A Reserve Bank working group today suggested that the short-term lending rate (repo) be made the single policy rate to signal the monetary policy stance, to effectively deal with inflation without hurting growth.
RBI Governor D Subbarao, who was
Finance Secretary when the 2G spectrum allocations were made, Thursday appeared before Parliament`s Public Accounts Committee (PAC) and shared "accurate information" on the controversial issue.
The Patna High Court today issued
notices to RBI, SBI and the central government to file their
respective replies on a PIL complaining "opressive and
capricious acts" of insurance companies in connivance with
India`s central bank is likely to increase for a fourth time this year key policy and interest rates at its quarterly monetary policy review Tuesday to rein in high inflation, as economic growth is now on a firmer track.
The RBI Friday warned banks and financial institutions to strictly follow its guidelines on credit cards regarding transparency in charging interest rates and levying other fees on customers or face penal action.
The RBI directive to banks, asking
them not to honour cheques with overwriting, will come into
effect from December 1 instead of the earlier scheduled date
of July 1, the apex bank said in its latest circular.