Michael Patra News

Subscribe to enjoy similar stories. Mumbai: Poonam Gupta, the newly appointed deputy governor of the Reserve Bank of India, has less than a week to prepare for the three-day monetary policy committee meeting beginning Monday. But, while it maybe be her first stint at the RBI, Gupta’s academic papers and articles point to a person who has strong views on inflation targeting framework and exchange rate stability.

Poonam Gupta of NCAER was appointed as Reserve Bank of India's Deputy Governor, in place of Michael Patra. Poonam Gupta is a Lead Economist for India at the World Bank.

interest rate cut in his first policy meeting, shifting the focus to boosting economic growth as global risks escalate.

small businesses in India get paid faster, according to the Reserve Bank of India (RBI). The system, called TReDS, allows small businesses to sell unpaid invoices to banks and other financial institutions. “TReDS has effectively bridged the credit gap by enabling MSMEs to promptly convert their trade receivables into liquid funds. This ensures that small businesses do not have to wait endlessly for payments,” said RBI Deputy Governor Michael Patra. Small businesses often struggle to get paid on time by their larger customers. This delay can make it hard for them to pay their own bills and grow their businesses.

Reserve Bank of India (RBI) deputy governor Michael Patra said on Wednesday. «It is estimated that the digital economy currently accounts for a tenth of India's GDP; going by growth rates observed over the past decade, it is poised to constitute a fifth of GDP by 2026,» he said at an event in Jaipur. He acknowledged that rapid digitalisation and the integration of advanced technologies could pose several challenges. «New technologies also involve challenges: disruptions in respect of traditional technologies and the labour market; resource intensity, demanding substantial investment in technology, learning and infrastructure; potential cyber threats and data breaches; ethical concerns, data privacy and potential malicious use,» he said.

Michael Patra at the Reserve Bank of India (RBI). Patra's extended term ends in January. Applicants need to have at least 25 years of work experience in public administration or similar years of experience in Indian or international public financial institutions. Interestingly, no economics degree or experience has been made mandatory though as the head of the crucial monetary policy department, this post oversees the department of statistics, department of economic policy, and research and financial market operations and regulations. Patra has been one of the four deputy governors in the RBI for close to six years. He is on his second one-year extension which will end in January 2025.

Government of India has invited applications for the post of RBI deputy governor by November 30 to replace incumbent Michael Patra at the Reserve Bank of India (RBI). Applicants need to have at least 25 years of work experience in public administration or similar years of experience in an Indian or international public financial institution. The government will also consider persons of exceptional merit and track record at the national or international level in the relevant fields. However, the Financial Sector Regulatory Appointments Search Committee (FSRASC) is free to identify and recommend any other person also, based on merit, who has not applied for the post, an advertisement in newspapers and also on the RBI website said.

rural demand driven by improved monsoon prospects along with a rise in urban demand is expected to encourage investments by the private sector that could accelerate overall economic growth. There are some lead indications already of new capacity creation in a few industries and a pick-up in investment intentions, said an assessment of the state of the economy by the Reserve Bank of India economists published in its latest monthly bulletin. Aggregate demand conditions are gathering momentum after some slack in the first quarter of 2024-25. The central bank has projected an economic growth of 7.2 percent in 2024-25. " Rural consumption spending on the back of growing incomes is beginning to drive volume growth in fast moving consumer goods (FMCG), reflecting strengthening fundamentals." said a study by RBI deputy governor Michael Patra and his team published in the Bulletin. The views are those of the authors and not of the central bank.

Reserve Bank of India economist wrote, providing long-awaited commentary on a key gauge that is used to predict the future course of borrowing costs. “The natural rate of interest estimated earlier for Q3:2021-22 is revised upward from 0.8 -1.0 per cent to 1.1-1.3 per cent, reflecting revision in GDP data. The current estimates suggest a wide range between 1.4-1.9 per cent for Q4:2023-24,” wrote Harendra Kumar Behera from the RBI’s Department of Economic and Policy Research in the central bank’s July Bulletin. The views are personal and do not reflect those of the central bank. RBI Deputy Governor Michael Patra provided guidance for the article.

India needs 8-10% growth over next decade to reap demographic dividend: RBI However, April's RBI bulletin warned that extreme weather events and prolonged geopolitical tensions could lead to volatile crude oil prices and pose inflation risks. In an event hosted by the National Council of Applied Economic Research in New Delhi, the CEA said, "The omens are good for us to continue the steady growth rate".

FX derivatives market, a playground for speculative bets on the rupee, now faces a regulatory reckoning. The central bank's crackdown, demanding underlying exposure for all trades, has sent shock waves through the market. This disconnect between the regulator's intent and market understanding exposed potential gaps in India's regulatory framework, raising concerns for investors and jeopardizing the country's image as a stable investment destination, according to a report by Reuters.

After declaring a crackdown on rupee derivatives traded on exchanges without underlying exposure to foreign-exchange risk, the Reserve Bank of India (RBI) extended its deadline for compliance. Circulated in January and slated to take effect from 5 April, RBI’s requirement for market position holders to affirm their need to hedge risk (and submit back-up proof above a point) has been pushed to 3 May.

inflation and growth forecast of 4.5 per cent and 7 per cent each for FY25, India's policymakers are inferring that the economy is in a 'Goldilocks scenario'. However, economists say they must err on the side of caution. The six members of the Reserve Bank of India’s Monetary Policy Committee (MPC) broadly agreed that while there is a need to be vigilant, there is some comfort in retail inflation in India. At the same time, they also agreed that the Indian economy is currently showing resilience on the growth front, according to the minutes of the latest policy meeting.

MUMBAI: The Reserve Bank of India’s rate-setting committee expressed concerns about a possible resurgence in food inflation ahead, minutes of the panel’s 6-8 December meeting showed. The unease prompted the Monetary Policy Committee’s (MPC) six members to keep interest rates steady in a unanimous decision. This is the fifth consecutive time that the repo rate, which was last raised by 25 bps to 6.5% at the meeting of February 2023, has remained at that level.

Reserve Bank of India (RBI) deputy governor Michael Patra said. “Climate change can affect price stability through supply shocks such as food and energy shortages and through a decline in productive capacity. Demand shocks can arise due to the loss of wealth of firms and households on account of frequent natural disasters.

RBI. Its ripples have not dampened the festive spirit as the world beyond the money market is oblivious to the cryptic war of words. For most, little has changed: the businessman is not charged a higher rate on loans, the homebuyer is paying the same EMI, and stock traders are fine with governor Shaktikanta Das leaving interest rates untouched. However, the rift has left bankers dealing in the more obscure bond market baffled and angry. The dense drama has laid open RBI’s dilemma and the confusion of the bond brigade. The protagonists are an affable governor who wants to tame inflation without hiking interest rates, particularly amid festivities, his articulate, pony-tailed deputy, Michael Patra, who has to justify RBI’s actions, words, and silence, and bankers who lend and borrow to manage liquidity while taking cues from the market, rivals and RBI to price loans and deposits. At the heart of the debate is how banks handle their daily surplus or deficit liquidity vis-à-vis how RBI wants them to do it. While RBI wants banks to manage liquidity without undermining the monetary policy framework, they prefer doing what is convenient. There is no middle ground with bankers arguing that the market has transformed, and RBI must adjust to the new realities. What has changed?

states, which revert to the Old Pension Scheme (OPS) could face «unsustainable» fiscal stress, says an article in the Reserve Bank of India's September bulletin. «Results indicate that the cumulative fiscal burden in case of OPS could be as high as 4.5 times that of NPS (National Pension Scheme), with the additional burden reaching 0.9% of GDP annually by 2060,» wrote Rachit Solanki, Somnath Sharma, RK Sinha, Samir Ranjan Behera and Atri Mukherjee in the article in the RBI's September bulletin, which was released on Monday. The authors are from the Department of Economic and Policy Research and the Monetary Policy Department of the RBI.

The Reserve Bank of India (RBI) governor Shaktikanta Das said monetary policy committee (MPC) will closely monitor the first round impact of food prices, the minutes of the MPC's August meeting showed on Thursday. “Our task (of containing inflation) is still not over.

Clarity of expression by central banks is fairly new. It was the Great Recession of 2008-09 that made them give up ‘constructive ambiguity,’ which routinely got heads scratched over what had been said (or hinted at), in favour of corporate-style ‘forward guidance’ on economic conditions and their policy path. A struggle against stubborn inflation, however, has seen the return of relative reticence, especially after financial markets got rattled by hawkish talk by top bank chiefs.

cryptocurrency market, in line with global equity markets, witnessed steep falls on Thursday. The mushrooming tensions between Russia and Ukraine have dampened the sentiments once again. The largest cryptocurrency and other altcoins declined into red territory after Russian president Vladimir Putin ordered military operation in eastern Ukraine. Putin made the announcement in a televised speech at the same time as the UN Security Council was urging him to give peace a chance. Barring Terra all of top digital tokens were trading lower. Avalanche plunged more than 7 per cent, whereas Bitcoin, Ethereum, Cardano, and Dogecoin tumbled between 4 and 5 per cent.

Reserve Bank Deputy Governor Michael Patra on Wednesday said the central bank’s views about cryptocurrencies might have delayed the government’s proposed legislation on crypto assets.