-The Hindu In contrast to its pronouncements, the government’s own data suggest the economy is in a deep hole Prime Minister Narendra Modi, in his Independence Day address, spoke triumphantly about how demonetisation drove ?3 lakh crore of unaccounted money into the banking system. The Reserve Bank of India (RBI) is still counting old notes, and unaccounted money cases are ongoing. Thus, this number is at best a guesstimate, and cannot be...
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ATM expansion slows due to note ban -Manojit Saha
-The Hindu Replacement of systems more than 7 years old, Centre’s digital push lead to cutting down on new installations A combination of factors, including cash crunch following demonetisation of high value notes announced in November last, have led to commercial banks cutting down on the number of automated teller machines (ATMs) particularly those not located in branches (off-site ATMs), latest RBI data showed. According to Reserve Bank of India (RBI), there were...
More »India vulnerable to cyber crime, must upgrade defence: Study
-The Times of India NEW DELHI: Demonetisation and the subsequent push for digitisation has escalated risks relating to cyber crime and India needs to urgently upgrade its defences by setting up a cyber security commission on the lines of the Atomic Energy and Space Commissions, according to an IIT Kanpur study shared with Parliament's committee on finance. Noting that the government has initiated a number of programmes to enhance the participation of...
More »Retail inflation dips to record low in June, IIP slows in May
-The Times of India NEW DELHI: Retail inflation dipped to a record low in June on the back of sliding food prices, while industrial output growth slowed in May as manufacturing remained sluggish, mounting pressure on the RBI to cut interest rates when it reviews monetary policy on August 2. Data released by the Central Statistics Office (CSO) on Wednesday showed retail inflation, as measured by the consumer price index (CPI), rose...
More »Declining bank credit indicates poor economic performance
Apart from gross domestic product (GDP) and gross value added (GVA), another indicator which shows whether an economy is thriving or stagnating is the growth in bank credit. Credit is a critical input in the production of goods and services. It is generally the case that during prosperous times, economic actors, who are engaged in different sectors or in various industry, take up bank loans to invest. The provisional data...
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