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.
The Reserve Bank of India (RBI) has issued fresh instructions to banks to strengthen the ongoing efforts to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners or claimants.
The approval has been granted with reference to an application submitted by I-Pru AMC and I-Pru Life to RBI
The Deputy Governor also cautioned banks on interest rate risks of their books since a reversal in the interest rate cycle could put pressure on their margins and profitability.
In the complex world of international finance, the recent reclassification of India’s exchange rate regime by the International Monetary Fund (IMF) from “floating” to “stabilised arrangement” has sparked a spirited disagreement between it and the Reserve Bank of India (RBI).
The net Foreign Direct Investment (FDI) flowing into India reached a 21-month high in October reflecting the strengthening fundamentals of the economy, according to data compiled by the RBI.
