RBI to stay on status quo for the rest of 2017: Here's what experts say

The Reserve bank of India (RBI) has determined to maintain the repo rate unchanged at 6 per cent. The six-member monetary policy Committee (MPC), headed by means of Reserve bank of India (RBI) Governor Urjit Patel, announced hobby rate selection on Wednesday at the same time as providing its fourth bi-annual monetary coverage.

Analysts in large part predicted the significant bank to hold the fame quo, but delivered there could be a price reduce later within the monetary year.
next coverage assembly has been scheduled for December 5.
right here's what professionals have to mention:

Tushar Arora, Senior Economist of HDFC financial institution to Sify.com

"No surprises as such. Going strictly with the aid of the optics of headline inflation is unlikely to result in rate cuts. Room to maneuver will simplest come if the MPC chooses to make use of the +/-2 percent bandwidth and indeed looks through a marginal upward push in inflation above the four percentage stage. I trust this may occur later all through the yr as increase numbers hold to marvel on the downside."
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RBI to introduce Rs 200 note tomorrow, check out its key features

The new Rs 200 currency note will be introduced in the market tomorrow, Reserve Bank of India said on Thursday.

The new denomination has Motif of Sanchi Stupa on the reverse, with bright yellow being the base colour of the note, RBI said in a statement.

Along with the new Rs 200 note, the government has also confirmed a new Rs 50 note. The earlier Rs 50 notes will continue to remain legal tender.

"The Reserve Bank of India will issue on August 25, 2017 Rs 200 denomination banknotes in the Mahatma Gandhi (New) Series, bearing the signature of Urjit R Patel, Governor, RBI from select RBI offices, and some banks," it said.

Here are its salient features
Obverse (Front)
1. See through register with denominational numeral 200
2. Latent image with denominational numeral 200
3. Denominational numeral २०० in Devnagari
4. Portrait of Mahatma Gandhi at the centre
5. Micro letters ‘RBI’, ‘भारत’, ‘India’ and ‘200’
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Note ban: Parliamentary panel calls Urjit Patel again on May 25

RBI Governor Urjit Patel has been asked by a parliamentary panel to appear before it again on May 25 over demonetisation issue after former prime minister Manmohan Singh prevailed over BJP MPs in the panel to call him.

Interestingly, Patel was spared a grilling when he had appeared before the Parliamentary Standing Committee on Finance in January this year after Singh, who himself was RBI governor once, intervened to say that the RBI as an institution needs to be respected and Patel should not be put "odd" questions.

Top sources and members of the committee said that Patel has been asked to appear again before it to brief the members about demonetisation as discussion on it is yet to be concluded.

"BJP members in the panel including Nishikant Dubey were not in favour of calling Patel to appear before the committee, but after members from opposition led by Manmohan Singh insisted, it was decided to call the RBI governor," a member said.

The Committee headed by former Union minister and senior Congress leader M Veerappa Moily had in January also called finance ministry officials besides top RBI officials to discuss the demonetisation of currency notes of Rs 500 and Rs 1,000 and the impact thereof.

As members could not complete their questions, the committee had decided to call RBI Governor and ministry officials again on a later date, after the Budget session.

The sources privy to development said that the members in the panel are likely to ask Patel about how much money has come back into the system.

The members will also inquire as to when banks' operations will be normal.
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Another new note, this time for Rs 200, from RBI on its way?

Are you tired of receiving higher denominations of Rs 2,000 and Rs 500 notes? Or are you still grappling under the effects of demonetisation where Rs 100 notes are a rare sight at Automated teller machines (ATMs)? Worry no more —The Reserve Bank of India (RBI) has cleared a proposal to inject Rs 200 notes around June, 2017.

The development comes after anonymous sources revealed that the decision was taken at the RBI board meeting in March, Live Mint reported.

The move comes against the backdrop of government’s aim to rework the Indian monetary system. An RBI spokesperson declined to comment.

Even though the RBI lifted all cash withdrawal caps from ATM and banks on March 13, 2017, operators say there is a dearth of lower denomination banknotes.

The RBI board has 14 members, including Urjit Patel, four deputy governors, Economic Affairs Secretary Shaktikanta Das.

Narendra Modi government's surprise move on November 8 to scrap Rs 500 and Rs 1,000 notes has posed some temporary trouble for consumers in a cash-dominant economy like India, putting 86 per cent of the currency out of circulation. (READ MORE)

Note ban: You can withdraw Rs 50,000 from your savings accounts from today

Breaking news - The weekly limit on withdrawal of cash from savings bank accounts will be increased to Rs 50,000, from the current Rs 24,000, from Monday, and the limit will be removed from March 13.

"Effective February 20, 2017, the limits from cash withdrawal from savings bank accounts will be enhanced to Rs 50,000 per week from the current limit of Rs 24,000 per week (and) effective March 13, 2017, there will be no limits prescribed by RBI on cash withdrawal from savings bank accounts."

The Government and RBI had imposed limits on withdrawal of money from ATMs and bank branches in view of the currency shortage following demonetisation.

These limits, however, are being gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000. (Read More)

New notes worth Rs 9.2 lakh cr issued so far: Urjit Patel

Latest News - The Reserve Bank of India has injected Rs 9.2 lakh cr ($135.21 billion) worth of new currency notes into the banking system to help replace the notes banned in November, a parliamentary source quoted central bank governor Urjit Patel as saying on Wednesday.

Patel met a parliamentary panel on finance on Wednesday to answer questions about the country's recent move to abolish 500 and 1,000 rupees notes, or 86% of the currency then in circulation, in a bid to unearth billions of dollars of unaccounted money.

About Rs 15.4 lakh crore worth 500 and 1,000 rupees notes were removed from circulation after the Nov. 8 announcement from the government.

Urjit Patel is learnt to have told the parliamentary panel on demonetisation that discussions between the central bank and the government on the process began early last year.

Congress members of the committee asked questions like whose decision was it to withdraw high currency notes and also about autonomy of RBI, sources said.

BJP members of the panel, headed by Congress leader Veerappa Moily, however, chose not to raise much questions during the meeting, they added.

The questions put up by the panel ranged from the total amount of money that came back during the demonetisation period to the total amount of new bills of Rs 500 and Rs 2,000 that were printed and sent to the banks.(Read More)