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While India becoming the fifth largest economy in the world is an 'impressive achievement,' there is a need to grow fast to increase the per capita income of the country from the present levels, former Reserve Bank of India governor C Rangarajan said on Saturday. Rangarajan said post Covid-19 and the Russia-Ukraine war, there is a need to lay down a clear roadmap for India's future development and the first and foremost task is to raise the growth rate.
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The Reserve Bank of India (RBI) has issued guidelines to address discrepancies in the practices followed by banks regarding the release of property documents upon loan repayment. The guidelines state that banks must release the documents within 30 days after full repayment, provide compensation for delays, and assist in obtaining duplicate or certified copies in case of loss or damage.
11:12 AM
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The Reserve Bank of India (RBI) has instructed banks and regulated entities to release original property documents and remove charges registered against personal loan borrowers within 30 days of full repayment. This move comes after the RBI identified divergent practices among regulated entities, leading to customer grievances.
4:13 AM
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Retail inflation in India eased in August due to lower food prices, but remained above the Reserve Bank of India's (RBI) comfort level. The consumer price index (CPI) rose 6.8% annually in August, slower than a 15-month high of 7.4% in July. Food inflation also decreased to 9.9% in August from 11.5% in July. However, experts warn that the outlook for food inflation remains uncertain due to factors such as onion prices and delayed sowing of crops.
3:10 AM
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The stressed asset space is losing its allure for international players. Arcion Revitalization, originally promoted by Apollo Global and ICICI Bank, has become the latest firm to relinquish its license for an asset reconstruction company (ARC). In January of this year, Lonestar had surrendered its ARC license. In 2020, amid the pandemic, KKR had abandoned its 'firm' intentions to establish an ARC.
7:11 PM
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The retail inflation for August dipped to 6.83% from 7.44% in July owing to reduction in prices of vegetables, data released by government showed.However, the inflation is still above the Reserve Bank of India's comfort zone threshold of 6%.In July, the inflation had skyrocketed after a sharp prices in prices of food, especially tomatoes, across the country.
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The RBI is likely to launch the pilot of central bank digital currency (CBDC) for transactions for interbank borrowing or call money market by October, the regulator's executive director Ajay Kumar Choudhary said on Sunday on the sidelines of the G20 Leaders' Summit in Delhi.
2:11 AM
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While interacting with reporters on his visit to New Delhi for the G20 summit, World Bank president Ajay Banga said the reforms agenda of the World Bank was wide and includes women, youth, climate and will create a liveable planet.
4:10 PM
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World Bank President Ajay Banga praised India's G20 presidency, stating that the G20 declaration was unanimously adopted by all G20 nations. He commended India for setting a path for the world and emphasized the importance of finding consensus among the developed and developing countries.
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