The RBI faced a technical glitch in the Automatic Sweep-In and Sweep-Out (ASISO) facility, impacting banks funds visibility. Daily money market data publication was delayed. The RBI is resolving the issue to reconcile banks outstanding transactions. Market participants, bank treasury executives, and sources are monitoring the situation. The glitch occurred before the usual 9 a.m. data publication time.
The Indian elections resulted in a surprise, denying an outright majority to the BJP. Despite this, prospects of strong growth through Narendra Modi s third premiership offer comfort to international businesses, as highlighted by Jose Vinals, chairman of Standard Chartered.
India s sovereign bond market buzzes with the Reserve Bank of India s buyback operation, easing debt repayment pressure and lowering interest costs. The operation injects liquidity into the banking system, influencing monetary policy and interest rate decisions.
GIFT City to launch foreign currency settlement system chaired by K Rajaraman, IFSCA, supported by RBI and Clearing Corporation of India. System to settle US dollar transactions between IBUs in real-time. CCIL subsidiary to operate FCSS, aiming for operation by October 2024. Other currencies may be added later
India Business News: Recent actions by the Reserve Bank of India (RBI) signal a larger dividend transfer to boost government finances. As the government's debt manager, th