Page 13 - Rbi Governor

RBI deputy guv Rao bats for need to periodically raise deposit insurance

An alternative targeted insurance approach with full coverage for certain sections of customers like small depositors and senior citizens can be explored

Today, India is far more resilient than what it was earlier, says RBI

India has improved its resilience vis-a-vis external shocks quite a bit, Das said

Banks should offer innovative products, service to garner deposits: Das

However, the governor did not give any specific instructions as far as interest rates on deposits are concerned

RBI guv warns on deposit growth, urges banks to innovate fund mobilisation

Concerned over household savings moving towards alternative investment avenues, RBI Governor Shaktikanta Das on Thursday asked banks to mobilise deposits through innovative products and services by leveraging their vast branch network. "Banks are taking greater recourse to short-term non-retail deposits and other instruments of liability to meet the incremental credit demand. This, as I emphasised elsewhere, may potentially expose the banking system to structural liquidity issues," he said. Observing that alternative investment avenues are becoming more attractive to retail customers, he said, as a result banks are facing challenges on the funding front with deposits trailing loan growth. Banks, he said, need to focus more on mobilisation of household financial savings through innovative products and service offerings and by leveraging fully their vast branch network. Expressing concern over high growth in 'top-up' housing loans, Das said the regulatory prescriptions relating to lo

RBI Governor Das for reskilling, upskilling amid digitalisation push

Goal is to balance effective regulation with fostering financial innovations in a safe, robust and trustworthy ecosystem, the RBI governor said

Scaling the economic ladder: Indian savings climb, yet rungs remain

For instance, only 15 per cent of US households' assets are in banks, compared to 46 per cent in South Korea

RBI's proposed liquidity norms expected to raise demand for bonds

The new norms will pose requirements for higher liquid assets for the banks to shore up their LCRs

India likely to amend rules to check hot flows on bond index entry

Central bank has designated class of bonds that can have full foreign ownership, JPMorgan Chase & Co. has included securities from this set of bonds into its emerging markets index that India joined

State govt will fill up 1.5 lakh vacant posts: Odisha Governor

Odisha Governor Raghubar Das on Monday said the state government will fill 1.5 lakh vacant government posts in a fair and transparent manner, with 65,000 positions set to be filled within the next two years. He made these remarks during the inaugural session of the newly formed 17th Odisha Legislative Assembly. In a bid to transform Odisha into a vibrant manufacturing hub, the state government will prioritise industries such as automobile, electric vehicles (EV), semiconductors, and IT/ITES under the Make in Odisha' initiative, he said, adding such a move will generate over 3.5 lakh jobs by 2029, thereby boosting economic growth and employment opportunities across the state. Das emphasised the government's commitment to enhancing skill development and apprenticeship opportunities for youth to equip them with essential experience and expertise. Highlighting the empowerment of SC and ST youths, Das underscored the government's efforts to foster entrepreneurial initiatives among these

Need unambiguous, clear focus on inflation: RBI Governor Shaktikanta Das

RBI Governor said that lag in deposit mobilisation compared to credit growth is a critical issue

Close coordination with govt helped in economy's quick revival: RBI Guv

Governor Shaktikanta Das on Friday said the Reserve Bank's relations with the government have been "smooth" during his nearly six-year term, and credited the close coordination between the two for the quick revival of the economy after the pandemic. Speaking at an event organised by Financial Express here, the bureaucrat-turned-central banker said nobody has expected him to be a "cheerleader" for the government during his term. "I am saying from my experience. Nobody expects RBI to be a cheerleader. I have had no such experience," he said, responding to a specific question about a lament made by one of his predecessors in a recent book. Asked if he is open for a new term at Mint Road, Das said he is very focused on the current assignment and does not think of anything outside that. Das said the RBI is optimistic that its estimate of 7.2 per cent growth for FY25 will be met, and added that with steady growth, the focus of the policy has to be "clearly and unambiguously" on inflation

Too early to talk rate cut, won't give guidance: RBI Governor Das

RBI guv says expected credit loss norms in final state of examination, should be out in current financial year

RBI using alternative data sources for economic insights: Shaktikanta Das

World from moving from 'era of data scarcity to abundance', says central bank governor

Banks' LCR declines to 130% from 135% between September, March: RBI

The RBI report says that banks' efficiency indicators weakened due to rising staff costs and increased cost-to-income ratio

RBI's reserve maintenance system for banks fails on Tuesday, say traders

Indian banks need to park 4.5 per cent of their net deposits with the central bank and must maintain at least 90 per cent of this requirement every day

Decoded: Why does the RBI keep gold abroad and why has it got some back?

With the transfer of around 100 metric tonnes of gold from the UK last week, India's gold reserves are now evenly distributed, with 400 tonnes each in India and abroad

RBI MPC highlights: Last mile of our journey towards 4% inflation target is sticky, says Governor

RBI MPC Meeting highlights: RBI Monetary Policy Committee (MPC) kept the repo rate unchanged at 6.5% for the eight consecutive time and will continue with its stance of 'withdrawal of accommodation.'

RBI brings gold reserve to India; nothing more should be read into it: Das

The Reserve Bank of India has brought 100 metric tonnes of gold reserve from the UK to India as there is enough domestic storage capacity, and nothing more should be read into it, Governor Shaktikanta Das said on Friday. The RBI moved 100 metric tonnes of its gold stored in the UK to domestic vaults in FY24. This is one of the biggest movements of gold undertaken by the country since 1991, when pledging a substantial part of the gold holding to tide over a foreign exchange crisis resulted in its movement out of vaults. The quantum of gold stored outside was static for a long time, Reserve Bank of India Governor Das said here. "In recent years, the data shows that the Reserve Bank is buying gold as a part of its reserves, and the quantum was going up. We have domestic (storage) capacity," he said. Therefore, it was decided to move part of the reserve outside India to be stored within the country, he said, adding, "That's it. Nothing more should be read into it". The country's overa

Voices for interest rate cut growing within RBI's rate-setting panel

Voices for interest rate cut are growing within the Reserve Bank's rate-setting panel with external member Ashima Goyal joining ranks with another member Jayanth R Varma who for long has been advocating to reduce the key policy rate by at least 25 basis points. Reserve Bank's monetary policy committee voted for a status quo in repo rate with four members voting in favour and two against. "Dr. Shashanka Bhide, Dr. Rajiv Ranjan, Dr. Michael Debabrata Patra and Shri Shaktikanta Das voted to keep the policy repo rate unchanged at 6.50 per cent. "Dr. Ashima Goyal and Prof. Jayanth R Varma voted to reduce the policy repo rate by 25 basis points," according to Monetary Policy Statement, 2024-25 Resolution of the Monetary Policy Committee (MPC) released by the central bank. Goyal, Varma and Bhide are external members on the MPC. Ranjan, Patra and Das are RBI officials. In the February 2024 and December 2023 MPC meetings, Varma had made a case for lowering the benchmark interest rate by 25

RBI hikes threshold for bulk fixed deposit to Rs 3 crore from Rs 2 crore

The Reserve Bank on India on Friday hiked the threshold for bulk fixed deposits to Rs 3 crore from existing Rs 2 crore. Bulk fixed deposits earn slightly higher interest rate than retail term deposits as banks offer different rates as part of their liquidity management exercise. Now single rupee term deposits of up to Rs 2 crore with Scheduled Commercial Banks (excluding Regional Rural Banks) and Small Finance Banks will be part of retail fixed deposits. On a review of the bulk deposit limit, it is proposed to revise the definition of bulk deposits as 'Single Rupee term deposit of Rs 3 crore and above' for SCBs (excluding RRBs) and SFBs, RBI Governor Shaktikanta Das said while announcing the bi-monthly policy on Friday. Further, it is also proposed to define the bulk deposit limit for Local Area Banks as Single Rupee term deposits of Rs 1 crore and above', as applicable in case of RRBs. To promote ease of doing business, RBI has proposed to rationalise guidelines for export and im