Current Affairs - Economy

The RBI imposed monetary penalties on four cooperative banks on September 14, 2023, for rule violations. The banks were: 1. The Maharashtra State Cooperative Bank (MSCB), 2. The Gujarat State Cooperative Bank (GSCB), 3. The Karnataka State Cooperative Apex Bank (KSCAB), 4. The Tamil Nadu State Cooperative Bank (TNSCB).

The Wholesale Price Index (WPI) inflation rate for August in India was -0.52%, marking the fifth consecutive month of negative inflation.

Fitch Ratings has retained its growth forecast for India for FY24 at 6.3%, citing the country's resilient economy despite challenges like tighter monetary policy and weakened exports.

India's retail inflation eased to 6.83% in August 2023, down from 7.44% in July, marking the fourth consecutive month that inflation remained above the Reserve Bank of India's (RBI) target of 4%.

Morgan Stanley has raised its GDP growth forecast for India to 6.4% for fiscal year 2024, citing robust domestic demand as the driving force. This is an upward revision from the bank's earlier estimate of 6.2%.