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.
RBI’s ban on onboarding customers via BOB World can affect the growth trajectory of Bank of Baroda in the retail product segments over the near term, analysts said.
The central bank said in its notification that the action is based on certain material supervisory concerns observed in the “manner of onboarding” of their customers onto this mobile application.
The Reserve Bank of India (RBI) has maintained its resolute stance on inflation control, holding the key lending rate at 6.5 per cent for the fourth consecutive policy meeting.
In its last three meetings in April, June, and August, the RBI kept the repo rate unchanged at 6.5 per cent.
This essentially means over 96 per cent of the total value of Rs 2,000 banknotes are back in the banking system.
