Government must fear inflation more than RBI

The release of the minutes of the Monetary Policy Committee shows that at least two members are very worried about inflation.Jayant Verma a vocal external member of the MPC writes: “Indian inflation rates have been consistently well above the midpoint of the tolerance zone for an extended period and are forecast to…

India’s Forex reserves rise to lifetime high of $608 billion

The country’s foreign exchange reserves surged by USD 3.074 billion to reach a record high of USD 608.081 billion in the week ended June 11, the latest data from the Reserve Bank of India (RBI) showed on Friday. The reserves had increased by USD 6.842 billion to USD 605.008 billion in the previous week ended June…

Monetary Policy Committee Needs To Be Watchful On Inflation: Minutes

The monetary policy committee must be watchful of inflation expectations getting entrenched if prices remain elevated for too long, as it could undermine its hard-earned credibility in efficient inflation targeting, MPC member Jayant Varma wrote in the June meeting minutes published on Friday. “To maintain and…

India’s retail inflation spikes to 6.30% in May: Govt data

India CPI Inflation Rate May 2021: India’s retail inflation surged to 6.30 per cent in the month of May, over and above the Reserve Bank of India’s (RBI) threshold of 6 per cent, data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed Monday. The retail inflation,…

India One Of Few Economies To Witness Growth In 2 Consecutive Quarters: Report

According to Department of Economic Affairs, the higher economic growth during the fourth quarter may be linked to the unlocking phase and revival in business that was underway during the period. After the country’s gross domestic product (GDP) grew by 1.6 per cent in the January-March quarter of fiscal 2021,…

RBI slaps Rs 10 crore penalty on HDFC Bank over irregularities in auto loan biz

The RBI said it levied the penalty on HDFC Bank for contraventions of certain provisions of the Banking Regulation Act, 1949. Press Trust of India MumbaiMay 28, 2021UPDATED: May 28, 2021 22:06 IST HDFC Bank (File photo) HIGHLIGHTS The penalty has been imposed after examining a complaint by a whistleblower…