In a world beset by economic volatility, India has managed to stay the course of high growth and succeeded in moderating inflation.
Gross domestic product, or GDP, growth of 7.6 per cent beat most estimates, including 6.5 per cent projected by the Reserve Bank of India (RBI).
Venkitaramanan was the 18th RBI Governor and served from 1990 to 1992. He has also served as the Finance Secretary in the Ministry of Finance from 1985 to 1989.
A maximum of 10 Rs 2000 notes (Rs 20,000 in value) can be exchanged for smaller denominations through the issue offices.
The growth projection has been retained at 6.5 per cent for the current financial year with risks evenly balanced.
The RBI last month informed that 93 per cent of these currency notes in circulation had returned to the banking system
The banking regulator's action was triggered by KTDFC's inability to repay Rs 130 crore to Sri Ramakrishna Mission based in Kolkata, even months after the expiry of its term.
These directions shall be applicable to all cases where release of original movable or immovable property documents falls due on or after December 1, 2023.
Currently, many REs (Regulated Entities) use penal rates of interest, over and above the applicable interest rates, in case of defaults/ non-compliance by the borrower.
This decision is aimed at protecting borrowers from negative amortisation in light of increasing interest rates.