Shaktikanta Das News

RBI Governor Shaktikanta Das, vegetable inflation has made the 4% CPI inflation target look more elusive. To find out whether tomato-nomics will force RBI to hike rates, let us look at the past 12 instances of TOP (tomato, onion, potato) price hikes since 2010. While tomato prices increase almost every June-July, potato prices increase after every two years and onion prices rise after every 2.5 years.

RBI) will begin its three-day meeting to decide on India's short-term monetary policy on Tuesday (August 8). RBI Governor Shaktikanta Das will announce the meeting outcome on Thursday (August 10). The recent sharp rise in vegetable and pulses prices and the July rate hike by the US Fed are the two major questions that the MPC will take into account before deciding on policy rates.

Shaktikanta Das, the six-member Monetary Policy Committee (MPC) will meet for three days (8-10 August) and the decision would be announced on 10 August at 10 am by the Governor. The central bank has kept the repo rate unchanged at 6.5% since February this year. RBI Governor Shaktikanta Das will announce the MPC's decision on Thursday, August 10 at 10 am while the policy press conference will be telecast at 12 noon.

NEW DELHI : The International Monetary Fund (IMF) on Tuesday revised India’s GDP growth forecast to 6.1% for 2023, up from 5.9% projected by the financial institution earlier this year as a result of stronger domestic investment. “Growth in India is projected at 6.1% in 2023, a 0.2 percentage point upward revision compared with the April projection, reflecting momentum from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment," IMF said in a report.

MUMBAI : Billionaire banker Uday Kotak’s recent letter to Kotak Mahindra Bank (KMB) Ltd’s shareholders has displeased the Reserve Bank of India (RBI), which thinks the letter’s reference to “Arjuna’s eye" and other such mentions are a veiled criticism of the central bank governor Shaktikanta Das, a person aware of the matter said. Kotak, in his last shareholder letter as managing director of KMB before stepping down at the end of this year, expressed concerns about the impact of over-regulation on the entrepreneurial spirit of financial sector companies. “I feel the financial sector players risk becoming more robotic, curbing the entrepreneurial flair since the fear of making a mistake overrides the joy of creation and development," he said.

Bloomberg, the G-7 nations are convening before the Group of 20 meetings in Gandhinagar, Gujarat, with a focus on providing assistance to Ukraine, reforming multilateral development banks, and reevaluating global supply chains. On Sunday, Treasury Secretary Janet Yellen expressed her commitment to collaborating with China on shared areas of interest.

Reserve Bank of India and the Central Bank of UAE (CBUAE) on Saturday signed two Memorandum of Understanding (MoU) to strengthen the use of local currencies for cross-border transactions and for interlinking their payment and messaging systems. With an aim to put in place a Local Currency Settlement System (LCSS), the Governors of RBI and CBUAE agreed to establish a framework for the use of local currencies for transactions between the two Asian countries.

lending rate (MCLR) by 5 basis points (bps) starting from July 15. As per the details available on SBI's website, the MCLR based rates will now vary between 8 percent and 8.75 percent.

Mumbai: Although Indian banks have performed well in a hostile global environment, they should not let their guards down, Reserve Bank of India (RBI) governor Shaktikanta Das told heads of private and state-owned banks on Tuesday.  Das met chief executives of public sector banks and some private sector lenders on Tuesday, RBI said in a statement.   “The governor, in his introductory remarks, while noting the good performance of the Indian banking system despite various adverse global developments, stressed that it is in times like these, banks need to be extra careful and vigilant," the statement said.  According to RBI, Das also emphasized the need for bank chiefs to pay special attention to strengthening governance and focus on the “tripod of banking stability consisting of compliance, risk management and audit functions".  Other issues discussed include strengthening of credit underwriting standards, monitoring of large exposures, implementation of external benchmark linked rate (EBLR) guidelines, and bolstering information technology (IT) security and IT governance. Das also highlighted the need to improve recovery from written-off accounts, and timely and accurate sharing of information with credit information companies.  Das has been pointing out the need for banks to strengthen corporate governance standards.

₹2,000 currency notes without any requisition slip and ID proof.  The apex court cited ‘executive policy decision’ in refusing to entertain the PIL filed by lawyer Ashwini Upadhyay. “Allowing exchange of ₹2000 currency notes is matter of executive policy decision" the court said. Upadhyay had said the ₹2,000 banknotes are being exchanged without any requisition slip and ID proof like an Aadhaar card by criminals and terrorists also.

Reserve Bank of India. “INR has potential to become an international currency as India is one of the fastest growing countries and has shown remarkable resilience even in the face of headwinds,” the group led by Ratho wrote in the report.

The Reserve Bank of India (RBI) is on course to expand the frontiers of its Central Bank Digital Currency (CBDC), the “digital rupee” as it negotiates with foreign countries to adopt cross-border payment systems.

The Reserve Bank of India (RBI) is currently in dialogue with its counterparts from at least 18 other countries on the possibility of cross-border payments in the “digital rupee”. 

Stablecoin has a lot of potential to harm emerging markets and developing economies, the Reserve Bank of India (RBI) claimed in its latest Financial Stability Report, released June 28. The report listed six threats that stablecoin presents.

International Monetary Fund and the Financial Stability Board (FSB) with jointly preparing a technical paper on crypto assets. The paper could be used to formulate a coordinated and comprehensive policy to regulate crypto assets. The G20 will draw up a universally acceptable international framework to regulate crypto assets and said that only a central bank-backed monetary unit would qualify as a currency. «To complement the ongoing dialogue on the need for a policy framework, the Indian Presidency has proposed a joint technical paper by the IMF and the FSB, which would synthesise the macroeconomic and regulatory perspectives of crypto assets,» according to an official statement. The joint technical paper would be presented at the finance ministers and central bank governors meeting in October 2023, it said.

The International Monetary Fund and the United States have shown support for India's plan to coordinate global crypto regulation during the recent G20 meeting. 

Some members of the G20 said during this week's discussions that a complete ban on crypto should be considered, Reserve Bank of India (RBI) Governor Shaktikanta Das said.

The Central Bank Digital Currency (CBDC) will boost the financial services sector, enable financial inclusion, reduce costs of managing cash and boost innovation in the cross-border payments space, the Economic Survey 2023 has said.

Central Bank Digital Currency or CBDCs have captured the imagination of central banks around the world. Recently, the Reserve Bank of India (RBI) launched the pilot 'digital rupee' project and reports suggest that it may further expand the project "based on the learnings from the current pilot."

Rajeev Chandrasekhar, India's Minister of Information Technology, has said crypto would face no issue within the country if related laws are followed. 

Following continuous warnings by the Reserve Bank of India (RBI) on risks associated with cryptocurrencies, industry experts are expecting that the government will introduce additional measures in the Union Budget.