RBI press conference LIVE: It is supervisory action on Paytm, says Guv Das

RBI MPC Meeting Live Updates: RBI's MPC which began on February 6 has concluded today. The Central bank's MPC has decided to keep the repo rate unchanged at 6.5%. Catch all updates here

1:22 PM

Deputy Governor Swaminathan declines to specify on shortcomings by Paytm

The Governor declined to specify the specific shortcomings resulting in the RBI action, but made it clear that it is driven by a "lack of compliance" at Paytm. 

1:02 PM

RBI post-MPC conference: India's financial system really strong, assures Governor Das

Overall financial sector of the country is really strong, assures Governor Das

12:57 PM

RBI post-MPC conference: Guv Das comments on pre conditions for stance to change to neutral

When such a thing happens, we will explain how it is. The evolving situation continues to be volatile and uncertain, says Guv Das

12:53 PM

What goes into the nominal GDP is not CPI inflation, it is the GDP deflate: Michael Patra

What goes into the nominal GDP is not CPI inflation, it is the GDP deflate, says Michael Patra

12:49 PM

RBI post-MPC conference: Guv clarifies on use of hidden costs, says terms and conditions are transparent

The banks' terms and conditions are very transparent, clarifies Guv Das

12:31 PM

RBI post-MPC conference: Guv Das shares key inputs on the ongoing Paytm fiasco

"There is no worry about the system, at the moment". He further adds we are talking about a specific institution, a specific payment bank. I don't want to comment on a specific case", says Das. 

Here's what Das said: 

• Significantly deepened our supervisory system, approach, and methods
• Our emphasis is always on bilateral engagement with the regulated entity, with focus on nudging them for corrective action
• When the regulated entity does not take effective action, we go for imposing supervisory or business restrictions
• The restrictions that we impose are always proportionate to the gravity of the situation
• All our actions, being a responsible regulator, are in the best interest of systemic stability and protection of depositors' interest
• We will be issuing an FAQ in the next week to address clarifications regarding Paytm
• The Reserve Bank is and will continue to support innovation and technology in the financial sector

12:24 PM

RBI post-MPC conference: Guv Das comments on the ongoing Paytm fiasco

If everything had been complied with, why should RBI act against a regulated entity, asks RBI Guv Shaktikanta Das, without naming Paytm. He further added, tha there is no worry about the system, we are only talking about a specific payments bank.

12:23 PM

RBI post-MPC conference: Dy Guv Swaminathan comments on transmission

The rates on deposit side resets much faster, while on the lending side, it does take some time to pass, says Deputy Guv Swaminathan

12:20 PM

RBI post-MPC press conference: We don't comment on individual entity, says Swaminathan

As a matter of policy, we don't comment on individual entity or actions that we initiate, says Dy Guv Swaminathan

12:18 PM

The stance is all about the future course of policy rates, says Dy Guv Michael Patra

The stance is all about the future course of policy rates, says Dy Guv Michael Patra

12:17 PM

Took action on Paytm for consistent non-compliance, says Guv Das

Took action on Paytm for persistent non-compliance, says Dy Guv Swaminathan

12:08 PM

RBI Guv Shaktikanta Das begins press conference post MPC meet discussion

RBI Governor Shaktikanta Das began a press conference after the monetary policy committee meeting discussion during which the Governor announced that the repo rate would remain unchanged for the sixth consecutive time.

 

11:47 AM

RBI MPC meet update: Central bank to introduce offline e-rupee transactions soon, says Das

Digital rupee users will soon be able to execute transactions in areas with limited internet connectivity, announced Governor Shaktikanta Das on Thursday

11:36 AM

Indian rupee trading on flat note after RBI monetary policy decision

The rupee was trading on a flat note after the Reserve Bank of India (RBI) on Thursday decided to keep policy rate unchanged for the sixth time in a row to maintain a tight vigil on inflation.

 

At the interbank foreign exchange, the rupee opened at 82.94 against the dollar and was trading at 82.96 against the greenback, unchanged from its previous close, as the central bank retained the repo rate at 6.5 pc for the sixth consecutive time.

11:07 AM

RBI MPC meet update: Here's what Governor Shaktikanta Das had to say on public debt levels

"Amidst the current headwinds elevated levels of public debt are raising serious concerns on macroeconomic stability in many countries, including some of the advanced economies. The global public debt to GDP ratio is projected to reach 100% by the end of this decade. The public debt levels in advanced economies, in fact, are much higher than those in the emerging market economies. The challenges of debt sustainability in an environment of high-interest rates and low growth at the global level can become new sources of stress. Reducing debt burdens is necessary to create fiscal space for new investments in priority areas, including green transition", says RBI Governor Shaktikanta Das

10:58 AM

RBI MPC meet updates: Here's what RBI Guv Das had to say on VRRR auctions

RBI Governor Shaktikanta Das says, "...The Reserve Bank undertook six fine-tuning variable rate reverse repo auctions, that is, VRRR auctions from February 2 to February 7, 2024 to absorb surplus liquidity. Financial market segments have adjusted to the evolving liquidity conditions to varying degrees. While the short-term rates have fluctuated. Long-term rates have remained relatively stable, reflecting better anchoring of inflation expectations, as indicated in the softening of the term spread in the government securities market. In the credit market, however, monetary transmission remains incomplete...Our policy stance is in terms of interest rate, which is the principal tool of monetary policy in the current framework. Our stance of withdrawal of accommodation should be seen in the context of incomplete transmission and inflation ruling above the target of 4% and our efforts to bring it back to the target on a durable basis. So far liquidity conditions are concerned these are being driven by exogenous factors which are likely to correct in the foreseeable future, aided by our market operations..."

 

 

 

10:46 AM

RBI MPC meet update: Economy making confident progress on strong, sustained growth path, says Das

RBI Governor Shaktikanta Das during his MPC meet address says, 'Indian economy making confident progress on strong, sustained growth path"

10:38 AM

RBI MPC meet update: Lenders to provide key fact statements regarding loans to borrowers

Lenders will have to provide key fact statements regarding loans to retail, MSME borrowers: RBI Guv.

 

 

10:37 AM

RBI MPC meet update: India will remain the highest recipient of remittances, says Guv Das

India will remain the highest recipient of remittances, says RBI Governor Shaktikanta Das. He further added that India's forex reserve at $622.5 billion; comfortable for meeting all foreign obligations.

 

 

10:36 AM

RBI MPC meet update: Key inputs from Guv Shaktikanta Das's address

We expect regulated entities to accord highest priority to compliance culture, protection of consumer interest

 

India's services export remained resilient during Oct-Dec period of FY'24

 

 

Domestic financial system remains resilient with healthy balance sheet, says RBI Governor

10:35 AM

RBI MPC meet update: Here's what Governor Das said on Indian rupee

Indian rupee saw lowest volatility in 2023-24, exchange rate has remained fairly stable: Das

 

10:34 AM

RBI MPC meet update: Q4FY25 GDP growth target at 6.9%, says Governor Das

GDP growth target of Q4FY25 is projected at 6.9 per cent, announces RBI Governor Shaktikanta Das

10:33 AM

RBI MPC meet update: CPI inflation target of 4% yet to be reached, says Das

Consumer price inflation (CPI) target of four per cent is yet to be reached, says Governor Das

10:32 AM

RBI MPC meet: Regulatory framework for electronic trading platform to be shared with stakeholders for review

Regulatory framework for electronic trading platform to be shared with stakeholders for review, says Governor Das as he makes some new announcements

10:30 AM

RBI MPC meet updates: Here's what Guv Shaktikanta Das said

RBI stresses it remains focused on aligning inflation target of 4 per cent on durable basis. 

In credit market, monetary transmission still remains incomplete. He further added, RBI remains nimble and flexible in managing liquidity. 

 

10:26 AM

RBI MPC meet updates: Monetary policy to stay vigilant to navigate disinflation

RBI Governor Das during his address says, monetary policy has to remain vigilant to successfully navigate last mile of disinflation:

10:25 AM

RBI MPC meet: Rising geopolitical tension impact supply chain, puts pressure on commodity prices, says Das

Increasing geopolitical tension impacting supply chain and putting pressure on commodity prices especially crude oil

10:24 AM

RBI MPC meet update: Retail inflation projected at 5.4% for current fiscal, 4.5% for FY24-25

RBI projects retail inflation at 5.4 pc for current fiscal, 4.5 pc for 2024-25: Guv Das

 

10:23 AM

RBI MPC meet updates: Rural demand gathers pace, urban consumption strong, says Das

Rural demand continues to gather pace, urban consumption remains strong, says RBI Governor

 

10:22 AM

RBI MPC meet updates: Investment cycle gains steam aided by thrust of govt capex

RBI Guv Das during his MPC meet address states that the investment cycle is gaining steam aided by sustained thrust of government capital expenditure: