Latest Finance Updates

RBI briefs central board about the impact of monetary steps

Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday briefed the board members about the impact of the various monetary and regulatory measures taken by the central bank to deal with the COVID-19 crisis. Besides other things, the RBI's central board discussed the current macroeconomic situation and evolving challenges being posed by the coronavirus pandemic, the RBI said in a release after the meeting that was held through video-conferencing. "At the outset, the governor and deputy governors briefed the board about the overall macroeconomic conditions -- both domestic and global; financial sector situation; and the impact of various monetary, regulatory and other measures taken by the RBI in the context of the COVID-19 pandemic," the RBI said in a statement. The board also deliberated on the current economic situation and the evolving challenges posed by the pandemic. Among others, it also discussed the RBI's activities during the period (July 2019-June 2020), the Budget for the next accounting year July 2020 to March 2021 (aligned with the government's financial year), other policy and operational matters. The RBI had taken a host of steps, including reduction in the key policy rate and measures to support the industry, to deal with the impact of the outbreak of COVID pandemic. Deputy governors B P Kanungo, Mahesh Kumar Jain and Michael Debabrata Patra and other directors of the central board, and secretaries in the Union finance ministry also attended the meeting. It was the 583rd meeting of the central board of the RBI. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

India's forex reserves decline by over $2 bn

India's foreign exchange reserves fell by $2.078 billion during the week ended June 19. According to the Reserve Bank of India's (RBI's) weekly statistical supplement, the overall forex reserves decreased to $505.566 billion from $507.644 billion reported for the week ended June 12. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF). On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.698 billion to $467.039 billion. Similarly, the value of the country's gold reserves decreased. It fell by $358 million to $32.815 billion. Besides, the SDR value slipped by $6 million to $1.447 billion. The country's reserve position with the IMF declined by $16 million to $4.264 billion.

RBI TO LOOK INTO WHAT WENT WRONG AT YES BANK: SITHARAMAN

Finance Minister Nirmala Sitharaman on Friday said that the government has asked the Reserve Bank to look into what went wrong at Yes Bank The bank was being monitored since 2017 and developments relating to it were being monitored on a day-to-day basis, she said at a press conference. Since 2017, the central bank noticed governance issues and weak regulatory compliance at Yes Bank, besides wrong asset classification and risky credit decisions, she said at a press conference. Since 2017, the central bank noticed governance issues and weak regulatory compliance at Yes Bank, besides wrong asset classification and risky credit decisions, she said