R Gandhi welcomes RBI's focus on banking safety and payment system soundness
«Other announcements which are all for increasing the safety and soundness of the banking system and the payments and other things, that are welcomed,» says R Gandhi, Former RBI Deputy Governor.
What to your mind actually stood out from the governor's commentary given that it was along expected lines and a status quo?
Yes, that is right. The whole policy announcements are on expected lines only. Both by the market and others going by any standard I do not think anybody would have thought otherwise. Of course, going forward, everybody would be expecting the rate cut to come in sometime soon. So it could be in August or October, that will be the next debate, that would obviously depend upon the inflation footprints that we will get this month and next month so that should guide us.
But the point governor has mentioned very clearly is that food inflation still could be playing around, so that is where we need to be watching. And other announcements which are all for increasing the safety and soundness of the banking system and the payments and other things, that are welcomed.
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You talked about, yes, the governor not increasing the inflation estimate even though he increased the GDP estimate for FY25, but he did talk about two specific issues. One was that it was a word of
