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Mumbai, India's <keyword id="183320" type="General" weightage="20" keywordseo="current-account-deficit" source="Orion">current account deficit</keyword>, a key indicator of the country's external sector, declined to USD 18.2 billion or 2.2 per cent of the GDP in the December quarter of the current fiscal. The decline was mainly due to narrowing of merchandise trade deficit, according to data released by the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) on Friday. The Current Account Deficit (CAD) was USD 30.9 billion or 3.7 per cent of the GDP in the second quarter of 2022-23 and at USD 22.2 billion or 2.7 per cent of the GDP in the December quarter of 2021-22. "Underlying the lower current account deficit in Q3:2022-23 was a narrowing of merchandise trade deficit to USD 72.7 billion from USD 78.3 billion in Q2:2022-23, coupled with robust services and private transfer receipts," RBI said. Services exports reported a growth of 24.5 per cent on a year-on-year (y-o-y) basis on the back of rising exports of software, business and travel services. Net services receipts increased both sequentially and on a year-on-year basis. In the December quarter, net foreign direct investment decreased to USD 2.1 billion from USD 4.6 billion in the year-ago period. Net foreign portfolio investment recorded inflows of USD 4.6 billion in the December quarter as against an outflow of USD 5.8 billion in the third quarter of 2021-22. RBI said net outgo from the primary income account, mainly reflecting investment income payments, increased to USD 12.7 billion from USD 11.5 billion in the year-ago period. Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to USD 30.8 billion in the December quarter, an increase of 31.7 per cent from their level a year ago. Non-resident deposits recorded net inflows of USD 2.6 billion in the third quarter of the current fiscal as compared to net inflows of USD 1.3 billion in the year-ago period. According to <keyword id="153247" type="General" weightage="20" keywordseo="rbi-data" source="Orion">RBI data</keyword>, India recorded a current account deficit of 2.7 per cent of GDP during April-December 2022 period as compared to a deficit of 1.1 per cent during April-December 2021 period.

Current Account Deficit narrows to 2.2% of GDP in Q3: RBI data

The net Foreign Direct Investment (<keyword id="44528" type="General" weightage="20" keywordseo="fdi" source="Orion">FDI</keyword>) flowing into India reached a 21-month high in October reflecting the strengthening fundamentals of the economy, according to data compiled by the RBI. According to RBI data, the net FDI in India for October stood at $5.9 billion up from $1.55 billion in September. This is the third month in a row to show an increase in net FDI. Around four-fifths of the gross FDI flows into <keyword id="6391506" type="General" weightage="20" keywordseo="equity" source="Orion">equity</keyword> were invested in sectors such as <keyword id="6362048" type="General" weightage="20" keywordseo="manufacturing" source="Orion">manufacturing</keyword>, <keyword id="6354851" type="General" weightage="20" keywordseo="retail" source="Orion">retail</keyword>, <keyword id="6357014" type="General" weightage="20" keywordseo="energy" source="Orion">energy</keyword> and financial services sector. Mauritius, Singapore, Cyprus, and Japan were the leading countries from where FDI flowed into the country, accounting for as much as four-fifths of the total during the month. However, data for the April-October period of the current financial year showed a decline in net FDI inflows to $10.4 billion from $20.8 billion in the same period last year. According to UN ESCAP data released this month, India remains the highest recipient of FDI in 2023 for the second consecutive year amid a slowdown worldwide. Net inflows under external commercial borrowings (ECBs) and non-resident deposit accounts are much higher than last year and outward FDI commitments have also declined leading to higher foreign exchange reserves. India's foreign exchange reserves increased for the fifth week in a row to scale a 20-month high of $615.97 billion as of December 15, according to the latest data released by the RBI. An increase in the foreign exchange reserves helps the RBI to stabilise the rupee when it turns volatile. The RBI intervenes in the spot and forward currency markets by releasing more dollars to prevent the rupee from going into a free fall when it comes under pressure. Any sharp decline in the country's forex kitty leaves the RBI less headroom to intervene in the market to stabilise the rupee.

FDI flows jump to 21-month high in October

<keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s foreign exchange reserves fell by $691 million to $562.808 billion as on December 23, according to <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> data released on Friday. Prior to this week, the forex reserves had slipped by $571 million to $563.499 billion. Forex reserves have been falling, as they are being used to bolster the declining rupee. The country's reserve position with the <keyword id="6366068" type="General" weightage="50" keywordseo="international-monetary-fund" source="Orion">International Monetary Fund</keyword> (IMF) was up by $45 million to $5.159 billion in the reporting week, the data showed. Meanwhile, foreign currency assets also fell by $1.134 billion to $498.49 billion during the week ending December 23, according to RBI data. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/december-auto-sales-could-skid-sequentially-on-production-constraints-purchase-deferrals-due-to-inauspicious-period/articleshow/96617021.cms">December auto sales could skid sequentially on production constraints, purchase deferrals due to ‘inauspicious’ period</a> <a href="https://www.businessinsider.in/business/news/gautam-adani-man-of-the-year/articleshow/96610248.cms">Gautam Adani: Man of the year</a> <a href="https://www.businessinsider.in/stock-market/news/fpis-return-to-indian-equities-in-the-second-half-of-2022-but-bond-flows-are-still-in-the-red/articleshow/96563652.cms">FPIs return to Indian equities in the second half of 2022, but bond flows are still in the red</a>

Forex reserves fall to $562 billion during period ending Dec 23: RBI data

Mumbai, Mar 11 () The Reserve Bank of India (RBI) continued to be a net purchaser of the US dollar after it bought USD 10.27 billion in January on a net basis from the spot market, recent RBI data showed. In the reporting month, the RBI had bought USD 11.49 billion of the US currency and sold USD 1.22 billion in the spot market. In December, the RBI had bought a net of USD 4.36 billion of the greenback. It had bought USD 5.37 billion while sold USD 1.01 billion of dollars, the data showed. In January last year, the RBI had net purchased USD 293 million after it bought USD 1.02 billion from the spot market and sold USD 732 million. In 2018-19, the apex bank was a net seller of dollars, offloading USD 15.38 billion in the spot market. It had bought USD 40.80 billion and sold USD 56.18 billion in the year to March 2019. In 2017-18, the RBI had net purchased USD 33.689 billion from the spot market, taking its total dollar purchase to USD 52.07 billion and sold only USD 18.379 billion. In the forward dollar market, the outstanding sales at the end of January was USD 1.21 billion, compared to a sale of USD 1.87 billion in December, the data showed. HV HRS

RBI continues to be net purchaser of dollars; buys USD 10.27 bn in Jan

Mumbai, May 14 () The Reserve Bank of India (RBI) turned net seller of the US dollar after it sold USD 4.054 billion in March on a net basis in the spot market, recent RBI data showed. In the reporting month, the RBI had bought USD 3.984 billion of the US currency and sold USD 8.038 billion in the spot market, RBI data showed. In March 2019, the central bank was net buyer of the greenback as it had purchased USD 9.408 billion. It bought USD 10.306 billion from the spot market and sold USD 898 million. In February, the RBI had bought USD 10.604 billion of the US currency and sold USD 1.460 billion in the spot market. In FY19, the apex bank was a net seller of dollars, offloading USD 15.377 billion in the spot market. It had bought USD 40.804 billion and sold USD 56.181 billion in the year to March 2019. In the forward dollar market, the outstanding sales at the end of March was USD 4.939 billion, compared to a sale of USD 2.295 billion in February, the data showed. HV MKJ RVK

RBI sells net USD 4.05 bn of American currency in March in spot market

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19998537" type="General" weightage="20" keywordseo="foreign-exchange-reserves" source="keywords">foreign exchange reserves</keyword> have surged to a record high, reaching a new peak of $ 666.85 billion, according to data from the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>). The data highlights an increase of $9.69 billion in just one week, as of 12 July, surpassing the previous high of $657.2 billion. The reserves have been rising intermittently for some time now. The RBI data reveals that India's <keyword id="20972687" type="General" weightage="20" keywordseo="foreign-currency-assets" source="keywords">foreign currency assets</keyword> (FCA), the largest component of <keyword id="20344433" type="General" weightage="20" keywordseo="forex-reserves" source="keywords">forex reserves</keyword>, rose by $8.3 billion to $585.47 billion. Additionally, <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword> reserves increased by $1.2 billion, reaching $58.66 billion. According to a recent RBI report, India's foreign exchange reserves are now sufficient to cover over 11 months of projected imports. In the calendar year 2023, the RBI added approximately $58 billion to its foreign exchange reserves. In contrast, in 2022, India's forex reserves declined by a cumulative $71 billion. Forex reserves, or foreign exchange reserves (FX reserves), are assets held by a nation's central bank or monetary authority, typically in reserve currencies such as the <keyword id="19949640" type="General" weightage="20" keywordseo="us-dollar" source="keywords">US dollar</keyword>, and to a lesser extent, the euro, Japanese yen, and pound sterling. The country's foreign exchange reserves last reached an all-time high in October 2021. Much of the subsequent decline can be attributed to the increased cost of imported goods in 2022. Additionally, the relative fall in forex reserves has been linked to the RBI's market interventions, to manage the uneven depreciation of the rupee against a surging US dollar. The RBI frequently intervenes in the market through liquidity management, including the sale of dollars, to prevent steep depreciation of the rupee. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

India's forex reserves hit record $666.85 billion, driven by surging gold and foreign currency assets

The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> Friday said it would hear on November 23 the plea filed by Rajya Sabha MP Binoy Viswam seeking direction to the RBI for framing regulation to ensure that data collected on UPI platforms is not "exploited" or used in any manner other than for processing payments. The matter came up for hearing before a bench comprising Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian which listed it for hearing next week. On October 15, the apex court had sought responses from the Centre, Reserve Bank of India (RBI), National Payments Corporation of India (NPCI) and others including Google Inc, Facebook Inc, WhatsApp and Amazon Inc on the plea. Viswam, the Communist Party of India (CPI) leader, has sought a direction to the RBI and the NPCI to ensure that data collected on Unified Payments Interface (UPI) platforms is not shared with their parent company or any other third party under any circumstances. "In India, the UPI payments system is being regulated and supervised by Respondent no. 1 (RBI) and Respondent no. 2 (NPCI), however the RBI and the NPCI instead of fulfilling their statutory obligations and protecting and securing the sensitive data of users are compromising the interest of the Indian users by allowing the non-compliant foreign entities to operate its payment services in India," the plea has alleged. "The RBI and NPCI have permitted the three members of 'Big Four Tech Giants' i.e. Amazon, Google and Facebook/WhatsApp (Beta phase) to participate in the UPI ecosystem without much scrutiny and in spite of blatant violations of UPI guidelines and RBI regulations," it claimed. The plea has alleged that this conduct of RBI and NPCI put the sensitive financial data of Indian users at huge risks, especially when these entities have been "continuously accused of abusing dominance and compromising data", among other things. It said these allegations have become particularly worrisome at a time when India has banned host of Chinese applications on the ground that those applications were or could be used for data theft and could lead to security breaches. It has further sought a direction that RBI and NPCI should ensure that WhatsApp is not permitted to launch full scale operations of 'WhatsApp Pay' in India without fulfilling all legal compliances to the satisfaction of the court regarding requisite regulatory compliances. It said that in April 2018, the RBI, with a view to secure the data of Indian users, had issued a circular directing all system providers to ensure that entire data relating to payment systems operated by them are stored in systems only in India and they were asked to ensure compliance by October 15, 2018. The plea claimed that later, the RBI toned down the April 2018 circular by issuing Frequently Asked Questions (FAQs) and permitted processing of all payment transaction abroad, including domestic transactions. In the said FAQ it was clarified that in cases of data processing done abroad, the data should be deleted from the systems abroad and brought back to India within 24 hours, the plea said. It has sought the apex court's direction to declare the FAQ dated June 26, 2019 issued by the RBI as ultra vires to the circular dated April 6, 2018. The plea referred to another pending petition in the apex court and said that in that matter, the counsel appearing for WhatsApp had undertook that his client would not go ahead with payment services without complying with all the regulation in force. It alleged that Google and Facebook already have access to "immense personal data of millions of Indian users" and if they are permitted to collect "unrestricted financial data" of Indian users while operating at the UPI platform, the same would give them "draconian control" over sensitive Indian data. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/mumbais-massive-power-cut-last-month-may-have-been-the-work-of-hackers/articleshow/79318282.cms">Mumbai’s massive power cut last month may have been the work of hackers</a> <a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-shares-jump-after-selling-stake-in-indus-towers-for-3760-crore/articleshow/79316662.cms">Vodafone Idea soars nearly 5% on fund infusion from Indus Towers stake sale</a> <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-was-supposed-to-launch-today/articleshow/79315462.cms">PUBG Mobile India was rumoured to launch today — but there is no official update from the company</a>

Plea for regulation to ensure UPI data is not 'exploited' to be heard by the Supreme Court on November 23

Mumbai, Jul 2 () Bank credit and deposits grew 6.18 per cent and 11 per cent to Rs 102.45 lakh crore and Rs 138.67 lakh crore, respectively, in the fortnight ended June 19, according to the RBI. In the fortnight ended June 21, 2019, bank credit had stood at Rs 96.48 lakh crore and deposits at Rs 124.92 lakh crore. In the previous fortnight that ended on June 5 this year, advances had grown 6.24 per cent and deposits by 11.28 per cent. Rating agency Crisil in a recent report said bank credit growth is likely to nosedive to a multi-decadal low of 0-1 per cent in 2020-21 as economic activity is sharply impacted by the COVID-19 pandemic. For May, the non-food credit growth decelerated to 6.8 per cent year-on-year from 11.4 per cent in the corresponding period of the previous year, RBI data had shown. The outstanding incremental non-food credit stood at Rs 90.3 lakh crore as of May 22, 2020, against Rs 84.51 lakh crore on May 24, 2019. Bank loan growth to industry decelerated to 1.7 per cent in May from 6.4 per cent in the corresponding month last year. Loan growth to the services sector slowed down to 11.2 per cent in May, compared with 14.8 per cent a year ago. Personal loans growth decelerated to 10.6 per cent in May 2020, against 16.9 per cent in May 2019, RBI data showed. HV HRS

Bank credit grows 6.18 pc, deposits 11 pc: RBI data

Mumbai, June 4 () The Reserve Bank has decided to publish on a daily basis data on volume and value of transactions through various payment systems like NEFT, RTGS and UPI as well as cash withdrawals from ATMs, with a view to facilitate research and innovations. As per June 3 data, people withdrew Rs 4,426.92 crore cash from ATMs and Rs 668.88 crore through micro ATMs/Banking Correspondents. There were 4.3 lakh RTGS transactions valued at Rs 33,0632.89 crore and 100.36 lakh NEFT transactions accounted for Rs 62,985.75 crore. There were as many 456.26 lakh UPI based transactions through which Rs 9,622.38 crore were transacted. Value of IMPS-based transactions stood at Rs 7,653.71 crore. "The data relating to transactions undertaken during the day will be published on the subsequent working day," the RBI said in a statement. It also said the data relating to transactions through cards will also be published daily once the reporting systems are put in place. The Reserve Bank captures volume and value of transactions undertaken in payments systems operated by the RBI (NEFT and RTGS) and National Payments Corporation of India (AePS, CTS, IMPS, NACH and UPI) as well as the position of cash withdrawal transactions using ATMs and BCs. The payment system data is presently published monthly by the RBI in its bulletin. The RBI, beginning Thursday, has decided to publish the data on a daily basis. "The data relating to transactions undertaken during the day will be published on the subsequent working day. Data relating to cards will be published once the daily reporting systems are in place," the RBI said. This initiative to disseminate payment systems activities data on a daily frequency, the apex bank said, is expected to facilitate better research and also contribute to innovations in payment systems. The monthly publication in RBI Bulletin, however, will continue. Meanwhile, the RBI has extended timeline for compliance with various payment system requirements in view of the prevailing situation due to COVID-19 pandemic. For instance, regarding implementation of provisions of circular on 'Enhancing Security of Card Transactions', the timeline has been extended to September 30 from the original schedule of June 16. Timelines have been also been extended in relation 'issuance and operation of prepaid payment instruments (PPIMD); Harmonisation of Turn Around Time (TAT) and Customer Compensation for Failed Transactions using Authorised Payment Systems; and Guidelines on Regulation of Payment Aggregators and Payment Gateways. NKD CS MKJ

RBI starts publishing daily data on select payment systems

Mumbai, Mar 1 () Bank credit growth declined to 8.5 per cent in January from 13.5 per cent in the year-ago period led by a sharp slowdown in loans to the services sector, according to RBI data. Growth in advances to the services sector decelerated to 8.9 per cent from 23.9 per cent in January 2019. Bank loan growth to non-banking financial companies (NBFCs) slowed to 32.2 per cent in the reporting month from a growth of 48.3 per cent a year-ago. During the month, personal loans segment grew by 16.9 per cent. Within personal loans, credit to housing segment grew by 17.5 per cent from 18.4 per cent, while education loan showed a negative growth of 3.1 per cent as against a negative growth of 2.3 per cent in January 2019, RBI data showed. Advances growth to agriculture and allied activities contracted to 6.5 per cent from 7.6 per cent rise last year. Credit growth to industry decelerated to 2.5 per cent from 5.2 per cent. Within industry, loan growth to paper and paper products, rubber plastic and their products and construction accelerated. "However, credit growth to textile, food processing, chemical &amp; chemical products, basic metal &amp; metal products, all engineering and infrastructure decelerated," RBI said. According to the latest quarterly statistics on deposits and credit of banks, bank loan growth decelerated to 7.4 per cent in the October-December, 2019 from 12.9 per cent the year-ago quarter. During the quarter, loans by public sector banks grew by 3.7 per cent while credit from private sector banks saw a growth of 13.1 per cent. In the fortnight ended February 14, 2020, bank credit grew by 6.3 per cent to Rs 100.41 lakh crore, from Rs 94.403 lakh crore in the year-ago fortnight. Deposits grew by 9.2 per cent to Rs 132.35 lakh crore in the fortnight compared to Rs 121.19 lakh crore, the RBI data showed. In February, the Reserve Bank Governor Shaktikanta Das had said that slowing credit growth is the biggest challenge the banking industry is facing. "The most critical challenge today for banks, not just in India but also elsewhere, is slowing credit off-take. It affects the profitability of banks," Das said a media event. Rating agency Crisil, in a recent note, said credit growth is likely to be around 6 per cent in this fiscal but is expected to accelerate to 8-9 per cent in FY21. "Prolonged slowdown in bank lending may be bottoming out this fiscal, with gross credit off-take set to rise 8-9 per cent on-year in FY21, a good 200-300 basis points (bps) over the likely growth of near 6 per cent this fiscal," Crisil said. This uptick in loan growth would be driven by a gradual pick-up in economic activity, continuing demand for retail loans, and strong growth in lending by private sector banks, it said. The country's GDP grew at 4.7 per cent in the December quarter, its slowest rate in more than six years. HV DRRDRR

Bank credit growth dips to 8.5 pc in January: RBI data

Mumbai, Mar 12 () The country's current account deficit (CAD) narrowed sharply to USD 1.4 billion, or 0.2 per cent of GDP, for the December 2019 quarter, the Reserve Bank of India (RBI) said on Thursday. The deficit had stood at 2.7 per cent in the corresponding quarter a year ago and 0.9 per cent in the previous quarter. The sharp contraction in the deficit was mainly due to a lower trade deficit of USD 34.6 billion, and a rise in net services receipts, the central bank said. The CAD, a critical indicator of the macroeconomic health, represents the gap between the overall foreign exchange expended and received in the economy. The release of the data, coming at a time when markets are spooked due to the coronavirus concerns, will help provide hope to investors. The foreign exchange market tracks the gap closely, and the release of the data comes on a day when the rupee depreciated to a 17-month low of 74.24 against the dollar. During the 'taper tantrum' episode of 2013, the CAD at record highs was one of the reasons for the rupee to be hammered. For the first nine months of the financial year, the CAD has narrowed to 1 per cent, the RBI said. During the December 2019 quarter, the trade deficit narrowed to USD 34.6 billion as against USD 49.3 billion for the same period a year ago, the RBI data said adding that the dip was largely driven by a correction in imports. The Indian economic growth may slow to a decadal low of 5 per cent for the financial year 2019-20, driven largely by consumption, which seems to have impacted the imports as well. On the services front, the net earnings increased to USD 21.9 billion, which was marginally higher as compared to the USD 21.7 billion in the year-ago period. The RBI said the receipts increased on the back of a rise in net earnings from computer, travel and financial services. In what can be seen as a surge in remittances by the diaspora, the private transfer receipts rose 9 per cent to USD 20.6 billion for the quarter, the RBI said. The net foreign direct investment was also higher at USD 10 billion in the December 2019 quarter, as against USD 7.3 billion in the year-ago period. Foreign portfolio investments recorded a net inflow of USD 7.8 billion as against an outflow of USD 2.1 billion last year on account of net purchases in both the debt and equity market, it said. The external commercial borrowings by Indian companies increased to USD 3.2 billion for the quarter, up from the USD 2 billion in the year-ago period, the RBI said. There was an accretion of USD 21.6 billion to the foreign exchange reserves on a balance of payment basis as against a depletion of USD 4.3 billion in the third quarter, the RBI said. AA HRS

Current account deficit narrows sharply to USD 1.4 bn in December quarter

<ul><li>The Supreme Court of India has issued a notice to the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) and the National Payments Corporation of India (NPCI) to show that data of Indian citizens collected by their payment platforms is not being misused. </li><li>According to the petition filed by Communist Party of India (CPI) Member of Parliament (MP) Binoy Viswan, the big four tech giants — WhatsApp, Google, Amazon and Facebook — don’t store the data of Indian users on servers in India despite RBI’s circular. </li><li>According to Viswan, they continue to store data overseas and share the data with their parent companies. </li></ul>The Supreme Court has issued a notice to the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) seeking directions to ensure that the data of Indian users collected by the United Payments Interface (UPI) platforms of Amazon, Google and Facebook-owned WhatsApp is not misused. The notice comes in response to a plea filed by a member of the Communist Party of India (CPI) Binoy Viswan back in September. It alleges that companies like Google, Amazon, and others are not complying with data protection guidelines set forth by the RBI and the NPCI. “We will issue notice. Here there is apprehension that the entire regime of payments will commence before the entire regulatory framework is put in place,” said the three-judge bench headed by Chief Justice of India (CJI) SA Bobde. The allegations leveled against Google, Amazon and WhatsApp According to the Reserve Bank of India (RBI), all multinational companies conducting financial transactions within India are required to keep the data secured on servers within the country. Senior advocate Shyam Divan, arguing on Viswan’s behalf, argued that this has still not been implemented despite the order being issued over two years ago, in April 2018. It also questions the RBI and the National Payments Corporation of India (NPCI) on how these companies are allowed to operate despite these violations. "Millions of Indians use UPI platforms for making payments and with the RBI and NPCI allowing the Big Four Tech Giants to participate in this UPI ecosystem without much scrutiny, sensitive financial data of Indian citizens is being misused,” said the plea. Viswan’s petition is seeking restrictions on Google Play, <keyword id="4009819" type="PERSON" weightage="20" keywordseo="Amazon-Pay">Amazon Pay</keyword> and <keyword id="4878801" type="PERSON" weightage="20" keywordseo="whatsapp-pay">WhatsApp Pay</keyword> from sharing information with the parent company or with any third party so that it cannot be misused. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/chinese-president-xi-jinping-tells-marine-troops-to-be-on-high-alert-and-prepare-for-war/articleshow/78675715.cms">Chinese President Xi Jinping tells marine troops to be on ‘high alert’ and ‘prepare for war’ as tensions in the South China Sea continue to grow</a> <a href="https://www.businessinsider.in/stock-market/news/infosys-share-price-hits-fresh-52-week-high-after-highest-ever-deal-wins-of-over-3-billion/articleshow/78673575.cms">Infosys share price hits fresh 52-week high after highest-ever deal wins of over $3 billion</a>

Whatsapp, Google, Amazon and Facebook under the scanner for data protection violations as Supreme Court calls on RBI and NPCI to investigate

Mumbai, May 20 () India's overseas direct investment (ODI) in April dipped 62 per cent to USD 976.14 million, data from the Reserve Bank showed. The fall in ODI can mainly be attributed to the coronavirus pandemic, which led to a global lockdown and halt in most of the business activities. Domestic firms had invested nearly USD 2.56 billion in their joint ventures/wholly-owned subsidiaries during April 2019, according to the RBI data on Outward Foreign Direct Investment. Indian firms had invested USD 2.70 billion in overseas businesses in March 2020. Of the total investment by Indian companies in April 2020-21, USD 586.42 million was in the form of loans, USD 230.81 million was equity infusion, while USD 158.91 million was in the form of issuance of guarantees, the data showed. RBI said the data is provisional and is subject to change based on reporting by banks. KPM RVK

India Inc's foreign direct investment dips 62 pc to USD 976 mn in Apr 

Mumbai, Apr 13 () The Reserve Bank of India (RBI) continued to be a net purchaser of the US dollar after it bought USD 9.144 billion in February on a net basis from the spot market, according to the latest data from the RBI. In the reporting month, the RBI had bought USD 10.604 billion of the US currency and sold USD 1.460 billion in the spot market. In February last year, the RBI had net purchased USD 825 million of the US dollar. It had bought USD 2.086 billion and sold USD 1.261 billion of the greenback, the data showed. In January, the RBI had bought USD 11.486 billion of the US currency and sold USD 1.22 billion in the spot market. In 2018-19, the apex bank was a net seller of dollars, offloading USD 15.377 billion in the spot market. It had bought USD 40.804 billion and sold USD 56.181 billion in the year to March 2019. In 2017-18, the RBI had net purchased USD 33.689 billion from the spot market, taking its total dollar purchase to USD 52.068 billion, and sold only USD 18.379 billion. In the forward dollar market, the outstanding sales at the end of February was USD 2.295 billion, compared to a sale of USD 1.215 billion in January, the data showed. HV HRS

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