RBI

October 6, 2023 4:43 PM

RBI says about 3.37% of Rs 2000 banknotes, worth Rs 12,000 cr still remain in circulation

As the deadline to exchange or deposit 2000 rupee banknotes nears, the Reserve Bank has said that about 3.37 percent of the currency notes, worth 12 thousand crore rupees, still remain in circulation. Speaking to reporters in Mumbai today, RBI Governor Shaktikanta Das said notes worth about 3.43 lakh crore rupees have returned to the system. While 87 percent of these have come as bank deposits, the rest have been exchanged over the counter. The total value of Rs 2000 banknotes ...

September 30, 2023 9:07 PM

RBI extends last date to exchange 2,000 rupee currency notes till 7th October

Reserve Bank of India has extended the last date to exchange the 2,000 rupee denomination banknotes to October 7. In its statement, RBI said that the period specified for the withdrawal process has come to an end, and based on a review, it has been decided to extend the current arrangement for the deposit or exchange of Rs 2000 banknotes until October 07, 2023. According to the data received from banks, of the total value of Rs 3.56 lakh crore of Rs 2000 banknotes in circulatio...

September 18, 2023 7:58 PM

RBI says any reversion to OPS from NPS by States would be fiscally unsustainable

Reserve Bank of India has said that any reversion to the Old Pension Scheme (OPS) from the New Pension Scheme (NPS) by the States would be fiscally unsustainable, though it may result in an immediate fall in their pension outgo. It also said that at a time when most of the countries are moving towards defined contribution plans, reverting to OPS by the Indian States will be a major step backward, undermining the benefits of past fiscal reforms. The Central Bank today issued the Septemb...

August 8, 2023 7:24 PM

RBI projected Country’s real GDP to grow at 6.5% in current fiscal year: Govt in Rajya Sabha

The RBI has projected Country’s real GDP to grow at 6.5 percent in the current fiscal year. In the written reply in Rajya Sabha, Minister of Finance Nirmala Sitharaman said that the International Monetary Fund (IMF), in its latest World Economic Outlook (WEO) of July 2023, has revised India’s real GDP growth forecast for the current financial year by 20 basis points (bps). She said that the IMF has raised it from 5.9 percent to 6.1 percent. The positive revision is due to the momentum gained...