Page 7 - Shaktikanta Das

Provide more employment opportunities to women, RBI Guv Das tells banks

Reserve Bank Governor Shaktikanta Das on Thursday said the financial sector can help in bridging the gender gap by providing more employment opportunities to women and creating tailored schemes for businesses promoted by them. Highlighting the importance of inclusive growth, the governor said a truly developed India must ensure that every citizen, regardless of their socio-economic status, has access to financial services and has the required financial literacy. In his inaugural address at the Annual FIBAC 2024 Conference organised jointly by FICCI and IBA, Das said India's female labour force participation remains lower than the global average. This gap, he said underscores the urgent need for targeted initiatives such as improving girls' education, skill development, workplace safety, and addressing societal barriers. He said entrepreneurship is a vital component of economic empowerment, yet in India, less than one fifth of micro, small and medium enterprises (MSMEs) are owned by

GDP to expand 7.2% in FY25 despite lower Q1 growth, says RBI Guv Das

Das said agriculture should perform better during the rest of the year due to a good monsoon and aid a further pick-up in rural demand

RBI board reviews global, domestic economy, associated challenges

The central board of the Reserve Bank of India on Wednesday reviewed the global and domestic economic scenario and outlook, including associated challenges. The 610th meeting of the Central Board of Directors of the Reserve Bank of India was held here under the chairmanship of Governor Shaktikanta Das, it said in a statement. "The Board also reviewed various areas of operations of the Reserve Bank of India including the functioning of Local Boards and activities of select central office departments," the RBI said. Deputy governors Michael Debabrata Patra, M Rajeshwar Rao, and T Rabi Sankar attended the meeting. Other directors of the central board Satish K Marathe, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel and Ravindra H Dholakia also attended the meeting. Ajay Seth, Secretary, the Department of Economic Affairs and Nagaraju Maddirala, Secretary, the Department of Financial Services, too attended the meeting.

Trigger happy regulator? RBI Dy Guv says action to protect customers

In recent years, the regulator has imposed business restrictions and barred entities from onboarding new customers for violating norms and causing customer inconvenience

UPI likely to grow further in several countries, says RBI Guv Das

Reserve Bank Governor Shaktikanta Das on Friday evening said he is optimistic that the Unified Payments Interface (UPI) will grow further in several countries. Das, who is on a five-day visit to the state, said UPI is already present in many countries through QR codes and the linkage of fast payments systems, and discussions are underway with several other nations. We expect this to grow further at the global level and internationalise in future, he told reporters here. Speaking at an event in Mumbai on Wednesday, Das had said that notable progress in this direction has already been made with countries like Bhutan, Nepal, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, France and a few others for acceptance of RuPay cards and payments through the UPI network. These endeavours, he said, underscore collaborative efforts for the adoption of India's initiatives across the globe.

RBI to launch Unified Lending Interface to transform lending space: Das

There should not be in any rush to roll out system-wide CBDC before one acquires a comprehensive understanding of its impact, Das said

Bandhan Bank announces launch of exclusive savings account for women 'Avni'

The launch comes on the back of the Reserve Bank of India governor Shaktikanta Das asking banks to offer innovative products and service offerings

RBI guv Shaktikanta Das ranked as top central banker for 2nd straight year

Reserve Bank of India Governor Shaktikanta Das has been ranked as the top central banker globally for the second consecutive year by US-based Global Finance magazine. "Happy to announce that for the 2nd consecutive year, RBI Governor @DasShaktikanta has been rated 'A+', in the Global Finance Central Banker Report Cards 2024," the RBI said in a post on X. Das has been placed at the top of the list of three central bank governors, who have been rated A+. Grades are based on a scale from A to F for success in inflation control, economic growth goals, currency stability and interest rate management, according to a statement by Global Finance magazine. An 'A' represents excellent performance, while an 'F' for outright failure. Denmark's Christian Kettel Thomsen, India's Shaktikanta Das and Switzerland's Thomas Jordan have been ranked under the 'A+' category of central bankers. "Central bankers have waged war against inflation over the past few years, wielding their primary weapon: hig

Cannot cut rates due to one-off inflation dip, says RBI governor Das

The six-member Monetary Policy Committee of the RBI has kept the policy repo rate unchanged at 6.5% since February 2023

PSBs target healthcare, housing to boost deposits with new lucrative deals

RBI Governor Shaktikanta Das highlighted at the press briefing that interest rates are deregulated and banks are free to decide on interest rates

PSBs trim branch network but private sector spreads its net, shows data

Das asked banks to use their branches effectively to mobilise deposits, highlighting the importance of brick-and-mortar structures

Sovereign green bonds trading at IFSC to start in 2nd half of FY25: RBI Guv

Reserve Bank Governor Shaktikanta Das on Saturday said trading of sovereign green bonds can commence at the International Financial Services Centre in Gujarat during the second half of the current fiscal. "We are in discussion with the IFSC, it will be operationalised very soon. I think in the second half (of the current financial year), it will be possible," Das said. In April, the Reserve Bank of India (RBI) had announced that it will issue a framework to enable the trading of sovereign green bonds in GIFT City. The government has been raising funds through green bonds since 2022-23 and has raised a total of Rs 36,000 crore in the last two years. So far in the current financial year, the government has raised only Rs 1,697 crore out of the stipulated Rs 12,000 crore scheduled to be raised in the first half ending in September through green bonds as it did not find favourable bids. Asked about the tepid response from investors to such bond issuance, Das said, "as the debt manager

Key highlights: RBI Monetary Policy Committee keeps repo rate unchanged at 6.5%

On August 8, the RBI's rate-setting panel kept the repo rate unchanged at 6.5%. Governor Shaktikanta Das also announced the revised inflation and GDP projections for FY25.

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

Monetary policy: RBI holds repo rates again, cites food inflation risks

Red-flags top-up loans, credit card spends

Food inflation can't be ignored, need to remain vigilant: RBI Governor Das

Economic Survey had suggested exploring whether inflation targeting framework of the central bank should exclude food

Staying the course

Mr Das has set the record straight

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 to set up public repository of digital lending apps to help customers

It will help people find out of a digital lender has a relationship with a bank or NBFC

Is the US heading towards recession? What RBI Governor Shaktikanta Das said

The RBI MPC on Thursday decided to keep its repo rate unchanged at 6.5 per cent for the ninth consecutive time, RBI Governor Shaktikanta Das announced