Yaga Venugopal Reddy is a man of few words, but his words carry a lot of weight — especially in the world of finance. Earlier this week, the soft-spoken former governor of Reserve Bank of India chose strong words to describe the state of play at the central bank. The “institutional identity of the RBI has been damaged” and it is facing “reputational risk”, Reddy told a television news channel, […]
Prime Minister Narendra Modi presented nothing short of a mini-rural budget in his much-hyped speech on New Year’s eve on national television, doling out sops targetting the poor and farmers. The package included interest subventions on small ticket home loans (up to Rs 12 lakhs), 60-day interest rate waiver on farm loans taken from cooperative banks, higher credit limit and government guarantee for small traders. Some good news indeed in […]
The Reserve Bank of India left its policy rates unchanged in its second bi-monthly monetary policy review for this financial year. The benchmark repo rate, at which RBI lends to banks, is unchanged at 6.5% as the central bank as it took cognisance of rising inflation in recent months. Consumer price index inflation jumped to 5.4% in April from 4.8% the previous month. This “inflation surprise in the April reading […]
To check the menace of fake Indian currency, new notes, especially the Rs.1,000 and Rs.500 denominations, will have 7 new security features and a new numbering system, official sources here said on Sunday. The Reserve Bank of India subsidiary Bhartiya Note Mudran Pvt Ltd (BRBNMPL) and the state-run Security Printing and Minting Corp are both working to introduce the revised number pattern in currency notes, the source said The currency […]
Mumbai: After a gap of about two decades, the RBI will again put in circulation rupee one notes soon. Printing of one rupee note was discontinued about 20 years ago. “These currency notes are legal tender as provided in the Coinage Act 2011. The existing currency notes in this denomination in circulation will also continue to be a legal tender,” the Reserve Bank of India said in release. At present, […]
