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New Delhi: India’s foreign exchange reserves have surged to a record high, reaching a new peak of USD 666.85 billion, according to data from the Reserve Bank of India (RBI). The data highlights an increase of USD 9.69 billion in just one week, as of 12 July, surpassing the previous high of USD 657.2 billion….
Mumbai: The Reserve Bank on Monday revised its master directions on fraud risk management to incorporate the recommendations of a Supreme Court judgment which asks banks to hear a borrower before an account is classified as fraud. The central bank said the three revised master directions on fraud risk management are principle-based and strengthen the…
New Delhi: The Reserve Bank of India has made it mandatory that all credit outstanding repayments must be routed through the Bharat Bill Payment System (BBPS)- managed by the National Payments Corporation of India (NPCI). The revised norms to streamline the process of bill payments is applicable from 1 July 2024. Bharat Bill Payment System…
Prime Minister Narendra Modi said skill development and employment are needed in the country and his government is working in this direction. (File Photo/YouTube) Quoting a recent report by the Reserve Bank of India on the employment figure, the Prime Minister asserted the National Democratic Alliance (NDA) government continues to prioritise stability and growth Prime…
New Delhi: The National Payments Corporation of India (NPCI) is set to introduce a new product on UPI that works like a credit card. The RBI has allowed banks to offer credit lines to customers through UPI. Several banks, including Axis, HDFC, ICICI, Indian Bank, and PNB, are already using this product. Customers get a…
New Delhi: Trinamool Congress MP Saket Gokhale took to microblogging site X (formerly Twitter) to say that serious concerns have been raised about “a very strange trend” emerging for the last eight months. Divulging details of the matter, in a post titled ‘Is there a HUGE silver scam being carried out through the GIFT city…
New Delhi: Banks in India are closed on the second and fourth Saturdays of each month as well as on Sundays, national and regional holidays following Reserve Bank of India rules. Customers should plan their banking activities accordingly to avoid any disruptions on these bank holidays. The RBI has classified bank holidays into three categories:…
Mumbai: The number of persons employed in 27 sectors, including agriculture, trade and financial services, increased by 3.31 per cent year-on-year to 59.66 crore in 2022-23, according to data published by the RBI on Monday. During 2021-22, the employment in these 27 sectors stood at 57.75 crore. The Reserve Bank of India (RBI) has placed…
India’s total employment stood at 643.3 million in 2023/24 (Representational) The Reserve Bank Of India said on Monday that India added 46.7 million jobs in the fiscal year ended March, far exceeding numbers in private surveys that point to high unemployment rates. The employment growth rate was 6% in 2023/24 versus 3.2% in 2022/23, the…
New Delhi: Finance Minister Nirmala Sitharaman will present the Union Budget 2024-25 on July 23, as announced by Parliamentary Affairs Minister Kiren Rijiju on Saturday. The Budget Session of Parliament will begin on July 22 and continue until August 12. “Hon’ble President of India, on the recommendation of the Government of India, has approved the…