-The Hindu Cash in circulation and ATM withdrawals have only increased, RBI data shows Thursday, November 8, marks the second anniversary of the demonetisation exercise. It was on the same day in 2016 that Prime Minister Narendra Modi announced that ?1,000 and ?500 currency notes would no longer be legal tender. These notes constituted over 86% of the currency in circulation, then. One of the objectives of demonetisation was to move to a...
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Forex reserves fall most since 2011 -Kartik Goyal
-Livemint.com/ Bloomberg Foreign exchange reserves dropped by $5.14 billion in the seven days ended October 12, the biggest weekly decline since November 2011, as the RBI stepped up action to prop up the rupee Mumbai: India made the biggest dent in its foreign exchange reserves in seven years as the central bank stepped up action to prop up Asia’s worst-performing currency. Reserves dropped by $5.14 billion in the seven days ended October 12,...
More »RBI data on Public Sector Banks: In four years, banks' write-off over seven times recovery -Anil Sasi
-The Indian Express Even as the government has been trying to shore up PSB books through equity capital infusion and other measures, stressed assets have registered a steady rise since 2011. New Delhi: Between April 2014 and April 2018, the country’s 21 State-owned banks ended up writing off Rs 3,16,500 crore of loans even as they recovered Rs 44,900 crore written off on a cumulative basis — or less than one-seventh the...
More »Fiscal deficit in April-August at 94.7% of govt's annual target -Asit Ranjan Mishra
-Livemint.com India’s fiscal deficit touched 94.7% of the budgeted target during the April-August period while revenue deficit crossed the budget estimate at 113.8% in the same period New Delhi: Despite a substantial increase in transfer of surplus by the Reserve Bank of India (RBI) to the government, India’s fiscal deficit touched 94.7% of the budgeted target during the April-August period while revenue deficit crossed the budget estimate at 113.8% in the same...
More »Maitreesh Ghatak, Professor of Economics at London School of Economics, interviewed by Tathagata Bhattacharya (National Herald)
-National Herald Maitreesh Ghatak, Professor of Economics at London School of Economics, in an interview to Tathagata Bhattacharya says the government has failed on many counts At the end of the day, it is growth and employment generation via new investment that is key to long-term economic progress. Various welfare schemes are a way of providing a social safety net to the poor in the short-run. It is performance along these two...
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