The Dubai bank will be treated on par with local banks after establishing a WOS; It will be allowed to list on Indian stock markets, and acquire other companies
Reserve Bank of India
Latest in Reserve Bank of India
India
India’s RBI slashes interest rates by 25 bps to 6.25%
This is the first rate cut in 5 years by the RBI
India
India’s central bank opts for status quo on interest rate; keep repo rates unchanged at 6.5%
The Reserve Bank of India (RBI) has changed its policy stance to ‘neutral’, opening the door for rate cuts as early as December
inflation
India’s RBI holds key interest rate steady at 6.5%
Industry players in several sectors, including real estate, described the RBI move as positive
Abu Dhabi
Abu Dhabi’s FAB denies it is buying 51% stake in India’s Yes Bank
It says in an ADX filing: ‘To prevent further speculation, FAB categorically states that it is not evaluating any possible offer for a stake in Yes Bank Ltd’
Indian Rupees
Indian rupee plummets to record low of INR83.57 against US dollar
Most Asian currencies slipped on Tuesday, with the Korean won, down 0.2 percent, leading losses
inflation
India’s central bank keeps interest rate unchanged at 6.5%
The Monetary Policy Committee of RBI, in a majority decision, opted for status quo interest rates, citing continued risks on the inflation front
India
India’s payment gateway Paytm denies violating forex norms after RBI action
India’s central bank on January 31 directed Paytm’s payments bank to stop accepting fresh deposits and making credit transactions after February 29
Foreign Exchange
India proposes new foreign exchange rules
The Reserve Bank of India has invited stakeholders to provide their feedback on the draft Licensing Framework for APs under FEMA by January 31, 2024
GDP growth
S&P revises India’s FY24 growth upwards to 6.4%
S&P Global Ratings has reduced its GDP growth projection for India in FY25 to 6.4 percent, down from the earlier forecast of 6.9 percent.
India
RBI holds interest rates steady at 6.5%, focuses on inflation
At the last MPC meeting held in August 2023 also the RBI voted for a pause in rate hike
Adani Enterprises
Adani scandal: Congress leader Rahul Gandhi demands parliamentary probe on the issue
India’s “global reputation is on the line”, Gandhi said, after the OCCPP report, carried by London’s Guardian and The Financial Times, alleged financial violations by the politically connected Adani family
Adani Enterprises
Adani scandal: Fresh accusations of stock manipulation levelled against India company
The Group denies any wrongdoing after an OCCRP report that millions were invested in Adani stocks by ‘opaque’ Mauritius-based funds
Central Bank
Reserve Bank of India holds key lending rate steady at 6.5%
This is the third consecutive time the Reserve Bank of India pauses a rate hike
India
Outward remittances from India surge to $2.9bn in May
This was a jump of over 40 percent from the same year-ago period
India
Reserve Bank of India holds interest rates steady at 6.5%
The bank’s rate setting committee also kept India’s GDP growth projection for FY24 unchanged at 6.5 percent
Bullion Market
Jewellers getting more inquiries for gold after India withdraws Rs 2,000 notes
The surge in enquiries is seen pushing up gold prices in India to about $797 per 10 gms, as some jewellers have starting charging a 5-10 percent premium for purchases in exchange for the high value notes