Page 26 - Shaktikanta Das

Expect next inflation print to be below 7%, says RBI Governor Das

Terming price rise as a major challenge, Reserve Bank Governor Shaktikanta Das on Saturday expressed hope that inflation print for October will be lower than 7 per cent. Retail inflation in September increased to 7.4 per cent from 7 per cent in August on higher food and energy costs. He attributed the expected moderation in inflation in October to measures taken by both the government and RBI in the last 6-7 months. Speaking at the HT Leadership Summit, Das there is no need to change the goal post for inflation targeting as higher than 6 per cent inflation would hurt growth. The rate-setting Monetary Policy Committee headed by the RBI Governor has been mandated by the government to keep inflation within 2-6 per cent range. On the Indian economy, Das said the macroeconomic fundamentals remain strong and growth prospects are looking good. "We expect the October number which will be released on Monday to be lower than 7 per cent. Inflation is a matter of concern with which we are no

India likely to remain fastest growing major economy: RBI Governor Das

Reserve Bank Governor Shaktikanta Das on Saturday exuded confidence that India will continue to be the fastest growing major economy with a likely growth rate of 7 per cent in 2022-23 on the back of strong macroeconomic fundamentals and financial sector stability. Speaking at the HT Leadership Summit 2022, Das emphasised that the country's economy remains resilient, supported by the banking and non-banking sectors. Das said the entire world has withstood multiple shocks. "I call it triple shocks of COVID-19 pandemic, then the war in Ukraine, and now the financial market turmoil." The Governor said the financial market turmoil is mainly emanating from the synchronised monetary policy tightening across the world by central banks, especially those in advanced countries, led by the US Fed, and the spillovers are being felt by the emerging market economies, including India. He further said in this kind of successive turmoils, European Union is facing a recession situation, but there are

Credit risk not being fairly priced in by banks, says SBI report

Credit demand at decadal highs and liquidity remains significantly downsized, says research

RBI's MPC meets to draft letter to govt on missing inflation target

The meeting was chaired by RBI Governor Shaktikanta Das and attended by all the other five members of the rate setting panel

RBI Meeting: All you need to know about additional monetary policy meet

Under Section 45ZN of the RBI Act, 1934, the central bank is required to write a letter to the Centre if it fails to maintain the inflation target

RBI's letter may cite Ukraine war as main reason for high inflation: Report

For the past few months the MPC's and the governor's conduct has pointed at the war in Ukraine as the main reason for inflation staying above 6 per cent for three consecutive quarters

Acting prematurely would have hurt economy, says RBI Governor Das

Shaktikanta Das defends timing of rate hikes amid failure to meet inflation target

Not in a hurry to launch CBDC; have to proceed carefully: RBI Guv Das

Central bank to consider findings of pilot projects before decision, he says

Our aim is to keep 'Arjuna's eye' on inflation, says RBI Governor Das

The Reserve Bank of India wishes to concentrate on inflation in the same way as Arjuna focussed on hitting the eye of a revolving fish in the epic Mahabharata, Governor Shaktikanta Das said on Wednesday. "No one can match the prowess of Arjuna, but our (RBI's) constant effort is to keep an Arjuna's eye on inflation," Das said at the annual FIBAC conference of bankers here. The remarks come at a time when inflation is ruling high and RBI will soon be explaining to the government about the reasons for overshooting the inflation target for nine consecutive months. Probably hinting at various factors which influence his own fight against inflation, Das said Arjuna would have assessed the speed at which the fish was revolving, the prevailing wind conditions, the intensity of the ripples in the pool of water below and the noise levels in the king's court while aiming at the fish. Das also defended RBI's strategies in the recent past amid criticism over price rise. He said the country wo

Retail e-rupee trials will start this month itself, says RBI governor Das

The RBI will follow up on the wholesale e-rupee pilot with a similar trial on the retail side this month itself, governor Shaktikanta Das said on Wednesday. He termed the launch of the central bank digital currency (CBDC), which started on the wholesale front between a limited set of banks on Tuesday, as a landmark moment in the history of currencies in the country, and added that it will majorly transform the way of doing business. "The retail part of the CBDC trial will be launched later during this month. We will announce the date separately," he said, speaking at the annual FIBAC conference of bankers here. The broader wish of the RBI is to execute a full-fledged launch of the CBDC "in the near future", Das said, choosing not to share a timeline for the same. "I don't want to give a target date by which time the CBDC will be launched in a full-scale manner because this is something where we have to proceed very carefully. This is the first time the world is doing it. We don't w

Missed inflation target, but acting early would have exerted costs: RBI Guv

RBI Governor Shaktikanta Das on Wednesday defended the Reserve Bank's handling of the price situation, saying acting prematurely on inflation would have exerted a heavy cost on the economy and citizens. Acknowledging that the inflation target has been missed, Das said the RBI decided to support the economy by not introducing a rate hike in face of a spike in inflation. "We prevented a 'complete collapse of the economy' by keeping rates lower and stayed away from premature tightening," Das said speaking at the annual FIBAC conference of bankers here. Acting early would have exerted costs to the economy and the people, Das said. He said the rate-setting Monetary Policy Committee (MPC) is meeting on Thursday to formulate a response to the government, but defended the RBI's move to not make the letter, to be written to the government, public. Not making the letter public does not compromise transparency, Das said, adding that nothing in the law gives him the authority, privilege and .

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Foreign exchange reserves fall to $525 billion, lowest since July 2020

So far in 2022, the Indian currency has weakened 9.9 per cent against the US dollar

RBI governor Shaktikanta Das cautions on backdoor entry in financial space

Although some number of complaints is expected from such a large financial system, the concerning fact is much of the complaints pertain to traditional banking

India to be among fastest growing economies despite global challenges: RBI

India is expected to be among the fastest growing major economies this fiscal, geopolitical turbulence notwithstanding, RBI Governor Shaktikanta Das opined at last month's meeting of the rate setting panel MPC while going with the majority to raise the repo rate by 50 basis points to tame inflation. On September 30, the six-member Monetary Policy Committee (MPC), headed by Das, had raised the short-term lending rate for the third consecutive time by 50 basis points to take the repo rate to 5.9 per cent. In May, the repo rate was hiked by 40 basis points. Except for Ashima Goyal, who favoured a 35 basis points hike, the other five members had voted for 50 basis points increase in the repo rate. As per the minutes of the MPC meeting released by the RBI on Friday, Governor Das had said that economic activity was steadily improving, though there were mixed signals. "While high frequency indicators are showing continued momentum in activity, global factors are putting pressure on extern

As MPC fails on CPI mandate, RBI's growth-inflation balance gets trickier

The central bank will now have to provide a report to the government explaining the reasons for the failure and the steps to be taken

RBI Guv Das launches advanced supervisory monitoring system DAKSH

Reserve Bank Governor Shaktikanta Das on Thursday launched a new 'SupTech' initiative DAKSH - the bank's Advanced Supervisory Monitoring System, which is expected to make the supervisory processes more robust. In a statement, the Reserve Bank of India (RBI) said it has been taking various initiatives in strengthening supervision, which among other initiatives include adoption of latest data and analytical tools as well as leveraging technology for implementing more efficient and automated work processes. "DAKSH is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the objective of further improving the compliance culture in Supervised Entities (SEs) like Banks, NBFCs, etc," it said. The application will also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, and provision of various MIS reports, among others, through a platform which enables ...

Loan for 20 years, EMIs for 24: RBI rate hikes leave borrowers in a fix

If a person took a 20-year home loan of Rs 50 lakh in April 2019, their number of EMIs will now be 60 more than the original because of the recent repo rate hikes

67% of fall in forex reserves due to valuation changes: RBI governor Das

Das reiterated on Friday the RBI does not target any particular level for the domestic exchange rate and only intervenes in the market to smoothen out excessive volatility

India's core sector output growth slips to nine-month low in August

The Reserve Bank of India (RBI) on Friday pared its growth forecast for FY23 to 7 per cent from 7.2 per cent estimated earlier