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The Latest Breaking News from RBI

Delhi High Court orders winding up of Paytm Payments Bank after RBI licence cancellation

Paytm Payments Bank Limited is set for closure as per the directive from the Delhi High Court, resulting from the Reserve Bank of India's earlier cancellation of its banking license. Reasons cited include failure to meet compliance regulations and negative impacts on depositors. Now, with Girikumar M Nair named as…

The Economic Times

Rupee clings to two-week high as oil slides, intervention helps cement rise

The Indian rupee experienced a significant rebound on Tuesday, intensifying to its strongest position in two weeks. The decline in oil prices and the potential intervention by the central bank played crucial roles in this uplift, with state-run banks actively selling dollars to stabilize the currency. The Reserve Bank of…

The Economic Times

Hold US stocks under LRS? Here’s why you may not be able to gift them to NRI children

Indian residents cannot gift US shares purchased through the LRS route to their NRI children. The liberalised remittance scheme requires sale proceeds to be repatriated within 180 days. US stocks held under LRS may face US estate tax upon the investor's death. Indian residents can reduce this exposure by investing…

The Economic Times

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HSBC wins $5.5 billion of NRI deposits via leveraged strategy

HSBC has mobilised about $5.5 billion in non-resident Indian deposits by offering highly leveraged loans under the RBI's FCNR(B) window, outpacing global rivals. The strategy has helped attract diaspora wealth, contributing to the roughly $32 billion raised by Indian banks through foreign currency deposits.

The Economic Times

Plastic notes in India coming soon: Why govt wants polymer banknotes, which countries use them and how these currencies help

Why is the RBI introducing plastic notes?The government's approval for RBI polymer notes has renewed focus on why RBI plastic notes are needed. Polymer banknotes last two to six times longer than paper Indian currency, reduce printing and replacement costs, improve durability, lower environmental impact and are already used by…

The Economic Times

Weak investments, higher oil prices to slow India's GDP growth to 6.6% in FY27: Poll

India's economic growth is projected to slow significantly this fiscal year. Private investment remains weak, and higher oil prices will impact domestic demand. Economists suggest official figures may overstate the economy's true underlying strength. Companies hesitate to expand capacity due to demand uncertainty and global factors. The Reserve Bank of…

The Economic Times

Govt approves RBI's trials of ₹10, ₹20 polymer notes; no plan to replace paper currency

The government has approved the Reserve Bank of India's proposal for polymer banknotes. One billion pieces each of ten and twenty rupee polymer notes will undergo field trials. These new notes are expected to be more durable and have a longer lifespan. The introduction of polymer notes is still in…

The Economic Times

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No proposal for one-time waiver of loans of small, marginal farmers: MoS Finance

The government has no current proposal for a one-time loan waiver for farmers. The Reserve Bank of India offers financial restructuring options for distressed borrowers. The government has approved a proposal for polymer banknotes in Rs 10 and Rs 20 denominations. These polymer notes will have a longer lifespan than…

The Economic Times

Rupee logs best day in over 6 weeks as RBI intervention magnifies oil slump impact

On Monday, the Indian rupee experienced its most remarkable trading day in over six weeks, thanks to decisive actions from the central bank and a notable decrease in oil prices. Opening at 96.1475, it surged to a high of 95.7950. The decline in oil prices was further fueled by a…

The Economic Times

RBI to hold rates through 2026 as growth risks outweigh inflation: Poll of economists

Economists predict the Reserve Bank of India will maintain its key interest rate at 5.25% through year-end. This decision comes as the central bank assesses war impacts and current price pressures. Inflation has risen above the target, but a rate hike is considered premature by officials. The RBI will likely…

The Economic Times

India may see up to $85 billion in forex inflows after RBI's FCNR move: Report

India anticipates substantial Foreign Currency Non-Resident deposits, possibly reaching eighty to eighty-five billion dollars. Public sector banks are leading this significant mobilization effort, exceeding previous records. FCNR(B) deposits have already reached seventeen point forty-one billion dollars by mid-July. Higher interest rates are expected to encourage renewals of maturing FCNR deposits.…

The Economic Times

RBI reiterates Indian economy remains resilient, but Iran war, deficient monsoon could pose risks to outlook; will there be rate change in August?

The RBI is widely expected to keep interest rates unchanged at its 5 August policy meeting, making it one of the few central banks in the region that has not changed policy in response to the Middle East conflict. Governor Sanjay Malhotra has indicated that the policy rate is likely…

The Economic Times

PNB profit to cross Rs 20,000 cr mark in FY27: MD Ashok Chandra

Punjab National Bank expects its FY27 net profit to exceed ₹20,000 crore after delivering more than ₹5,000 crore in quarterly profit for four consecutive quarters, Managing Director and CEO Ashok Chandra said. The lender also plans to enter acquisition financing from the third quarter following the RBI's revised guidelines.

The Economic Times

RBI, govt measures could turn India's balance of payments surplus, ease pressure on rupee: HDFC

Recent policy measures may shift India's balance of payments to a surplus. These actions aim to attract significant capital inflows and strengthen the external position. The Reserve Bank of India's initiatives are expected to boost foreign currency deposits. Government securities are becoming more accessible for foreign investors. These developments could…

The Economic Times

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The Economic Times

India's forex reserves rise $1.08 billion to $676.237 billion in week ended July 17

In a notable development, India's forex reserves have increased by over one billion dollars, driven primarily by a growth in foreign currency assets. On the downside, the value of gold reserves has seen a significant decline. Additionally, Special Drawing Rights have experienced a minor upward adjustment, while the reserve position…

The Economic Times

UAE’s top bank to offer $1.5 billion for NRIs investing in RBI's forex deposit program

First Abu Dhabi Bank is offering up to $1.5 billion in financing to non-resident Indians investing in India's foreign-currency deposit scheme, using leverage backed by standby letters of credit. The move supports the RBI's drive to boost forex reserves, with analysts estimating the programme could attract as much as $50…

The Economic Times

RBI intervention blunts oil surge, shores up rupee

The Reserve Bank of India intervened by selling dollars to prevent the rupee from reaching a record low. Surging oil prices and declining stock markets are currently pressuring the Indian currency. Geopolitical tensions in the Middle East are contributing to higher crude oil prices globally. India, heavily reliant on oil…

The Economic Times

Foreign banks show strongest rate transmission in current RBI easing cycle: Bulletin

Foreign banks showed strongest policy easing transmission during the rate-cut cycle. They lowered lending rates more sharply than other bank types. Deposit rates also saw steeper reductions from foreign banks. The Reserve Bank of India reduced its repo rate by 1.25 percentage points. This easing cycle occurred between February 2025…

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The Economic Times

RBI sold $6.1 bn in May as oil weighed on the rupee and foreign inflows showed signs of revival: Bulletin

The Reserve Bank of India sold six point one billion dollars in May. This intervention occurred amid global market volatility and geopolitical tensions. India's external sector remains steady with improving foreign investment inflows. The domestic economy navigated uncertainties well, supported by strong demand. Foreign exchange reserves are comfortable, covering over…

The Economic Times

RBI sold $6 billion in May to defend oil-hit Indian rupee, data shows

The Reserve Bank of India sold $6.1 billion in foreign exchange during May. This intervention occurred as oil prices surged, pushing the rupee to a record low. The central bank also implemented policy measures to encourage dollar inflows into India.

The Economic Times

Rupee languishes at two-month lows as supply worries raise oil prices

The Indian rupee hit a two-month low on Wednesday amid rising oil prices spurred by worries over Middle Eastern supply disruptions. In an effort to contain the rupee's decline, state-run banks stepped in to sell off dollars. Increased energy prices are forecasted to exacerbate inflationary pressures and expand India's deficit.…

The Economic Times

RBI likely used dollar deposit surge to cut record FX forward book, economists say

Reserve Bank of India likely used deposit inflows to reduce its forward book. This action helped the central bank manage its near-term dollar obligations effectively. Economists suggest this strategy offset short-dollar positions in the forward market. Inflows attracted over twenty billion dollars, with most from foreign currency deposits. June data…

The Economic Times

India bonds slip on oil spike, bargain hunters curb losses

Indian government bonds weakened in early trade as oil prices extended gains. Rising crude prices could widen India's trade deficit and stoke inflationary pressure. Bargain buying and state-run bank bids limited the losses in the domestic bond market. Hopes of a peace deal and RBI foreign exchange measures aided sentiment.…

The Economic Times

$17.4 billion flows into FCNR(B) deposits: Which bank offers the best 3-year FCNR(B) FD rate—SBI, PNB, HDFC Bank, ICICI Bank or Canara Bank?

Foreign currency deposits have seen significant inflows after a new RBI scheme. Canara Bank offers the highest 3-year FCNR(B) USD fixed deposit rate. HDFC Bank, Axis Bank, and ICICI Bank offer a 6% interest rate. These deposits are available in various foreign currencies and offer tax exemptions.

The Economic Times

Rupee falls 11 paise to 96.36 against US dollar in early trade

The rupee fell eleven paise to 96.36 against the US dollar on Wednesday. Crude oil prices climbed due to geopolitical tensions and shipping concerns. Investors sought safe-haven assets, increasing demand for the US dollar. Foreign currency inflows are supporting the rupee, while the central bank manages volatility. Domestic equity markets…

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