Features on Organizations - 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

Sikkim to become a model banking state in Northeast
Sikkim is all set to become a model banking state in the Northeastern region of the country. ANI

UPA Govts wrong economic policies caused price rise, says Gadkari
Bharatiya Janata Party on Monday slammed Congress-led United Progressive Alliance government for the price rise of commodities and held its wrong economic policies as the reason for the prevailing condition. ANI

Centre predicts 7.2 percent GDP growth in 2009-2010
The Centre on Monday estimated that the economy would grow by 7.2 in the current fiscal compared to 6.7 percent growth that was witnessed in 2008-2009. ANI

Mr. Deepak Parekh is the First International Recipient of "The Institute of Chartered Accountants in England and Wales’ Outstanding Achievement Award
Business Wire India

RBI hikes CRR; repo rates unchanged
The Reserve Bank of India (RBI) in its monetary policy review on Friday, hiked the Cash Reserve Ratio (CRR) by 75 basis points to 5.75 percent in a bid to hold excess liquidity to combat the rising inflation. The repo and reverse repo rates remained unchanged. ANI

Rajya Sabha Deputy Speaker pitches for Islamic banks in India
In what could spark off another controversy and provide fresh ammunition to the opposition BJP on the issue of minority appeasement, the Deputy Speaker of the Rajya Sabha and senior Congress leader K Rahman Khan today urged the government to create a Sharia-compliant institutional mechanism in the banking sector. He called it Participatory Banking. ANI

President Patil lauds Reserve Banks role in promoting economic growth of the country
President Pratibha Patil on Saturday applauded the role of the Reserve Bank of India (RBI) in promoting economic growth of the country and said, the growth rate is expected to be more than seven percent in the coming year. ANI

RBI plays key role for 9-10 percent growth: P M
The Prime Minister, Dr. Manmohan Singh, on Friday expressed confidence that the Reserve Bank of India (RBI) will continue to play a historic role in the evolution of countrys economy as India moves towards a growth path of 9-10 percent per annum. ANI

Equifax to establish new credit information services company in India
Equifax Inc. (NYSE:EFX), a global leader in information solutions, today announced it has formed Equifax Credit Information Services Private Limited (ECIS), a joint venture between Equifax and six leading Indian financial institutions, to provide a broad range of credit data and information solutions throughout India. ANI

Mukherjee calls on states to check hoarding of food grains, other items
Union Finance Minister Pranab Mukherjee has suggested that state governments need to take measures to check the hoarding of food grains and other essential items of mass consumption. ANI

RBI closely monitoring spiralling inflation
The Reserve Bank of India (RBI) Deputy Governor Shyamala Gopinath said here on Tuesday that it is closely monitoring the spiralling inflation, but would keep in mind the need to encourage growth before making changes to monetary policy. ANI

IBM Wins 10-year IT Services Contract with Sardar Bhiladwala Pardi People's Co-operative Bank
PR Newswire

Himachal Pradesh temples to invest monetary offerings in financial plans
Taking note of rising thefts in temples in Himachal Pradesh, the state government is set to devise smarter ways to invest donations made in gold, silver or cash. ANI

There is no concern of capital inflows : RBI Governor
The Reserve Bank of India (RBI) Governor D Subbarao said here on Thursday that there is no concern of capital inflows building asset bubbles in India as of now. ANI

MoneyGram International expands money transfer services to rural areas in India
MoneyGram International, a leading global money transfer company, today announced that two more banks-Abhyudaya Co-op Bank Ltd and Thane Janata Sahakari Bank Ltd (TJSB)-will soon be offering MoneyGram money transfer services. With these additions, 18 India banks offer MoneyGrams services. ANI

India aims to attract 50 billion dollars FDI per year from 2012
Union Commerce and Industry Minister Anand Sharma on Tuesday said that the country would be able to attract 50 billion dollars Foreign Direct Investment (FDI) annually from 2012. ANI

Supply constraints still exists in some commodities, says Chandrasekhar
Cabinet Secretary K.M. Chandrasekhar on Monday said that supply constraints still exist in some commodities but the situation was not peculiar to India. ANI

Koda scam: Union Bank under ED scanner
The Enforcement Directorate (ED) today issued notice to the manager of Union Bank in connection with the Madhu Koda scam. ANI

World Gold Council Welcomes Sri Lankan Allocation To Gold
PR Newswire

New rules approved for Foreign Technology Collaborations
The Government on Thursday agreed to frame new rules for payments for royalty, lump-sum fee for transfer of technology, payments for use of trademark/brand name on the automatic route without any restrictions, and subject to FEMA (Current Account Transaction) Rules, 2000. ANI

Govt. trying to prevent smuggling of goods: Pranab Mukherjee
Union Finance Minister Pranab Mukherjee on Tuesday said that the government had received information about entry of goods into the country through smuggled routes and the government was trying to plug that. ANI

Countrys economy is responding well, says Mukherjee
Union Finance Minister Pranab Mukherjee said on Tuesday that the countrys economy is responding well. ANI

Australian FM to use five-day visit to enhance ties with India
Australian Foreign Minister Stephen Smith will undertake a five-day visit of India from October 12 to October 16. ANI

Radio Pakistan views PMs heart surgery caused by Brahmin leaders
Radio Pakistan in its latest edition of Punjabi Durbar programme has stated that Dr. Manmohan Singh works under pressure from Brahmin (Hindu) leaders, which it states, recently caused him to undergo heart surgery too and skip this years Republic Day function! ANI

RBI stresses on need to check inflation expectations
Reserve Bank of India (RBI) Governor Duvvuri Subbarao has said the Central bank needs to control inflationary expectations and support growth, as signs of recovery and price pressures raise concerns that the policy may be tightened in late 2009 or early 2010. ANI

Banking transforms lives in rural areas in northeast
Banking services are playing a major role in transforming the lives of people in rural areas of the northeast India. ANI

One rural self employment-training institute to be set up in each district
Ministry of Rural Development has embarked upon a major initiative to set up one Rural Self Employment Training Institute (RSETI) in each district of the country. ANI

Banking transforms lives in rural areas in northeast
Banking services are playing a major role in transforming the lives of people in rural areas of the northeast India. ANI

Tribals attend RBIs financial outreach camp in Tripura
Thousands of tribal families turned out to participate in a financial outreach camp organized by the Reserve Bank of India in Pitra village of Tripura. ANI

Reserve Bank engaged in keeping inflation low
Reserve Bank of Indias Deputy Governor K C Chakrabarty on Monday said the bank is faced with the challenging task of keeping inflation in check, when food price inflation has already reached around 10 percent. ANI

Congress leaders discuss drought, price rise
The Congress Working Committee (CWC) met here on Wednesday to discuss the drought-like situation in many parts of the country and also the steep rise in the prices of essential commodities. ANI

Reserve Bank of India fears increase in prices
The Reserve Bank of India (RBI) on Tuesday said that prices are likely to go up this year due to erratic monsoon. ANI

India receives five times more FDI in April-June quarter: RBI
Signs of Indias economic recovery appear to have lifted confidence levels among foreign investors, as the country received a foreign investment flow that was five times more in the in April-June quarter this year. ANI

RBI asks people to be wary of unincorporated loan providers
Cautioning the loan seekers to be wary of dubious entities, the Reserve Bank of India (RBI) on Tuesday asked public to verify the credentials of loan providers before dealing with them. ANI

Economy moving up but scanty rains may play spoilsport: Mukherjee
Union Finance Minister Pranab Mukherjee on Friday told the Lok Sabha that the economy has started moving upward due to two stimulus packages in the last fiscal, but scanty rainfall this year may play a spoilsport. ANI

Bankers strike enters second day, operations affected
Normal-banking operations continued to be affected by a public sector banks employees strike on Friday. ANI

Former RBI Governor says economy on road to recovery
Former Governor of the Reserve Bank of India (RBI) C Rangarajan has said that the countrys economy would see an improvement in the second half of 2009-2010. ANI

Shiv Sena protests against rising prices
A large number of activists of Shiv Sena staged a protest against rising prices of essential commodities in Aurangabad. ANI

Inflation eases to -1.54 percent
After a marginal hike in two consecutive weeks inflation fell to (-) 1.54 per cent for the week ended July 18 even as essential food items like cereals, pulses, fruit and vegetables continued to remain expensive. ANI

Reserve Bank of India leaves key rates steady
The Reserve Bank of India (RBI) on Tuesday kept the key rates unchanged and said that there are progressive signs of recovery with positive industrial production and optimistic business confidence. ANI

Government set to spend more to boost economic growth: Mukherjee
Union Finance Minister Pranab Mukherjee on Saturday said that the government would resort to more borrowings to increase public expenditure for a higher economic growth. ANI

Mukherjee to address RBI Directors today
Union Finance Minister Pranab Mukherjee will address the Central Board of Directors of the Reserve Bank of India, this morning. ANI

State Government of Nevada Releases White Paper Envisioning XBRL for Applications beyond Financial Reporting
Business Wire India

Three Indian banks form joint venture in Malaysia
Three Indian banks have put up an initial investment of 86 million dollars into a joint venture to set up a subsidiary in Malaysia. ANI

Anand Sharma to seek more help for Indian exporters
Commerce and Industry Minister Anand Sharma has said that the ministry will ask the Ministry of Finance for more relief measures for exporters. ANI

RBI Governor advises banks to invest in newer technologies
To meet the demands of households and businesses, Reserve Bank of India Governor Duvvuri Subbarao on Monday advised banks to invest in newer technologies. ANI

Indias growth likely to be below 6 per cent in FY10: RBI survey
India may expand at a slower pace in the current financial year that began in April than initially thought and there are more rate cuts in the pipeline, a survey of 17 forecasters conducted by the central bank showed on Thursday. ANI

Citibank launches preferred rupee checking account for NRIs
Citibank N.A. today announced the launch of the Preferred Rupee Checking Account, a one-of-a-kind niche offering for Non Resident Indians (NRI). ANI

PNB reduces lending rate by 50 basis points
The Punjab National Bank on Thursday reduced its benchmark lending rate by 50 basis points to 11 percent. ANI

RBI cuts repo, reverse repo rates by 25 bps
The Reserve Bank of India (RBI) revealed the annual monetary policy here on Tuesday. ANI

Jersey builds partnership with India
The Channel Island of Jersey, which is an offshore financial centre is encouraging Indian Companies, business families and non-resident Indians to look at its new and innovative wealth management solutions. ANI

Inflation rate in India close to zero
The rate of Inflation in India for the week ended April 4 fell to a 30-year low of 0.18 percent, from 0.26 percent a week earlier, government data showed on Thursday. ANI

Inflation rate in India drops to a thirty-year low of 2.43 per cent
The rate of inflation in India for the week ended March 28 fell to historic low of 0.26 percent, from 0.31 percent a week earlier, government data showed on Thursday. ANI

RBI Governor says monetisation is not a benign solution
Reserve Bank of India (RBI) Governor Duvvuri Subbarao has said that there was a long-term cost to monetising the budget deficit that needed to be considered despite the apparent short-term benefits of not tapping the market for funding. ANI

Triad banking model working well in India, says RBI Deputy Governor
Reserve Bank of India (RBI) Deputy Governor Rakesh Mohan has said that triad banking model - state-run, private and foreign banks - is working well in India. ANI

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