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After touching a record high, the country’s foreign exchange reserves declined by $290 million to $580.841 billion in the week ended December 25, Reserve Bank of India (RBI) data showed. In the previous week to December 18, the reserves had surged by $2.563 billion to a lifetime high of $581.131 billion.

The Centre is likely to look at the option of the Reserve Bank of India (RBI) monetising the deficit in the second half of the financial year, a senior government official has said, asserting that the Centre is seriously examining the issue.

Since the national lockdown was announced in late March, a team of more than 200 personnel from the Reserve Bank of India and services providers are holed up in four locations to ensure that the financial markets across the country work uninterrupted. A team of officers and technical experts was moved into a hotel in … Continue reading How RBI crack teams in isolation keeping financial system working

Restructuring of loans may happen only after the lockdown ends as it is only then that banks will get an idea of the cash flows of various borrowers. Meanwhile, the Reserve Bank of India (RBI) granted a host of regulatory relaxations to banks to help them tide over the crisis.

From asking banks to put in place contingency measures to unscheduled policy review meetings to deep rate cuts, the Reserve Bank of India (RBI) has taken unprecedented measures to deal with the fallout of the coronavirus pandemic after the first case was reported in the country on January 30.

Former governor of Reserve Bank of India (RBI) Raghuram Rajan on Wednesday in a video chat with Congress leader Rahul Gandhi said that India needs Rs 65,000 crore to help the poor during the coronavirus-led crisis. He further added that the focus of the government should be first on starting people’s lives once it decides … Continue reading Rahul-Raghuram Rajan interaction: Key points

In a big relief for mutual fund investors, the Reserve Bank of India (RBI) on Monday announced a special liquidity facility (SLF-MF) of Rs 50,000 crore with a view to ease liquidity pressures on mutual funds (MFs) which have cropped up as a result of heightened volatility in capital markets due to the Covid-19 pandemic.

Equity indices finished in green on Monday with the benchmark BSE sensex rising over 400 points led by gains in banking and financial stocks, after the Reserve Bank of India (RBI) launched a special liquidity facility for mutual funds to ease the pressure due to the coronovirus pandemic. The 30-share BSE index finished 416 points … Continue reading Sensex rises 416 points to close at 31,743

Sri Lanka is set to enter into an agreement with the Reserve Bank of India for a currency swap worth $400 million to boost the foreign reserves and ensure the financial stability of the country which is badly hit by the COVID-19 pandemic, a top minister has said. Cabinet approved the proposal, enabling RBI to … Continue reading Sri Lanka to seek $400m financial facility from RBI

The Insurance Regulatory and Development Authority of India (Irdai) on Wednesday permitted insurance companies to grant a moratorium of three months on payment of term loans in line with the Reserve Bank’s directions. In a circular, Irdai said it has received representations from industry associations, seeking moratorium on repayment of term loans sanctioned by the … Continue reading Irdai permits insurers to grant moratorium on term loans

The government and central bank are trying to cushion an economy that was slowing even before the coronavirus outbreak.A series of steps announced this year aim to encourage banks to lend. Measures announced by the Reserve Bank of India (RBI) since early February inject cash equivalent to 3.2% of the country’s gross domestic output.

Most of the private sector lenders have decided to go for the “opt-in” option on loan repayment moratorium, putting the onus on the customer to take the initiative of informing the bank of their choice to go for the three-month breather offered by the Reserve Bank of India (RBI).

In a relief to customers, some public sector banks on Tuesday announced deferment of EMI (equated monthly instalment) payments on loans for three months following directions by the Reserve Bank of India (RBI) which asked all lending institutions to allow three month moratorium on loan payments as the economy grapples with Covid-19 challenges.

With just two days left for the next EMI cycle to begin, most big lenders are unprepared to follow the Reserve Bank of India’s blanket order allowing borrowers to hold back from paying instalments for the month. Top lenders such as State Bank of India, HDFC Bank, ICICI Bank, Kotak Bank and Axis Bank have … Continue reading Banks yet to act on EMI relief, spark confusion

Amid stress in the financial system due to COVID-19, the Reserve Bank of India (RBI) on Friday announced measures to inject Rs 3.74 lakh crore into the banking system through a slew of instruments, including the reduction in cash reserve ratio. The other liquidity support measures included targeted long-term repo operation (TLTRO) and increasing the … Continue reading RBI announces steps to infuse Rs 1.37L cr liquidity

To fight the economic downturn amidst coronavirus pandemic, India is likely to introduce an economic stimulus package of more than Rs 1.5 lakh crore ($19.6 billion), said two sources familiar with the matter. The government has not yet finalised the package and discussions are ongoing between PM Modi’s office, the finance ministry, and Reserve Bank … Continue reading Govt likely to unveil $20 billion-plus stimulus package to tackle coronavirus downturn: Report