The Consumer Price Index (CPI) inflation for October is recorded at 6.21 per cent on year-on-year basis. Corresponding inflation rates for rural and urban are 6.68 per cent and 5.62 per cent, respectively, Ministry of Statistics and Programme Implementation (MoSPI) said on Tuesday.
India’s inflationary pressures are back in the spotlight, as food prices surge amid unpredictable weather patterns and shifting global dynamics.
Speaking at a media event, the Governor assured that the RBI is prepared to act with strength and agility, likening the Indian economy to a tiger for its resilience amid fluctuating global conditions.
The total value of these banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, which means less than 2 per cent of them are still in circulation.
However, gold reserves, which form part of the foreign exchange kitty, increased by $1.08 billion to $68.53 billion during the week, according to the central bank.
Bank of Baroda said on Wednesday that the RBI has lifted its ban on BoB World and the bank has now been allowed to onboard customers through the app.
The subsidiary will engage in several financial activities as a finance company within GIFT, including lending, investment, and other services.
According to the RBI directions, they can access overdraft facilities in nostro accounts solely for operational use.
"The value of these Rs 2,000 notes had come down to Rs 8,202 crore at the close of business on March 29, 2024," the RBI had said on April 1 as part of its currency update.
Inflation is expected to remain above the Reserve Bank of India's target level of 4 per cent over the forecast period due to strong economic activity, Majumdar said.
