The central bank thus dismissed reports claiming it was not necessary to link national identity card numbers to bank accounts.
While the cash crunch and increased prices due to GST have led to a sharp decline in demand, repeated appeals of traders to the Centre have failed to evoke a response.
Now that the government has stepped in to bat for BJP president Amit Shah’s son, it should clear up questions about Rajesh Khandvala’s KIFS – with which he has had business dealings.
A recent hike in house rent allowances for government employees, coupled with staggered price hikes by firms adjusting to GST, may have contributed to price rises.
The total stressed loans of the banks – including non-performing and restructured or rolled over loans – rose 4.5% in the six months to end-June.
An RBI survey found that 40.7% of people in metropolitan areas think the economic situation has worsened, up from 25.3% in the same period last year.
Solutions involve either an immediate fiscal or monetary stabilisation policy, or pushing through further supply-side structural reforms.
The RBI also kept the reverse repo rate unchanged at 5.75%.
Although Roopa Kudva quit the bank transparency body in July 2017, there has been no public intimation of this development.
Last month, the SEBI had directed listed companies to disclose from October 1 any payment defaults to banks and financial institutions within one working day of such a miss.
With the government planning a fiscal push, it is likely that the central bank will be concerned with price stability and not rate cuts in its October policy meeting.
More than a fifth of large companies did not earn enough to pay interest on their loans and the pace of new loans fell to the lowest in more than six decades.
The consumer price index rose 3.36% in August from a year earlier, compared with 2.36% in July.
The process is “going on in full swing” with most RBI offices working in double shifts and with the help of high-end verification machines, the central bank said.
The price of demonetisation’s “success” is now clear – slowing economic growth. What makes matters worse is that India has made very little headway in solving its twin balance sheet problem.
Former RBI head says he warned of the potential pitfalls if preparation was not adequate, concludes that demonetisation has not been an “economic success”.
Vinod Dua discusses the latest RBI data on demonetisation and appeals to the prime minister to apologise to the public.
Former finance minister P. Chidambaram also questioned the Narendra Modi government whether its demonetisation decision was designed to convert black money into white.
Roughly 89 million of the 6.7 billion Rs 1,000 notes in existence were not deposited following demonetisation and still remain in circulation.
At Rs 128807.81 billion, liquidity is now at an all time high. This rise has to be absorbed to keep inflation in check.
Customers with savings bank account balance of Rs 50 lakh and above will continue to earn interest at 4% per annum.
When India was divided in 1947, the RBI also grappled with a number of tasks that “posed several delicate problems”.
The consumer price index, the main policy target of the RBI, likely rose 1.87% in July from a year earlier, compared with an increase of 1.54% in June.
An RBI research paper revealed ‘unusual’ cash deposits totalling Rs 1.6-1.7 lakh crore during demonetisation.
An excerpt from Y.V. Reddy’s ‘Advice and Dissent: My Life in Public Service’ on his time as RBI governor.
As of July 21, 2017, credit growth has decelerated by Rs 1.5 lakh crore, a new historic low.
Food and beverages account for nearly half of the consumer price index basket and are largely dependent on the monsoons, nearly 70% of precipitation.
The partnership defies 20th-century notions of a public private partnership and offers a glimpse of the private sector tipping its hat to the sovereign function and prerogative in identifying and authenticating the beneficiaries of a digital service.
While the opposition parties called the variance in Rs 500 and Rs 2000 currency notes the “biggest scam of the century,” the Centre dismissed it as a “frivolous” issue.
Each Sunday, we bring you a selection of the past week’s multimedia stories.
The change marks the first rate cut since October 2016 and the interest rate is now at a six-year low.
The Nikkei/IHS Markit manufacturing purchasing managers’ index fell to 47.9 in July from June’s 50.9, its first reading below the 50 mark.
Reserve Bank of India data shows that as of March 2016, the non-priority sector bad loans stood at Rs 4.1 lakh crore.
The Reserve Bank of India is under pressure to cut its main policy rate beyond the 25 basis points markets have priced in for Wednesday’s policy meeting.
If the finance ministry is serious about restoring the health of the banking sector, it cannot afford to discriminate between those that won coal blocks and spectrum during the NDA rule and the other defaulting companies.
A weekly column on the sessions of parliament.
A weekly column on the sessions of parliament.
The central bank said that making the list public would “hurt the business climate in the country and endanger the jobs of thousands working in these entities”.
The consumer price index rose 1.54% in the 12 months through June, down from an increase of 2.18% in the previous month.
PricewaterhouseCoopers, convicted in the Rs 7,000 crore Satyam scam, had also audited accounts of Vijay Mallya’s firm and the Global Trust Bank, which collapsed.