Shaktikanta Das News

The governor of the Reserve Bank of India, Shaktikanta Das, has reiterated the central bank’s negative stance on crypto. He said that the RBI’s position on cryptocurrency remains unchanged.

cryptocurrency remains unchanged. “Traveling down that path will create huge risks.

Mint BFSI Summit and Awards: The banking, financial services and insurance (BFSI) industry in India is the backbone of the country’s monetary, industrial and economic ecosystems. The arrival of fintech organisations across this grouping has shaken things up, given the fintechs’ digital-native nature, and their speed of execution.India can arguably be said to be one of the world leaders in fintech, with thousands of fintech players permeating the BFSI industry.

MUMBAI : Reserve Bank of India (RBI) governor Shaktikanta Das will deliver the opening keynote address at the Mint BFSI Summit and Awards on Thursday, flagging off a full day of intense deliberations, debates and conversations around the theme of financial wellness in a changing world. Joining the central bank governor will be Debasish Panda, the chairperson of the Insurance Regulatory and Development Authority of India (Irdai); Kamlesh Varshney, whole-time member at capital markets regulator Securities and Exchange Board of India (Sebi); and veteran banker K.V.

World Economic Forum (WEF). In an online pre-meeting press conference, WEF President Borge Brende said the meeting will take place in a very complicated and the most challenging geopolitical and geo-economic scenario.

(This story originally appeared in on Jan 05, 2024)

ALSO READ: Foreign investors keen on India but transparency key factor: WEF investment head 1) Davos 2024 will be hosted between 15 to 19 January 2024. 2) It will be hosted at the local Swiss Alpine School in the heart of Davos.

Perception of riskiness of the Indian banking system has improved in relation to the global financial system, but the contagion risk has risen due to a merger in the sector though it is not a cause of worry, the RBI said without naming HDFC and HDFC Bank that merged this year. «Macro stress tests for credit risk showed that SCBs (scheduled commercial banks) have sufficient capital buffers and even under adverse stress scenarios their capital ratios will remain above the regulatory minimum,» said the RBI's 28th Financial Stability Report. «Wider adoption of technology in the financial system amidst a new wave of innovations also poses new challenges for financial stability that would require suitable risk mitigating regulatory and supervisory actions.» Indian banks are making record profits with rising income from lending and sliding provisions for bad loans.

India's net non-performing assets ratio of banks declined to a multi-year low of 0.8% at the end of September 2023. "The resilience of the non-banking financial companies (NBFCs) sector improved with CRAR at 27.6 percent, GNPA ratio at 4.6 percent and return on assets (ROA) at 2.9 percent, respectively, in September 2023," the report said.

The National Payments Corporation of India (NPCI) has started the process to deploy ‘UPI Tap and Pay’ across digital payment providers soon after the apex body released details on the feature’s roll out, reported Business Standard. 

HDFC and ICICI, on Tuesday received threatening mail demanding resignation of Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das. The sender has claimed that bombs would be planted at RBI's and premises of two banks if their demands are not met, media reports suggest. «We have planted „11“ bombs in different locations of Mumbai RBI along with private sector banks have executed the biggest scam in the history of India,» the email read.

threat email accessed by ABP news read: "We have planted 11 bombs in different locations in Mumbai. RBI along with private sector banks have executed the biggest scam in the history of India. The scam involves RBI Governor Shaktikanta Das, Finance Minister Nirmala Sitharaman, some of the top banking officials and some renowned ministers of India." ALSO READ: Delhi's Amrita School gets bomb threat via e-mail; nothing suspicious found yet The Mumbai Police said, “A total of 11 bomb threats were made at 11 places in Mumbai." Moreover, the email also mentioned the location where three bombs were plants.

Indian economy grapples with the persistent challenge of inflation, the Reserve Bank of India (RBI) and the Monetary Policy Committee (MPC) have orchestrated a series of strategic measures throughout the 2023 calendar year. These actions, spanning policy changes and interest rate adjustments, reflect a proactive approach to maintaining economic stability while fostering sustainable growth.

Mint looks into the details and implications. As per markets regulator Securities and Exchange Board of India, AIFs are privately pooled investment vehicles comprising funds from sophisticated investors. RBI’s new regulation is an example of collaboration between Sebi and the central bank.

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.

MUMBAI : The objective of aligning India’s inflation with the 4% target on a sustainable basis is far from assured, according to an article in the Reserve Bank of India (RBI)’s December bulletin. It also cautioned against, what it called a case of hypermetropia or far-sightedness, among some of its stakeholders. In the article titled State of the Economy, it said that softer retail inflation figures for September and October 2023, along with a prolonged pause in the monetary policy stance, resulted in an irrational long-sightedness.

State Bank of India (SBI) announced an increase in the marginal cost of funds-based lending rate (MCLR) on select tenures by 5-10 basis points. This means that consumer loans, such as auto or home loans, will become more expensive for borrowers. The lender's choice to increase rates follows the December 8, 2023 decision by the monetary policy committee (MPC) led by RBI Governor Shaktikanta Das to maintain the repo rate at 6.5% for the fifth consecutive time.

Vaishnaw, Smriti Irani and Hardeep Singh Puri as well as Maharashtra Chief Minister Eknath Shinde and Karnataka Chief Minister Siddaramaiah are likely to visit the snow-laden picturesque Swiss resort town Davos next month for the World Economic Forum's Annual Meeting. RBI Governor Shaktikanta Das, India's G20 Sherpa Amitabh Kant and some ministers from Tamil Nadu, Uttar Pradesh and Telangana may also be in Davos for the annual gathering of rich and powerful from across the world.

Reserve Bank of India’s latest policy tone suggests that it could tolerate funds flowing to the system through government spending as long as durable liquidity keeps reducing, in line with the central bank’s inflation targeting aim. “Should govt spending pick up in Q4 and lead to system liquidity improving then that could see overnight rates falling back towards Repo rate. As long as that process is coterminous with a fall in durable liquidity RBI should allow the reset in overnight rates to play out,” economists from ICICI Securities Primary Dealership wrote in a December 11 note. An easing call rate indicates lower cost of borrowing in the economy as a host of financial instruments are linked to the interbank rate of borrowing and lending. The economists pointed out that in the RBI’s latest monetary policy statement on December 8, governor Shaktikanta Das had emphasized that factors such as a rise in currency in circulation had mopped up a portion of durable liquidity surplus in the banking system in the ongoing quarter. Moreover, Das also alluded to a compression in the RBI’s balance sheet from pandemic highs, indicating that a large part of the excess liquidity sloshing around the system during the pandemic had already been tackled by the central bank.

Reserve Bank of India (RBI) Governor Shaktikanta Das did so on Friday. In just about two hours after what appeared to be a declaration of victory over inflation after nearly 20 months of tense battle, Das damped it. «We do not communicate anything inadvertently, let me make it very clear,» Governor Das told reporters during the customary interaction after the latest policy review that was earlier interpreted as setting the stage for an easing of monetary policy.

RBI) Friday tweaked a mechanism to enable banks to better manage their funds in a 24x7 payments landscape that compels lenders to store away large amounts of funds as a precautionary measure, a practice that exacerbates stress when overall liquidity is in a deficit. «With regard to the standing facilities of the Reserve Bank under the LAF (Liquidity Adjustment Facility), we have noticed simultaneous high utilisation of both MSF (Marginal Standing Facility) and SDF (Standing Deposit Facility) by the banks,» RBI Governor Shaktikanta Das said while detailing the central bank's monetary policy statement on Friday. «We propose to address this situation and have decided to allow reversal of liquidity facilities under both SDF and MSF even during weekends and holidays with effect from December 30, 2023. It is expected that this measure will facilitate better fund management by the banks,» Das said, adding that the measure would be reviewed after six months or earlier if required. The central bank's latest step provides banks with the flexibility to borrow or lend out funds on weekends and holidays instead of borrowing heavily from the market or the RBI's lending windows ahead of non-working days. The RBI's move comes after months of unusual liquidity distribution in the banking system, with lenders persistently storing large amounts of money in the central bank's absorption facility, which offers the least remunerative rate of interest. «Earlier there was no provision for an automatic sweep-in for banks' funds during the weekend.