Shaktikanta Das News

ICICI Bank and public lender Bank of India (BOI) have hiked their marginal cost-based lending rates (MCLR). This will result in EMIs linked to MCLR being expensive. As per ICICI ‘s website, and Bank of India’s website, the new interest rates are effective from 1 November 2023.

Shaktikanta Das on Tuesday said the growth momentum in the economy continues to be strong, and that the GDP number for the second quarter will surprise everyone on the upside. Shaktikanta Das said that geopolitical uncertainty is the biggest risk to global growth but was quick to add that India is better placed to deal with any potentially risky situation.

India Governor Shaktikanta Das said on Tuesday. Last month, J.P.Morgan said it would include India in its widely tracked emerging market debt index, setting the stage for billions of dollars of inflows into the world's fifth-largest economy, which will help it finance its current account and fiscal deficits. «The first thing that has to be recognised in this is that it's a kind of a vote of confidence about the Indian economy and about the Indian financial markets,» Das said. «We can handle large-scale inflows (and) we can handle large-scale outflows. So, therefore, I don't think we will see that kind of volatility.

RBI Governor Shaktikanta Das on Tuesday said attrition is seen to be high at some private sector banks and that the central bank is watching the issue «closely». Speaking at the annual BFSI Insight Summit organised by Business Standard, Das said the Reserve Bank of India (RBI) is looking at the issue as part of the regulatory supervision efforts.

Axis Bank is well capitalised with a self-sustaining capital structure for funding organic growth, its managing director and CEO Amitabh Chaudhry has said. He said the bank expects to grow higher than the industry average on the credit side. It would be 400-600 basis points higher than the industry in the MSME segment this fiscal. To fund business growth, he said, the bank has adequate capital to take care of its needs during the current financial year.

RBI. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves were up by USD 1.85 billion to USD 45.42 billion during the week, the RBI said.

Reserve Bank of India is likely to meet with banks next week to discuss the key issues of liquidity in the banking system and developments in sovereign debt yields, which serve as benchmarks for pricing corporate borrowing. «There are meetings scheduled on November 2 and November 3. The discussion points include the skewed liquidity distribution in the banking system and the reasons why some banks deploy excess liquidity at the RBI's Standing Deposit Facility (SDF) and why some banks which are short of liquidity often have to take recourse to borrowing from the Marginal Standing Facility (MSF),» a person aware of the matter said, asking not to be named. «The RBI's plan regarding open market bond sales is also likely to come up for discussion.

Shaktikanta Das, governor of the Reserve Bank of India (RBI), recently raised concerns over the “very high growth" of “certain components of personal loans." Loans referred to as retail loans in common parlance are termed personal loans by RBI. They comprise housing loans, advances against fixed deposits, credit card outstandings, vehicle loans, education loans, loans against gold jewellery, other personal loans, etc. Outstanding personal loans were up 30.8% as of end-August in comparison with August 2022.

risk weights, amid rising fears of a wave of defaults. The RBI recently raised red flags and warned lenders that it might have to step in if banks do not step up monitoring of unsecured loans. In the recent MPC meeting, member Ashima Goyal said a sudden rise in Indian household debt could be a concern, as per the minutes of the meeting released on Friday. «Prudential tightening, such as raising LTV ratios or risk weights, would be preferable to raising policy rates… After the firm lending-based NPAs, most banks are trying to increase retail loans.

RBI is to align inflation to the target and control inflation expectations, said Reserve Bank of India (RBI) Governor Shaktikanta Das in minutes. "Our fundamental goal is to align inflation with the 4% target and anchor inflation expectations," Reserve Bank of India (RBI) Governor Shaktikanta Das said in the minutes released on Friday. As an impact of surging inflation, people are not increasing discretionary spending in view of high inflation, according to RBI Deputy Governor Michael Patra.

RBI) on Friday released MPC minutes where governor Shaktikanta Das said that the declining core inflation has been a silver lining amid volatile headline inflation.

Also read: To curb inflation, RBI plans bond sales to suck liquidity Governor Das added, “The global economy is now facing a tirade of challenges. First, slow moderation in inflation, which is getting interrupted by recurring and overlapping shocks. Second, slowing growth, and that too is fresh and enhanced obstacles.

MUMBAI : The Reserve Bank of India (RBI) has not been maintaining daily and monthly transaction records for its e-rupee digital currency pilots, the central bank said in response to Mint’s Right to Information (RTI) application. However, a senior regulatory official had recently pegged daily retail usage volumes at 15,000. Mint had sought daily and monthly data on the number of retail and wholesale transactions for the central bank digital currency (CBDC).

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?

RBI Governor Shaktikanta Das, two other central bankers- Thomas J. Jordan of Switzerland and Nguyen Thi Hong of Vietnam earned an ‘A+’ grade in the Global Finance Central Banker Report Cards 2023. "The Bank Governors who earned an ‘A+’ grade in the Global Finance Central Banker Report Cards 2023 are Shaktikanta Das from India, Thomas J.

In a groundbreaking move toward linguistic inclusion, Bhashini, Indian government-backed AI language translation platform, is set to introduce voice-based services within the National Payments Corporation of India (NPCI). This innovative step aims to make UPI payments more accessible and user-friendly.

currency manipulators should be reviewed, said India’s central bank governor, who defended the need to buttress their economies from market swings. “There has to be a two-sided appreciation of the challenges” emerging markets face dealing with spillover effects of advanced economy policies, Reserve Bank of India Governor Shaktikanta Das said Thursday at the annual meetings of the International Monetary Fund and World Bank in Marrakech, Morocco. India was most recently on the US Treasury’s watchlist as a potential currency manipulator in late 2020 and was removed two years later. In its June update, Treasury didn’t label any major trading partner as a manipulator, however seven economies remained on its monitoring list including China, Germany and Switzerland. India’s central bank has been one of the most active dollar buyers in the market in recent years as it seeks to build reserves to fend off any speculative attack on the currency.

India's retail inflation eased to 5.02 per cent in September on an annual basis as against 6.83 per cent in August, showed data released by the ministry of statistics on Thursday. On a monthly basis, the prices deflated (-) 1.13 per cent. The food price inflation for September stood at 6.56 per cent as 9.94 per cent in August.

Follow our Markets LIVE here The average expectation is for inflation to come down to 5.50 percent in September from 6.83 percent in August. Projections varied between 5.10 percent and 6.90 percent. Also, more than three-quarters of participants foreseeing inflation to drop below the upper limit of the target range set by the central bank.

MUMBAI : Economists are paring back their expectation of a rate cut to beyond the first quarter of fiscal year 2025, following a hawkish policy stance from the Reserve Bank of India. In its recent policy last week, RBI Governor Shaktikanta Das made it clear that the central bank’s inflation target is 4% and not 2 to 6%. According to RBI’s estimates, inflation is expected to average 4.5% in fiscal year 2025.

India's central bank Friday flagged the need for greater scrutiny of the financial sector's rising unsecured loan exposure, warning both high-street lenders and non-banking finance companies (NBFCs) to strengthen their risk management systems in what is seen as a precursor to tightening capital requirements for such advances. In his statement accompanying the monetary policy review, central bank Governor Shaktikanta Das said that though banks and NBFCs continue to be resilient, certain components of loans are recording very high growth. «We have to be mindful of what can, going forward, pose a challenge and become a future risk. In certain segments of retail credit, we saw high growth,» Das said after the monetary policy review meeting in Mumbai.