Shaktikanta Das News

At $17.8 billion, the reserves fell the most in the week ended November 15, eclipsing the $15 billion retreat in the week of October 24, 2008, when the subprime sinkhole had swallowed global financial assets — and emerging market currencies — in the immediate aftermath of the Lehman Brothers mothballing. This time, too, the rupee declined 79 paise per dollar, or 1%, since the reserves hit a record of $704.9 billion on September 27. «Our exchange rate policy is well articulated and has remained consistent over the years,» Reserve Bank of India (RBI) Governor Shaktikanta Das said at a recent media event. «Our exchange rate regime is market-determined and RBI does not target any level or band of the exchange rate.»

Subscribe to enjoy similar stories. The consumer price index (CPI)—or retail inflation—surged in October to 6.2%, breaching the Reserve Bank of India’s (RBI) upper tolerance limit. Mint looks at what caused this spike, its expected trajectory in the coming months and what it means for interest rates.

Subscribe to enjoy similar stories. Reserve Bank of India (RBI) governor Shaktikanta Das’s warning of inflation rising sharply in October has turned out prescient. Data released on Tuesday showed the consumer price index rose 6.2% last month from its level a year earlier.

Reserve Bank of India (RBI) Governor Shaktikanta Das has said the October inflation print could exceed September's 5.5%, and odds have lengthened on a durable win against inflationary pressures after the Trump victory raised the likelihood of both higher US borrowing and consumer prices — a combination that limits headroom to lower rates more quickly in the world's biggest economy.

Subscribe to enjoy similar stories. The Insolvency and Bankruptcy Code (IBC) has long been associated with delays and financial creditors taking significant losses in high-profile corporate insolvencies. In the recent past, various stakeholders including the Parliamentary Standing Committee on Finance, Reserve Bank of India (RBI) Governor Shaktikanta Das and India’s G-20 Sherpa Amitabh Kant have flagged concerns over delays and asked for a recovery boost.

Inflation unexpectedly spiked to 5.49% in September, but was forecast to cool to an average 4.9% this quarter and drop to 4.6% in January-March, giving the Reserve Bank of India (RBI) room to ease policy. The central bank has held interest rates at their highest since early 2019 for the past 10 meetings.

CAG is set to conclude in November, and a high-ranking official with close ties to the Modi administration is likely to be chosen to oversee the Centre's financial oversight. While Murmu's position requires a new appointee, three other pivotal roles — the Reserve Bank of India (RBI) Governor, Chief Economic Adviser (CEA), and Securities and Exchange Board of India (SEBI) Chairperson — offer the possibility of reappointment. Following Murmu’s tenure, attention will shift to the RBI’s leadership. Shaktikanta Das, who became RBI Governor in December 2018 after the sudden resignation of Urjit Patel, is nearing the end of his second term. Das, a former bureaucrat known for maintaining strong government relations and navigating India’s financial landscape smoothly, may either continue in this role or pass the mantle, with a decision expected in December.

Shaktikanta Das, the Governor of Reserve Bank of India (RBI), on October 26, received award for A+ grade in Central Bank Report Cards 2024, for the second consecutive year. The award, presented by Global Finance in Washington D.C., USA, recognised RBI Governor's excellent performance and effective leadership in steering India's apex bank through complex economic challenges. In a social media post on X, RBI posted, «Governor @DasShaktikanta received the award for A+ grade in Central Bank Report Cards 2024, for the second consecutive year. Presented by Global Finance at an event held today in Washington DC, USA.»

headline inflation trajectory is expected to moderate from the last quarter of this financial year, while unexpected weather events and worsening of geopolitical conflicts pose a major challenge, Reserve Bank of India Governor Shaktikanta Das said in Washington DC. On inflation, the RBI Governor spoke about ensuring inflation reaches to the 4% level on a durable basis. Pertinent to note that last week, the governor said that a policy rate cut would be very risky at this juncture. 'Resilient growth has given us the space to focus on inflation so as to ensure its durable descent to the 4 per cent target," Das said at the Macro Week 2024 organised by the Peterson Institute for International Economics at Washington DC.

Subscribe to enjoy similar stories. Mumbai: The Reserve Bank of India (RBI) has been using public speeches by its top brass to hint at upcoming regulatory action against specific institutions or even some lending practices, showed a Mint analysis. This was evident when the regulator barred four non-bank financiers, including two microfinance institutions, from fresh lending.

Subscribe to enjoy similar stories. This month’s monetary policy committee’s (MPC) meeting that voted to keep the Reserve Bank of India’s (RBI) policy rate steady was the first since this panel’s reconstitution.

interest rates right now would be hasty and potentially fraught with risk as inflation remains above target and will stay there in the near term, Reserve Bank of India (RBI) governor Shaktikanta Das said. “Inflation is moderating, with certain risks about which we have to be very vigilant,” Das said at an event organised by Bloomberg on Friday. “Therefore, a rate cut at this stage will be very premature and can be very, very risky. When your inflation is 5.5% and the next print is also expected to be high, you can’t be cutting rates at that point.” India’s retail inflation rose to a nine-month high of 5.49% in September, driven by a rise in food prices.

finance companies, including Sachin Bansal-led Navi Finserv and Mitsubishi UFJ Financial Group-backed DMI Finance, from sanctioning and disbursing new loans as they were found to be charging excessive interest rates. This follows a warning by the RBI governor earlier this month over such practices. The other two companies are Manappuram Finance-promoted Asirvad Micro Finance Ltd and Kolkata-based MFI Arohan Financial Services Ltd. The RBI’s directive comes into effect from the close of business on October 21, the central bank said in a statement on Thursday. “Unfair and usurious practices continued to be seen during the course of onsite examinations as well as from the data collected and analysed offsite,” the RBI said. The action comes less than 10 days after central bank governor Shaktikanta Das warned some non-banking finance companies (NBFCs), microfinance companies (MFCs) and housing finance companies (HFCs) against “aggressively pursuing growth without building up sustainable business practices.”

Subscribe to enjoy similar stories. Reserve Bank of India (RBI) governor Shaktikanta Das has consistently underlined the policy pursuit of low inflation on a durable basis. Government data released on Monday shows just how challenging that task is.

Subscribe to enjoy similar stories. On Wednesday, Reserve Bank of India (RBI) Governor Shaktikanta Das stayed true to his words.

Subscribe to enjoy similar stories. MUMBAI : Food or Fed: That will be the question facing India’s monetary policy committee (MPC) in October.

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food inflation, State Bank of India (SBI) chairman C S Setty has said. The US Federal Reserve's first cut in interest rates in more than four years is expected soon, triggering central banks in other economies to follow suit. «On the rate front, a lot of central banks are taking independent calls. While Fed rate cut would influence everyone, RBI would be mindful of the food inflation before taking a call on interest rate cut,» Setty, who took over the reins of the bank recently, told PTI in an interview. «That is what our view is, and our view is also that the rate cut during the current calendar year may not happen, probably we may have to wait for Q4 (January-March 2025) unless there is a good improvement in terms of food inflation,» he said.

Subscribe to enjoy similar stories. Mumbai: Credit growth that leapt far ahead of deposit growth has slowed, narrowing the gap between the two, as regulatory measures take effect and banks dial down a loan frenzy. The difference between non-food credit and deposit growth shrank from 311 basis points on 26 July to 275 bps on 23 August, latest data from the Reserve Bank of India (RBI) showed.

Subscribe to enjoy similar stories. (Bloomberg) -- India’s central bank governor signaled he’s in no hurry to cut interest rates despite recent softening in inflation in the world’s fastest-growing major economy.