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India's presence in the global gold market remains prominent, with additional contributions from other central banks in February.
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On Friday, RBI Governor Shaktikanta Das announced the majority decision of the MPC to maintain the repo rate at 6.5 percent.
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The credit balance in any deposit account maintained with banks, which have not been operated upon for 10 years are required to be transferred by the banks to the DEA Fund maintained by the RBI.
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Das, speaking at the FIBAC 2023 conference, emphasized the necessity for NBFCs to diversify funding sources, reducing reliance on banks to mitigate risks linked to high interconnectedness.
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Governor Das Addresses Delhi Gathering, Notes Economic Complexity and Strong Dollar Index
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"This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," RBI in a press release said Tuesday.
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Reserve Bank of India on Thursday announced a review of the regulatory framework for financial benchmark administrators.
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Caution also prevailed in the markets ahead of the major events -- RBI's monetary policy and the US inflation data -- due to be announced on Thursday.
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This could soon become a possibility if the RBI accepts the recommendations of a high level committee, which it had formed in May last year to review customer service standards in banks and other lending institutions.
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At the interbank foreign exchange, the domestic unit opened at 82.59, registering a decline of 7 paise over its last close.
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Benchmark Sensex and Nifty traded 0.3 per cent higher each at the time of writing this report.
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The Reserve Bank of India (RBI) said it had asked banks to stop issuing Rs 2,000 notes with immediate effect.
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RBI announced that it will withdraw Rs 2000 note. It is India's highest denomination currency and was introduced in 2016 after demonetization.
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Reserve Bank of India has decided that the standing deposit facility (SDF) will remain unchanged at 6.25 per cent and the marginal standing facility (MSF) and bank rates unchanged at 6.75 per cent.
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At the interbank foreign exchange, the domestic unit opened weak at 81.95 against the dollar, registering a decline of 5 paise over its last close. In initial trade, the local unit also saw a high of 81.88 against the greenback.
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The 30-share BSE Sensex fell 165.16 points to 59,524.15 after a weak beginning. The broader NSE Nifty declined 45.5 points to 17,511.55.
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With just only 10 days till the annual closing of the current financial year, the RBI directed that all government transactions done by agency banks for the Financial Year 2022-23 must be accounted for within the same financial year.
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According to data on the SEBI website, one of the members on its 2017 Committee on Corporate Governance was corporate and project finance lawyer Cyril Shroff, also the managing partner of Cyril Amarchand Mangaldas.
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Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department of the IMF, said that monetary policy has tightened in India, similar to other emerging markets as well, where inflation has been above target.
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Mumbai: The Reserve Bank of India (RBI) on Wednesday proposed to allow the linking of credit cards to the Unified Payments Interface (UPI) platform. After the Monetary Policy Committee (MPC) meeting RBI Governor Shaktikanta Das announced that the implementation will start with the indigenous RuPay credit cards. “At present, UPI facilitates transactions by linking savings/current […]