Search Result for : Rbi Governor

PTI Cautioning against protectionism, RBI Governor Urjit Patel has said where would giant American corporations like Apple, Cisco and IBM be if they had not sourced the best products and talent from across the world. "I don't think that we have heard the last word on US policy talk about this because there is a push back internationally that the world has benefited from an open trading system," the Reserve Bank of India (RBI) governor said after delivering a lecture here. He made the remarks in response to a question on the rise of protectionist tendencies in major world economies after he delivered the Third Kotak Family Distinguished Lecture, sponsored by the Raj Center on Indian Economic Policies at the Columbia ...

PTI Post-demonetisation, the RBI today warned of a possible spike in inflation and stressed the need to make digital payments "safe and secure", even as it felt that the adverse and transient impact on the economy has "by and large" dissipated already. In a preliminary assessment report on 'Macroeconomic Impact of Demonetisation', an RBI paper said Rs 1000/500 notes valued at Rs 15.6 trillion were demonetised, but the precise estimate of currency that returned to the banking system is not yet available as the reconciliation process is still on. "Hence, the adverse wealth effect on account of SBNs (specified bank notes of Rs 1000/500) not returning to the banking system could be assessed only after the reconciliation exercise is ...

PTI  Reserve Bank of India (RBI) Governor Urjit Patel on Friday said India's economic growth will make a "sharp V" recovery following the recall of old Rs.500 and 1,000 currency notes. Patel also made a strong case for continuing with globalisation even in the face of a potential shift to trade protectionism under US President Donald Trump as India has benefited from open trade. "Almost everyone agrees that the impact is going to be a sharp 'V', that we would have a downgrade of growth for a short period of time," he told CNBC-TV18 in an interview. "However, the remonetisation has happened at a fast pace and that was part of the plan."  RBI last week lowered the economic growth for ...

PTI Reserve Bank Governor Urjit Patel will on December 22 brief the Parliamentary Committee on Finance about the demonetisation process and its impact."Briefing by the Governor, RBI, on the subject 'Demonetisation of Indian currency notes of Rs.500 and Rs.1000 and the impact thereof,'" said a schedule posted on the Parliament website.The briefing will start at 11 AM at the Parliament annexe building on Thursday.Since banning of old Rs.500 and Rs.1000 notes on November 8, Government has taken a host of measures like service tax sops and incentives for making digital payments to ease out problems arising out of less currency being available in the market.The move has led to wiping out of almost 86% of the currency which was present in ...

The Dollar Business Bureau  Though rupee volatility and global uncertainties suggest that first three-month period of 2017 is a favourable time to ease rates, Reserve Bank of India (RBI) may cut rates soon, most probably in December in order to support the growth and tap favourable outlook of inflation, according to a report by DBS.  After the demonetisation move by the Indian government, the dampening effect on economic activities is clear, mainly on supply chain, consumption and the businesses dependent on cash transactions and inflation, in the current and next quarter, said the global financial services major in the report. “On policy, while external uncertainties and rupee volatility suggest first quarter of 2017 is a better timeline to ease rates, the central bank might prefer to bring forward the rate ...

The Dollar Business Bureau (sourced from PTI) Breaking his silence over the demonetisation issue, RBI Governor Urjit Patel today said the central bank is monitoring the situation on a daily basis and taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible.Patel also said the RBI has announced an incremental CRR (Cash Reserve Ratio) of 100 per cent "because of the large increase in deposits of banks on account of the return of Rs 1,000 and Rs 500 notes" and the decision would be reviewed immediately once the government issues adequate quantum of MSS (Market Stablisation Scheme) bonds which they have promised to do.In an exclusive interview to ...

The Dollar Business Bureau  Easing the currency exchange rules for foreign nationals who have been stuck due to the currency demonitisation announcement, the government on Friday extended their new currency withdrawal limit to Rs.5000 per week till December 15. According to the government’s new currency exchange rules for foreign nationals, foreign citizens can exchange their money for Indian currency notes up to a limit of Rs.5000 a week till December 2015-16, provided they present a self-declaration form that they have not availed this currency withdrawal facility during the week. The authorised persons need to have their passport details and aforementioned declaration on record. They also need to ensure that the total value of such exchange to Indian currency notes has not exceeded Rs.5000 ...

The Dollar Business Bureau Foreign investors have withdrawn around Rs.6,000 crore from the country’s debt markets in the first two weeks of October, after investing a huge amount in the month of September. On the other hand, foreign portfolio investors (FPIs) have invested Rs.180 crore in the Indian stock markets during the given period. Siddhant Jain, Chief Operating Officer (COO), SAS Online said that the recent cut in the repo rate by Reserve Bank of India (RBI) is one of the factors that resulted in the outflow. Due to downward pressure on the yields of bond, debt did not look attractive. In addition, new RBI Governor Urijit Patel's dovish stand and flexibility to further reduce rates if required has supported the outflow, he added. The Reserve Bank, on October 4 in its ...