India’s forex reserves have reached a new lifetime high of $621.5 billion.

India’s forex reserves have reached a new lifetime high of $621.5 billion.

According to RBI data released on Friday, the country’s foreign exchange reserves grew by $889 million to a lifetime high of $621.464 billion in the week ending August 6, 2021. The reserves increased by $9.427 billion to $620.576 billion in the week ending July 30, 2021.

According to Reserve Bank of India weekly data, the increase in the forex kitty was owing to a growth in foreign currency assets (FCAs), a major component of overall reserves, in the reporting week (RBI).

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In the reporting week, FCAs increased by $1.508 billion to $577.732 billion.

The effect of appreciation or depreciation of non-US units held in foreign exchange reserves, such as the euro, pound, and yen, is included in the foreign currency assets when expressed in dollar terms.

The data indicated that gold reserves fell by $588 million to $37.057 billion in the reporting week.

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The International Monetary Fund’s (IMF) special drawing rights (SDRs) fell by $1 million to $1.551 billion.

The country’s reserve position with the International Monetary Fund (IMF) has also decreased by $31.

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The Finance Ministry has released Rs 9,871 crore as a grant to 17 states.

The Finance Ministry has released Rs 9,871 crore as a grant to 17 states.

The Finance Ministry announced on Tuesday that it had released the fifth monthly instalment of the revenue deficit assistance to 17 states, totalling Rs 9,871 crore. Article 275 of the Constitution provides the states with the Post Devolution Revenue Deficit Grant.

The grants are distributed in monthly instalments in accordance with the 15th Finance Commission’s recommendations to close the revenue gap in the governments’ accounts following devolution. The commission has recommended that the 17 states get this award in the years 2021-22.

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On August 9, 2021, the Department of Expenditure released the fifth monthly instalment of the Post Devolution Revenue Deficit (PDRD) grant to the states, totalling Rs 9,871 crore, according to a statement from the ministry.

In the current financial year, a total of Rs 49,355 crore has been distributed to eligible states.

Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttarakhand, and West Bengal are among the states nominated for the PDRD Grant by the Fifteenth Finance Commission.

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In the financial year 2021-22, the Fifteenth Finance Commission has suggested a total PDRD Grant of Rs 1,18,452 crore for the 17 states. So far, Rs 49,355 crore (41.67 per cent) has been released from this total.

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Digital payments up 30.2% in FY21: According to RBI data

Digital payments up 30.2% in FY21: According to RBI data

According to RBI data, digital payments grew by 30.19 per cent in the year ended March 2021, demonstrating the country’s adoption and deepening of cashless transactions. The newly created Digital Payments Index (RBI-DPI) grew to 270.59 at the end of March 2021, up from 207.84 the previous year.

“In recent years, the RBI-DPI index has shown remarkable growth, indicating the fast adoption and deepening of digital payments across the country.”

The Reserve Bank of India had previously announced the creation of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as the basis to measure the amount of payment digitisation in India.

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The RBI-DPI is made up of five major metrics that can be used to track the depth and penetration of digital payments in the country over time.

Payment Enablers (25 percent weight); Payment Infrastructure – Demand-side variables (10 percent); Payment Infrastructure – Supply-side factors (15 percent); Payment Performance (45 percent); and Consumer Centricity (45 percent) (5 per cent).

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The RBI said in January that the index would be issued semi-annually starting in March 2021, with a four-month lag.