Rupee jumps 39 paise to 94.89 against US dollar ahead of RBI MPC decision
Forex traders said investors are closely awaiting the upcoming RBI monetary policy decision for further cues. At the interbank foreign exchange market, the rupee opened at 94.90, then touched 94.89, registering a gain of 39 paise from its previous close. On Tuesday, the rupee closed at 95.28 against the American currency. Meanwhile, the dollar index, […]
Nabard withdraws ₹8,000 crore bond issue as investors seek higher yields
The National Bank for Agriculture and Rural Development (Nabard) on Tuesday withdrew its bond issue after investors demanded a higher cut-off than the issuer was willing to accept, with market participants attributing the rise in yields to the large issue size. The company was planning to raise ₹8,000 crore through five-year bonds. Bid book data […]
Sebi mulls depository receipts against REIT, publicly listed InvIT units
Markets regulator Sebi on Tuesday proposed allowing issuance of Depository Receipts (DRs) against units of Real Estate Investment Trusts and publicly listed Infrastructure Investment Trusts to widen investment options for overseas investors and attract foreign capital. Depository Receipts are foreign currency-denominated instruments issued by a foreign depository in a permissible jurisdiction against securities deposited with […]
RBI MPC lowers FY27 inflation forecast to 5%, projects GDP growth at 6.7%
The Reserve Bank of India (RBI), in its August monetary policy review, lowered FY27 consumer price index (CPI) inflation forecast to 5 per cent from 5.1 per cent, while raising real GDP growth projection to 6.7 per cent from 6.6 per cent. The RBI revised down its FY27 CPI inflation forecast by 10 basis points […]
BCRC seeks dedicated equity fund and wider access to RBI support schemes
In a recent meeting, the Business Correspondent Resource Council (BCRC) requested the RBI to create a special equity fund for BC agents, similar to the Microfinance Equity Fund. They also asked for support from existing funds to help agents afford essential digital tools like micro-ATMs, biometric devices, and cash machines. BCRC highlighted that high equipment […]
HDFC Bank raises 3-5 year FCNR(B) dollar deposit rate by 25 bps to 6.25%
India’s largest private sector lender, HDFC Bank, has raised the interest rate on its three- to five-year Foreign Currency Non-Resident (Bank) [FCNR(B)] dollar deposits by 25 basis points (bps) to 6.25 per cent from 6 per cent, effective August 1, as banks intensify efforts to mobilise foreign currency deposits under the Reserve Bank of India’s […]
RBI appoints Monisha Chakraborty as executive director from August 3
The Reserve Bank of India (RBI) has appointed Monisha Chakraborty as executive director (ED) with effect from August 3, 2026. Before her promotion as ED, she served as chief general manager-in-charge in the Department of Supervision. As executive director, Chakraborty will oversee the Foreign Exchange Department and the Financial Markets Regulation Department.A career central banker, […]
Private banks step up FCNR (B) mobilisation with higher deposit rates
With only two months remaining before the Reserve Bank of India’s (RBI) concessional FCNR(B) swap window closes, private sector banks are now actively increasing efforts to attract deposits. Earlier, foreign banks and State Bank of India (SBI) had led the inflows. To boost participation, major private banks like HDFC Bank and ICICI Bank have raised […]
Chandigarh tops RBI ombudsman grievances rates in FY25
The Reserve Bank of India (RBI) Deputy Governor Swaminathan J has asked banks and financial institutions to improve their internal complaint handling systems. He pointed out that many complaints reaching the RBI Ombudsman were not first handled by the institutions themselves. As per the updated Integrated Ombudsman Scheme (from July 1), customers must first raise […]
Zero PSB locker thefts in FY26: How bank lockers are secured in India
For the first time in five years, public sector banks (PSBs) reported no locker theft cases in 2025-26, according to the government. This marks a significant improvement after the country’s 12 PSBs reported 40 established locker theft cases between 2021-22 and 2024-25. In a written reply to a question in the Rajya Sabha, Minister of […]