DAS MUMBAI
India moving towards 8% annual growth, at the threshold of major structural shift: RBI Governor Shaktikanta Das
RBI Governor Shaktikanta Das, addressing the 188th AGM of Bombay Chamber of Commerce & Industry in Mumbai, highlighted that India stands on the verge of a significant transformation in its growth path. He discussed the RBI's projected growth rate of 7.2% but also raised concerns about factors such as weather conditions, geopolitical tensions, trade disruptions, and financial market volatility. Despite these challenges, the governor expressed confidence in India's ability to achieve the forecasted growth.
RBI flags pursuit of growth at cost of risk buildup
India's banking regulator cautioned lenders against pursuing 'mindless' business growth to avoid exposing the financial system to risks. RBI Governor Shaktikanta Das emphasized the importance of balancing business growth with risk management.
India bags two more Lions at Cannes, total tally at 14
The total tally of metals won by the Indian contingent now stands at 14 at the time of going to press. Among the 59 shortlisted entries this year, Indian agencies have, so far, won two gold, five silver and seven bronze Lions. "We couldn't be prouder to take home a silver for our Mondelez Oreo #BringBack2011 campaign. This campaign is a powerful example of how creativity can play an effective role in driving business, fostering a deeper connection with the audiences and building the brand," said Rajdeepak Das, CCO Publicis Groupe-South Asia and chairman, Leo Burnett-South Asia.
RBI Governor Shaktikanta Das at Global Conference on Financial Resilience, IGIDR Campus, Mumbai
RBI Governor Shaktikanta Das at Global Conference on Financial Resilience, IGIDR Campus, MumbaiRBI Governor Shaktikanta Das at Global Conference on Financial Resilience, IGIDR Campus, Mumbai
India's disinflation process proving to be arduous thanks to stubborn food inflation: RBI Guv Das
RBI Governor Shaktikanta Das stated that bringing India's retail inflation to the 4% target is challenging due to persistent food price inflation, driven by weather-related supply issues. Speaking at an event, he highlighted that despite moderating core inflation, food inflation remains high, averaging 8% over the past seven months.
Fashion & Apparel sector emerge front-runners in India's retail landscape: JLL
The report further says a positive outlook in the organised retail market is seen post COVID-19, the sector has witnessed a surge in the launching of new infrastructural development across urban centres and emerging cities. In the first quarter of 2024 (Jan-Mar) 1.1 million square feet of retail spaces were leased.
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Late OTT star Noor Malabika Das’s mother reveals she was depressed
Das, originally from Karimganj, Assam, gained fame for her role in the 2023 courtroom drama web series 'The Trial,' featuring Bollywood star Kajol. She made her film debut in Sangit Gaikar's 'Gharwali Baharwali.'
Kajol’s co-star from ‘The Trial’, Noor Malabika Das dies at 37; her last Insta post was from Dec 2023
Noor Malabika Das gained prominence for her role in the web series 'The Trial,' starring Bollywood icon Kajol. Her film debut was in the Sangit Gaikar-directed 'Gharwali Baharwali.' Among her other notable works are 'Siskiyaan,' 'Walkaman,' 'Teekhi Chatni,' 'Jaghanya Upaya,' 'Charamsukh,' 'Dekhi Andekhi,' and 'Backroad Hustle.'
RBI cautions micro finance lenders against usurious interest rates
The Reserve Bank of India (RBI) has warned lenders, particularly in the microfinance sector, against charging "usurious" interest rates by exploiting the regulator's freedom. While most lenders follow guidelines on the Key Facts Statement (KFS), some continue to impose undisclosed fees and high interest rates, particularly on small-value loans provided by microfinance institutions (MFIs) and non-banking financial companies (NBFCs).
Mumbai, Delhi-NCR, Bengaluru lead Small & Medium REIT investment prospects
India's fractional ownership property market is projected to grow over 10 times, exceeding $5 billion by 2030, driven by office assets suitable for Small and Medium REIT (SM REIT) investments. Mumbai and Delhi-NCR are top hotspots, with significant opportunities in tech markets. SM REITs offer investors professionally managed, rent-yielding assets.
Ananya Panday's coming-of-age series 'Call Me Bae' to premiere on Prime Video from September 6
Directed by Collin D'Cunha, the eight-episode long series will follow the journey of Bella 'Bae' Chowdhary (Panday), who upon being downsized from heiress to hustler, discovers that her most valuable assets aren't her diamonds, but her street smarts and style.
India data center boom to drive 10 million sq ft realty demand by 2026
Cloud Service Providers (CSPs), which furnish information technology infrastructure primarily for data storage and computing power via the Internet, have adjusted their strategies to accommodate AI-driven demand. These providers have also disclosed plans for increased investments to support AI-driven growth.
"It's a moment of pride to participate in an election of 140 crore people," says RBI Governor Shaktikanta Das after casting vote in Mumbai
RBI Governor Shaktikanta Das and Union Minister Piyush Goyal participated in the fifth phase of voting for the Lok Sabha elections 2024 in Mumbai. The voting process began at 7 am and will continue until 6 pm, with those in line still allowed to vote. The Election Commission of India (ECI) reported that over 8.95 crore voters, including 4.69 crore males, 4.26 crore females, and 5409 third-gender electors, will decide the fate of 695 candidates in the fifth phase.
UPI Service providers sought regulatory intervention to make transactions remunerative
The UPI payment ecosystem is currently under the sway of two major players – Google Pay, commanding a substantial 47% market share, and PhonePe, a Walmart subsidiary, holding a significant 37% share. This duopoly underscores the competitive landscape and the uphill battle faced by smaller players.
Permanent deletion of transactions can help make e-rupee anonymous: Shaktikanta Das
It can be noted that since the introduction of the CBDC in late 2022, there have been concerns about the privacy aspect, with some saying that the electronic nature will leave a trail of where all the currency has been used, unlike cash which offers anonymity.
RBI’s independence from political pressures ensures economic stability during and after polls
There is one thing that sets India apart from the US: the respect the political class in India, cutting across party lines, has for RBI. Unlike in the US, where it's not uncommon for politicians, including Donald Trump, to take potshots at the Fed head, here, one can't recall a single instance when an RBI governor has been insulted. Certainly not publicly.
Fed there done that: Banks see delay in rate cuts by RBI, too
The US Federal Reserve's potential delay in cutting rates may impact the Reserve Bank of India's decision on beginning its rate easing cycle. Factors such as strong economic growth, tensions in West Asia, and inflation risks could lead to a delay in rate cuts. Economists anticipate a possible delay in RBI's rate cuts, with expectations shifting to October 2024 for any easing to begin. India's robust economic performance and inflation close to the RBI target suggest a need for caution in monetary policy decisions.
Banks must play bigger role in rupee derivatives: RBI
"Participation of domestic banks in derivative markets remains limited with only a small set of active market-makers... Domestic banks are dealing with market-makers in global markets rather than with end clients and are yet to emerge as market makers of note globally," Das said at a conference of fixed income market participants in Barcelona.
India benchmark bond yield briefly hits 2-month high, no surprise in RBI policy
The yield on the benchmark 10-year was at 7.1069% as of 11:10 a.m. IST, after closing at 7.0934% on Thursday. It had hit 7.1217%, the highest since Feb. 14, after the policy decision.
RBI's now become an enabler of the market economy: Governor Shaktikanta Das
"Given the rapid changes taking place in today's world, especially in the areas of technology, innovation, business practices and growing complexities in the financial sector, the Reserve Bank is constantly evaluating the emerging trends and taking necessary policy measures to remain in sync with the evolving situation," Shaktikanta Das said at the RBI's 90th commemoration function on Monday.
"Just the trailer.." PM Modi heaps praises on the RBI for transforming India in the last 10 years
Prime Minister Modi praised the Reserve Bank of India's pivotal role in transforming the banking sector and the economy over the past decade at the central bank's 90th anniversary event in Mumbai. He highlighted the significant progress from previous challenges, emphasizing clear policies and decisions contributing to the sector's revival.
AI increases cybersecurity challenges manifold for financial institutions: RBI Guv Das
Governor Shaktikanta Das addressed the Annual Conference of RBI Ombudsman, emphasizing the importance of data analysis, cybersecurity, fraud prevention, and efficient grievance redressal mechanisms for financial institutions to protect customer information and enhance customer service.
RBI, banks bomb threat mail: Mumbai police book three men from Gujarat including a stock trader
As far as the probe is concerned, the police have found that the accused persons sent the threat mail just to play mischief. And after the interrogation, the crime branch officials apprehended Adil Bhai Rafiq Bhai Malik (23), who works at an egg shop, and Wasimraja Abdulrazzak Memon (35)—both from Vadodara. Both were taken into custody for their suspected role in the case. They are being handed over to the MRA Marg police station for further action.
Bomb blast threat to RBI and other major banks in Mumbai; no suspicious object found, say police
The Reserve Bank of India (RBI) and two banks, HDFC and ICICI, on Tuesday received threatening mail demanding resignation of Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das. The sender claimed that bombs would be planted at RBI's office, along with the premises of two banks, media reports suggest.
Automatic payment limit via UPI raised to Rs 1 lakh: RBI
UPI has emerged a preferred mode of payment for a large section of the population with over 11.23 billion transactions recorded in November. An announcement in this regard was made by Reserve Bank Governor Shaktikanta Das, while unveiling the December bi-monthly monetary policy last week.
Vir Das hosts party in Mumbai to celebrate Emmy award win. Check out who all attended
Comedian Vir Das after his International Emmy Award for Comedy for 'Vir Das: Landing,' celebrated his win in Mumbai with celebrities like Soni Razdan, Shaheen Bhatt, Nushrratt Bharuccha, Shriya Pilgaonkar, and Kunal Kemmu. The party was organized by Vir Das and his wife Shivani Mathur. Das, the first Indian comedian to win an International Emmy, sees the award as a celebration of diverse Indian stories and voices.
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