwinds: Insight from RBI Governor Shaktikanta Das

Despite heightened uncertainties and formidable headwinds, RBI Reserve Bank Governor Shaktikanta Das said Wednesday that the Indian economy has made a solid recovery and is among the fastest-growing large economies. All stakeholders in the financial system must work to maintain financial stability at all times, he said. Despite potential and emerging challenges, the Reserve Bank

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Banking & Insurance Commodities & Currency Economic & Finance

India’s Demonetization Efforts: Half of ₹2000 Notes Returned to Banks in Just 30 Days

The Reserve Bank of India (RBI) said on Thursday that half of India’s ₹2000 bank notes are now in banks. In contrast to the demonetisation of 500 and 1,000 notes earlier, these banknotes remain legal tender until September 30, even though they were removed by the RBI on May 19. As of March 31, there

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Banking & Insurance Economic & Finance

MPC likely to keep pause button pressed when it comes to RBI’s monetary policy

A number of eminent economists believe the Reserve Bank of India’s Monetary Policy Committee (MPC) will decide to pause interest rate hikes later this week. As a result of cooler inflation, the RBI Governor Shaktikanta Das-led panel is expected to maintain the repo rate at 6.5%. According to the CPI, retail inflation in April was

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Banking & Insurance Commodities & Currency Economic & Finance

RBI Massive Increase in Gold Holdings over 17% to a whopping ₹2,30,734 crore

Gold imports may have fallen due to higher prices, however a look at the Reserve Bank- RBI of India’s annual report indicates that their gold holdings had risen in the financial year ending 31 March 2023. Imports dropped 24.2% to 35 tonnes, while their total holdings were 794.63 metric tonnes compared to 760.42 metric tonnes

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Banking & Insurance Economic & Finance

RBI’s Possible Move to Slash 50 bps Interest Rates this year

According to economists at Bank of Baroda, India’s central bank RBI may reduce/cut its lending rate twice in the second half of this year (FY24) after raising interest rates by 250 basis points in the last financial year (FY23). As a result, the repo rate will fall to 6%, from 6.5% currently. The economists at

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Banking & Insurance Commodities & Currency Economic & Finance

The Struggle of Spending the ₹2000 Notes in India: Why It’s Not Easy

LocalCircles surveyed people who said they find it difficult to spend the biggest denomination of cash, despite many reports that petrol pumps, jewellery stores, and even e-commerce delivery people are being flooded with 2000 notes. According to the central bank of India, this note will cease to be circulated, but it will remain legal tender

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Banking & Insurance Economic & Finance Real Estate Stocks & Funds

How RBI’s Pause is Boosting Confidence in India’s Real Estate Sector and Driving Stock Prices Up

Following the RBI’s surprise pause in rate hikes on Thursday, Indian stock markets recovered from early losses. The repo rate was kept unchanged at 6.50%, contrary to wide expectations for a 25 basis point increase. RBI governor Shaktikanta Das said, “The MPC (Monetary Policy Committee) unanimously decided to keep the repo rate unchanged at 6.50%

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Banking & Insurance Economic & Finance Market Overview Real Estate State & Urban

RBI plays it cautious, repo rates unchanged

Despite inflation edging higher in the aftermath of the Russia-Ukraine war and surging oil prices, the RBI has again decided to keep the repo rates unchanged at 4% and reverse repo rate at 3.35%. This is the eleventh consecutive time that the RBI maintained status quo amid the current uncertainties and the global economy also

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