Editorji is a popular short video news and information platform based in India. It was founded in 2018 by Vikram Chandra, one of India’s leading journalists, and has risen to prominence in the digital news space in a relatively short span of time. The platform is primarily designed for mobile devices, with applications available for Android and iOS.

ABOUT US:

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>
<a title="Contact Us" href="mailto:info@editorji.com">Contact Us</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

Editorji content is better experienced in our app.

The RBI has slashed key interest rate by 25 basis points, for the second time in a row, to support a shuttering economy hit by reciprocal tariffs imposed by the US.

RBI cuts policy rate by 25 bps to 6 per cent for the second time in a row

The RBI on Wednesday slashed key interest rate by 25 basis points, for the second time in a row, to support a shuttering economy hit by reciprocal tariffs imposed by the US.

The RBI on Wednesday slashed key interest rate by 25 basis points, for the second time in a row, to support a shuttering economy hit by reciprocal tariffs imposed by the US.
Following the rate cut, the key policy rate eased to 6 per cent providing relief to home, auto and corporate loan borrowers. In its last policy in February, RBI had trimmed repo rate by 25 basis points to 6.25 per cent. This rate came after previous rate reduction in May 2020.
The last revision of rates happened in February 2023 when the policy rate was hiked by 25 basis points to 6.5 per cent.
&nbsp;
<blockquote class="twitter-tweet">
Monetary Policy Report (MPR) &ndash; English<a href="https://t.co/fXawdOGc34">https://t.co/fXawdOGc34</a>
&mdash; ReserveBankOfIndia (@RBI) <a href="https://twitter.com/RBI/status/1909834873872785411?ref_src=twsrc%5Etfw">April 9, 2025</a></blockquote>
&nbsp;
&nbsp;
The Monetary Policy Committee (MPC) unanimously decided to slash the policy rate by 25 basis points to 6.25 per cent, RBI Governor Sanjay Malhotra said.
RBI has lowered the GDP growth forecast to 6.5 per cent from earlier projection of 6.7 per cent due to global uncertainties.
Last week, US President Donald Trump had announced a hefty 26 per cent reciprocal tariffs on Indian imports, effective April 9.

Seize the chance to optimize home loan repayments with reduced interest rates and tax savings. Increase EMIs and use tax cuts for debt reduction effectively.

RBI Rate Cut & Tax Savings Aid Home Loan Borrowers

Increase your EMI by Rs 5,000 to save more than Rs 26 Lakh in home loan interest

Seize the chance to optimize home loan repayments with reduced interest rates and tax savings. Increase EMIs and use tax cuts for debt reduction effectively.

Starting April 2025, expect more cash flow due to the significant income tax cuts announced by Finance Minister Nirmala Sitharaman in the Union Budget for 2025-26, complemented by potential salary increments and performance bonuses.
This is an opportune moment to strategize financially-by reducing liabilities and increasing investments. Vipul Patel, Founder of Mortgageworld.in, underscores the importance of reducing the interest burden for home loan borrowers, as even slight adjustments can yield significant savings.
The Reserve Bank of India's (RBI) recent 25 basis point cut in the repo rate on February 7 presents an opportunity for home loan borrowers to benefit from reduced interest rates.
While it's tempting to opt for lower EMIs, maintaining the current installment amounts can significantly reduce the tenure instead. As explained by Adhil Shetty, CEO of BankBazaar.com, retaining the EMI with a decreased interest rate- such as a reduction from 8.5% to 8.25%&mdash;could save Rs 8,114 per lakh on a loan compared to only Rs 3,472 by lowering the EMI. This benefits borrowers through a 133% higher saving via tenure adjustment versus EMI reduction.
It's also advisable to proactively increase EMIs. Borrowers have the flexibility to choose higher EMIs, extend loan tenure, or adopt a combination when rates increase, as mandated by the RBI. In a declining rate environment, increasing EMIs or making part-prepayments can be financially beneficial.
Patel suggests that a borrower could increase their EMI by Rs 5,000, which would reduce a 25-year loan tenure to just over 17 years, assuming a Rs 50 lakh loan at an interest rate reduced from 8.5% to 8.25% post-repo reduction. Furthermore, the new tax regime can save individuals with a Rs 25 lakh gross salary approximately Rs 1.14 lakh annually&mdash;savings that could be directed towards an EMI increase for faster debt elimination.
Moreover, the annual bonus season in April aligns with these strategic financial moves. Using yearly bonuses for part-prepayments can effectively reduce the principal amount and the tenure by five additional months, as Patel outlines. Combining an EMI increase with a one-time Rs 50,000 prepayment could result in paying off the home loan with 97 fewer EMIs.
Strategically employing part-prepayments systematically rather than sporadically is crucial. Establishing a targeted timeline for debt repayment is beneficial. Shetty advises aiming to repay 10% of the loan balance annually through EMIs and prepayments, using an updated amortization schedule to guide this financial plan.

Indian stock markets closed lower as Sensex and Nifty declined amid RBI’s rate cut announcement and profit booking. FIIs continued offloading equities, impacting investor sentiment.

Markets settle lower after RBI policy; continuous foreign fund outflows dent investors' sentiment

Indian stock markets closed lower as Sensex and Nifty declined amid RBI&rsquo;s rate cut announcement and profit booking. FIIs continued offloading equities, impacting investor sentiment.

Equity benchmark indices Sensex and Nifty ended lower on Friday (February 7, 2025) as the RBI&rsquo;s rate cut did not spring any major surprise for the markets and investors turned to profit-taking amid foreign fund outflows.
Registering its third day of decline, the 30-share BSE benchmark Sensex dropped 197.97 points or 0.25% to settle at 77,860.19, in a volatile trade. During the day, it lost 582.42 points or 0.74% to 77,475.74.
The NSE Nifty declined 43.40 points or 0.18% to 23,559.95.
ALSO READ: <a href="https://www.editorji.com/business-news/rbi-cuts-policy-rate-by-25-bps-to-6-25-pc-first-reduction-in-five-years-1738911995651" target="_blank">RBI cuts policy rate by 25 bps to 6.25 pc, first reduction in five years</a>
From the 30-share blue-chip pack, the stock of ITC dipped over 2% after the diversified entity reported a 7.27% decline in consolidated net profit to ₹5,013.16 crore for the December quarter on account of subdued demand and sharp escalation in input costs.
State Bank of India, Adani Ports, Tata Consultancy Services, ICICI Bank, Reliance Industries and PowerGrid were also among the laggards.
&ldquo;As the rate cut did not spring any major surprise, investors did not find anything interesting in the new RBI governor&rsquo;s comments which resulted in a steady bout of profit-taking in banking, oil &amp; gas, FMCG and power stocks. The ongoing earnings have been mixed to subdued while relentless selling of domestic shares by the FIIs have prompted investors to maintain caution,&rdquo; Prashanth Tapse, Senior VP (Research), Mehta Equities Limited, said.
Among the gainers, Tata Steel jumped over 4%.
Bharti Airtel's stock surged nearly 4% after the firm reported a more than five-fold jump in consolidated net profit to ₹16,134.6 crore boosted by consolidation of the Indus Tower business and benefits of tariff hikes flowing into the quarter.
Zomato, Mahindra &amp; Mahindra, UltraTech Cement and Tech Mahindra were also the other gainers.
Some stocks from interest rate sensitive realty and auto pack ended in the positive territory.
&ldquo;A rate cut aimed at reviving the slowing economy is a positive indicator. However, yields edged higher as investors were disappointed by the absence of anticipated liquidity measures, leading to profit-booking in the indices. Additionally, a downward revision in the near-term growth forecast, influenced by global trade policies and inflation concerns, suggests that the central bank will adopt a cautious and gradual approach to future rate adjustments.
&ldquo;While the broader market underperformed, the metals sector gained traction amid expectations of increase in demand,&rdquo; Vinod Nair, Head of Research, Geojit Financial Services, said.
Home, auto and other loans are likely to see a drop in interest rates after the Reserve Bank of India under a new governor cut the key benchmark rate on Friday (February 7, 2025) for the first time in almost five years to spur a sluggish economy.
The Monetary Policy Committee, headed by RBI Governor Sanjay Malhotra, slashed the repo rate by 25 basis points to 6.25%. This was the first reduction since May 2020 and the first revision after two-and-a-half years.
Mr. Malhotra, a career bureaucrat who replaced Shaktikanta Das barely days after the last bi-monthly MPC meeting in December, forecast the Indian economy to grow at 6.7% in the fiscal year starting April 2025 while inflation rate to lower to 4.2%.
ALSO READ: <a href="https://www.editorji.com/business-news/economy/rbi-projects-fy26-inflation-at-4-2-pc-down-from-4-8-pc-estimate-in-2024-25-1738912742906" target="_blank">RBI projects FY26 inflation at 4.2 pc, down from 4.8 pc estimate in 2024-25</a>
For the fiscal year ending March 31, RBI quoted the government estimate to put the growth rate at 6.4%, its worst in four years and lower than 6.6% seen previously, while the inflation was pegged at 4.8%.
Repo rate also decides the returns on savings and investment products. A higher repo rate can lead to better returns on fixed deposits and other savings instruments, as banks offer higher interest rates to attract deposits. On the flip side, lower repo rates might reduce the interest earned on these savings products.
ALSO READ: <a href="https://www.editorji.com/business-news/economy/rbi-raises-gdp-growth-forecast-to-6-7-for-2025-26-inflation-expected-to-ease-1738914707815" target="_blank">RBI raises GDP growth forecast to 6.7% for 2025-26, inflation expected to ease</a>
In Asian markets, Seoul and Tokyo settled lower while Shanghai and Hong Kong ended in the positive territory.
European markets were trading mostly lower. U.S. markets ended mostly higher on Thursday (February 6, 2025).
Global oil benchmark Brent crude climbed 0.73% to $74.83 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,549.95 crore on Thursday (February 6, 2025), according to exchange data.
On Thursday (February 6, 2025), the BSE bellwether gauge dropped 213.12 points or 0.27% to settle at 78,058.16. The Nifty declined 92.95 points or 0.39% to 23,603.35.
ALSO READ: <a href="https://www.editorji.com/business-news/rbi-launches-exclusive-bank-in-domain-to-curb-financial-frauds-enhances-digital-security-measures-1738915408506" target="_blank">RBI launches exclusive '.bank.in' domain to curb financial frauds, enhances digital security measures</a>

The Reserve Bank of India (RBI) has revised the GDP growth forecast for 2025-26 to 6.7%, citing strong rabi crop output and an industrial recovery. Inflation is projected to moderate to 4.2%, with risks evenly balanced.

RBI raises GDP growth forecast to 6.7% for 2025-26, inflation expected to ease

The Reserve Bank of India (RBI) has revised the GDP growth forecast for 2025-26 to 6.7%, citing strong rabi crop output and an industrial recovery. Inflation is projected to moderate to 4.2%, with risks evenly balanced.

The Reserve Bank of India (RBI) on Friday revised its real GDP growth forecast for 2025-26 to 6.7%, citing strong rabi crop output and a revival in industrial activity as key factors driving economic expansion.
Additionally, the central bank expects CPI inflation to moderate to 4.4% in the final quarter of the current fiscal year and decline further to 4.2% in 2025-26.
RBI Governor Sanjay Malhotra stated, "Looking ahead, healthy rabi prospects and an expected recovery in industrial activity should support economic growth in 2025-26."
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Making a statement on Monetary Policy, RBI Governor Sanjay Malhotra says, "RBI has estimated that real GDP growth for the next year to be at about 6.7%...." (Source - RBI) <a href="https://t.co/SsY1DknMM4">pic.twitter.com/SsY1DknMM4</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1887726890431209790?ref_src=twsrc%5Etfw">February 7, 2025</a></blockquote>
&nbsp;
&nbsp;
He also emphasized the role of domestic demand in sustaining growth. "Among the key drivers on the demand side, household consumption is expected to remain robust, aided by the tax relief in the Union Budget 2025-26," Malhotra noted.
Regarding investments, he highlighted improving conditions in key sectors. &ldquo;Fixed investment is expected to recover, supported by higher capacity utilization levels, healthy balance sheets of financial institutions and corporates, and the Government&rsquo;s continued emphasis on capital expenditure,&rdquo; Malhotra said during his post-Monetary Policy Committee (MPC) address.
However, he cautioned that global uncertainties and climate risks remain potential threats to economic growth.
<h3>GDP Growth Projection for 2025-26:</h3>
<ul>
<li>Q1: 6.7%</li>
<li>Q2: 7.0%</li>
<li>Q3 &amp; Q4: 6.5% each</li>
<li>Overall Growth: 6.7% (with balanced risks)</li>
</ul>
In December, the RBI had revised its GDP growth forecast to 6.6% from 7.2%, reflecting ongoing global economic challenges.
Malhotra acknowledged that the global economy remains under pressure, even as trade activity shows resilience. He pointed to slower disinflation, geopolitical uncertainties, and policy unpredictability as major hurdles.
Additionally, he highlighted the impact of the strong US dollar on emerging market currencies, including the depreciation of the Indian rupee, stating that the RBI is actively monitoring and stabilizing the currency.
On the domestic front, Malhotra referred to First Advance Estimates, which peg India's real GDP growth at 6.4% for 2024-25, driven by private consumption, a strong services sector, and an agricultural recovery. However, weak industrial growth remains a challenge.
<h3>Inflation Outlook:</h3>
<ul>
<li>2024-25 CPI Inflation Projection: 4.8% (Q4: 4.4%)</li>
<li>2025-26 CPI Inflation Projection: 4.2%</li>
<li>Q1: 4.5%</li>
<li>Q2: 4.0%</li>
<li>Q3: 3.8%</li>
<li>Q4: 4.2%</li>
</ul>
Malhotra noted that headline inflation softened in November-December 2024, following its 6.2% peak in October, mainly due to a decline in food inflation, particularly vegetable prices.
Going forward, food inflation is expected to ease further, supported by a good kharif harvest, lower winter vegetable prices, and favorable rabi crop conditions. Core inflation is anticipated to rise slightly but remain moderate.
However, global financial instability, volatile energy prices, and extreme weather events continue to pose risks to the inflation trajectory.
Meanwhile, the RBI Monetary Policy Committee (MPC) has decided to reduce the policy repo rate by 25 basis points (bps) from 6.5 per cent to 6.25 per cent, marking the first rate cut since May 2020.
ALSO READ: <a href="https://www.editorji.com/business-news/rbi-cuts-policy-rate-by-25-bps-to-6-25-pc-first-reduction-in-five-years-1738911995651" target="_blank">RBI cuts policy rate by 25 bps to 6.25 pc, first reduction in five years</a>
The central bank also projected the retail inflation at 4.2 per cent for next financial year beginning April while retaining the forecast for 2024-25 at 4.8 per cent.
ALSO READ: <a href="https://www.editorji.com/business-news/economy/rbi-projects-fy26-inflation-at-4-2-pc-down-from-4-8-pc-estimate-in-2024-25-1738912742906" target="_blank">RBI projects FY26 inflation at 4.2 pc, down from 4.8 pc estimate in 2024-25</a>

The Reserve Bank of India launches the ".bank.in" domain to prevent financial fraud, enhances authentication for digital payments, and expands access to government securities, ensuring a secure and efficient financial ecosystem.

RBI launches exclusive '.bank.in' domain to curb financial frauds, enhances digital security measures

The Reserve Bank of India launches the ".bank.in" domain to prevent financial fraud, enhances authentication for digital payments, and expands access to government securities, ensuring a secure and efficient financial ecosystem.

RBI Governor Sanjay Malhotra, while unveiling the Monetary Policy on Friday, introduced an exclusive ".bank.in" internet domain for Indian banks to curb financial fraud.
He also announced stricter authentication protocols for digital transactions to enhance security in the banking system.
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Making a statement on Monetary Policy, RBI Governor Sanjay Malhotra says, "Reserve Bank has been taking various measures to enhance digital security in the banking and payments system. The introduction of an additional factor of authentication for digital payments is one&hellip; <a href="https://t.co/gNCkc4U0gh">pic.twitter.com/gNCkc4U0gh</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1887730330507047028?ref_src=twsrc%5Etfw">February 7, 2025</a></blockquote>
&nbsp;
&nbsp;
<h3>Launch of Exclusive Banking Domain</h3>
Malhotra stated, "The Reserve Bank shall implement the bank.in exclusive Internet domain for Indian banks." This initiative, set to be implemented from April 2025, aims to help customers distinguish legitimate banking websites from fraudulent ones.
Additionally, a separate ".fin.in" domain will be introduced for the broader financial sector.
<h3>Tackling Digital Fraud with Stronger Authentication</h3>
Expressing concerns over rising digital fraud cases, Malhotra emphasized the need for collective action.
"The surge in digital fraud is a matter of concern. It warrants action by all stakeholders. The Reserve Bank has been taking various measures to enhance digital security in the banking and payment system," he said.
To further strengthen security, the RBI has extended additional authentication measures to online international transactions made to offshore merchants.
Malhotra added, "The introduction of an additional factor of authentication for digital payments is one such measure. It is now proposed to extend this to online international digital payments made to offshore merchants who are enabled for such authentication."
This step ensures safer cross-border transactions and minimizes fraud risks.
<h3>Enhancing Risk Management and Market Participation</h3>
To help market participants manage interest rate risks effectively, the RBI will introduce a new forward contract for government securities. This will benefit long-term investors such as insurance funds, allowing more efficient pricing of derivatives linked to government securities.
In an effort to boost retail participation in government securities, the RBI will expand access to the NDS-OM platform, which facilitates secondary market trading of government bonds.
This move will allow non-bank brokers registered with SEBI to access the platform, deepening the bond market and increasing participation from non-bank financial entities.
<h3>Review of Market Trading and Settlement Timings</h3>
Acknowledging evolving market conditions, the RBI will establish a working group to conduct a comprehensive review of trading and settlement timings across five different RBI-regulated financial markets. The group, consisting of various market stakeholders, is expected to submit its report by April 30, 2025.
<h3>Stable Banking System and Liquidity Buffers</h3>
The credit-deposit ratio (CDR) of banks stood at 80.8% as of January 2025, remaining stable compared to September 2024. Malhotra reassured that liquidity buffers in banks remain adequate, with strong Return on Assets (RoA) and Return on Equity (RoE), despite a slight moderation in net interest margins.
He also confirmed that the financial system for Non-Banking Financial Companies (NBFCs) remains robust.

Shaktikanta Das ended his six-year tenure as RBI Governor, marked by effective handling of economic challenges. His leadership during the pandemic strengthened India's financial stability, leaving a lasting impact.

Shaktikanta Das Concludes Tenure as RBI Governor

Shaktikanta Das ended his six-year tenure as RBI Governor, marked by effective handling of economic challenges. His leadership during the pandemic strengthened India's financial stability, leaving a lasting impact.

Shaktikanta Das is stepping down as the 25th Governor of the Reserve Bank of India (RBI) after a six-year tenure, with Sanjay Malhotra, the current Revenue Secretary, set to succeed him as the 26th Governor.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes.(1/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866318590531510753?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
 
&nbsp;
In a message on the microblogging platform X, Das expressed his gratitude for the opportunity to serve the country. He thanked Prime Minister Narendra Modi for the trust and guidance he received throughout his term. 
<blockquote class="twitter-tweet">
Immensely grateful to the Hon&rsquo;ble PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts. (2/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866318979628708315?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
 "I will demit office as Governor RBI later today. Thank you everyone for your support and good wishes. I&rsquo;m deeply grateful to PM @narendramodi for allowing me the chance to serve the nation and for his continuous guidance and encouragement," Das wrote. 
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Heartfelt thanks to Hon&rsquo;ble FM <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years. (3/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866319259363578259?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
Das also expressed appreciation for Finance Minister Nirmala Sitharaman, highlighting the crucial role of fiscal and monetary coordination during his tenure. "My heartfelt thanks to Hon&rsquo;ble FM @nsitharaman for her unwavering support. The fiscal-monetary coordination between us helped in overcoming multiple challenges in the past six years," he added.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
I thank all the stakeholders in the financial sector and in the economy; experts and economists; industry bodies and associations; organisations in the agriculture,cooperative &amp; service sectors for their inputs and policy suggestions. (4/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866320790611996873?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
A BIG thank you to the entire Team RBI. Together, we successfully navigated an exceptionally difficult period of unprecedented global shocks. May the RBI grow even taller as an institution of trust and credibility. My best wishes to each one of you. (5/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866321083986542871?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
&nbsp;
Reflecting on his time at the helm of RBI, Das thanked his colleagues at the central bank for their collective efforts in navigating a difficult period. "A big thank you to Team RBI for successfully steering the institution through unprecedented global shocks. I wish RBI continued growth as a pillar of trust and credibility," he said.
Das&rsquo; leadership saw RBI through numerous significant events, including the aftermath of demonetization, the COVID-19 pandemic, and the challenges posed by global inflation, leaving a lasting impact on India&rsquo;s economic stability.

RBI Governor Shaktikanta Das announced that the central bank has decided to name its new technology platform for lending the Unified Lending Interface, or ULI

News Wrap | Nifty Above 25,000, RBI Guv Announces ULI, PhonePe Reports Profit | August 26, 2024

RBI Governor Shaktikanta Das announced that the central bank has decided to name its new technology platform for lending the Unified Lending Interface, or ULI

(Asian Markets: A Mixed Session) Let's start with the latest from the markets. It was a mixed session for most Asian equity markets amid rising tensions in the Middle East, with Israel and Hezbollah trading strikes. Investors also assessed the rate cut comments from US Fed Chief Jerome Powell&rsquo;s speech at the Jackson Hole symposium of central bankers. Hong Kong&rsquo;s Hang Seng gained one percent, and China&rsquo;s Shanghai Composite closed unchanged. Japan&rsquo;s Nikkei and Korea&rsquo;s KOSPI ended the day in the red.
(Indian Markets: Strong Gains) Back home, Indian equities started the week on a strong note. The Sensex and the Nifty gained three-fourths of a percent each, with the Nifty closing above the crucial 25,000 mark. Thirty-three out of fifty shares on the benchmark index gained in Monday&rsquo;s trade, while seventeen declined. Tech major HCL Tech surged more than four percent, hitting an intraday high of 1,734 rupees and closing just below that level.
(ULI) In the fintech space, RBI Governor Shaktikanta Das announced that the central bank has decided to name its new technology platform for lending the Unified Lending Interface, or ULI. The new platform will make the consent-based flow of information about borrowers, from data providers to lenders, seamless. The RBI Governor expressed confidence that the new platform will enable quicker credit appraisals, resulting in faster loan disbursals.
(PhonePe Group Reports Profit) In the startup space, Walmart-backed PhonePe Group has reported a consolidated net profit, excluding ESOP costs, of 197 crore rupees for the fiscal year 2023-24. That&rsquo;s a significant turnaround for the company, which had incurred a loss of 738 crore rupees in the previous fiscal. PhonePe Group&rsquo;s revenue also surged almost 74 percent year-on-year to over 5,000 crore rupees. During FY24, the group expanded into financial services as well as new consumer tech businesses such as Pincode and the Indus App Store.
(Housing Prices In Micro Markets) Latest from the real estate sector: Housing prices in Bengaluru's Bagaluru rose the highest since 2020, according to a study of India&rsquo;s micro markets by real estate consultant Anarock. The analysis of price trends in the top three micro-markets of the seven major cities showed that Bagaluru recorded the highest price appreciation of 90 percent between the end of 2019 and June this year. Hyderabad's Kokapet ranked second with 89 percent price appreciation, while Bengaluru's Whitefield ranked third, with an 80 percent rise in residential prices during the period.

RBI reports 97.87% return of Rs 2000 notes, reducing circulation value to Rs 7,581 crore. Deposit/exchange facilities available at 19 RBI offices and India Post since October 2023

Over 97% of Rs 2,000 notes returned to banking system: RBI

<h2>RBI reports 97.87% return of Rs 2000 notes, reducing circulation value to Rs 7,581 crore. Deposit/exchange facilities available at 19 RBI offices and India Post since October 2023</h2>

The Reserve Bank of India (RBI) announced that 97.87% of the Rs 2000 denomination banknotes have been returned to the banking system, leaving only Rs 7,581 crore worth of these notes still with the public. The withdrawal of the Rs 2000 banknotes from circulation was initiated on May 19, 2023.
<h3>Rs 2,000 note withdrawn</h3>
At the time of the announcement, the total value of Rs 2000 banknotes in circulation stood at Rs 3.56 lakh crore. This amount has significantly reduced to Rs 7,581 crore by the close of business on June 28, 2024, highlighting the successful return of the majority of these notes.&nbsp;
The RBI provided a facility for the deposit and exchange of the Rs 2000 banknotes at all bank branches across the country until October 7, 2023. Following this date, from October 9, 2023, individuals and entities have been able to deposit the Rs 2000 banknotes at the 19 RBI issue offices.
Additionally, these notes can be sent via India Post from any post office to any of the RBI issue offices for credit into bank accounts. The 19 RBI issue offices handling the exchange and deposit of these notes are located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.
The Rs 2000 banknotes were initially introduced in November 2016 after the demonetization of the Rs 1000 and Rs 500 notes. This move aimed to curb black money and counterfeiting.&nbsp;
Also watch: <a href="https://www.editorji.com/business-news/rbi-suspends-rs-2-000-note-exchange-deposit-facility-on-april-1-1711708872659">RBI suspends Rs 2,000 note exchange/deposit facility on April 1</a>

RBI Governor Shaktikanta Das emphasized focusing on inflation reduction without hindering growth, projecting strong GDP growth and highlighting a shift towards private capital expenditure

Monetary policy will unambiguously focus on reducing inflation: RBI Governor Shaktikanta Das

<h2>RBI Governor Shaktikanta Das emphasized focusing on inflation reduction without hindering growth, projecting strong GDP growth and highlighting a shift towards private capital expenditure</h2>

Reserve Bank of India (RBI) Governor Shaktikanta Das asserted on Tuesday that high interest rates are not obstructing economic growth. He emphasized that the RBI's monetary policy will "unambiguously" focus on reducing inflation.
<h3>RBI governor on inflation</h3>
Speaking at an event organized by the Bombay Chamber of Commerce and Industry, Das stated that India is on the brink of a "major structural shift" in its growth trajectory, with the potential to sustain an 8% real GDP growth annually. He dismissed concerns that elevated interest rates are detrimental to growth, citing sustained growth as evidence that monetary policy and interest rates are not impediments.
Das highlighted that the RBI's nowcasting team projects a 7.4% GDP growth for the June quarter, surpassing the central bank&rsquo;s estimate of 7.3%. He expressed confidence in achieving the RBI's forecasted 7.2% growth for FY25. The positive growth outlook, according to Das, allows the RBI to focus on inflation without hindrance.
Using a chess analogy, Das underscored the critical nature of maintaining focus on inflation moderation, warning that a single adverse weather event could push inflation above 5%. He credited monetary policy actions for the reduction in inflation from 7.8% in 2022 to 4.7% currently.
Lower inflation, Das argued, is essential for sustainable growth, as high inflation reduces competitiveness and investment attractiveness, and erodes purchasing power, particularly among the poor.
Das also noted a shift from government-driven growth to private capital expenditure, particularly in infrastructure sectors like cement and steel.&nbsp; Das advocated for a "multi-sectoral" approach to drive growth, emphasizing that India cannot rely solely on manufacturing or services.
He reassured that India's banking and non-bank sectors are healthy, with improved financial stability metrics. Das also praised structural reforms such as GST, the bankruptcy code, and flexible inflation targeting for bolstering the economy.
Also watch: <a href="https://www.editorji.com/business-news/rbi-actions-on-unsecured-lending-averts-potential-crisis-governor-1718953401115">RBI actions on unsecured lending averts potential crisis: Governor</a>

In November 2023, the RBI increased risk weights on unsecured lending and exposure to NBFCs, which will make banks set aside larger amounts of capital on such assets

RBI actions on unsecured lending averts potential crisis: Governor

In November 2023, the RBI increased risk weights on unsecured lending and exposure to NBFCs, which will make banks set aside larger amounts of capital on such assets

The Reserve Bank's endeavour is to smell a crisis early and act on it, Governor Shaktikanta Das said on Thursday, stating that not taking any action on unsecured lending front would have created "bigger problems".
The November 2023 action to curb growth in the riskier unsecured lending has had the desired impact as the growth in such portfolios slowed down, Das said while addressing an international conference on financial resilience at the RBI's College of Supervisors here.
Das said restrictions on unsecured lending were the result of a view that there could be a potential problem in the credit market because of growth in unsecured lending.
Also read/watch - <a title="Restrictions on JM Financial: SEBI confirms ban on managing public debt issues until 2025" href="https://www.editorji.com/business-news/personal-finance/restrictions-on-jm-financial-sebi-confirms-ban-on-managing-public-debt-issues-until-2025-1718950155695">Restrictions on JM Financial: SEBI confirms ban on managing public debt issues until 2025</a> &nbsp;
The overall headline parameters were looking good, but there was "clear evidence" of dilution of underwriting standards, lack of proper appraisals and a mentality to join the bandwagon for driving up the unsecured lending among some lenders, he added.
"We thought if left unattended, these vulnerabilities can become a bigger problem. So, we thought it is better to act in advance and slow down the credit growth," Das said.
He expressed satisfaction that the RBI's action has had the desired impact, as the growth in unsecured lending has indeed slowed down.
Das said the growth in credit card portfolios has slowed down to 23 per cent from 30 per cent before the Reserve Bank of India (RBI) action, while growth in bank lending to Non-Banking Finance Companies (NBFC) has slowed to 18 per cent from the earlier 29 per cent.
It can be noted that on November 16 last year, the RBI increased risk weights on unsecured lending and exposure to NBFCs, which will make banks set aside larger amounts of capital on such assets.

According to the latest RBI bulletin, total remittances under the scheme stood at 2.28 billion dollars in April 2024, a 1.98% decrease from 2.3 billion dollars in April 2023

Travel leads Forex spending abroad: RBI Data

According to the latest RBI bulletin, total remittances under the scheme stood at 2.28 billion dollars in April 2024, a 1.98% decrease from 2.3 billion dollars in April 2023

Outward remittances under the Reserve Bank of India&rsquo;s Liberalised Remittance Scheme or LRS fell nearly 2% in April 2024 compared to the same period last year, due to a decline in remittances for the maintenance of close relatives and deposits.
Despite this overall decline, remittances for international travel, the largest component, increased by 4.04% year-on-year to 1.14 billion dollars.
Also read/watch - <a title="India's wealth to increase tenfold over next 50 years: NSE Chief Ashishkumar Chauhan" href="https://www.editorji.com/business-news/india-s-wealth-to-increase-tenfold-over-next-50-years-nse-chief-ashishkumar-chauhan-1718874537321">India's wealth to increase tenfold over next 50 years: NSE Chief Ashishkumar Chauhan</a>
Additionally, investment in equity and debt rose by 20% to around $99 million year-on-year, partially offsetting the decrease in other areas. According to the latest RBI bulletin, total remittances under the scheme stood at 2.28 billion dollars in April 2024, a 1.98% decrease from 2.3 billion dollars in April 2023.
During April 2024, remittances for the maintenance of close relatives dropped to 391.69 million dollars from 449.38 million dollars in April 2023.

The Commissioner for Cooperation and Registrar of Cooperative Societies in Maharashtra has been instructed to issue an order to wind up the bank and appoint a liquidator

RBI cancels licence of City Co-operative Bank, orders liquidation

The Commissioner for Cooperation and Registrar of Cooperative Societies in Maharashtra has been instructed to issue an order to wind up the bank and appoint a liquidator

The Reserve Bank on Wednesday cancelled the licence of The City Co-operative Bank, Maharashtra for lacking adequate capital and earning prospects.
The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been asked to issue an order for winding up the bank and appoint a liquidator, RBI said.
According to RBI, the cooperative bank ceases to carry on banking operations with effect from the close of business hours on June 19, 2024.
Also read/watch - <a title="Human rights commission issues notice to Centre over anti-labour practices in Amazon's Manesar warehouse" href="https://www.editorji.com/business-news/human-rights-commission-issues-notice-to-amazon-india-over-anti-labour-practices-in-manesar-warehouse-1718859516071">Human rights commission issues notice to Centre over anti-labour practices in Amazon's Manesar warehouse</a>
On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh only from Deposit Insurance and Credit Guarantee Corporation (DICGC).
"As per the data submitted by the bank, about 87 per cent of the depositors are entitled to receive full amount of their deposits from DICGC," RBI said.
As on June 14, 2024, DICGC has already paid Rs 230.99 crore of the total insured deposits based on the willingness received from the depositors concerned of the bank.
Giving details, RBI said the Mumbai-based cooperative bank does not have adequate capital and earning prospects.
"The bank with its present financial position would be unable to pay its present depositors in full," it said, and added that public interest would be adversely affected if it is allowed to carry on its banking business any further.
Consequent to the cancellation of its licence, The City Co-operative Bank has been prohibited from conducting the business of &lsquo;banking&rsquo; which includes, among other things, acceptance of deposits and repayment of deposits.&nbsp;

The RBI launched a digital payments intelligence platform to address increasing digital frauds, with a committee chaired by Abhaya Hota overseeing the setup. FY24 saw a 300% rise in fraud cases, but a significant decrease in fraud amounts

RBI to establish digital payments intelligence platform as cyber frauds spike 

<h2>The RBI launched a digital payments intelligence platform to address increasing digital frauds, with a committee chaired by Abhaya Hota overseeing the setup. FY24 saw a 300% rise in fraud cases, but a significant decrease in fraud amounts</h2>

The Reserve Bank of India has launched a digital payments intelligence platform as banks continue to witness a surge in digital frauds.&nbsp;
"Growing instances of digital payment frauds, however, highlight the need for a system-wide approach to prevent and mitigate such frauds. It is, therefore, proposed to establish a digital payments intelligence platform for network level intelligence and real-time data sharing across the digital payments&rsquo; ecosystem," said RBI governor Shaktikanta Das.
<h3>Intelligence panel</h3>
The Reserve Bank of India has also constituted a committee to examine various aspects of setting up the platform. As per Economic Times, the panel will be chaired by Abhaya Hota who played a key role in transforming India into a digital economy as the first chief executive officer of National Payments Corporation of India (NPCI).
Members of the panel would include representatives of NPCI, State Bank of India, HDFC Bank and ICICI Bank. The report also mentioned that Vipin Surelia, head of risk at Visa, Arif Khan, chief innovation officer at Razorpay, Jitendra Gupta, founder of Jupiter, and Pranay Jhaveri, managing director of Euronet, have been appointed as members of this committee from the payment industry.&nbsp;
ET Bureau also reported that the platform will define the operational parameters and processes that will determine the extent to which data will be provided by reporting entities like banks and fintechs.&nbsp;
<h3>Surge in cyber frauds</h3>
As per The Economic Times, an analysis of frauds reported across banks has revealed a significant increase in the number of cases in FY24, with a total of 36,075 cases, marking a nearly 300 per cent rise from the 9,046 cases reported in FY22.
As per RBI's annual report of FY24, the amount involved in these frauds has drastically decreased from Rs 45,358 crore to Rs 13,930 crore. The total value of fraud reported in FY24 saw a 46.7% drop.&nbsp;
The Reserve Bank of India also noted that while private sector banks reported the highest number of fraud cases over the past three years, public sector banks accounted for the majority of the fraud amounts.
Also watch: <a href="https://www.editorji.com/business-news/rbi-urges-banks-to-invest-in-it-infrastructure-to-prevent-outages-1717753389959">RBI urges banks to invest in IT infrastructure to prevent outages</a>

Das added that RBI does not prescribe minimum investment, but banks should invest adequately in IT infrastructure to cut outages

RBI urges banks to invest in IT infrastructure to prevent outages

Das added that RBI does not prescribe minimum investment, but banks should invest adequately in IT infrastructure to cut outages

The Reserve Bank of India or RBI has called on banks to invest adequately in IT infrastructure in line with their business growth and volume to reduce outages.
Speaking at a press conference after the RBI MPC meeting, Governor Shaktikanta Das emphasized that outages are often due to issues within the banks, not at the National Payments Corporation of India or the unified payments interface. Also read/watch - <a title="RBI moved gold reserve from UK to India as there is enough storage capacity: RBI governor Shaktikanta Das" href="https://www.editorji.com/business-news/rbi-moved-gold-reserve-from-uk-to-india-as-there-is-enough-storage-capacity-rbi-governor-shaktikanta-das-1717748929730">RBI moved gold reserve from UK to India as there is enough storage capacity: RBI governor Shaktikanta Das</a>
Das further added that RBI does not prescribe minimum investment, but banks should invest adequately in IT infrastructure to cut outages.
This statement comes after the RBI barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and from issuing fresh credit cards, citing concerns over its IT infrastructure.

RBI moved over 100 tonnes of gold from the UK to domestic vaults, increasing reserves to 822 tonnes by March 31, 2024. It bought 19 tonnes of gold in Q1 2024, exceeding its entire 2023 purchases

RBI moved gold reserve from UK to India as there is enough storage capacity: RBI governor Shaktikanta Das

<h2>RBI moved over 100 tonnes of gold from the UK to domestic vaults, increasing reserves to 822 tonnes by March 31, 2024. It bought 19 tonnes of gold in Q1 2024, exceeding its entire 2023 purchases</h2>

RBI governor Shaktikanta Das while addressing a press meet, told that the gold reserved overseas are brought back into India as there is enough domestic storage capacity. He also mentioned that the quantum of gold overseas had been static for a long time.
<h3>Gold reserve in India</h3>
Last week, the Reserve Bank of India transferred over 100 tonnes of gold from the UK to its vaults within the country. This marked the first time since 1991 that the RBI has augmented its domestic gold reserves.
The relocation is also expected to reduce storage expenses, previously paid to the Bank of England. At present over half of India's gold reserve is situated overseas, primarily with &nbsp;the Bank of England and the Bank of International Settlements, while approximately one-third is stored domestically.
According to RBI's annual data, the central bank's gold reserves as part of its foreign exchange reserves stood at 822 tonnes as of March 31, 2024, up from 795 tonnes during the same period last year.
According to the latest note by the World Gold Council (WGC), the RBI bought 19 tonnes of gold in the first quarter of the current calendar year 2024 (Q1-CY24 / Q4-FY24). This dwarfs the 16 tonnes of gold it bought in the whole of 2023.
The RBI started buying gold in the calendar year 2018. Before that, it had purchased 200 tonnes in 2009 during the global financial crisis.
[With PTI inputs]
Also watch: <a href="https://www.editorji.com/business-news/rbi-moves-100-tonnes-of-gold-from-uk-to-domestic-vaults-1st-time-since-1991-1717147581892">RBI moves 100 tonnes of gold from UK to domestic vaults, 1st time since 1991</a>

The RBI introduced an auto-reload feature for UPI Lite wallets under the e-mandate framework, eliminating the need for manual recharges

RBI launches auto wallet reload option for UPI lite 

<h2>The RBI introduced an auto-reload feature for UPI Lite wallets under the e-mandate framework, eliminating the need for manual recharges</h2>

The Reserve Bank of India has launched a new feature in UPI Lite, by which the wallet can be automatically reloaded under the e-mandate framework. This new facility enables customers to automatically reload their UPI Lite wallet when the balance falls below a certain threshold set by the user.
<h3>UPI wallet reload</h3>
At present, customers can load up to Rs 2000 and make payments up to Rs 500 per transaction using UPI Lite wallet. With this new auto reload feature, users will not have to manually recharge their wallet. Instead, it will automatically top up from their bank account, ensuring a seamless payment experience. Any pre-debit notifications or additional authentication would not be required as the funds move from the customer's bank account to the wallet.
The Reserve Bank of India in a note said that this update is based on feedback from various stakeholders and aims to make UPI Lite more convenient.&nbsp;
RBI, for the 8th consecutive time left the repo rate unchanged at 6.5%. It has projected the GDP growth for FY25 at 7.2% and CPI inflation at 4.5%.
Also watch: <a href="https://www.editorji.com/business-news/rbi-credit-policy-repo-rate-unchanged-at-6-5-for-8th-time-in-a-row-1717734901683#google_vignette">RBI Credit Policy: Repo rate unchanged at 6.5% for 8th time in a row</a>

RBI Monitary Policy April 2024: This is the 7th time in a row that the RBI monetary policy committee has maintained the status quo on the interest rates keeping it unchanged at 6.5%

RBI Credit Policy April 2024: Repo rate unchanged at 6.5% for 7th time in a row 

This is the seventh time in a row that the RBI monetary policy committee has maintained status quo on the interest rates keeping it unchanged at 6.5%

RBI Credit Policy: Repo rate unchanged at 6.5% for 7th time in a row 

<h2>This is the seventh time in a row that the RBI monetary policy committee has maintained status quo on the interest rates keeping it unchanged at 6.5%</h2>

RBI Monetary Policy Meet April 2024: In the first Monetary Policy meet for the financial year 2024-25 the Reserve Bank of India has kept the repo rate unchanged at 6.5% for the seventh time in a row. The Central Bank has also maintained the withdrawal of accommodation stance which means the RBI has decided to reduce the money supply in the system to rein in Inflation.
The RBI had increased the repo rate in the last quarter of FY23 by 25 basis points &nbsp;under the liquidity adjustment facility. Since then the interest rate has been kept unchanged.The RBI has also maintained the SDF rate at 6.25% and MSF rate at 6.75%.
<h3>RBI Governor on Inflation</h3>
RBI governor Shaktikanta Das mentioned that the MPC remains vigilant to the upside risks to inflation, that may derail the path of disinflation. He added that the monetary policy must continue to be actively disinflationary to ensure anchoring of inflation expectations and fuller transmission of the past, monetary policy actions. The MPC will remain resolute in its commitment to aligning inflation, to the target, he said.
<h3>Economic Projections</h3>
GDP growth for 2024-25 has been projected at 7% while CPI inflation for the same period is projected at 4.5%. India's GDP growth rate in the quarter ended December 2023 stood at 8.4% which was above RBI&rsquo;s estimates. In the February policy too, RBI had projected India&rsquo;s GDP to grow at 7% in FY25.&nbsp;
Also Watch: <a href="https://www.editorji.com/business-news/rbi-defers-implementation-of-directions-on-currency-derivatives-to-may-3-1712291393678">RBI defers implementation of directions on currency derivatives to May 3</a>

According to RBI's annual data, the central bank's gold reserves as part of its foreign exchange reserves stood at 822 tonnes as of March 31, 2024, up from 795 tonnes during the same period last year

RBI moves 100 tonnes of gold from UK to domestic vaults, 1st time since 1991

According to RBI's annual data, the central bank's gold reserves as part of its foreign exchange reserves stood at 822 tonnes as of March 31, 2024, up from 795 tonnes during the same period last year

The Reserve Bank of India has transferred over 100 tonnes of gold from the UK to its vaults within the country.
This marks the first instance since 1991 that the RBI has augmented its domestic gold reserves, according to a Times of India report. The TOI report further added that the relocation is expected to reduce storage expenses, previously paid to the Bank of England.
Currently, more than half of the RBI's gold holdings are situated overseas, primarily with the Bank of England and the Bank of International Settlements, while approximately one-third is stored domestically. Also read/watch - <a title="Jio Financial services launches beta version of 'JioFinance' app" href="https://www.editorji.com/business-news/jio-financial-services-launches-beta-version-of-jiofinance-app-1717139385252">Jio Financial services launches beta version of 'JioFinance' app</a>
According to RBI's annual data, the central bank's gold reserves as part of its foreign exchange reserves stood at 822 tonnes as of March 31, 2024, up from 795 tonnes during the same period last year.
According to the latest note by the World Gold Council (WGC), the RBI bought 19 tonnes of gold in the first quarter of the current calendar year 2024 (Q1-CY24 / Q4-FY24). This dwarfs the 16 tonnes of gold it bought in the whole of 2023.
The RBI started buying gold in the calendar year 2018. Before that, it had purchased 200 tonnes in 2009 during the global financial crisis.&nbsp;

RBI's balance sheet reached Rs 70.48 lakh crore, surpassing Pakistan and Bangladesh's GDPs put together. The balance sheet grew by 11.08% in FY24

RBI's balance sheet at Rs 70.48 lakh crore surpasses Pakistan, Bangladesh's combined GDP

<h2>RBI's balance sheet reached Rs 70.48 lakh crore, surpassing Pakistan and Bangladesh's GDPs put together. The balance sheet grew by 11.08% in FY24</h2>

The Reserve Bank of India's balance sheet with Rs 70.48 lakh crore has surpassed the entire GDP of Pakistan and Bangladesh. In terms of USD, RBI's balance sheet is equivalent to $844.76 billion. According to World Bank data, cited by Business Today, Pakistan's GDP stands at $375 billion, while Bangladesh's GDP is valued at $460 billion.&nbsp;
<h3>RBI's balance sheet&nbsp;</h3>
RBI in its annual report disclosed an 11.08% increase in its balance sheet for FY24, underscoring a significant expansion in the RBI's financial position.
In the annual report, RBI has also stated that the Indian economy is navigating the drag from an adverse global macroeconomic and financial environment. It further added that the Indian economy is well placed to step up growth trajectory over the next decade in an environment of macroeconomic and financial stability.
"As headline inflation eases towards the target, it will spur consumption demand especially in rural areas," it said.
The report mentioned that the external sector's strength and buffers in the form of foreign exchange reserves will insulate domestic economic activity from global spillovers. However it also raised caution over geopolitical tensions, geoeconomic fragmentation, global financial market volatility, international commodity price movements and erratic weather developments posing downside risks to the growth outlook and upside risks to the inflation outlook.
Also watch: <a href="https://www.editorji.com/business-news/goldman-sachs-ups-india-s-2024-gdp-growth-projection-to-6-7-expects-rbi-rate-cut-in-q4-1716893200531">Goldman Sachs ups India's 2024 GDP growth projection to 6.7%; expects RBI rate cut in Q4</a>

The RBI attributed India's robust GDP growth to strong investment demand, supported by healthy balance sheets of banks and corporations, the government's focus on capital expenditure, and prudent monetary, regulatory, and fiscal policies

RBI annual report: Projects 7% real GDP growth for FY25

 annual report: Projects 7% real GDP growth for FY25

The RBI attributed India's robust GDP growth to strong investment demand, supported by healthy balance sheets of banks and corporations, the government's focus on capital expenditure, and prudent monetary, regulatory, and fiscal policies

Indian economy is likely to grow at 7 per cent in the current fiscal year starting April, the Reserve Bank of India (RBI) said in its annual report released on Thursday.
The Indian economy, it said, expanded at a robust pace in 2023-24 (April 2023 to March 2024 financial year), with real GDP growth accelerating to 7.6 per cent from 7.0 per cent in the previous year &ndash; the third successive year of 7 per cent or above growth.
"The real GDP growth for 2024-25 is projected at 7.0 per cent with risks evenly balanced," it said.
The economy, it said, showed resilience in FY24 despite persistent headwinds. 
The size of Reserve Bank's balance sheet increased by 11.08 per cent to Rs 70.47 lakh crore as on March 2024, leading to the highest-ever dividend payout to the government, according to the central bank's annual report.
In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as on March 2023.
The central bank's net income stood at Rs 2.11 lakh crore at end-March 2024 after making a provision of Rs 42,819.91 crore, significantly down from Rs 1,30,875.75 crore in the preceding fiscal. The amount made towards provisioning is transferred to Contingency Fund (CF).
The net income during 2022-23 was Rs 87,420 crore.
Like 2022-23, no provision was made towards Asset Development Fund (ADF) during the year under review.&nbsp;

rbi

Categories