Reserve Bank of India (RBI) released the report titled “State Finances: A Study of Budgets of 2019-20”, an annual publication that provides information, analysis and an assessment of the finances of state governments. With several states facing state elections this summer, presentation of their final budgets was delayed till July-September 2019. This year’s Report analyses the underlying dynamics of budget estimates (BE) for 2019-20 against the backdrop of actual for 2017-18 and revised (and provisional accounts) outcomes for 2018-19. The Report addresses the theme of “Debt: States’ Medium Term Fiscal Challenges”. A time-series data published in State Finance Reports from 1990-91 is also released along with this Report.
Statement on Developmental and Regulatory Policies released by RBI on 4th October sets out various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening financial markets; and improving the payment and settlement systems.
Reserve Bank of India (RBI) released the notification for application form of Grade B post- Officers General, DEPR and DSIM. The online application has begun from 20th September 2019. RBI Grade B 2019 exam consist of three phases for selection of candidates. Candidates who get selected after Phase-I & Phase-II of the exam are called for the final interview process.
RBI has cut repo rate by a further 25 basis points. This is the fifth straight rate cut as RBI aids government in boosting economy.
Central bank has lowered GDP growth estimate from 6.9% to 6.1%
The Reserve Bank Friday prescribed a turnaround time (TAT) for banks to settle failed transactions for customers and also notified compensations payable for various types of customer complaints.
The NDA government slashed corporate taxes in the boldest economic step yet in its second term in an attempt to awaken animal spirits and revive private investment. Finance Minister Nirmala Sitharaman on Friday slashed corporate tax rates worth ₹1.45 trillion paid by domestic manufacturers, making the country one of the lowest tax regimes in Asia.
The government has asked banks to come up with repo-linked loan products for faster transmission of Reserve Bank’s rate cuts to borrowers.
About a week ago the finance minister, Nirmala Sitharaman announced the consolidation of 10 public sector banks into four mega state-owned ones. Retail customers including account holders of amalgamating banks are likely to get affected.
RBI board accepts Jalan committee recommendation. Amid slowing economic growth and rising global uncertainty, the Reserve Bank of India (RBI) board on Monday approved transfer of Rs 1.76 lakh crore surplus reserves to the central government.
Finance Minister Nirmala Sitharaman announces 4 mega bank mergers. FM said that the creation of next-generation banks was imperative for India to become a $5 trillion economy in the next five years. The reforms in the banking sector come after the government announced a slew of measures to revive growth in the Indian economy.