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Rupee: Banks from 18 countries would trade in rupee, RBI permits 30 vostro accounts

March 16, 2023 Vinayak Barot

New Delhi March, 16: After more than a year of approving two Russian banking sector giants, namely Sberbank and VTB Bank, to trade in rupees, the RBI has made significant progress, as now a total of 30 banks from overseas have the apex bank’s backing to open Special Vostro Rupee Accounts (SVRAs), adding 17 more […]

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Economy: The RBI Governor praises the UPI for its success, along with the missions they have initiated

March 7, 2023 Vinayak Barot

New Delhi, March 7: In his latest media interactions RBI chief Shaktikant Das lauded the UPI for the scale at which the payment platform has grown and further defined the platform’s future prospects. In his speech on Monday, Das emphasized figures that glorify the reach of UPI in India and said that in the past […]

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Central Bank Raises Repo Rate By 50 Bps

September 30, 2022 Vinayak Barot

New Delhi: The Reserve Bank of India’s (RBI’s) Monetary Policy Committee (MPC), headed by Governor Shaktikanta Das, on Friday announced a 50 basis point hike in the repo rate to 5.9 percent. The rates for the standing deposit facility (SDF) and the marginal standing facility (MSF) were also raised by 50 basis points to 5.65 percent […]

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RBI allowed invoicing and payments for international trade in Indian Rupee

August 3, 2022 Vinayak Barot

New Delhi: The Reserve Bank of India (RBI) has allowed invoicing and payments for international trade in Indian Rupee vide A.P (DIR Series) Circular No. 10 RBI/2022-2023/90 dated 11.07.2022 on “International Trade Settlement in Indian Rupees (INR)”. This was stated by Union Minister of State for Finance Dr. Bhagwat Kisanrao Karad in a written reply to […]

Business

Shaktikanta Das Reappointed as RBI governor for next three years

October 29, 2021 Vinayak Barot

New Delhi: The Government on Friday appointed Shaktikanta Das as the governor of the Reserve Bank of India (RBI) again for the next three years. According to the statement of officials “The Appointments Committee of the Cabinet has approved the reappointment of Shaktikanta Das as RBI Governor for a period of three years beyond 10, […]

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Repo Rate unchanged amid rising inflation, loans against gold upped to 90%, says RBI

August 6, 2020 Vinayak Barot

New Delhi: Amid unlock 3.0, the economy is seen reviving slowly. However, to boost it further, Reserve Bank of India’s Monetary Policy Committee has left the key lending rates – repo rate and reverse repo rate – unchanged. The announcement was done by RBI Governor Shaktikanta Das on Thursday as the central bank predicted real […]