archiveReserve Bank of India

Once thriving, kiosks exchanging damaged currency now dwindle, as digital payments reduce cash use Published Date - 8 April 2025, 08:08 PM Cut note exchange vendors. Photos: Anand Dharmana Hyderabad: The soiled currency notes business is on its last legs. The shops where the soiled currency notes were exchanged for new ones are now dwindling. Once active in markets of the city, a majority of the traders have now shut down the business due to low returns. “People are...

Mumbai: Some of the large banks are blocking plans of Indian promoters to form investment companies abroad.The banks fear such offshore entities are intended to sidestep the curbs on foreign currency remittance and undertake activities which are against the spirit of overseas investment regulations.At least two leading private sector banks have stalled overseas direct investment (ODI) proposals by Indian entities to set up overseas non-banking finance companies (NBFCs), two persons familiar with the discussions with the banks told ET.According to the overseas investment rules, that were framed by the government...

India’s foreign exchange (forex) reserves rose by $305 million to $654.271 billion for the week ending March 14, according to data released by the Reserve Bank of India (RBI) on Friday. This comes after a sharp increase of $15.267 billion in the previous week, marking the highest weekly surge in two years. The recent growth in reserves follows a period of decline due to forex market interventions and revaluation effects aimed at stabilizing the rupee. The RBI’s $10 billion forex swap played a significant role in the previous week’s spike....

New Delhi , March 16 (ANI): India's foreign exchange reserves had their highest weekly gains in over three years in the week ending March 7. Reserve Bank of India data showed that in the week under consideration, foreign exchange reserves rose by USD 15.267 billion to USD 653.966 billion. Forex reserves had slumped for about four months, recently hitting an 11-month low. Then followed the latest rollercoaster movement, with gains some weeks and declines the next. Forex reserves started falling after touching an all-time high of USD 704.89 billion in...