Current account

(Representative image) India's current account deficit (CAD) fell to $13.4 billion in January-March 2022 from $22.2 billion in October-December 2021, according to data released by the Reserve Bank of India (RBI) on June 22. The deficit was $8.1 billion in January-March 2021. In percentage terms, the CAD in January-March 2022 was 1.5 percent of GDP, down from 2.6 percent of GDP the previous quarter. "The sequential decline in CAD in Q4:2021-22 (January-March) was mainly on account of a moderation in trade deficit and lower net outgo of primary income," the central bank said. India's merchandise trade deficit fell to $54.5 billion in the first quarter of 2022 from $59.8 billion the previous quarter, helping bring down the CAD. Close On the services front, the trade surplus edged up marginally to $28.3 billion from $27.8 billion in October-December 2021. Also helping the current account deficit to moderate was a lower net outgo of primary income, which … [Read more...] about India’s January-March current account deficit falls to $13.4 billion; FY22 CAD at three-year high

The decline in current account deficit (CAD) in January-March on a quarter-on-quarter basis bodes well for the Indian economy, a deputy governor of the central bank said on June 24. “There is a sequential decline in CAD and this should be noticed because in the foreign exchange market people are betting that the current account deficit has gone haywire and we are losing control,” Michael Patra said at an event in New Delhi. “But the fact is that CAD in January-March 2022, the quarter of the war, was 1.5 percent of GDP, down from 2.6 percent of GDP the previous quarter,” Patra said “This augurs well for external viability because it is backed by strong merchandise export performance, earnings from computer and business services and a rejuvenation of remittances from Indians working abroad.” CAD fell to $13.4 billion in January-March 2022 from $22.2 billion in October-December 2021, according to data released by the Reserve Bank of India (RBI) on June 22. The deficit was $8.1 … [Read more...] about Sequential decline in current account deficit bodes well for external viability, says RBI Deputy Guv Patra

FILE PHOTO: A woman holds a small bottle labeled with a “Coronavirus COVID-19 Vaccine” sticker and a medical syringe in this illustration taken October 30, 2020. REUTERS/Dado Ruvic/File Photo LONDON — Britain will not require delegates attending November’s international climate conference in Glasgow to have been vaccinated against COVID-19, an official responsible for organizing the event said on Wednesday. Britain will strongly recommend that delegates are vaccinated but it will not be a mandatory requirement, Rosalyn Eales, Chief Operating Officer of the COP26 conference, told a group of lawmakers. Subscribe to our daily newsletter For more news about the novel coronavirus click here. What you need to know about Coronavirus. The Inquirer Foundation supports our healthcare frontliners and is still accepting cash donations to be deposited at Banco de Oro (BDO) current account #007960018860 or donate through PayMaya using this link . … [Read more...] about Britain will not demand Glasgow climate talks delegates be vaccinated vs COVID-19

MANILA, Philippines — The current active infections of COVID-19 have breached the 5,000-mark at 5,113 after an additional 593 new cases were recorded by the Department of Health (DOH) on Wednesday. This brought the country’s total COVID-19 caseload to 3,697,793 nationwide, with 3,632,196 recoveries and 60,484 deaths, based on DOH’s COVID-19 tracker on its website. The newly-recorded cases are also higher than the average number of infections recorded from June 13 to 19 at 436, as well as Tuesday’s 409 recorded cases. Meanwhile, in terms of the number of cases per region, Metro Manila continues to lead with the highest recorded number in the last 14 days at 2,793, followed by Calabarzon with 864 and Western Visayas with 458. In terms of number per city specifically, Quezon City tops the list with the most reported cases at 647, followed by Manila with 367 and Makati with 346. Despite the consistent — albeit slight — increase in COVID-19 infections in the past few weeks, the … [Read more...] about Active COVID-19 infections in PH now at 5,113 — DOH

ANGELES CITY –– The Pampanga police have arrested two men who arrived via the Clark International Airport from Singapore and used allegedly falsified documents to avoid quarantine against COVID-19. Dr. Harvey Balucating and Salvador Dimson III were cornered at an apartelle in Barangay Balibago in Angeles City around 2 p.m., Pampanga police director Col. Arnold Thomas Ibay told the Inquirer. Balucating and Dimson managed to get out of the airport on the pretext of heading to the Lubao quarantine center in Barangay Sta. Catalina. Their acceptance letter was supposedly signed by the municipal health office through Dr. Eugene Raymund Nicdao, according to an Inquirer source at the Bureau of Quarantine. Ibay said the two men violated Republic Act No. 11332, or the mandatory reporting of notifiable diseases and falsification of public documents. Balucating also claimed to have been vaccinated in the Philippines. The two did not go through the Balik Pampanga program for … [Read more...] about Pampanga cops nab 2 men who ‘forged’ paper to avoid quarantine

RBI has issued new guidelines for card issuers for credit and debit card issuance (Representative Image) The Reserve Bank of India (RBI) released master directions for credit and debit card issuance on April 21. The RBI (Credit Card and Debit Card - Issuance and Conduct) Directions, 2022 shall apply to all Scheduled Banks (except Payments Banks, State Co-operative Banks, and District Central Cooperative Banks) as well as all Non-Banking Financial Companies (NBFCs) operating in India. The new directions shall be effective from July 01, 2022. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," RBI stated through its media release. Take a look at RBI's new guidelines for credit card issuers: 1) Card-issuers shall provide a one-page … [Read more...] about RBI’s new rules for credit, debit cards: All you need to know

The bank’s shares started trading at Rs 102.25 on Monday, hitting an intra-day low of Rs 85.20, before ending at Rs 87.60 on the NSE. Shares of RBL Bank fell nearly 23% on the National Stock Exchange (NSE) on Monday (June 13), the first day of trading since the private bank declared on Saturday that R. Subramaniakumar will take over as the new bank chief for a period of three years. The bank’s shares started trading at Rs 102.25 on Monday, hitting an intra-day low of Rs 85.20, before ending at Rs 87.60 on the NSE. A management transition from RBL Bank was expected by the markets, but R. Subramaniakumar’s appointment at the bank made investors worried over the possibility of a repeat of the YES Bank-like episode at RBL, a senior banking analyst said. “Mr Subramaniakumar is an ex-PSU banker and historically such appointments at financial institutions have been associated with weak asset quality and/or governance structure,” wrote analysts at foreign brokerage CLSA. … [Read more...] about RBL Bank hits all-time low: Why leadership transition unnerved investors?

There is no leadership crisis at RBL Bank and incoming chief R. Subramaniakumar will use his expertise to build RBL Bank 2.0, the bank management told Moneycontrol in an exclusive interview on June 15. In a candid conversation with Moneycontrol, RBL Bank’s new Managing Director and CEO (MD & CEO) R. Subramaniakumar and outgoing interim CEO Rajeev Ahuja open up on challenges related to the bank’s leadership transition and fall in share prices. The RBL Bank management also gave guidance on the bank’s asset quality, its microfinance and card portfolio, and business outlook for FY23. Edited excerpts: Q- The announcement naming you as the next CEO came Saturday. Were you tensed? Close Kumar - I caught up with my six and a half hours of sleep. Normally I sleep for up to seven hours a night. I could catch up on my sleep because both Rajeev and I and the team are very clear on the path forward. So, there was no need for me to get under much pressure. Q- Mr. … [Read more...] about Exclusive Interview| No leadership crisis at RBL Bank, RBI to take final call on board nominee, says management

Health officials are encouraging people not to discard their face masks as these will continue to protect them from COVID-19 despite the improving public health situation in recent months. (NIÑO JESUS ORBETA / Philippine Daily Inquirer / file photo) MANILA, Philippines — A stricter implementation of health protocols in Metro Manila can be expected with the uptick in COVID-19 infections , according to the National Capital Region Police Office (NCRPO). “Asahan po natin ang bahagyang paghihigpit sa pagpapaalala at pagpapatupad ng ating mga kapulisan habang nagpapatrolya sa lansangan sa pagsunod sa mga alituntuning ito ng IATF (Inter-Agency Task Force) at DOH (Department of Health),” NCRPO director Maj. Gen. Felipe Natividad said in a statement on Wednesday. (Let us expect a stricter enforcement of health protocols from police officers on patrol.) Natividad issued the statement after recent DOH data showed that COVID-19 cases from June 13-19 — which was at 3,051 — was 82 … [Read more...] about Stricter implementation of health protocols seen in Metro Manila amid rising COVID cases – NCRPO

Representative image Private sector major HDFC Bank will open between 1,500 and 2,000 branches each year for the next three to five years and will roll out new product features every three weeks, the lender’s Managing Director and Chief Executive Officer Sashidhar Jagdishan said in the bank’s FY22 annual report. “The branch will be digital from a customer on-boarding and transaction/servicing perspective. It will provide the emotional connect and relationship management necessary for offering financial solutions to our customers. These branches will be small in size and will be phygital relationship centres,” Jagdishan said. “This will enable us to go after the catchment more aggressively and build the required liability franchise that we are known for, and we are confident that we would execute well,” he added. As on March end, HDFC Bank’s total banking outlets stood at 21,683, while total branches including 4 overseas ones stood at 6,342. The lender’s total ATMs and cash … [Read more...] about HDFC Bank to open up to 2,000 branches in FY23, roll out new features every three weeks, says MD Sashidhar Jagdishan