Monetary reform Current Affairs, GK & News

RBI’s Surplus Transfer

The Reserve Bank of India has transferred a surplus of Rs. 1.76 lakh crores to the Indian Government. This payment, which is equal to 1.25% of the Indian GDP (in nominal rates for 2018-19) aims to provide some breathing space for the Indian government and allow it to make a higher capital expenditure on infrastructure ..

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RBI decides to inject liquidity via forex swaps

The Reserve Bank of India (RBI) has decided to inject rupee liquidity into the system through long-term foreign exchange buy/sell swap — a first-of-its-kind instrument used for liquidity management. The RBI would conduct dollar-rupee buy/sell swap auction of $5 billion for tenor of 3 years on March 26 to inject rupee liquidity for longer duration. ..

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Marshall Islands to become world’s first country to issue digital legal tender “Sovereign”

The Republic of the Marshall Islands (RMI) will become the first sovereign nation to issue a cryptocurrency that will be legal tender. The new currency is called “Sovereign” with the symbol “SOV”. The SOV will be distributed to the public via an Initial Currency Offering (ICO). It will circulate as legal tender in the country, ..

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India’s GDP growth rate forecast for year 2018 is 7.6%

Moody’s Investors Service has recently estimated India’s GDP growth forecast for year 2018 & 2019. In it, it has kept the GDP growth forecast for India in the calendar year 2018 unchanged at 7.6 % and for 2019 at 7.5 %, amid signs of economic recovery from the negative impact of demonetisation and disruption caused ..

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RBI revises Market Stabilisation Scheme (MSS), raises ceiling to Rs. 6L crore

In a major move to deal with extra liquidity created in the system due to the demonetisation drive, the Central government as per the directions of the Reserve Bank of India raised the ceiling on Market Stabilization Scheme from Rs. 30,000 Crores to Rs. 6 Lakh Crores. The Banks saw a huge surge in deposits ..

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