RBI

RBI Foundation Day 2023 observed on 1st April

RBI Foundation Day 2023 The Reserve Bank of India (RBI) was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the RBI, initially set up in Kolkata,...

India’s forex reserves fall $2.40 billion to 3-month low of $560 billion

According to data from the Reserve Bank of India, the country's foreign exchange reserves declined by $2.397 billion to $560 billion as of March 10, 2023. This marks a three-month low for India's foreign exchange reserves after they had increased...

RBI Governor Shaktikanta Das Named ‘Governor of the Year’ by Central Banking

"Governor of the Year" for 2023 Shaktikanta Das, Governor of the Reserve Bank of India, has been honored with the title "Governor of the Year" for 2023 by Central Banking, an international economic research journal. The publication praised Das for...

SBI permits real-time Bhim payments with Singapore

SBI permits real-time Bhim payments with Singapore The State Bank of India (SBI) announced a cooperation with PayNow, the city state's online payment system, for cross-border payments, one day after a real-time payments system linkage was formed between India and...

Ind-Ra anticipates India’s growth to be below 6% in FY24

Ind-Ra anticipates India's growth below 6% in FY24 IndiaRatings (Ind-Ra) revised its FY24 growth forecast downward to 5.9% from the Reserve Bank of India's 6.4%. The agency predicts that growth would not surpass 6% in 2023–2024 despite factors such as...

RBI scraps licence of MP-based Garha Co-operative Bank

RBI scraps licence of MP-based Garha Co-operative Bank The Reserve Bank of India (RBI) due to insufficient capital and earning potential revoked the licence of Madhya Pradesh's Garha Co-operative Bank, Guna. According to a statement from the RBI, approximately 98.4%...

RBI Grants in-principle approval to 32 entities for Payment Aggregator licence

The RBI has granted a total of 32 in-principle authorisations to existing payment aggregators, to operate as online payment aggregators, according to a press statement issued by the central bank. RBI also granted a total of 19 new online PA...

RBI’s financial literacy week starts from 13 to 17 February, 2023

RBI’s financial literacy week 2023 RBI's 'Financial Literacy Week' started on 13th and will last till February 17, 2023. The Reserve Bank of India (RBI) has been conducting this every year since 2016 to propagate financial education messages on a...

RBI announces pilot for QR code-based Coin Vending Machine

Shaktikanta Das, the governor of the RBI, announced that a pilot programme to introduce coin vending machines that use QR codes will begin shortly. In response to the outcome of the monetary policy for the year 2023, the Central Bank...

RBI Monetary Policy: Repo rate raised by 25 basis points; FY23 GDP growth estimate raised

RBI Monetary Policy 2023 Reserve Bank of India (RBI) Governor Shaktikanta Das released the Monetary Policy statement, which included the highly anticipated increase in the repo rate of 25 basis points. The central bank had increased the important benchmark interest...