India’s central bank

India to remove cash withdrawal limits

Mumbai , India - Arab Today

Limits on cash withdrawals will be removed entirely from March 13, India’s central bank said Wednesday, as it left interest rates on hold for the second time since a ban on high-value rupee notes. The Reserve Bank of India capped cash withdrawals after Prime Minister Narendra Modi’s shock decision in November to take all 500 ($7.40) and 1,000 rupee notesRead more

Indian central bank's admirable role saved rupee from becoming unstable

New York - Arab Today

India’s central bank played an "admirable role" in bringing "incredible" stability to the rupee in the face of demonetisation and global upheavals like Brexit and the US elections, NITI Aayog Vice Chairman Arvind Panagariya has said. "Those who have been critical of demonetisation don't understand what a gigantic task it was to remonetise the economy," Panagariya said at a lectureRead more

India unexpectedly leaves key interest rates unchanged

Mumbai - Arab Today

India’s central bank signalled that its interest-rate easing cycle is coming to an end after unexpectedly leaving borrowing costs unchanged for a second straight meeting while citing sticky inflation. The benchmark repurchase rate was left at a six-year-low of 6.25 per cent, the Reserve Bank of India (RBI) said in a statement in Mumbai on Wednesday. The move was predictedRead more

India’s central bank banned notes on government advice, panel told

New Delhi - ArabToday

Contrary to popular belief, it was the government which had ‘advised’ the Reserve Bank of India to junk Rs500 (Dh27) and Rs1,000 notes on November 7 and the board of the central bank the very next day recommended the demonetisation. In a seven-page note to the Parliament’s Department-Related Committee of Finance headed by Congress leader M. Veerappa Moily, the RBIRead more

India central bank: enough cash available as crowds throng banks

Mumbai/New Delhi - Arab Today

India’s central bank has urged savers to not hoard money as public anger mounted over the government’s shock decision to withdraw large denomination notes in an attempt to clean up the country’s black economy. Thousands of people were again standing outside banks across the country trying to change 500 and 1,000 rupee bills the government abolished on Tuesday, in anRead more