India’s growth outlook is supported by robust domestic engines: RBI
The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending, it said in its October Bulletin.
The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending, it said in its October Bulletin.
Reserve Bank of India (RBI) Governor Shaktikanta Das at the Monetary Policy Committee (MPC) meeting on Friday announced the policy rate unchanged at 6.5 per cent.
“The path-breaking structural reforms, such as the enactment of the Insolvency and Bankruptcy Code (IBC) and the adoption of Flexible Inflation Targeting in the recent years, have helped us to deal with the challenges in the banking system and the task of maintaining price stability more effectively,” he said.
In the throes of economic dynamism, India finds itself at the intersection of contrasting forces, with its annual retail inflation surging to a four-month high in December.
Intolerance of economic crimes is not unique to India; Bernard Madoff the mastermind of the largest known Ponzi scheme, worth an estimated $18 billion, was sentenced by a US court to 150 years in prison, making people wonder if financial fraud was worse than violent crimes like rape and murder.
India's economic growth slowed to a six-year low of 4.5 percent in the July-September quarter. With inflation rising, fears of stagflation, a fall in aggregate demand accompanied by rising inflation, have resurfaced.
It is the responsibility of the Reserve Bank of India and the government to fully protect the depositors and to ensure the immediate refund of the entire money that had been deposited. The RBI has never cautioned the people against depositing money in the Urban Cooperative Banks. So, it has the duty to go to their rescue when the UCB or the bank it regulates fails.
With this step, the federal bank is aiming to promote digital payments among the bank account holders.
Referring to the article published online portal—ZDNet on Tuesday, the RBI asked banks to secure their customers’ information.
RBI came to the conclusion that the bank had failed to comply with the licencing guidelines and decided to impose the penalty.
