The Reserve Bank of India is India's central banking institution, which controls the issuance and supply of the Indian rupee. Until the Monetary Policy Committee was established in 2016, it also controlled monetary policy in India.
Thousands of Sri Guru Raghvendra Sahakara Bank depositors on Monday thronged the Sri Guru Narasimha Kalyanamandira auditorium to seek clarification and assurance on the safety of their deposits.
At a public meeting here of thousands of worried bank customers, Sri Guru Raghavendra Sahakara Bank Chairman K. Ramakrishna on Monday said that depositors' money with the bank is "one hundred per cent safe".
Ind continue to have positive views of the nation's economy even though the growth parameters have plummeted to six-year lows and unemployment and price rise continue to affect common citizens, according to -CVOTER State of the Nation Poll 2020.
Lower trade deficit, along with higher remittances, aided in narrowing India's current account deficit to $6.3 billion in Q2 of 2019-20.
The current inflationary trend was still at a benign stage, said Finance Secretary Rajeev Kumar, here on Monday.
Concerns over Stagflation as well as macro-economic wholesale inflation data and global liquidity flows will determine the key equity market moves during the upcoming week, experts said.
Lesser chances of rate cut in February on the back of rising inflation along with premium valuations and fears of a prolonged economic slowdown dragged the Indian equity markets lower on Friday.
West Bengal Chief Minister Mamata Banerjee on Thursday said that there was a scarcity in all aspects of the Indian economy and the citizens are 'scared' and not sure about what to do in the current situation.
As the Reserve Bank of India (RBI) revised gross domestic product (GDP) growth projection for the current financial year 2019-20 to 5 per cent from its earlier forecast of 6.1 per cent, former Finance Minister and senior Congress leader P Chidambaram said that this is "unprecedented".
With a slowing economy and low economic sentiments, investors in the Indian equity market are eagerly awaiting the RBI Monetary Policy Committee's (MPC) decision on lending rates, which is scheduled to be announced on Thursday.