LIVE: RBI says will undo damage inflicted on economy by Covid-19 in FY21-22

RBI Monetary policy LIVE updates: MPC voted unanimously to keep rates unchanged, said RBI governor Shaktikanta Das. Stay tuned for all the LIVE updates

1:02 PM

With gilt account scheme, we aim to provide another avenue to retail investors, says RBI guv

Q. What was the thought process behind the retail gilt account scheme? Could you also explain how retail will be defined. 

 

Ans: The thought process was mainly to provide another avenue to retail investors. As regards other details, I advise you wait for our further communication: Das  

1:01 PM

RBI governor on PMC Bank

Q. Any decision on the three potential investors in PMC Bank? 

 

Ans: I have been informed that three final offers have been received. PMC Bank itself is evaluating the offer. They will approach us once their evaluation is over: Das

12:51 PM

We are doing what an AQR is supposed to do: Das

We have deepened our supervision to get a clear picture of stressed or bad assets. Similarly, for banks, we are doing a deep dive and  making our own assessments. We are exactly doing what an AQR is supposed to do: Das

 

12:49 PM

RBI Governor on stress for banks

Stress for banks: We have been collecting from banks data related to their stressed assets. We are also taking up with banks that they make provisions. Many have done that, which is a positive sign. Data is flowing to us on a daily basis. We are constantly monitoring the situation: Das

 

12:48 PM

We have moved beyond pend-up demand. Demand will only pick up from here, says Shaktikanta Das

Are we sure that the growth projections are now driven by consumer demand and not pent-up demand?

We are tracking high-frequency indicators. All all of them indicate that demand is actual. We have moved beyond pend-up demand. Demand will only pick up from here. Demand curve is expected to be more sustained: Das

 

12:47 PM

Our first objective is to protect our market from global spillover, says RBI Dy guv Patra

Our first objective is to protect our market from global spillover. There is a hunt for yields. There have been spikes. We are watchful of them: Patra

 

12:46 PM

We are watchful of the forward premia rates. India continues to attract a lot of forex, says Guv Das

Forward premia rates: We are watchful of the forward premia rates. India continues to attract a lot of forex. We have taken measures as and when necessary. We would continue to do so, says Das.

12:46 PM

Will come out with details on retail participation in G-Sec market very soon, says RBI Dy Guv Kanungo

Will come out with details on retail participation in G-Sec market very soon, says RBI Dy Guv Kanungo

12:44 PM

RBI Governor Shaktikanta Das on Monetary policy review

Q: As regards bad banks, we thought there was going to be an ARC, but from Budget it seems it will be an AMC. What is it going to be?


A: There have been discussions between the RBI and government. We are awaiting a formal proposal from the government. It would not be right to comment before we receive it, says Guv Das.

 

12:43 PM

Will examine comments on draft NBFC Regulations, says RBI guv

Will examine comments on draft NBFC Regulations, says RBI guv

12:41 PM

Will come out with details on retail particpation in G-Sec market very soon, says Shaktikanta Das

Will come out with details on retail particpation in G-Sec market very soon, says Shaktikanta Das

12:40 PM

Is there a disconnect between what the market requires and what the RBI is providing them?

Shaktikanta Das says, "Sometimes the market takes a little more time to understand our communication. But over time they appreciate our efforts more. The situation is constantly evolving."

 

12:38 PM

What impact will the retail direct scheme have on the overall banking system?

To this, RBI governor Shaktikanta Das says, as the GDP grows and the economy comes back to a growth path, banks have several other services that they offer. So their business will not get affected. If anything, it will serve as another great avenue for investors to benefit from.

 

12:36 PM

Focus on governance is a common feature of our supervisory and regulatory standpoint: Das

Focus on governance is a common feature of our supervisory and regulatory standpoint, says Shaktikanta Das.

12:36 PM

HTM dispensation will help banks in view of the government's borrowing programme: Dy Guv Michael Patra

HTM dispensation will help banks in view of the government's borrowing programme: Dy Guv Michael Patra

12:34 PM

Endeavour to make the G-sec market accessible, says RBI guv

Endeavour to make the G-sec market accessible. Yield curve is a public good for all sections," the RBI Governor said.

12:34 PM

CRR normalisation will take place in two steps -- first in March and then in May, says RBI guv Shaktikanta Das

CRR normalisation will take place in two steps -- first in March and then in May, says RBI guv Shaktikanta Das.

12:33 PM

With regard to 10.5% GDP growth, our inflation projection and other factors have been taken into account: Guv

With regard to 10.5% GDP growth for next year, our inflation projection and other factors have been taken into account. Accordingly an accommodative stance has been maintained.

 

12:31 PM

MPC decision on both components of our decision -- rate and stance -- were unanimous, says Guv

MPC decision on both components of our decision -- rate and stance -- were unanimous, says Guv

12:29 PM

RBI MPC LIVE: Overall liquidity available to banking system remains the same, says Shaktikanta Das

RBI MPC LIVE: Overall liquidity available to banking system remains the same, says Shaktikanta Das

12:28 PM

Don't agree that yield curves are a public good only for the G-sec market, says Guv Das

Yield curve is a public good for all sections, he says.

12:26 PM

Accommodative stance will continue into the next FY, says RBI governor Shaktikanta Das

Market has its own way of interpreting things. Have only said accommodative stance will continue into the next FY.

12:26 PM

Macroeconomic situation is constantly evolving, says RBI Governor

Macroeconomic situation is constantly evolving, says RBI Governor Shaktikanta Das

12:19 PM

RBI monetary policy LIVE: RBI governor's press conference begins

RBI monetary policy LIVE: RBI governor's press conference begins

12:19 PM

LIVE: RBI says it'll undo damage inflicted on economy by Covid-19 in FY22

LIVE: RBI says it'll undo damage inflicted on economy by Covid-19 in FY22

12:14 PM

RBI: It's our strong conviction that in FY22 we will undo the damage that Covid-19 has inflicated the economy

 RBI: It's our strong conviction that in FY22 we will undo the damage that Covid-19 has inflicated the economy

12:04 PM

RBI monetary policy LIVE: RBI governor's press conference shortly

RBI governor Shaktikanta Das to address media shortly.

12:00 PM

RBI supporting growth is the need of the hours, says SBI chairman

Growth impetus has been maintained in today's policy, SBI chairman Dinesh Kumar Khara to CNBC TV 18.

11:54 AM

RBI holds interest rates steady at record lows as economic outlook improves

The Reserve Bank of India kept rates steady at record low levels and said it would maintain support for the economy's recovery from the pandemic by ensuring ample liquidity for markets to absorb a massive government borrowing programme.

 

"Going forward, the Indian economy is poised to move in only one direction and that is upwards. It is our strong conviction, backed by forecasts, that in 2021/22, we would undo the damage that Covid-19 has inflicted on the economy," Reserve Bank of India Governor Shaktikanta Das said after announcing the rate decision.

 

11:39 AM

NBFCs to get funds under on tap TLTRO scheme for incremental lending: RBI

The Reserve Bank of India (RBI) has proposed to provide funds to non-banking finance companies (NBFCs) from banks under on tap TLTRO scheme for lending to some stressed sectors.

 

In October last year, the RBI had announced on tap targeted long term repo operations (TLTRO) scheme for banks. It had said to conduct on tap TLTRO with tenors of up to three years for a total amount of up to Rs 1 trillion at a floating rate linked to the policy repo rate. The scheme is available till March 31, 2021.