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 financial landscape is undergoing a significant transformation with the impending launch of the Unified Lending Interface (ULI), a platform designed to bridge the credit gap for rural and small business borrowers.
The Reserve Bank of India (RBI) Governor, Shaktikanta Das on Wednesday set priorities for India @ 100.
The Indian economy is expected to grow at 7.1 per cent in the first quarter (April-June) of the current financial year with the farm sector posting a robust performance, according to a report by SBI Research.
SFBs are expected to grow their advances by a robust 25-27 per cent this fiscal, according to a CRISIL Ratings report.
Notably, the pilot for ULI was launched last year by RBI to enable frictionless credit, and based on the experience of the pilot, RBI has decided to launch ULI nationwide.
