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Searched Tag: rbi governor shaktikanta das

Union Finance Minister Nirmala Sitharaman along with RBI Governor Shaktikanta Das and Finance MoS Pankaj Chaudhary addresses a press conference after the Central Board of Directors meeting of the Reserve Bank of India in the customary post-budget meet, at Reserve Bank of India in New Delhi, Saturday, Aug.10, 2024.

FM calls for banks to revisit traditional deposit methods

August 10, 2024, 05:30 PM - 2 min read

During a post-budget meeting with the central board of the Reserve Bank of India (RBI) on Saturday, Sitharaman highlighted the need for banks to adopt “old-fashioned” methods to attract deposits through innovative and appealing schemes.

RBI Aims to Expedite Cheque Clearing Process to a Few Hours

Cheque clearing time cut to hours from 2 days: RBI Guv

August 8, 2024, 03:32 PM - 2 min read

Currently, cheque clearing via the Cheque Truncation System (CTS) takes up to two working days. The RBI plans to introduce continuous clearing with 'on-realisation-settlement,' reducing the cycle to a few hours on the same day. This will expedite payments, benefiting both payers and payees, said the RBI chief.

RBI Flags Risks from Short-Term Deposits and Loan Growth

RBI pushes banks for better deposit strategies

August 8, 2024, 03:00 PM - 2 min read

Concerned over household savings moving towards alternative investment avenues, RBI Governor Shaktikanta Das on Thursday asked banks to mobilise deposits through innovative products and services by leveraging their vast branch network.

RBI plans digital lending app repository; Tax UPI limit raised to Rs 5 lakh

RBI proposes digital lending repository and UPI updates

August 8, 2024, 01:20 PM - 2 min read

The RBI proposed creating a public repository of digital lending apps to combat unauthorised players and introduced 'Delegated Payments' in UPI, allowing users to delegate UPI transactions. They also increased the UPI tax payment limit to Rs 5 lakh and plan to speed up cheque clearing by moving to continuous clearing, reducing the cycle to hours.

RBI holds repo rate at 6.50% for 9th meeting

August 8, 2024, 12:59 PM - 2 min read

The Reserve Bank of India kept its benchmark repo rate at 6.50% for the ninth consecutive meeting, focusing on controlling persistent high food inflation. With inflation at 5.08%, the RBI remains vigilant to avoid economic spillovers. It retained India's GDP growth forecast at 7.2% and inflation at 4.5%, while anticipating potential policy changes by October based on economic trends.

RBI retains FY24 growth at 7.2%, inflation at 4.5%

August 8, 2024, 12:46 PM - 2 min read

The Reserve Bank of India retained growth and inflation projections at 7.2% and 4.5% respectively for FY 2024-25, citing improved agricultural activity, buoyant services, and positive investment trends, while acknowledging risks from geopolitical tensions and financial market volatility.

Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the smooth relations between the central bank and the government during his nearly six-year tenure, attributing this close coordination to the rapid economic recovery following the pandemic.

RBI Guv Das highlights strong govt ties, economic revival

July 19, 2024, 01:20 PM - 2 min read

"From my experience, nobody expects the RBI to be a cheerleader. I have had no such experience," he said, responding to a query referencing a remark made by one of his predecessors in a recent book. Regarding the possibility of continuing for another term, Das mentioned his commitment to his current role, stating, "I am very focused on the current assignment and do not think of anything outside that."

India saw a 6% increase in employment in FY24, up from 3.2% in FY23, according to data from the Reserve Bank of India (RBI). This growth brought the total number of jobs to 64.33 crore, an increase from 59.67 crore in FY23.

Job growth up but quality concerns persist: RBI data

July 9, 2024, 12:21 PM - 2 min read

The RBI stated on Monday that it is using a provisional estimate of productivity for the entire economy for the first time in FY24 based on available data. Despite the reported growth in jobs, the quality and distribution of these jobs raise concerns, especially with the formal sector employment remaining significantly low.

The Indian economy is set for a major structural shift, aiming for a sustained 8% growth rate, according to the RBI Governor Shaktikanta Das. However, he cautioned that any misstep in monetary policy could derail this growth trajectory.

India nears 8% growth, warns on policy errors: Das

June 26, 2024, 12:02 PM - 2 min read

Speaking at the Annual General Meeting of the Bombay Chamber of Commerce on Tuesday, Das defended the monetary policy committee's (MPC) decision to maintain the 4% inflation target. He emphasized the importance of avoiding policy errors related to inflation control. Earlier this month, the MPC kept the policy interest rate unchanged at 6.5% for the eighth consecutive time, citing inflationary concerns.