RBI Hikes Rate, Continues Inflation Battle

The Reserve Bank of India (RBI) today hiked the repo rate – the interest rate banks pay when they borrow funds from the central bank – by 0.25% in its battle to control inflation.   The repo rate now stands at 8% per annum. The reverse repo rate, the rate RBI pays to commercial banks … Continued

India Demonetizes Currency After 36 Years

India’s central bank, the Reserve Bank of India, came out with a surprise announcement today that it will withdraw all banknotes printed before 2005 at the end of March 31, 2014.   This is what the bank said: “The Reserve Bank has also clarified that the notes issued before 2005 will continue to be legal … Continued