Given the importance of the banking sector in generating demand and boosting consumption, sources said the meeting with the MD and CEOs of PSBs is considered important.
GIFT City, Indias obstacle-free gateway to the world of exotic and complex global finance, has gained sufficient traction in the past two years to achieve what was considered improbable a decade ago, with tweaks to existing rules helping the facility rival global hubs and draw
Exports have shown consistent month-on-month growth this financial year. Can we now bank on an export-led growth to push us into the economic recovery zone?
The share of the Indian rupee in the global NDF turnover has also increased significantly to 19.4% in 2019 from 12.6% in 2016. It was 14.4% in 2013. “The rise in offshore trading can disrupt the price discovery process of exchange rates in the onshore market,” the research paper said.
In a circular to banks this week, the RBI said that they should monitor the availability of cash in ATMs and ensure that there are no cash-outs. The circular said that banks would be fined Rs 10,000 if there is a cash-out at any ATM for more than 10 hours in a month.