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FORGOTTEN HISTORY: 22 | History Defined

MPC meet: No impact on EMIs as RBI keeps repo rate unchanged at 6.5%

NEW DELHI: For the third time in a row, the RBI's high-powered monetary policy committee decided to keep the repo rate unchanged at 6.5 per cent. The repo rate is the interest rate at which the RBI lends money to commercial banks.

The Times of India

RBI monetary policy: SBI Research expects another pause in interest rates

SBI Research expects the Reserve Bank of India to again put a pause on the key policy rates as the central bank’s third monetary policy committee meeting is currently underway. The outcome of the review meeting will be announced on Thursday morning. Read further on Dynamite news.

Dynamite News

RBI says 88% of ₹2,000 notes returned to banks

As much as 88% of the ₹2,000 banknotes in circulation as on May 19, 2023, have since been returned.

The Hindu

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Explained | RBI’s proposal for interoperability of credit and debit cards

The Reserve Bank of India has proposed that card issuers be mandated to provide customers with the choice of multiple card networks, instead of only specific networks with which the bank has exclusive agreements

The Hindu

Two arrested for fake RBI job offer letters

The Commissioner’s Task Force (West) on Sunday arrested two persons who reportedly collected huge amounts from candidates in the name of offering jobs at the regional office of the Reserve Bank of India (RBI) here.

The Hindu

AIBEA faults RBI directive to negotiate with wilful defaulters on one-time settlement

At Canara Bank's 16th State Conference, AIBEA Sec. Rambabu said NPAs were eating into the vitals of the banking sector. GM Verma praised CBWEU's efforts & assured cooperation in solving members' issues. AIBEA VP Sharma lauded bank employees' service during COVID-19.

The Hindu

Fourth railway line project between Chennai Beach and Egmore hits a hurdle

Southern Railway faces difficulty in acquiring land for 4th railway line b/w Chennai Beach & Egmore, crucial to increase frequency of long-distance & freight trains. State govt & RBI yet to notify revised G.O. & grant permission for construction of retaining wall. Residents hope for early solution to complete project…

The Hindu

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Eye on Emirati flows: on the new India-UAE framework and rupee-dirham transactions

The India-UAE local currency settlement system could serve as a precursor for other bilateral currency accords and help in the internationalisation of the rupee

The Hindu

Higher Education Minister Ponmudy taken in for questioning by ED

ED searches 13 hrs in Chennai & Villupuram, takes DMK Minister K. Ponmudy & son MP P. Gautham Sigamani for questioning in money laundering case. Documents, cash & jewellery seized. Searches conducted at 7 places. DVAC case pending in court. Assets worth ₹8.6 crore seized from Sigamani. ED probes illegal…

The Hindu

Guru Raghavendra bank scam to be handed over to CBI

Govt to hand over Guru Raghavendra Co-op Bank scam to CBI by month-end. Translation of transcripts in progress. Govt against cancellation of bank's licence or liquidation. Congress, BJP spar over who ordered CBI inquiry. RBI faulted for not calling for expression of interest to take over bank.

The Hindu

Barclays, Yes Bank raise India inflation forecast as prices jump

NEW DELHI: A higher-than-expected India inflation reading in June has prompted some economists to raise their forecasts for consumer price gains for the year, cementing expectations the central bank will take more time to pivot to rate cuts.

The Times of India

Winners of RBI quiz

Government Vocational Higher Secondary School, Pattazhy, will represent the district in the State-level quiz competition to be held at Thiruvananthapuram.

The Hindu

A.P. CID issues notices to subscribers of Margadarsi Chit Fund for alleged norm violations

For the first time in the ongoing investigation into the alleged financial fraud cases involving Margadarsi Chit Funds Pvt. Ltd. (MCFPL), the A.P. Crime Investigation Department (AP-CID) has issued notices to the individuals who have made cash deposits towards their subscription amount,

The Hindu

SC dismisses plea against ₹2,000 currency exchange policy

The Supreme Court on Monday dismissed a petition challenging the notifications issued by the Reserve Bank of India (RBI) and the State Bank of India (SBI) permitting the exchange of ₹2,000 currency notes without requirement of any identity proof.

The Hindu

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The Hindu

Telangana to raise ₹10,200 cr. OMBs during second quarter

The State Government is continuing its tightrope walk in terms of financial resources to meet its immediate commitments like payments under Rythu Bandhu, Dalit Bandhu and other schemes.

The Hindu

RSS’s pharma body writes to Health Ministry criticising risk-based inspections, backtracks later

In a strongly worded letter to the Union Health Ministry, the Rashtriya Swayamsewak Sangh- (RSS) backed Laghu Udyog Bharati, which represents over 300 micro and small industries across India, has said the Union government’s risk-based inspections (RBI) on pharma companies were draconian and have been a huge discouragement to the…

The Times of India

Modi govt’s push to take Indian rupee global gets off to a slow start

NEW DELHI: India’s year-old campaign to boost the rupee’s role in cross-border payments has made little headway, according to people familiar with the matter, underscoring the challenges for countries trying to reduce their dependence on the dollar.

The Hindu

Internationalising the rupee without the ‘coin tossing’

A start could be made to push for making the rupee an official currency in international organisations, thereby giving it a higher profile and acceptability

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The Hindu

Delhi HC dismisses PIL against withdrawal of ₹2,000 notes

The Delhi High Court on July 3 dismissed a public interest litigation (PIL) challenging the Reserve Bank of India (RBI’s) decision to withdraw ₹2000 denomination currency notes from circulation.

The Hindu

AP Mahesh Co-operative Urban Bank Ltd penalised for lapses leading to loss of ₹12.48 crore

Zenger

Apple In Talks To Launch Its Credit Card In India With HDFC Bank

Apple CEO Tim Cook met with HDFC Bank Chief during his April visit to India to discuss plans for the launch.

Newslaundry

Raghuram Rajan on why democracy is ‘biggest advantage’ for India’s economy

In a conversation with Newslaundry CEO Abhinandan Sekhri, former RBI governor Raghuram Rajan spoke about the role of artificial intelligence in economic development, competition in the news industry, and India’s response to environmental threats, among other issues.

The Hindu

Banks cannot use muscle power to recover loan amount, says Madras High Court

If banks have to recover outstanding loan amount, the same has to be recovered in accordance with the procedure established by law. Coercive method of recovery by private agents, if appointed by banks, is not permissible. The banks certainly cannot use muscle power to recover the loan amount, the Madras…

The Hindu

Former RBI Governor Raghuram Rajan’s paper lacks understanding of economics, says Minister Rajeev Chandrasekhar

RBI Governor Raghuram Rajan was met with a furious response from Minister Union Minister Rajeev Chandrasekhar when the former scrutinised the Union Government’s Production-Linked Incentive (PLI) scheme for mobile phone manufacturing on LinkedIn.

The Hindu

Data | Less than half of urban consumers pessimistic about the economy

When asked about their current perception of the economy, 48.9% said it has worsened

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