Tread carefully
In the throes of economic dynamism, India finds itself at the intersection of contrasting forces, with its annual retail inflation surging to a four-month high in December.
In the throes of economic dynamism, India finds itself at the intersection of contrasting forces, with its annual retail inflation surging to a four-month high in December.
Intolerance of economic crimes is not unique to India; Bernard Madoff the mastermind of the largest known Ponzi scheme, worth an estimated $18 billion, was sentenced by a US court to 150 years in prison, making people wonder if financial fraud was worse than violent crimes like rape and murder.
The Reserve Bank of India asked banks to be more transparent in resetting interest rates and EMIs of floating-rate home loans under the external benchmark-based lending rate (EBLR) mechanism.
As predicted by economists, the Reserve Bank of India’s Monetary Policy Committee (MPC) did not change the repo rate from…
RBI Governor said the Indian economy had made rapid gains and has gradually integrated with the global economy over the years.
“Real GDP or GDP at Constant Prices (2011-12) in the year 2019-20 is likely to attain a level of Rs 147.79 lakh crore, as against the Provisional Estimate of GDP for the year 2018-19 of Rs140.78 lakh crore, released on 31 May, 2019,” an official communique said.
As per the guidelines laid down by the Reserve Bank of India (RBI), all the banks will remain closed on January 1 on account of New Year's Day, Sundays and second and fourth Saturdays of the month.
India's economic growth slowed to a six-year low of 4.5 percent in the July-September quarter. With inflation rising, fears of stagflation, a fall in aggregate demand accompanied by rising inflation, have resurfaced.
It is the responsibility of the Reserve Bank of India and the government to fully protect the depositors and to ensure the immediate refund of the entire money that had been deposited. The RBI has never cautioned the people against depositing money in the Urban Cooperative Banks. So, it has the duty to go to their rescue when the UCB or the bank it regulates fails.
With this step, the federal bank is aiming to promote digital payments among the bank account holders.