Shaktikanta Das News

Reserve Bank of India Board reviewed the global and domestic economic situation and associated challenges including the impact of current global geopolitical developments at its latest meeting held in Indore. The board meeting, chaired by Governor Shaktikanta Das, was held for the first time after the government released the June-quarter growth numbers. The economy expanded at 7.8%. The Board reviewed the global and domestic economic situation and associated challenges including the impact of current global geopolitical developments. Deputy governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar, Swaminathan J and other directors of the central board — S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Anand Mahindra, Pankaj Patel and Ravindra Dholakia attended the meeting.

Reserve Bank of India Governor Shaktikanta Das has been ranked as the top central banker globally by US-based Global Finance magazine.

domestic economic situation and associated challenges, including the impact of current global geopolitical developments. The 603rd meeting of the Board, chaired by Governor Shaktikanta Das, was held in Indore. The Board also discussed various areas of operations of the Reserve Bank of India including the functioning of Local Boards and activities of select central office departments, the RBI said in a statement. Directors of the Central Board — S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Anand Gopal Mahindra, Pankaj Ramanbhai Patel and Ravindra H Dholakia attended the meeting. Ajay Seth, Secretary, Department of Economic Affairs and Vivek Joshi, Secretary, Department of Financial Services also attended the meeting besides RBI deputy governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar and Swaminathan J.

RBI) Monetary Policy Committee (MPC). RBI Governor Shaktikanta Das-led rate-setting panel had projected India's real GDP growth for 2023-24 at 6.5 per cent with Q1 growth rate at 8 per cent.

Read hereThe Reserve Bank of India (RBI) Governor Shaktikanta Das-led rate-setting panel, Monetary Policy Committee (MPC), projected India's real GDP growth for FY 2023-24 at 6.5% with Q1 growth rate at 8%. According to economists who participated in a poll conducted by news agency Reuters, GDP growth is expected to beat the January-March quarter's 6.1% rate, with forecasts ranging from 5.6% to 9.1% range.Economists see the country's economic growth at a four-quarter high with the GDP estimated in the range of 7.8-8.5% in Q1FY24, almost in sync with the projection by the Reserve Bank of India (RBI) at its latest bi-monthly monetary policy committee (MPC).

RBI) at its latest bi-monthly monetary policy committee (MPC). RBI Governor Shaktikanta Das-led rate-setting panel projected India's real GDP growth for 2023-24 at 6.5 per cent with Q1 growth rate at 8 per cent.

RBI) has called on the directors of urban cooperative banks (UCBs) to enhance their governance practices, focusing on risk management, compliance and internal audit. “The governor stressed that the quality of governance was the most important aspect in ensuring stability of individual banks and urged UCB directors to further strengthen governance practices," RBI said in a press note on Wednesday.

economic development by providing last mile connectivity, Reserve Bank Governor Shaktikanta Das Wednesday urged the directors of UCBs to further strengthen their governance practices, especially the three supporting pillars of compliance, risk management and internal audit. “The quality of governance was the most important aspect in ensuring stability of individual banks and the directors of UCBs are urged to further strengthen governance practices," the RBI governor said at a conference of directors on the boards of Tier 3 and 4 UCBs in Mumbai Zone.

Reserve Bank of India urged the directors of Urban Co-operative banks to further strengthen governance practices emphasizing the importance of a professional Board of Management as the quality of governance was the most important aspect in ensuring stability of individual banks. The Reserve Bank stressed the need to strengthen the three pillars supporting pillars of compliance, risk management, and internal audit. The quality of governance was the most important aspect in ensuring stability of individual banks said RBI governor Shaktikanta Das ,addressing a conference of directors on the Boards of Tier 3 and 4 Urban Cooperative Banks (UCBs) in Mumbai Zone on the theme ‘Governance in Banks — Driving Sustainable Growth and Stability’. He noted that while the financial performance of the UCB sector improved at an aggregate level in recent times, concerns and vulnerabilities are seen for certain individual entities.

RBI said that these entities constitute nearly 50% of the total assets of all NBFCs including HFCs. The meeting was also attended by the Deputy Governors Shri M. Rajeshwar Rao and Shri Swaminathan J.

inflation stoked by vegetable prices, but steps to reduce liquidity overhang in the banking system are likely to help contain price pressures, minutes of its August 8-10 meeting showed. «Given the likely short-term nature of the vegetable price shocks, monetary policy can look through the first-round impact of fleeting shocks on headline inflation,» Reserve Bank of India (RBI) Governor Shaktikanta Das said in the minutes. «At the same time, we need to be ready to pre-empt any second-round impact of food price shocks on the broader inflationary pressures and risks to anchoring of inflation expectations.»'Similar Prognosis Earlier Proved Right' India's Consumer Price Index inflation surged to a 15-month high of 7.44% in July, shooting past the MPC's tolerance band of 2-6%.

MUMBAI : Members of the central bank’s monetary policy committee (MPC) have reaffirmed their commitment to bring down inflation to the 4% target amid a sudden spike in vegetable prices, minutes of the MPC meeting released on Thursday showed. Earlier this month, MPC unanimously voted to keep repo rate unchanged at 6.5% for the third straight meeting. The members, however, did not signal the need for any rate action at this point unless food inflation gets generalized.

yields were off their lows to end little changed on Thursday as the impact from a fall in U.S. yields was offset by caution before the release of the Reserve Bank of India's policy minutes as well as debt supply. The benchmark 7.26% 2033 bond yield ended at 7.1963% after ending the previous session at 7.1927%.

Reserve Bank of India stressed the need to monitor the situation closely given the risk of El Nino and uneven rainfall. «While the vegetable price shocks are expected to correct quickly with the arrival of fresh crops, there are risks to the food and the overall inflation outlook from El Nino conditions, volatile global food prices and skewed monsoon distribution — all of which warrant close monitoring,» said RBI Governor Shaktikanta Das during the recent meeting of the Monetary Policy Committee. The MPC, which has three members from the central bank and a similar number of external members, met between August 8-10, and held the benchmark repurchase rate (repo) at 6.50 per cent in a unanimous decision. (More to come)

vegetable prices that caused an alarming spike in the latest monthly consumer inflation assessment should start easing next month following the arrival of fresh crops and join the broad directional trend on core inflation, Reserve Bank of India Governor Shaktikanta Das said Wednesday, but higher-than-mandated prints for the price gauge have lengthened the odds on a rate cut through the latter half of FY24. «On the positive side, inflation excluding food and fuel (core inflation) has softened by around 130 basis points from its recent peak. Although it is still elevated at 4.9 per cent, this steady easing of core inflation indicates tight monetary policy is working,” Governor Das said while delivering the Lalit Doshi Memorial Lecture in Mumbai.

MUMBAI : Liquidity in the Indian banking system slipped into deficit for the first time this fiscal on the back of the Reserve Bank of India’s (RBI) temporary liquidity withdrawal, coupled with tax outflows. Liquidity stood at a deficit of ₹23,644 crore as of 21 August, according to RBI data, prompting banks to borrow a whopping ₹89,813 crore from the RBI’s Marginal Standing Facility (MSF) window on Monday, the most in a decade. On 28 June, banks had borrowed nearly ₹71,050 crore through the MSF window at 6.75%.

The duty is imposed with immediate effect and will be valid till December 31, 2023 or as per the next notification by the government. The move is expected to cool the retail inflation as vegetable prices sent consumer inflation soaring to a 15-month high in July, compared with 4.87% in the previous month, breaching the upper tolerance band of the Reserve Bank of India for the first time in FY24. The price hike was led by tomatoes which reached up to Rs 250 per kg in the retail market.

MUMBAI : Borrowers will soon get to choose whether to pay higher equated monthly instalments (EMIs) or repay their loan over a longer period when banks raise interest rates. They can also expect greater transparency from lenders on penalties if they miss out on repayments. In the first of two circulars issued on Friday, the Reserve Bank of India (RBI) said banks and non-banks should provide individual borrowers with the option to switch to a fixed rate at the time of resetting interest rates.

RBI). The August 2023 bulletin was published by the central bank on Thursday. The unprecedented shock to tomato prices spread to the pricing of other vegetables, according to the RBI, which caused the increase in inflation from its June reading to change in July.

RBI) upper tolerance limit of 6%, driven by high food and vegetable prices. The retail inflation in June was 4.81%. However, core inflation data was seen as a relief.

₹2 crore. This comes after the Reserve Bank of India (RBI) decided to keep the repo rate unchanged at 6.5 per cent for the third time in a row. The decision to keep policy interest rate unchanged was announced by RBI Governor Shaktikanta Das on 10 August.