Sanjay Malhotra
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Rupee gains sharply as RBI unveils steps to attract foreign investors
Giving a major boost to the rupee, Reserve Bank of India (RBI) governor Sanjay Malhotra on Friday announced several steps to attract foreign capital at a time when the US-Iran conflict is putting pressure on India’s external sector resilience. The rupee gained 50 paise against the US dollar on Friday, strengthening to 95.24 after the RBI unveiled measures aimed at easing investment norms for foreign portfolio investors in government securities. Currency market participants said investor...
Will India finally get plastic banknotes? RBI's polymer currency plan explained
NEW DELHI: Reserve Bank of India Governor Sanjay Malhotra on Friday said the central bank is considering a proposal to introduce polymer currency notes in India, though the idea remains at a preliminary stage and no final decision has been taken yet. Addressing the media after the Monetary Policy Committee (MPC) meeting, Malhotra said, "Polymer note is under consideration. We are examining the pros and cons.
RBI cuts growth, hikes inflation forecast as West Asia crisis bites
Caught between a slowing economy and the risk of a fresh price spiral triggered by the conflict in West Asia, the RBI on Friday left the repo rate unchanged at 5.25%, cut its growth forecast for FY27 and raised its inflation projections, while signalling that the inflation threat could broaden economy-wide beyond fuel and commodities if supply-side pressures persist. Governor Sanjay Malhotra stopped short of tightening policy but left little doubt that the central bank is wary of what it...
India Rate-Hike Bets Build as Pricey Oil, Weak Rupee Stoke Inflation Risks
The Reserve Bank of India (RBI) logo at the central bank's headquarters in Mumbai, India, on Wednesday, Aug. 6, 2025. RBI Governor Sanjay Malhotra said the country contributes more to global growth than the US, responding to President Donald Trump’s recent remark dismissing the South Asian nation as a “dead” economy. Photographer: Dhiraj Singh/Bloomberg
Like Indonesia, India's central bank may hike rates to defend its currency
India's central bank may defy expectations that it will leave its benchmark interest rate unchanged during its monetary policy decision meeting on Friday. The majority of economists polled by CNBC expect the Reserve Bank of India to keep rates unchanged at 5.25% while signaling a rate hike may only occur towards the end of the year. A minority expect policymakers to act at this week's meeting in a bid to anchor the rupee, which has depreciated to record lows against the dollar.
India holds rates, ramps up measures to support faltering rupee
India holds rates, ramps up measures to support faltering rupee MUMBAI, June 5 : The Reserve Bank of India held its policy rate steady on Friday and unveiled steps to pull in dollars, seeking to shore up an embattled rupee as the economy grapples with costly oil and foreign outflows. The measures include scrapping capital gains tax for foreign holders of government bonds, sweetening dollar deposit schemes for non-resident Indians, and subsidising hedging costs for offshore borrowing. The...
India's cenbank cuts growth outlook, raises inflation forecast as it keeps rates steady at 5.25%
India's central bank on Friday held interest rates at 5.25% at a time when surging global energy costs have hammered its currency, while the Iran war risks accelerating inflation. The Reserve Bank of India was widely expected to keep rates steady, as per economists polled by both Reuters and CNBC. RBI raised its inflation projection for the financial year ending March 2027 by 50 basis points to 5.1%, while tempering the economy's growth forecast to 6.6% for the year, down from 6.9% projected...
At 7.7%, India's GDP growth in FY26 beats slowdown predictions; but will the momentum continue?
India’s economy continues to defy all growth projections. At 7.8%, India’s GDP growth for the fourth quarter of FY 2025-26 beat all estimates by a wide margin. Retaining its tag of being the fastest growing major economy, India grew at a robust 7.7% in FY26, exhibiting fundamental strength in a quarter that was partially affected by the US-Iran war.
RBI to fully absorb forex risks, inflows may see $50bn boost
MUMBAI: Reserve Bank of India has opened the dollar tap by taking on the currency risk itself to draw in overseas money, while nudging state-owned borrowers to look abroad for cheaper funds. RBI will not charge any premium for swapping dollars raised through foreign currency non-resident bank FCNR(B) deposits, effectively absorbing the entire forex risk and allowing banks to offer higher returns to NRIs. In addition, FCNR(B) deposits of three to five years will be exempt from the cash...
Iran war impact: RBI likely sold $12bn gold reserves to shield foreign currency assets
Amid the ongoing US-Iran conflict, the Reserve Bank of India may have sold some of its gold holdings to protect foreign exchange reserves from the economic fallout of the Middle East situation, according to a report. India, the world's third-largest importer of crude oil, is facing mounting pressure on its foreign exchange resources as the conflict in the Middle East pushes up energy costs and weakens the domestic currency. To limit the impact of these external shocks, the government has...