This action is based on certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application. Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI.
India's current account deficit (CAD) widened to $9.2 billion in Q1FY24, equivalent to 1.1% of GDP on a sequential basis. Yet it narrowed on a YoY basis, compared to $17.9 billion in Q1FY23. India's foreign exchange reserves increased by $24.4 billion, and net foreign direct investment decreased to $5.1 billion.
Reserve Bank of India Governor Shaktikanta Das has warned against the "excessive dominance" of one or two board members in big commercial banks. RBI Guv Das stated that board discussions should be free and fair, with all directors given a chance to speak and no single director's opinion being final.
Governor Shaktikanta Das has said the Reserve Bank will strive to get headline inflation to its 4 per cent target but flagged El Nino as a challenge to its efforts. When asked about the challenges on the inflation front, Das pointed to 2-3 factors like the volatile international situation due to geopolitics and the monsoon situation domestically.
The Ministry of Finance predicts the economy to grow at 7%, which is higher than the trend rate and the growth of the other major economies. As per the latest Monthly Economic Review, India's growth has been aided by solid revenue generation and improvement in quality of expenditure which is driven by significant capex. Read here
With the RBI set to deliver its key MPC meeting decision on Thursday, economists predicted a 25 bps rate hike, however, there seems to worry about slowing growth that could hinder the economic momentum of the country. What options does the RBI have?
RBI is set to deliver decisions of its first Monetary Policy Committee (MPC) meeting of the FY 2023-24 on Thursday. As the entities will start fresh with their balance sheets in April, much has been looked upon at the RBI in terms of rate hike.
Delivering a keynote address on 'Self-Regulation in Financial Markets - Looking Back and Looking Ahead' in Egypt, the deputy governor said, "Going ahead, greater challenges will emerge as the markets become more developed and interconnected, and as the range of products expand."
The Apex Bank released some data points on the recently released Q3FY23 result season by covering 2779 companies. Here are the insights from the data points:
To be sure, deposit and lending rates in real terms are much lower than pre-pandemic levels, according to the Reserve Bank of India’s (RBI) monetary policy committee member Rajiv Ranjan.
The Reserve Bank of India in its August bulletin noted that inflation in July 2022 eased by 30 basis points from June 2022 and 60 basis points from the average of 7.3% for Q1 FY23, thereby validating its hypothesis that the retail inflation peaked in April in India.
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