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Raises inflation target to 4.8 per cent from previous projection of 4.5 per cent for current fiscal

As of May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, their total value in circulation was Rs 3.56 lakh crore, with less than 2% of these notes still circulating.

India's gold reserves reached $65.76 billion as of October 4, up from $21.15 billion on December 7, 2018, according to RBI data. Since Shaktikanta Das took office as RBI Governor in December 2018, foreign exchange reserves have also surged by 78%, rising to $701.18 billion as of October 4, compared to $393.74 billion in December 2018.

Forex traders noted that the 84.00 level is serving as a psychological resistance for the USD/INR pair. Market participants are also waiting for cues from the Indian CPI inflation and IIP data, which are set to be released later today.

As per the central bank, the gross bad loan ratio of banks has reached a 12-year low

According to forex traders, the USD/INR pair is anticipated to stay range-bound with a slight bias towards weakness, as foreign investors purchase US dollars and the Reserve Bank of India (RBI) sells the currency.

India's presence in the global gold market remains prominent, with additional contributions from other central banks in February.

On Friday, RBI Governor Shaktikanta Das announced the majority decision of the MPC to maintain the repo rate at 6.5 percent.

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.

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.

Governor Das Addresses Delhi Gathering, Notes Economic Complexity and Strong Dollar Index

"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.

Reserve Bank of India on Thursday announced a review of the regulatory framework for financial benchmark administrators.

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.

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.

At the interbank foreign exchange, the domestic unit opened at 82.59, registering a decline of 7 paise over its last close.

Benchmark Sensex and Nifty traded 0.3 per cent higher each at the time of writing this report.

The Reserve Bank of India (RBI) said it had asked banks to stop issuing Rs 2,000 notes with immediate effect.

RBI announced that it will withdraw Rs 2000 note. It is India's highest denomination currency and was introduced in 2016 after demonetization.

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.