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
 "Shaktikanta Das")
Shaktikanta Das
Reserve Bank of India Governor Shaktikanta Das on Thursday addressed the elephant in the room, Paytm and said that the action on this individual entity was a supervisory action. He further added that there is no worry about the system, we are only talking about a specific payments bank.
Reserve Bank of India (RBI) Governor Shaktikanta Das began a press conference after the monetary policy meeting. During the MPC meet, the repo rate was unchanged for the sixth consecutive time at 6.5 per cent. The MPC also maintained its stance of 'withdrawal of accommodation', while the retail inflation for FY24 was projected at 5.4 per cent.
Reserve Bank of India Governor Shaktikanta Das begins announcing the decision made by the six-member monetary policy committee (MPC) meeting which was held from February 6-February 8. For the sixth consecutive time, the MPC has decided to keep the repo rate unchanged at 6.5 per cent and it has also maintained its stance of withdrawal of accommodation. The MPC has projected retail inflation for the current fiscal at 5.4 per cent and for FY24-25 at 4.5 per cent.
Reserve Bank of India (RBI) Governor Shaktikanta Das began a press conference after the monetary policy meeting. During the MPC meet, the repo rate was unchanged for the sixth consecutive time at 6.5 per cent. The MPC also maintained its stance of 'withdrawal of accommodation', while the retail inflation for FY24 was projected at 5.4 per cent.
Reserve Bank of India Governor Shaktikanta Das begins announcing the decision made by the six-member monetary policy committee (MPC) meeting which was held from February 6-February 8. For the sixth consecutive time, the MPC has decided to keep the repo rate unchanged at 6.5 per cent and it has also maintained its stance of withdrawal of accommodation. The MPC has projected retail inflation for the current fiscal at 5.4 per cent and for FY24-25 at 4.5 per cent.
The Reserve Bank of India (RBI) held its first monetary policy committee (MPC) meeting of 2024 from February 6-February 8. It is also the first MPC meet post the announcement of the interim Budget by the Modi government ahead of the general elections. The MPC is expected to hold the repo rate or interest rate steady for the sixth consecutive time. Governor Shaktikanta Das will announce the minutes of the meeting today.
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:
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
Topics : Reserve Bank of India Shaktikanta Das Reserve Bank MPC meet MPC minutes RBI repo rate Policy rates RBI monetary policy monetary policy review
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First Published: Feb 08 2024 | 7:39 AM IST