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.
It further added that demonetisation was also a part of larger strategy for combating the menace of fake money, terror financing, black money and tax evasion.
Major developments in the global and domestic economy as well as in various segments of the financial system were reviewed.
Innovations in technology have changed the Indian payment system over the years and the Indian cash-led economy now has changed to a smartphone-led payment economy, said SBI Research in its latest Ecowrap report.
The RBI Governor, speaking at the FIBAC 2022 Conference on Wednesday, said the central bank's focus is on promoting interoperability, cross-border linkages, and innovation.
The Reserve Bank of India (RBI) on Monday said it will commence pilot launches of digital rupee (e-rupee) for specific use cases from November 1.
