Retail inflation surges up to 7% in August 2022: According to the new data, the Retail inflation has been increased up to 7% in August 2022 from 6.71% in July 2022. Reason: Due to higher food prices. September 2022 Current Affairs Quiz The consumer price index (CPI)-based inflation is above the Reserve Bank’s decided level of 6% for the eighth […]
RBI sells $13 billion in August to hold rupee at 80: The Reserve Bank of India is estimated to have sold about $13 billion in the spot market in August 2022. Reason: To defend the rupee from falling further against the US dollar. September 2022 Current Affairs Quiz A majority of India’s foreign exchange reserves is held in
RBI sells $13 billion in August to hold rupee at 80 Read More »
RBI imposes fine on three entities for failing to comply: The Reserve Bank of India (RBI) imposes fine on three entities: Three organisations, including Industrial Bank of Korea, have received fines from the Reserve Bank for breaking regulations. September 2022 Current Affairs Quiz The Reserve bank of India announced that Industrial Bank of Korea has been
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Digital currency to reduce time, cost for cross-border transactions: RBI Deputy Governor, T Rabi Sankar has announced that, government will launch Central bank digital currency (CBDC) by the end of 2022. September 2022 Current Affairs Quiz The RBI will launch digital currency on a pilot basis in 2022. In Budget for 2022-23, the finance minister had said the
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RBI selected Precision and HDFC Bank for retail payments test phase: RBI has selected HDFC Bank and Precision Biometric India for testing their ‘on tap’ retail payments applications under the regulatory sandbox scheme. September 2022 Current Affairs Quiz Regulatory sandbox: It refers to live testing of new products or services in a controlled/test regulatory environment. For this regulators permit certain relaxations for the
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As per the Reserve Bank India data, the services exports of India has been increased by 20.2% year-on-year to $23.26 billion in July 2022. However, the July exports were lower than June by $25.29 billion in 2022. As per the monthly data on India’s international trade in services for July 2022, the imports surged by 22.3% to $13.92
Services exports rise 20.2% to $23.26 billion in July 2022: RBI data Read More »
The RBI has imposed certain restrictions on Kerala-based, Thodupuzha Urban Co-operative Bank for a period of six months (August 23, 2022). Reason: Due to its deteriorating financial condition Impact: Restriction on granting or renewing loans and advances and making any investments. Suspended withdrawal in the bank’s savings and current accounts for depositors. The bank will continue its banking business with restrictions till
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The Reserve Bank of India has lifted the business restrictions on American Express Banking Corp and allows to restart onboarding of new domestic customers on its card network. Background: RBI had put the curbs on American Express in May 2021. Reason: For not complying with a circular issued on storage of payments data in 2018. American Express
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Reserve Bank of India has become the net seller of the US currency in June 2022 after selling USD 3.719 billion on a net basis. The central bank has purchased USD 18.96 billion from the spot market and sold USD 22.679 billion. In June 2021, RBI was net buyer of the greenback after it purchased USD 18.633 billion on a net basis from the spot
RBI becomes Net Seller in June 2022 by selling 3.719 billion USD Read More »
The Reserve Bank of India has canceled the licence of Deccan Urban Co-operative Bank, Karnataka the lender does not have adequate capital and earning prospects. As per the data submitted by the bank, more than 99 percent of the depositors are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC). The cooperative bank
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