In the wake of slowing economic growth and growing global uncertainty, the central board of the Reserve Bank of India approved transfer of ₹1.76 lakh crore surplus reserve to the central government.
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The Supreme Court, on Friday, directed the Reserve Bank of India to disclose information about its annual inspection report of banks and the list of wilful defaulters under the Right to Information Act.
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An Indian Express report says RBI figures, which was sought by the paper, reveal that over the last decade, banks have written off a total of ₹7 lakh crore, 80% of which have been written off over the past five years.
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Prime Minister Narendra Modi announced the demonetization of ₹500 and ₹1000 notes, which saw 86 per cent of high value currency going out of circulation, even before formal approval by the RBI central board. A query under the Right to Information Act revealed this.
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It is widely speculated that the ongoing row between the central bank and government has forced Patel to quit nearly one year prior to completion of his tenure.
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The government and the Reserve Bank is planning to ask non-resident Indians to raise money to support the falling rupee and strengthen the economy, according to media reports quoting a government official.
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