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What is strange is the missing line in the last two RBI reports: ‘Acting as the lender of last resort’ - a classical and inseparable function of any central bank; institutionalized since the Great Depression, it gives a monetary authority the power to throw a lifeline to a bank or financial institution to avert a domino effect and full-blown crisis. ....
View: The curious case of RBI s missing functions Synopsis What is strange is the missing line in the last two RBI reports: ‘Acting as the lender of last resort’ - a classical and inseparable function of any central bank; institutionalized since the Great Depression, it gives a monetary authority the power to throw a lifeline to a bank or financial institution to avert a domino effect and full-blown crisis. No one seems to know how or why a change crept into the annual report of the Reserve Bank of India (RBI). A line was dropped, and an old one was tweaked in the list of RBI’s ‘main functions’ which appear in an innocuous paragraph that had remained unchanged for years. ....
RBI Annual Report: On the industrial sector, the central bank said that gross value addedgrowth in the industry contracted sharply by 7.4 per cent. ....
Notes in circulation go up due to cautionary holding of cash amid COVID-19 pandemic: RBI In value terms, the share of Rs 500 and Rs 2,000 banknotes together accounted for 85.7 per cent of the total value of banknotes in circulation as on March 31, 2021, as against 83.4 per cent as on March 31, 2020 PTI | May 27, 2021 | Updated 16:18 IST The Reserve Bank of India on Thursday said banknotes in circulation witnessed higher than average increase during 2020-21, on account of precautionary holding of cash by people due to the COVID-19 pandemic, and its prolonged continuance. The value and volume of banknotes in circulation increased by 16.8 per cent and 7.2 per cent, respectively, during 2020-21, as against an increase of 14.7 per cent and 6.6 per cent, respectively, witnessed during 2019-20, said the RBI annual report. ....