RBI data shows a sharp increase in households borrowing against gold. Other indicators also show higher borrowing. More credit is fine, but vaccination needs priority.
The reserves are enough to cover around 15 months of imports and have been bolstered by rising inflows into the booming stock market and foreign direct investments.
RBI announces fresh lending support to aviation, tourism & other sectors as MPC keeps key policy rates unchanged. RBI Governor Das says Covid spread in rural India poses risk to growth.
The country's foreign exchange reserves rose by $2.865 billion to a record high of $592.894 billion for the week ended 21 May, boosted by gold and currency assets, as per RBI data.
This is the sixth time in a row that Monetary Policy Committee headed by RBI Governor Shaktikanta Das has maintained status quo. RBI had last revised its policy rate in May 2020.
RBI is weighing the need for supporting growth despite surging inflation keeping in mind factors such as localised lockdowns, widening output gap and rising jobless rate.
The fears of firming inflation may also refrain the Monetary Policy Committee from tinkering with the interest rate in its bi-monthly monetary policy outcome to be announced Friday.
Petitioners have argued that RBI and others allegedly flouted SC's earlier order, by declaring the account of the petitioners as Non Performing Assets.
RBI made it clear that the action is not intended to pronounce upon the validity of any transaction or agreement entered into by HDFC Bank with its customers.
India's projects related to BIMSTEC, Look-East-Act-East and Indian Ocean Rim Association could suffer a setback, impacting trade with South Asia and the South-South Cooperation agenda.
While global corporations setting up GCCs in India continue to express confidence in availability of skilled AI engineers, the panel argued that India’s real challenge lies elsewhere.
Without a Congress revival, there can be no challenge to the BJP pan-nationally. Modi’s party is growing, and almost entirely at the cost of the Congress.
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