RBI Deputy Governor M. Rajeshwar Rao made the remarks while delivering the keynote address at the launch of MFIN's India Microfinance Review in Mumbai on Friday.
The currency with the public is now over 70 per cent higher than in comparison to that of the initial demonetization period. On November 4, 2016, the currency with the public was reported to be at Rs 17.77 lakh crore.
Amid surging energy prices worldwide due to the Russia-Ukraine war and deteriorating economy due to inflation and its depreciating currency, Pakistan is forced to spend 66 per cent of its forex reserve on fuel imports.
Some of the factors that might influence the markets on Monday are policy rate hikes by US Federal Reserve, the Bank of England and the report of the Reserve Bank of India that might come out next week on why it failed in maintaining the inflation mandate.
Reserve Bank of India will hike the repo rate by 45 to 50 basis points, Punjab and Sind Bank Managing Director Swarup Kumar Saha on Saturday as the Bank of England has increased its interest rate. Punjab and Sind Bank is expecting a hike of 50 basis points in the Repo Rate.
The volatility in the stock market on Friday was seen after the US Federal Reserve announced hike in the policy rates and thereafter by the Bank of England by 75 basis points.
Among the Nifty 50 stocks, Hero Motocorp, Divi's Labs, Infosys, Tech Mahindra, and Apollo Hospitals were the top five losers this morning, National Stock Exchange data showed.
The meeting was called on Thursday under Section 45ZN of the Reserve Bank of India (RBI) Act 1934, which pertains to steps to be taken if the central bank fails to meet its inflation-targeting mandate.
The Supreme Court was hearing Media One's plea challenging the Kerala High Court's order which upheld the order of the Ministry of Information and Broadcasting to revoke the license of the news channel.