-PTI/ The Hindu The intent of the move, which was criticised by many experts for poor planning and execution, was to make India a "less cash" economy. Currency with the public has jumped to a new high of ₹30.88 lakh crore as of October 21, illustrating that cash usage is still robust even six years after the demonetisation move. At ₹30.88 lakh crore, the currency with the public is 71.84% higher than the...
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First Time in 20 Years, Currency in Circulation Declines in a Busy Diwali Week: SBI
-The Telegraph In a remarkable development, for the first time in 20 years, currency in circulation (CIC) declined during Diwali week. With the increased acceptance of digital payments in the country, over-reliance on cash is slowly fading away. Over the years, the Indian cash-led economy has now changed to a smart-phone led payment economy, says a research note. In the report, Dr Soumya Kanti Ghosh, group chief economic adviser of State Bank...
More »MSMEs drive growth in bank credit to industry
-Financial Express The credit outstanding to industry stood at Rs 32.4 trillion as of September 23, according to the data. The banking sector lending to industry has picked up, led by disbursals to the micro, small and medium enterprises (MSME) sector. Bank credit to industry improved 12.6% year-on-year in September, compared to a muted 1.7% growth in the same month last year, data released by the Reserve Bank of India (RBI) showed. Banks’...
More »Agri Workers’ Tiny Wage Rise Wiped Out by Inflation -Subodh Varma
-Newsclick.in In the past five years, agri workers’ wage has increased by only about Rs.15 per year. For those leaders of the country who are tearing their hair trying to figure out how to get the economy moving, boost growth, increase investment and create jobs, it would be instructive to look at the plight of the largest economic class in the country – agricultural labourers. Numbering upward of 14 crore, they are...
More »When does RBI step in to monitor a bank? -Prashanth Perumal J
-The Hindu Why has the Reserve Bank of India increased its oversight on Dhanlaxmi Bank? What are the reasons for the Thrissur-based private bank’s assets to be under stress? According to Basel-III norms, what is the capital to risk ratio a bank is required to maintain? What lies ahead? The story so far: The Reserve Bank of India (RBI) has placed Dhanlaxmi Bank under tight monitoring with the Thrissur-based private bank’s financial...
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