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Sustained growth of 7% feasible for India: RBI MPC member Shashanka Bhide

Sustaining the economic growth momentum of 7 per cent in 2024-25 and beyond is feasible on the back of favorable monsoon, higher farm productivity and improved global trade, RBI Monetary Policy Committee (MPC) member Shashanka Bhide said on Monday. During 2023-24, the economy is likely to record a growth rate of near 8 per cent on account of good performance of manufacturing and infrastructure sectors. "(India's economic) Growth in the current year is likely to be supported by agriculture with a favourable monsoon and improved global trade. Sustaining the growth momentum of 7 per cent seems feasible," he told PTI. Bhide further said that in the long-term, the need for productivity improvements will remain the key factor to achieve food price stability. Asked what are some of the headwinds he is wary of, Bhide said one area of concern is the global environment. "The slow pace of recovery in global demand on one hand and supply chain disruptions on the other hand... if the ongoing .

India needs rate cuts to reach potential growth: MPC members Varma, Goyal

Earlier this month, the MPC kept the lending rate steady at 6.5 per cent for the seventh meeting in a row after having raised it by a total of 250 basis points between May 2022 and February 2023

When the RBI listens and communicates to bring change in the system

Regulation-making has become collaborative with changes first being brought in the form of a discussion paper or a draft circular

Ex-RBI chief wants govt to bring White Paper on freebies. Here's why

Central Government under the leadership of Prime Minister should come out with a 'White Paper' to generate a consensus among political parties on the issue of giveaways or freebies, former Reserve Bank Governor D Subbarao has said adding that there has to be a thorough debate on how to impose restraints on political parties in this regard. He also said the public should be made more aware of the cost and benefits of these freebies and that it is the responsibility of the government to educate the population on this. I think this is ultimately a political issue and there has to be political consensus on this. The leadership has to be taken by the central government and the Prime Minister. I believe they must float a white paper and try to generate a consensus on this. "Educate people on the pros, and cons of these giveaways or freebies ( and ensure) how we can put a restraint on that and how we can enforce it, the former RBI governor told PTI in a recent interaction. Subbarao said t

Need to preserve success on inflation control on durable basis: Das at MPC

The Reserve Bank on Friday released the minutes of the Monetary Policy Committee (MPC) meeting on Friday

Universal bank licences: Here are key changes in licensing criterion

Two new sets of banks - small finance banks and payments banks - have also started operations under differentiated licensing norms

RBI imposes Rs 60.3 lakh penalty on 5 co-operative banks for flouting norms

The Reserve Bank has imposed penalties totalling Rs 60.3 lakh on five co-operative banks for contravention of various regulatory norms. A penalty of Rs 43.30 lakh has been imposed on Rajkot Nagarik Sahakari Bank for non-compliance with RBI directions on 'ban on loans and advances to directors and their relatives, and firms/concerns in which they are interested', 'prohibition on opening of saving bank accounts in the names of certain bodies/organizations' and 'maintenance of deposit accounts'. The central bank has imposed a monetary penalty of Rs 5 lakh each on The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Sahkari Bank (Lucknow), and Zila Sahakari Bank, Garhwal (Kotdwar, Uttarakhand). Besides, a penalty of Rs 2 has been imposed on District Co-operative Bank (Dehradun). In each case, the RBI said the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction of agreement entered into by the banks with

New rules for payment aggregators: Why it matters, what it means for you

RBI has proposed that non-banks offering PoS must notify the regulator of their intent to seek authorization within 60 days, and then submit their application by 31 May 2025, for approval to continue

PhonePe, Google Pay creating a duopoly in India's UPI space? NPCI to check

Google Pay and PhonePe, together account for 86% of UPI transactions by volume in India and are also expanding to offer UPI services abroad

Rupee hits new low of 83.54 against US dollar amid global worries

The Reserve Bank of India likely intervened in the foreign exchange market by selling dollars through state-owned banks, which protected the rupee from further depreciation

Rupee, reserves: Calibrated approach taken by RBI in managing exchange rate

The RBI stepped up its intervention in the foreign exchange market in 2022, resulting in a sharp fall in foreign exchange reserves

UCB advances to priority sector up over 27% in FY23, shows RBI data

A majority of the advances of UCBs was given to MSMEs, amounting to Rs 1.3 trillion in FY23

RBI conducts two-day VRRR as liquidity surplus nears Rs 1 trillion

Banks parked Rs 32,576 crore, against the notified amount of Rs 50,000 crore at a weighted average rate of 6.49 per cent at the auction

RBI proposes changes in net-worth guidelines for payment aggregators

The banking regulator has identified two major types of payment aggregators (PAs) as part of the payments ecosystem in the country

UPA seized RBI to paint picture of rosy economy, says Anurag Thakur

Union Minister Anurag Thakur on Tuesday alleged that the Congress-led UPA government "seized" the RBI to paint an illusion of economic growth during its tenure in office. Referring to the revelations made by former RBI Governor D Subbarao in his memoirs, Thakur said, "From 2004 to 2014, under the guise of governance, the Congress-led UPA orchestrated a grand illusion, turning Atal Bihari Vajpayee Ji's thriving economy into a theater of economic despair." In his recent book 'Just A Mercenary?: Notes from My Life and Career', Subbarao has said that the finance ministry under Pranab Mukherjee and P Chidambaram used to pressurise the RBI to soften interest rates and present a rosier picture of growth to shore up sentiments. The former RBI governor in his memoir also wrote that there was 'little understanding and sensitivity' in the erstwhile government of the Congress-led United Progressive Alliance (UPA) on the importance of the central bank's autonomy. "They seized the RBI to hide th

India's outward FDI rises to $3.91 billion in March, shows RBI data

Outbound FDI, expressed as a financial commitment, comprises three components: equity, loans, and guarantees

RBI to banks: Can't charge extra without mention in key fact statement

Any fees, charges, etc., which are not mentioned in the KFS, cannot be charged by the REs to the borrower at any stage during the term of the loan: RBI

Top financial regulators plan panel to weigh risks in derivatives market

The panel will be set up by the Financial Stability Development Council, which includes the finance minister, the central bank governor and the market regulator, the sources said

RBI caps Sarvodaya Bank withdrawals at Rs 15,000: What customers must know

Customers will feel the immediate effect of these restrictions through the imposed withdrawal limit

Best of BS Opinion: Paths to political business cycle, Reforming GST, more

Here is the best of Business Standard's opinion pieces for today