Assessments of 'current general economic situation' have been improving steadily over past couple of years, but the index remains no higher than in late 2019, when economic slowdown set in.
In its monetary policy statement, the RBI projected the real GDP growth for the current fiscal at 6.5%, while the retail inflation was projected at 5.4%.
After a 7.8% expansion last quarter, economic growth was expected to moderate to 6.4% this quarter and then drop to 6.0% innext quarter before slowing to 5.5% in early 2024.
RBI has issued consolidated rules on wilful defaulters, dealing with their definition and treatment, including when the controversial compromise settlement process is involved.
Central bank has issued new rules regarding quick release of loan-related asset documents, which are expected to benefit borrowers, especially homeowners.
The RBI observed that many lenders charge penal rates over and above the applicable interest rate on loans in case of defaults that breach the terms of credit facilities.
RBI piloted Central Bank Digital Currency, or e-rupee, last November and now hopes to ramp up its use through UPI. But experts say lack of awareness and adoption are obstacles.
The RBI's e-rupee uses blockchain distributed-ledger technology to substitute cash. The central bank is aiming for one million CBDC transactions each day by year's end.
A half-yearly report by RBI found NPA levels for both banks & NBFCs have fallen and their profitability has improved but credit delivery in India is still muted compared to peers.
Current account deficit stood at $1.3 billion in 4th quarter of fiscal year 2022-23, compared with revised deficit of $16.8 billion in preceding October-December quarter.
Hu Xijin, former editor-in-chief of the ‘Global Times’, described Takaichi’s behaviour as political sleepwalking and said that Japanese leaders must become more self-aware.
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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