Reserve Bank of India – BOL News Staging

India and UAE Strengthen Economic Ties with Rupee-Based Commerce Deal

July 16, 2023 by Muhammad Sher

The deal aims to reduce transaction costs and avoid currency conversions. Bilateral trade between India and UAE reached $84.5 billion in the last fiscal year. India may make its first rupee payment for UAE oil to ADNOC. India has inked a deal with the UAE to settle commerce in rupees rather than dollars, supporting India’s … Read more

India inflation slowed to 6.73pc in October, still above RBI’s tolerance zone of 6pc

November 10, 2022 by Muzzammil Mehboob

Inflation in India slowed to 6.73 percent in October but remained stubbornly above 6%. The Reserve Bank of India’s tolerance zone for inflation is between 2% and 6%. This keeps the possibility of the RBI increasing interest rates open. India consumer price inflation slowed to 6.73 percent in October due to weaker food price increases … Read more

India might introduce its first digital currency programs by Dec 2021

August 27, 2021 by Syed Ahad

According to representatives, RBI, the Reserve Bank of India might introduce its first-ever digital currency programs by December 2021,

The RBI (Reserve Bank of India) is very curious about the Central Bank Digital Currency (CBDC) since it is totally a new invention.

As per the governor, the bank is investigating different features of a digital currency including its safety, effect on the financial sector of India along how it will affect monetary policy and currency.

The central bank is also discovering the choice between having a centralized ledger for the digital currency or the distributed ledger technology (DLT). The bank is developing a digital currency implementation strategy that will be phased over time.

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India intends to make its central bank’s digital currency model public

August 9, 2021 by Syed Ahad

By the end of this year, the bank would be capable to come up with a central bank digital currency (CBDC) model, said the deputy governor of the central bank of India, the Reserve Bank of India (RBI).

At the press conference that was held at the post-Monetary Policy Committee (MPC), Deputy Governor T. Rabi Sankar told that by the end of this year the RBI may reveal a model of a central bank digital currency (CBDC).

He described, without providing additional facts:

It is necessary to make business decisions based on rapidly evolving technologies, and therefore it’s difficult to put a date, in the near future we would be able to come up with a model, maybe by the end of this year.

The deputy governor continued: “We are evaluating the issue of scope, technology, distribution and validation mechanism, etc.”

Last month, he publicized that the central bank was working on a “phased implementation strategy” for CBDC of India and also “examining use cases which could be implemented with little or no disruption to India’s banking or monetary systems.”

Over 90% of global GDP is represented by 81 countries that are considering introducing their own central bank digital currencies.

Bank of International Settlements (BIS), the World Bank, and the International Monetary Fund (IMF) said CBDCs “have the potential to enhance the efficiency of cross-border payments, as long as countries work together.”

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India enters into historic recession as GDP contracts 8.6 percent

November 12, 2020 by Web Desk

The Indian economy shrank drastically in the first quarter of 2020 amid the coronavirus as the Reserve Bank of India (RBI) in its latest publication released high-frequency data. According to the report, “India has entered a technical recession in the first half of 2020-21 for the first time in its history.” Gross Domestic Product GDP … Read more

Reserve Bank of India likely to cut interest rates despite inflationary pressures

August 5, 2020 by Arhama Altaf

India’s worsening economic outlook as coronavirus cases soar has raised the chance the central bank will cut interest rates at its policy review on Thursday, in spite of inflationary pressures. Around two-thirds of economists expect the Reserve Bank of India (RBI) to cut the repo rate INRREPO=ECI by another 25 basis points (bps) on August … Read more

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