Page 18 - Shaktikanta Das

RBI guv Shaktikanta Das asks NBFCs to reduce reliance on bank borrowing

Cautions on risk with unsecured lending; Remain alert against complacency

RBI governor Shaktikanta Das asks NBFCs to strengthen governance standards

Reserve Bank Governor Shaktikanta Das on Friday asked non-banking financial companies (NBFCs), including housing finance companies, to strengthen governance standards and assurance mechanisms. The governor held a meeting with MD & CEOs of select large NBFCs. Government NBFCs and housing finance companies (HFCs) also participated in the meeting, the RBI said in a statement. These entities constitute nearly 50 per cent of the total assets of all NBFCs, including HFCs. Acknowledging the important role played by the sector in delivering credit to the unbanked and underserved areas, Das advised that NBFCs and HFCs need to remain alert to avoid any complacency during good times. "The governor highlighted the need for further strengthening the governance standards and assurance mechanisms viz. compliance, risk management and internal audit in these entities," the central bank said. Discussions were also held on diversifying the resources for NBFCs and HFCs to contain the increasing ...

Top headlines: Chandrayaan-3 on moon, vegetable prices to ease, and more

Business Standard brings you the top headlines at this hour

Chandrayaan-3 success historic, will boost space tech in India: RBI guv Das

Reserve Bank Governor Shaktikanta Das on Wednesday termed the success of the Chandrayaan-3 mission as a historic moment that will give a huge boost to the country's space technology manufacturing sector. "A little while ago, we all witnessed history being made when the chief of ISRO proudly announced that India is now on the moon," Das said while delivering the Lalit Doshi Memorial Lecture here. The event started late by about five minutes because of the landing, as the organisers had put up a giant screen telecasting a feed from the Indian Space Research Organisation (ISRO) giving updates about the ambitious mission's progress. The audience, which consisted of senior bankers, fund managers, government officials and students clapped as the announcement of success was made on screen. "I join all of you in congratulating, complementing the entire team of Isro, scientists and everyone who has been associated with the success of this project," Das said. "The fact that today, India is

Vegetable prices might ease from September led by tomato: RBI Governor Das

"Will guard against second round effect of price rise"

Vegetable price inflation to decline from Sept, says RBI Governor Das

He said despite core inflation in the country remaining elevated, the steady easing seen in the last few months indicates that monetary policy transmission is happening

Directors' special: Why independent directors matter for bank boards

The hunt for independent directors may become more difficult as Mint Road turns the knob on bank boards, reports Raghu Mohan

Weekend Bites: A week of pauses, pivots, profits, and big interviews

In which we munch over the week's platter of news and views

RBI Governor Das pitches for expeditious completion of quota review at IMF

Reserve Bank Governor Shaktikanta Das on Friday pitched for the "expeditious completion" of the general review of quotas at the International Monetary Fund (IMF), pointing out that the same can help the body help distressed countries better. Speaking at a seminar on global economy organised by the Ministry of Finance and the Reserve Bank of India (RBI) here, Das said recent experience suggests countries facing financial difficulties go to other bodies beyond the IMF because of "perceived stigma" or lack of access. "A bigger and stronger IMF that is capable of managing the levels of country risks assumes crucial importance," Das said. He noted that since the IMF support to a country is linked to quota size of countries, "the sixteenth general review of quotas and its attendant requirements, including governance reform needs to be completed expeditiously". Further, Das said there is a need to be mindful of the financial implications of green transition. According to him, there is al

Sensex ends 308 pts lower post RBI policy, Nifty near 19,550; Zee zooms 20%

CLOSING BELL ON AUGUST 10, 2023: Private bank and select auto stocks ended with notable losses after the RBI on Thursday asked banks to maintain Incremental Cash Reserve Ratio (ICRR) at 10 per cent.

May need to go beyond keeping Arjuna's eye to tame inflation: RBI governor

"We have to stand in readiness to go beyond keeping Arjuna's eye to deploying policy instruments, if necessary" to contain inflation, said Reserve Bank Governor Shaktikanta Das on Thursday. Headline consumer price index-based inflation projection for the second quarter of 2023-24 has been revised up substantially, primarily due to the price shock from vegetables, at 6.2 per cent by the RBI form 5.2 per cent estimated in June. Unveiling the bi-monthly monetary policy, Governor Das said the moderation in headline inflation to 4.6 per cent in the first quarter of 2023-24 was in line with the projections set out in the June MPC meeting. There was a pick-up in headline inflation to 4.8 per cent in June due to an upturn in food inflation. "Going by the past trends, vegetable prices may see a significant correction after a few months. The prospects of kharif crops have brightened, thanks to improvement in the progress of the monsoon," he said. Uncertainties, however, remain on domestic f

Incremental CRR to suck out liquidity of over Rs 1 trn: RBI governor Das

During the RBI MPC announcement, Shaktikanta Das had said that I-CRR is intended to absorb the surplus liquidity generated by various factors, including the return of Rs 2,000 notes to the banks

RBI press conference LIVE: Currency circulation will pick up soon, says Guv

RBI MPC Meeting Live Updates: Governor Shaktikanta Das begins policy statement, catch all the latest updates here

You may soon be able to make UPI payments by talking or just tapping phone

RBI governor Shaktikanta Das in the MPC decision announcement on Thursday, proposed to enable 'conversational' payments on UPI using AI

RBI retains FY24 GDP forecast at 6.5%, raises inflation projection to 5.4%

The RBI on Thursday retained the GDP growth projection for current fiscal year at 6.5 per cent and raised the inflation projection marginally to 5.4 per cent due to spike in vegetable prices, including tomatoes. Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said domestic economic activity is maintaining resilience. He also said the recovery in kharif sowing and rural incomes, the buoyancy in services and consumer optimism should support household consumption. "Headwinds from weak global demand, volatility in global financial markets, geopolitical tensions and geoeconomic fragmentation, however, pose risks to the outlook," Das said. Taking all these factors into consideration, real GDP growth for 2023-24 is projected at 6.5 per cent with Q1 at 8 per cent; Q2 at 6.5 per cent; Q3 at 6.0 per cent; and Q4 at 5.7 per cent. Real GDP growth for Q1 of 2024-25 is projected at 6.6 per cent. On inflation, the governor said the spike in vegetable prices, led

RBI Policy: With unanimous vote, MPC keeps repo rate unchanged at 6.5%

RBI policy meet: Shaktikanta Das also announced a revised retail inflation projection for FY24 at 5.4 per cent from 5.1 per cent earlier

RBI likely to keep rate and policy stance unchanged to control inflation

The RBI is likely to retain its "withdrawal of accommodation" stance introduced in April last year, according to 19 of 20 economists who shared their forecast on the stance

India rate panel to dial up hawkishness even as it holds policy steady

The MPC at its June policy meeting also reiterated its intent of nudging inflation towards its medium-term target of 4% and not just holding it below 6%

Test results: More than Rs 1 trillion AUM of debt mutual funds under stress

The test is conducted to evaluate the effect of various risk factors such as rate risk, credit risk, liquidity risk, and redemption risk

PSBs stepping up recovery of bad loans to meet FinMin's 40% target: Report

In the five years that ended on March 31, 2022, the PSBs were able to recover only 14 per cent, Rs 1.03 trillion, out of the total written-off loans of Rs 7.34 trillion