As the Winter Session of the Parliament will convene on Monday, Union Finance Minister Nirmala Sitharaman will move several Bills, including The Banking Laws (Amendment) Bill which aims to amend the Reserve Bank of India Act, 1934, in addition with the Banking Regulation Act, the State Bank of India Act.
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.
The RBI had constituted a committee in June 2019 under the chairmanship of the Chief Executive, Indian Banks' Association, to review the entire gamut of Automated Teller Machine (ATM) charges and fees with particular focus on interchange structure for ATM transactions.
Banks are not allowed to grant loans against CDs, unless specifically permitted by the Reserve Bank.
It also lowered its forecast for the country's economic growth to 9.5 per cent for the current financial year ending March 31, 2022, from the previous estimate of 10.5 per cent.
In order to further enhance customer convenience, and to leverage the 24x7 availability of RTGS, NACH operation is being extended on all days.
"Upside risks to inflation emanate from persistence of the second wave and consequent restrictions on activity on a virtually pan-India basis," Das said.
