Currency in circulation has more than doubled since FY16, RBI's Shirish Chandra Murmu says — proof that cash and digital payments are growing together, not apart.
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Currency in circulation has more than doubled since FY16, RBI's Shirish Chandra Murmu says — proof that cash and digital payments are growing together, not apart.
Petrol and diesel prices remained unchanged on Aug. 24 as Brent crude fell $1.22 to $93.17 a barrel and WTI declined to $85.86
The cumulative rainfall deficit narrowed sharply from 35% on June 16 to 12.6% by August 19. The improvement has also been reflected in Kharif sowing, which has recovered considerably after a weak start to the season.
The RBI and the government had launched a series of measures to attract more forex flows into the country last month, including the FCN (B) measure.
Services activity recovered in August, while manufacturing growth slowed to its weakest level in five years, keeping overall private-sector expansion subdued.
Rohit Jain also highlighted that unauthorised entities offering online forex trading are seen to operate outside FEMA and ETP regulation altogether.
Goldman Sachs sees a hawkish shift in the RBI's tone, while Bank of America calls the August policy decision a dovish hold. Both brokerages expect 50 bps of rate hikes in FY27, but differ on the timing and reading of the central bank's latest signals.
RBI Deputy Governor Shirish Chandra Murmu said 176 billion banknotes are currently in circulation in India, despite the rapid adoption of UPI and digital payments.
Industry representatives said the announcements made during Modi's address could help boost investment, employment, innovation and manufacturing, while strengthening India's position as a self-reliant and globally competitive economy.
RBI moves swap deadline up by five weeks as scheme nears $57 billion mark, with SBI Research pencilling in $80-85 billion by close.