Page 19 - Shaktikanta Das

RBI Governor meets Swiss National Bank's Thomas Jordan during G20 summit

Earlier in the day, the third G20 Finance Ministers and Central Bank Governors (FMCBG) meeting commenced in Gandhinagar. The two-day event will culminate on July 18

RBI governor Shaktikanta Das asks bank CEOs to focus on governance

Discusses large exposures, recoveries from written-off accounts

RBI governor asks banks to remain extra careful, focus on governance

The governor held meetings with the MD and CEOs of public sector banks and select private sector banks

Banks to begin reporting on new data warehouse CIMS: RBI Governor Das

Reserve Bank Governor Shaktikanta Das on Friday said commercial banks will first begin reporting on the central bank's latest next-generation data warehouse, the Centralised Information Management System' (CIMS), followed by urban cooperative banks and non-banking financial companies. Das was addressing the 17th statistics day conference at the RBI headquarters, which also marks the birth anniversary of Prof Prasanta Chandra Mahalanobis--the best-known mind in the field. Launching the new system he said the latest CIMS, which is the central bank's next-generation data warehouse, is starting with reporting by commercial banks which will be gradually extended to urban cooperative banks (UCBs) and non-banking financial companies (NBFCs). Das also said incidentally, with the CIMS going live, the first weekly statistical supplement, which is the RBIs weekly data release on its own operations and on developments in banking and financial markets, was compiled and processed in the CIMS for

GNPAs fall to decadal best of 3.9% in March; set to improve further: RBI

The Indian banking system's asset quality strengthened to a decadal best, with the gross non-performing assets ratio falling to 3.9 per cent as of March 2023, the Reserve Bank said on Wednesday. GNPAs of the scheduled commercial banks are expected to improve further to 3.6 per cent by March 2024, as per the baseline scenario, the RBI's bi-annual Financial Stability Report said. "...the financial sector in India has been stable and resilient, as reflected in sustained growth in bank credit, low levels of non-performing assets and adequate capital and liquidity buffers," RBI Governor Shaktikanta Das said in his foreword to the report. He added that the balance sheets of corporates and banks have strengthened, which present a "twin balance sheet advantage" for growth going forward. It can be noted that the banking system NPAs peaked in the second half of the last decade after the RBI launched an asset quality review and forced banks to recognise hidden stress to ensure that books ...

Indian economy makes solid recovery despite global headwind: RBI Governor

Reserve Bank Governor Shaktikanta Das on Wednesday said that the Indian economy has made a solid recovery and is among the fastest-growing large economies despite heightened uncertainties and formidable headwinds. He said that financial stability is non-negotiable and all stakeholders in the financial system must work to preserve this at all times. "The Reserve Bank and the other financial regulators remain steadfast in their commitment to safeguard financial stability in the face of potential and emerging challenges," he said in a foreword to Financial Stability Report (FSR). In this fragile global milieu, he said, balancing the policy trade-offs, preserving macroeconomic and financial stability, shoring up confidence and supporting sustainable growth are top priorities for policymakers the world over. Over the last three years, the global economy has been navigating successive high-amplitude shocks: the COVID-19 pandemic waves; protracted geopolitical hostilities; rapid monetary

Top headlines: Go First lenders approve $55 mn infusion, Vi turnaround soon

Business Standard brings you the top headlines at this hour

'RBI need not rush to ease rates unless certain of stable-low inflation'

Bhide's comments echo that of Governor Shaktikanta Das that a pivot can be considered when price-gains settle near the mid-point of its 2%-6% range on a durable basis

More than two-thirds of Rs 2,000 notes returned within one month: Das

Reserve Bank Governor Shaktikanta Das has said that within a month of the recall order, more than two-thirds of the Rs 2,000 currency notes have returned to the system. In a surprise move, but as part of the clean note policy, the Reserve Bank had on May 19 ordered the recall of the Rs 2,000 banknotes worth around R 3.62 lakh crore. On June 8, announcing the second monetary policy review of the fiscal, Das had said around Rs 1.8 lakh crore worth of the Rs 2,000 notes have been returned, accounting for approximately 50 per cent of the notes in circulation as of March 31, of which 85 per cent were in deposits and the rest in exchange. "More than two-thirds or Rs 2.41 lakh crore worth of the Rs 3.62 lakh crore (as of March 31, 2023) of the now-recalled 2000 banknotes have come back to the system as of mid-last week," Governor Das told PTI Bhasha in an interview at the RBI headquarters last week. Of the total money that has come back to the system, as much as 85 per cent are in deposit

Will strive to get CPI to 4%, El Nino a challenge for food inflation: Das

Governor Shaktikanta Das has said the Reserve Bank will strive to get headline inflation to its 4 per cent target but flagged El Nino as a challenge to its efforts. In an exclusive interview with PTI Bhasha at his office here, Das exuded confidence that the economy will grow at 6.5 per cent in FY24, as estimated by the RBI earlier. The central bank's rate hikes by a cumulative 2.50 per cent since May last year, coupled with supply-side measures from the government, have helped get the inflation down to 4.25 per cent in May from a peak of 7.8 per cent in April last year, Das said. "We continue to be watchful on the inflation front. We expect inflation to be at 5.1 per cent in FY24, and we will continue to strive and get it down to 4 per cent," he added. On the high borrowing costs, Das said interest rates have a direct relation with inflation, and the RBI can cut interest rates if the consumer price inflation cools down to 4 per cent or thereabouts on a durable basis. The governor

RBI governor Das says job half done as MPC focuses on 4% inflation target

External members, however, point out high real rate, minutes show

Even at 4.25% inflation rate, Das sees disinflation process as protracted

Waning of base effect and uncertainty over monsoon may come in the way of disinflation, going forward

RBI Governor Shaktikanta Das named 'Governor of the Year' in London

The organisers of the award said that Das' tenure which began in 2018, has been marked by a series of grave challenges, starting with the collapse of a major non-banking firm

Disinflation process is likely to be slow and protracted, says RBI Governor

Reserve Bank Governor Shaktikanta Das on Tuesday said the disinflation process in India will be slow. "As per our current assessment, the disinflation process is likely to be slow and protracted with convergence to the inflation target of 4 per cent being achieved over the medium-term," Das said in his address at the Summer Meetings organised by Central Banking in London. In remarks that came a day after official data suggested a cool-down in headline inflation to 4.25 per cent for May, Das said there have been signs of some softening in inflation in recent months, with the consumer price inflation coming down from the 7.8 per cent peak in April 2022. He said the RBI's inflation projection for the current financial year 2023-24 is lower at 5.1 per cent, but reminded that the number will still be above the 4 per cent target. The rate-setting panel has eschewed from providing any future guidance on the timing and level of the terminal rate recognising that explicit guidance in a rate

Going to the bank with Rs 2,000 notes? Things you should keep in mind

The I-T department is keeping a close watch on cash transactions that deposit more than Rs 10 lakh in a saving account or more than Rs 50 lakh in current accounts

RBI needs monsoon to deliver before weighing rate cuts in next MPC meet

The weather announcement on Thursday provided some relief to the rate-setters and millions of farmers across India, but the concerns are not quite over

RBI comes out with framework to permit default loss guarantee to fintechs

Followed by the RBI decision, fintech companies were forced to look at alternate options like co-lending small ticket loans, co-branded partnerships and revenue-sharing models

MSP increase to impact CPI inflation by 10-12 basis points, says RBI

'Banks have been cautious. I think there is still some amount of liquidity sitting there', said Das

We are only pausing on rates, too early to call on inflation fight: Das

After unanimously pausing for the second time in a row, the Reserve Bank on Thursday reiterated that leaving the key rates and the stance unchanged is not a pivot but only a pause and that future policy actions will purely be data-dependent as a durable fall in inflation is still a long way. Earlier in the day, the RBI governor-led rate-setting panel MPC unanimously left the repo rate unchanged at 6.50 per cent and maintained that they will continue to work towards withdrawing policy accommodation. The six-member panel also reiterated continuing measures to bring inflation under the target in a durable manner. While consumer price index -based inflation eased in March and April and moved into the tolerance band, headline inflation is still above the mandated target of 4 per cent and is expected to remain so during the rest of the current fiscal, said Governor Shaktikanta Das announcing the monetary policy. "Therefore, close and continued vigil on the evolving inflation outlook is .

A cautious pause, rate cut not anytime soon

In the aftermath of the pandemic, the RBI was tolerating inflation at the higher end of the band. Now, the focus is on bringing it down to the 4% target