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PM Modi to launch RBI Retail Direct and Integrated Ombudsman Scheme on Friday
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Former RBI Governor D Subbarao made a strong case for setting up a bad bank saying it is not just necessary but unavoidable in the present circumstances when NPAs are likely to balloon and much of the resolution will have to take place outside the IBC framework.
Throwing light on the key aspects to protect the Indian economy amid the coronavirus crisis, RBI governor Shaktikanta Das on Saturday said that RBI has taken several measures to protect the country's financial system and support the economy in the current crisis.
Amid the stressful financial situation existing in India, Finance Minister Nirmala Sitharaman on Thursday reviewed the state of economy at the meeting of the Financial Stability and Development Council (FSDC) in the national capital.
After the last month’s government announcement of introducing Rs 20 coins shaped like a 12 edged polygon with design of grains to depict the country’s agricultural dominance, the Reserve Bank of India on Saturday has notified that it will shortly issue new series of banknotes denominating Rs 20.
The RBI on Thursday, citing the uncertain global economic outlook, lowered the GDP growth forecast for the current fiscal to 7.2 per cent from the earlier estimate of 7.4 per cent aligning to the lowered rate of repo rate by 25 basis points. The repo rate now measures 6 per cent, with the reverse repo rate being 5.75 per cent.
Reserve Bank of India Governor Urjit Patel stepped down from his current position as a RBI Chief. Patel cites personnel reason.
