RBI’s Latest Moves: MPC Meeting Rescheduled, Forex Reserves Dip & Universal Bank Licensing Decision

Image Source: Gokulam Seek IAS

The Reserve Bank of India (RBI) has released a series of key updates today, covering monetary policy, forex reserves, and banking regulations. The central bank has rescheduled the Monetary Policy Committee (MPC) meeting, signaling potential shifts in policy direction. Meanwhile, India’s forex reserves dipped slightly to $691.49 billion as of May 30, compared to $692.72 billion the previous week, reflecting minor fluctuations in global currency markets.

Additionally, the RBI announced that the federal government had no outstanding loans with the central bank as of May 30, reinforcing fiscal discipline. In banking developments, Annapurna Finance was deemed unsuitable for an in-principle approval to establish a universal bank, as per RBI’s latest assessment under the ‘On Tap’ licensing guidelines.

The RBI also published its Forward-Looking Surveys, offering insights into consumer confidence, inflation expectations, and macroeconomic forecasts. These surveys provide a crucial gauge of economic sentiment and policy outlook.

Key Highlights:

MPC meeting rescheduled, hinting at potential policy shifts.
Forex reserves dip to $691.49 billion, down from $692.72 billion.
Federal government holds no outstanding loans with RBI as of May 30.
Annapurna Finance denied universal bank approval under RBI’s licensing framework.

Source: Moneycontrol | CNBC TV18 | RBI Official Website