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.
As the Paytm Payments Bank cannot accept further credits into its customer accounts and wallets after March 15, 2024, certain additional steps have become necessary, RBI said.
RBI economists, in a report released on Tuesday, rejected the IMF view that India’s debt-GDP ratio has the potential of shooting past 100 per cent if historical shocks materialise and hence the country needs to go cut government expenditure.
In the complex tapestry of global economic dynamics, India finds itself at a crossroads as the murmurs of a delayed rate cut gain momentum.
For the FASTag issued by Paytm Payments Bank, users can continue to use your FASTag to pay toll upto the available balance.
The Reserve Bank of India has further extended the date to stop all transactions for Paytm Payments Bank till March 15 on Friday.
