Reserve Bank of India

Money Moves

Reported an eighth straight weekly reserve decline to $717.06 billion for the week ended October 30, about $68.65 billion below the September record, and its net short dollar position in the forward market hit a record $239.2 billion at end-September

India's foreign-exchange reserves fell $2.69 billion to $717.06 billion in the week ended October 30, the eighth straight weekly decline. Reserves are now $68.65 billion below the September 4 record of $785.71 billion. Foreign-currency assets fell $2.09 billion to $591.12 billion and gold holdings dropped $559 million to $102.59 billion.

Updated Yesterday

Money Moves

Raised the repo rate to 5.50% on October 7 and tightened liquidity and forex rules on October 10; its bond sales have since pulled banking liquidity close to zero surplus

Indian stocks have rallied for six straight sessions. The Nifty rose 2.4% to 24,536.60 on November 5, and the Sensex gained 2.6% to 79,310.01, as Brent crude fell below $100 a barrel after Democrats swept the US midterm elections.

Updated 6 days ago

Rule Changes

Issued forex derivative curbs on October 10, 2026, and clarifications on October 15

The Reserve Bank of India cut the limit for forex derivative trades that lack proof of an underlying exposure from $100 million to $5 million, and imposed a 20% cash reserve on rupee-linked contracts above $2 million notional. The October 10 measures also barred rebooking of cancelled rupee contracts and opened a dollar sales window for three state oil firms.

Updated 7 days ago

Money Moves

Raised repo rate to 5.5%

India's central bank raised its benchmark lending rate by a quarter point to 5.5% on October 7, the first increase in nearly four years. September inflation came in at 5.54%, above the RBI's 5.2% forecast for the fiscal year.

Updated Oct 22

Money Moves

Regulator overseeing the agricultural provision directive and rate cycle

ICICI Bank's September-quarter net profit rose 20.1% to ₹14,843 crore, beating the ₹14,366 crore analysts expected. Its core lending business earned less: net interest margin, the gap between what the bank charges borrowers and pays depositors, fell to 4.18% from 4.36% in the June quarter.

Updated Oct 21

Rule Changes

Widened the 20% Foreign Exchange Risk Reserve to all rupee-linked FX derivative contracts and restricted non-deliverable forwards to hedging; its governor said individuals are exempt from new FEMA reporting

A month into India's new financial rulebook, the Reserve Bank of India has widened a 20% cash reserve on foreign-exchange derivatives to cover all rupee-linked contracts used by banks. It also restricted non-deliverable forwards to hedging only, as the rupee trades near 97 to the dollar.

Updated Oct 16

Money Moves

As of October 2026: Completed its ₹1 lakh crore net OMO bond sale on September 28; FX swaps drained ~$18.5 billion; market expects further absorption

By September 28, the Reserve Bank of India had sold the full ₹1 lakh crore in government bonds it announced on September 11 — its biggest annual net bond sale in more than a decade. Combined with dollar-rupee swaps, the sales cut the banking system's surplus cash from a record ₹11.16 lakh crore to ₹4.92 lakh crore by September 21.

Updated Oct 6

New Capabilities

As of September 2026: Provides wholesale CBDC (e₹) and Unified Market Interface

Three Indian companies raised ₹1,025 crore in corporate bonds that exist as digital tokens on a shared ledger, with the cash leg settled instantly in the Reserve Bank of India's digital rupee. India is the first country to issue bonds natively on a distributed ledger while keeping formal ownership records with its statutory depositories.

Updated Sep 11

Rule Changes

As of September 2026: Removed concentration limits for General Route gilts on June 5, 2026

Foreign investors that hold only Indian government bonds no longer have to tell regulators which investor groups stand behind them. The Securities and Exchange Board of India (SEBI) dropped that disclosure on September 7, 2026, and applied it to every gilts-only foreign portfolio investor.

Updated Sep 7

Rule Changes

As of May 2026: MPC unanimously holds repo rate at 5.25% on February 6, 2026, after 125 bps cuts in 2025

India surpassed Japan in mid-2025 to become the world's fourth-largest economy. On February 1, 2026, Finance Minister Nirmala Sitharaman presented Union Budget 2026 (India's first major tax code rewrite since 1961), with ₹12.2 lakh crore for capital expenditure and ₹20,000 crore for carbon capture technologies.

Updated May 23

Money Moves

As of May 2026: Regulatory gatekeeper for ownership and control changes in NBFCs

MUFG just agreed to wire roughly $4.4 billion into Shriram Finance for a 20% stake—one of those deals that looks like 'just capital' until you read the fine print. The fine print is the story: board representation, minority-protection rights, and a separate $200 million non-compete/non-solicit payment tied to the promoter structure.

Updated May 15

Money Moves

As of May 2026: MPC holds repo at 5.25% Feb 6, 2026; easing cycle paused; focus shifts to liquidity via OMOs amid bond yield pressures and currency volatility

In 2025, under Governor Sanjay Malhotra, the RBI cut its repo rate by a cumulative 125 basis points—from 6.50% in February to 5.25% on December 5. It was the sharpest easing since 2019. The cuts came with $16 billion in liquidity injections via bond purchases and a dollar-rupee swap, which Malhotra called a rare Goldilocks period of sub-target inflation and strong growth.

Updated May 9