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The petition stated that RBI's decision to delay EMI payments but allow interest liabilities to accrue during the loan moratorium would negate the relief provided.
S. Gurumurthy’s statement comes at a time when many economists expect govt to borrow directly from RBI, because of rising expenditure and falling tax revenues.
RBI hasn’t directly bought sovereign debt since a law barring the practice came into effect in April 2006. It’s expected to abandon that austerity now.
Printing money, a last resort in financing the deficit, can help move resources from those with some existing savings to those with no existing savings.
If India demonstrates ability to contain Covid-19 & manage socio-economic implications, foreign investors will be interested in investing long-term.
India’s forex reserves fell by $5.35 billion to $481.9 billion in the week ended 13 March, the most since November 2011 when the hoard dropped $5.7 billion.
In the last one month, the rupee has depreciated by nearly 5 per cent against the dollar but this is unlikely to cause any challenge on the external sector front.
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If RBI doesn’t make digital rupees available, people could end up storing their wealth in Silicon Valley-sponsored tokenized money or Beijing’s digital yuan.
Thackeray govt asks all its departments to shift from cooperative and private banks to nationalised ones, disregarding RBI’s advice this week.