India's Foreign exchange reserves reached an all-time high, announces RBI governor

RBI Governor Shaktikanta Das revealed that India's foreign exchange reserves soared to an unprecedented $645.6 billion as of March 29, 2024, marking a historic high.

"India's Foreign exchange reserves reached an all-time high of $645.6 billion as of March 29, 2024...", says Das.

Speaking further, Governor Das unveiled plans to expand the use of Unified Payments Interface (UPI) for cash deposits. Currently, cash deposits through Cash Deposit Machines (CDMs) primarily require debit cards. Drawing from the success of UPI-enabled cardless cash withdrawals at ATMs, the RBI proposes to extend this facility to cash deposits in CDMs. This move aims to enhance customer convenience and streamline currency-handling processes at banks.

The governor further says, "With a view to facilitating wider non-resident participation in sovereign green bonds, a scheme for investment and trading in these bonds in the IFSC (International Financial Services Centre) will be notified very shortly..."