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.
India's current account deficit narrowed sharply in the January-March 2023 quarter, RBI data showed on Tuesday, attributable to a moderation in the trade deficit and robust services exports.
Scams are a product of greed and immorality. However, abuse of the financial system has been made possible because of the system's weaknesses. In an age which heralds technology as the silver bullet, we should not overlook the most critical source of competitive advantage - the people. Compliance and controls are dependent on the people running it. The most agile auditors will struggle to stop managers determined to hide their dirty laundry from view
Swaminathan Janakiraman, Managing Director at State Bank of India, has been appointed Deputy Governor (DG) of the Reserve Bank of India.
The Enforcement Directorate (ED) on Friday said that the Adjudicating Authority has issued showcause notices to Xiaomi Technology India Private Limited, its officials and three banks under the relevant provision of the Foreign Exchange Management Act (FEMA) on the basis of a complaint filed by the probe agency in connection with illegal remittances made by the company to the tune of Rs 5,551.27 crore.
The repo rate is the rate of interest at which RBI lends to other banks. The Reserve Bank of India's (RBI) monetary policy committee unanimously decided to keep the repo rate unchanged at 6.5 per cent.
