Reserve Bank of India

About Reserve Bank of India (RBI)

The Reserve Bank of India is India's Central Bank and is responsible for the managing the inflow and outflow of money into the system in India. Duvvuri Subbarao took charge as the Governor of Reserve Bank of India (RBI) from Y V Reddy on September 5, 2008. RBI frequently dissiminates statistical information in regard to money flow and reserves amongst others.

Addressing liquidity crisis - 2008-09

The RBI raised interest rates aggressively earlier in 2008 but has later dropped them even more aggressively to counterbalance frozen money markets caused by the collapse of investment bank Lehman Brothers and the global recession that followed. RBI liquidity easing steps has worked to a certain extent that real estate developers have begun giving up to 5 percent discount on existing projects.

On October 24, 2008, the RBI kept the credit policy rates unchanged but has cut its GDP growth estimate for this fiscal to 7.5 - 8.0 per cent. It said inflation will fall to 7% by March 2009. The then Finance Minister Chidambaram said the policy review was on expected lines to manage India's financial stability.

On March 4, 2009, RBI announced a monetary stimulus slashing the rates at which it lends and borrows short-term funds from banks by half a per cent.

On March 27, 09, RBI Governor said that although it is uncertain as to when Indian economy will recover, when it does it will be sharper and quicker than other economies of the world.

In March 09, the RBI gave a directive to the banks to stop charging fee for cash withdrawals using ATM and debit cards issued by other lenders will be implemented from April 1 onwards.

On August 28, 09, RBI it predicted six per cent growth in Real GDP in the current fiscal despite a weak monsoon.

On October 27, 2009, Indian stock markets plunged by more than 380 points, its biggest single day loss in over two months, on frantic selling sparked by RBI quarterly monetary policy review.

RBI in news

RBI raises repo rate by 25 bps, reverse repo by 50 bps
The Reserve Bank of India (RBI) on Tuesday raised short term lending or repo rate by 0.25 percentage points. It will be now 5.75 per cent. ANI

Inflation to stabilize after good crops prospect: Mukherjee
Finance Minister Pranab Mukherjee has said inflation would stabilize after the entry of new crops into the market. ANI

Economy to grow 8.5 percent: PMEAC
The Prime Ministers Economic Advisory Council (PMEAC) on Friday revised the growth forecast for the current fiscal to 8.5 percent from 8.2 percent earlier. ANI

Rangarajan to brief Prime Minister on state of economy, growth outlook
The Chairman of the Prime Ministers Economic Advisory Council (PMEAC), C. Rangarajan, will brief the Prime Minister, Dr Manmohan Singh, on the state of the economy and the growth outlook on Friday. ANI

Inflation on food front will substantially ease in fortnights time: Expert
Indias food inflation would substantially ease out in next two weeks, claimed Kaushik Basu, Chief Economic Adviser to the Union Ministry of Finance. ANI

Liquidity will be comfortable by July end: SBI chief
Om Prakash Bhatt, the Chairman of the State Bank of India, the countrys largest bank financial institution, has said that the cash crunch in the banking system should begin to ease by the end of July. ANI

Pranab Mukherjee refuses any rollback of fuel price
Finance Minister Pranab Mukherjee on Sunday ruled out rollback of fuel prices ahead of the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) shutdown on Monday. ANI

Andhra Pradeshs Tirumala temple officials deny jewellery theft
Officials at Andhra Pradeshs famous Tirumala temple that has been receiving donations dating back to the 16th century have denied reports of missing jewellery. ANI

State Bank of India sets base rate for lending at 7.5 percent per annum
The State Bank of India (SBI) has set its base rate for lending at 7.5 per cent per annum, after the Reserve Bank of India (RBI) introduced the new lending rate system. ANI

Pranab Mukherjee asks state governments and banks to improve credit flow
Union Finance Minister Pranab Mukherjee on Monday asked State Governments and bankers to position themselves to finance the emerging demand for credit from agriculture, manufacturing and services sectors in their respective regions. ANI

High inflation a cause for worry: RBI Deputy Governor
Reserve Bank of India (RBI) Deputy Governor K C Chakrabarty on Thursday said high inflation is a cause of worry for the Central Bank and it would take policy actions as per the changing economic environment. ANI

RBI would adjust changes required in monetary policy: Pranab Mukherjee
Union Finance Minister Pranab Mukherjee on Wednesday said that if changes in monetary police were required, the Reserve Bank of India (RBI) would adjust it. ANI

Prices of essential commodities would rise: Ahluwalia
The Deputy Chairman of Planning Commission, Montek Singh Ahluwalia, on Wednesday said prices of essential commodities would go up in the next two weeks and then decrease. ANI

Rising food prices will ease after July: Pranab Mukherjee
Finance Minister Pranab Mukherjee has said that rising food prices would ease after July, and that he was not in favour of altering monetary policy. ANI

Bank of Rajasthan employees protest against merger with ICICI
Over 4200 employees of Bank of Rajasthan began a two-day nationwide strike here on Friday to protest the banks management proposal to merge with the ICICI Bank. ANI

Su-Raj Diamonds Selects Triple Point to Manage Precious Metals Sourcing and Operations
MarketWire

Reserve Bank Governor not surprised by 7.4 percent growth rate
Reserve Bank of India (RBI) Governor D Subbarao on Tuesday said that he was not surprised by the whopping growth rate of 7.4 percent as it had been predicted. ANI

Smart Cards issued to Uttar Pradesh labourers under MNREGA
Labourers in Uttar Pradeshs Gorakhpur District have been given Smart Cards under the Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) to ensure that they are not cheated of their wages. ANI

Micro, small enterprises are integral part of planned approach: RBI Dy. Governor
Reserve Bank of India (RBI) Deputy Governor K C Chakrabarty said here on Friday that micro, small and medium enterprises (MSME) are an integral part of the countrys planned approach ANI

RBI to come out with a report on food inflation
Reserve Bank of India (RBI) Deputy Governor Subir Gokarn said the bank would come out with a report on food inflation in a few weeks time. ANI

RBI cautions NBFCs on transaction in Iran, Pakistan, North Korea
The Reserve Bank of India (RBI) has directed Non-Banking Financial Companies (NBFCs) to be alert while transacting business from countries like Iran, Pakistan and North Korea. ANI

Food inflation to decline in coming months: Mukherjee
Finance Minister Pranab Mukherjee has said that despite the country being worried about high inflation, there are indications of a cooling off in high food prices that have been driving it. ANI

Interest rates unlikely to rise in near future: SBI
The State Bank of India on Friday said the banks interest rates would not be rising in the near future, as there is enough liquidity in the system and credit off take is usually low in the April-June quarter. ANI

Third Front says will take on UPA Government on price rise
Leaders of 13 political parties, constituting the Third Front, have decided to take on the Congress-led United Progressive Alliance on the price rise on April 27. ANI

Mukherjee welcomes RBIs monetary policy for 2010-11
Finance Minister Pranab Mukherjee welcomed the Monetary Policy for 2010-11 that was announced by the Reserve Bank of India (RBI) on Tuesday. ANI

RBI hikes policy rates and CRR by 25 basis points
The Reserve Bank of India on Tuesday hiked key policy rates by 25 basis points and the Cash Reserve Ratio (CRR) for banks by 25 basis points. ANI

Demonstration in Aurangabad against price rise
Scores of factory and cottage industry workers including daily wage earners and domestic helps took to the streets and staged protest demonstration against rising prices of essential commodities here on Monday. ANI

Wrong policies of government responsible for price rise: BJP
Bharatiya Janata Party President Nitin Gadkari has said that the wrong economic policies of Central Government is responsible for the price rise. ANI

President Pratibha Patil confers Padma awards
President Pratibha Patil on Wednesday conferred Padma Awards to Nobel laureate Venkatraman Ramakrishnan, Oscar winning music director A. R. Rehman and veteran theatre artiste Zohra Sehgal. ANI

Food inflation coming down, says Cabinet Secretary
Cabinet Secretary KM Chandrasekhar said on Tuesday that food inflation is coming down as prices of sugar, vegetables and pulses are witnessing a steady decline. ANI

Pranab Mukherjee hopeful of estimated 7.2 pct growth rate in 2009-10
Union Finance Minister Pranab Mukherjee on Monday said that the government is sticking to the predicted 7.2 percent growth rate for the fiscal period of 2009-10. ANI

Pranab Mukherjee to inaugurate Reserve Bank/ OECD seminar in Bangalore
Finance Minister Pranab Mukherjee will on Monday inaugurate an International workshop on Financial Literacy in Bangalore. ANI

PIL filed against Bahujan Samaj Party over 25th anniversary expenses
A public interest litigation (PIL) has been filed before the Lucknow bench of the Allahabad High Court asking a Central Bureau of Investigation (CBI) inquiry into the expenses by the ruling Bahujan Samaj Party (BSP) on March 15 to mark the 25th anniversary of the party. ANI

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