SHAKTIKANTA DAS SPEECH TODAY
Rupee settles marginally higher at 83.53 against US dollar; 10-year G-Sec ends flat
Expectations of a September rate cut by the US Federal Reserve rose to 90% after the US inflation data was released, according to CME’s FedWatch tool. Traders are expecting a broad range of 83.30 to 83.60 versus the US dollar in the rupee movement. Bond and rupee traders kept off large bets ahead of the Indian inflation data released after market hours on Friday.
TCS Q1 beat fuels market rally, lifts Sensex, Nifty and m-cap to new records
The market capitalization of all BSE-listed companies reached a record high, increasing by Rs 1.18 lakh crore to Rs 452.36 lakh crore. TCS, India's leading IT services company, saw a 6.7% rise after surpassing revenue expectations. This surge contributed to a 4.25% increase in the US rate-sensitive IT index.
RBI Guv Shaktikanta Das emphasises on need to eliminate biases in algorithms
Shaktikanta Das emphasizes the importance of enhancing AI and ML techniques at the central bank while addressing ethical considerations and biases in algorithms. The focus on data analysis, data privacy, and global standards for statistics underscores the central bank's commitment to leveraging technology for informed decision-making.
No distractions, wavering on bringing down inflation to 4% says governor Das
RBI has to navigate its path towards the 4% inflation target with a "clear and unambiguous focus and (its) commitment to bring down the inflation to 4% cannot be any wavering," Das said in a speech at the Annual General Meeting of local industry lobby group Bombay Chamber of Commerce and Industry.
Buying gold annually in order to diversify allocation of forex reserves: Shaktikanta Das
I think SEBI is engaged with that. So, let me not intrude into SEBI's territory and start talking about the stock markets. I think SEBI is fully seized of what is happening in the markets and we have our regular interactions with the SEBI as a part of the FSDC, the Financial Stability and Development Council, we have also a subcommittee which is chaired by the governor.
RBI keeps interest rates unchanged at 6.5%; Real GDP growth for FY25 projected at 7.2%
The RBI left the key interest rates unchanged in its monetary policy review on Friday as it continues to maintain a balance between economic growth and keeping inflation in check. The RBI’s Monetary Policy Committee (MPC) meeting decided to stick to the current 6....
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RBI MPC Meeting 2024 at a glance: Here's a one-stop guide to all key decisions
The Reserve Bank of India's Monetary Policy Committee (MPC) has decided to maintain the current interest rate at 6.5%, following a 4:2 majority decision. The panel projected real GDP growth for FY25 to be 7.2%, up from 7%. The MPC is also maintaining the Standing Deposit Facility rate at 6.25% and the Marginal Standing Facility bank rate at 6.75%.
RBI MPC Meet 2024: RBI leaves inflation projection for FY25 unchanged at 4.5%
RBI MPC Meet 2024 LIVE: The Reserve Bank of India maintained its inflation forecast at 4.5% for this fiscal year amid concerns over rising food prices. The central bank found some relief as crude prices dipped below $80 per barrel. The RBI's Monetary Policy Committee kept the repo rate unchanged at 6.5% for the eighth consecutive time, citing vigilance against potential inflationary pressures. Governor Shaktikanta Das highlighted the uptick in vegetable prices and global food inflation. Despite a slight easing in overall retail inflation to 4.83%, concerns linger over food price hikes, particularly in items like garlic and ginger.
RBI leaves inflation projection for FY25 unchanged at 4.5% as 'elephant' out for a walk
Reserve Bank of India Monetary Policy: The RBI today left inflation estimate for fiscal 2025 unchanged at 4.5% amid rising concerns over soaring crude oil prices and supply chain disruptions due to the Red Sea crisis. Food inflation remains a concern after it climbed to 8.7% in February, driving overall inflation, while Brent and WTI futures have now surged on geopolitical tensions.
"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.
RBI warns NBFCs a mode they use for giving loans may bring grief
Bank Loans: The Reserve Bank of India has issued a caution to non-bank finance companies, advising them against becoming overly reliant on algorithm-based credit models. RBI Deputy Governor Swaminathan J flagged the importance of maintaining a balanced approach in credit assessment, highlighting potential risks associated with over-reliance on historical data and algorithms.
Kotak crackdown: The 'Regulatory Bank of India' is taking no chances
Kotak Mahindra Bank: The Reserve Bank of India (RBI) is cracking down on regulatory compliance in the banking industry, issuing strict penalties for non-compliance. Recent actions, including barring Kotak Mahindra Bank from new customer sign-ups, highlight the RBI's serious approach to enforcing regulations. The central bank's tougher stance aims to improve governance and transparency in the financial sector, despite potential impacts on growth and capital costs. The RBI's increased vigilance follows high-profile banking collapses and aims to prevent systemic risks while promoting a more robust and transparent financial system.
Climate conditions key to keep (inflation) elephant in the forest
The growth-inflation projections, too, were unchanged, with GDP growth seen at 7% for FY25 and retail inflation (CPI) at 4.5%. While there were modest revisions in its quarterly projections, the full-year estimates stay as is.
Killing a market, softly: How an RBI communique could end India's thriving ETCD market
RBI faces queries on India's ETCD market impact after Dubai's rupee-dollar futures launch. Market's growth raised liquidity, regulatory concerns. RBI emphasizes ETCDs are for hedging, not speculation, potentially reshaping market dynamics.
RBI MPC keeps repo rate unchanged at 6.5 per cent for the 7th time in a row; GDP, inflation forecast retained
The RBI-led MPC kept the repo rate steady at 6.5 per cent for the seventh time, confirmed RBI governor Shaktikanta Das. The committee also maintained its 'withdrawal of accommodation' stance while concentrating on liquidity management to control inflation.
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.
Greater amount of realism in cryptocurrency market, says RBI Governor
RBI governor stressed on distinguishing between blockchain technology, which has various applications including the central bank's digital currency project, and speculative crypto trading. He noted the growing awareness among individuals, both in India and internationally, regarding the risks involved in crypto investments.
RBI’s action not against Paytm; it is against payment bank; we support fintechs: Shaktikanta Das
Shaktikanta Das, Governor of RBI, clarifies that the RBI's action is against payment banks, not fintech companies like Paytm. Fintechs are free to grow as long as they are not NBFC lenders. The majority of Paytm users are linked to other banks, so only 15-20% of customers are impacted by RBI's restrictions.
RBI governor on fintechs; Google, Indian apps in temporary truce
The banking regulator's recent actions are not directed against any fintech but against a regulated entity, the Governor underlined in a reference to the Paytm case that has caused major ripples in India's fintech industry.
RBI is playing ball by ball; this is the best macro set up we have seen in many years: Shaktikanta Das
Shaktikanta Das, the Governor of the Reserve Bank of India, highlights the need for durable inflation, discusses the positive macroeconomic factors contributing to India's stability and growth, and acknowledges the challenges posed by global debt while emphasizing India's preparedness to deal with them. Das says: "I say it with a reasonable amount of confidence based on our internal analysis and research that 7% next year is definitely very much on the table."
Central bankers' models need to increase emphasis on supply side: Shaktikanta Das
"Macroeconomic models used by central banks so far have mainly focused on the demand side of the economy,'' Governor Shaktikanta Das told the 59th South East Asian Central Banks Governors' Conference held in Mumbai. "Enough emphasis was not given on supply side factors. A better understanding of the supply side of the economy has become very important for conducting monetary policy more effectively."
RBI Governor Shaktikanta Das highlights main challenges in inflation fight
Reserve Bank Governor Shaktikanta Das has emphasized the importance of stable and low inflation for sustainable economic growth. He highlighted that India has successfully navigated through multiple challenges and emerged as the fastest-growing large economy. The Reserve Bank projects India's economy to grow by 7.0% during 2024-25, marking the fourth consecutive year of growth at or above 7%.
RBI flags need for co-operation and co-ordination to face global challenges
The Reserve Bank of India has urged global cooperation and coordination to tackle the global economy's challenges. Governor Shaktikanta Das emphasized the need for greater resolve and coordination to make significant progress. He stressed the importance of considering comparative advantage and resource endowments in cooperation, particularly in areas of common interest and urgent needs like climate change.
Sensex falls 900 points after RBI announcement. How did Shaktikanta Das spook the market?
While maintaining its withdrawal of accommodation stance, RBI Governor Shaktikanta Das also highlighted that the inflation rate was persistently high above the RBI’s comfort range of 4%. On D-Street, while the Nifty PSU Bank index was trading about 3% higher led by SBI, Nifty Bank and Nifty Auto fell about 1% each. Kotak Mahindra Bank, ICICI Bank, and Axis Bank led the downside with a dip of 2% each. Among auto stocks, Eicher Motors, Maruti Suzuki, and Sona Comstar fell 2% each.
RBI Monetary Policy at a Glance: Here's your quick guide to know all about MPC policy
The Reserve Bank of India's Governor-led Monetary Policy Committee (MPC) concluded its recent meeting, maintaining the repo rate at 6.5%. This decision comes amidst concerns over inflation, with retail inflation remaining near the upper end of the central bank's comfort zone. Key highlights include the forecasted GDP growth rate of 7% for FY25, the projection of CPI inflation at 4.5% for the same period, and the decision to keep inflation forecast unchanged at 5.4% for the fiscal year.
GIFT Nifty up 25 points; here's the trading setup for today's session
"The key event this week is RBI’s monetary policy which provides direction to the market. Though RBI is expected to maintain the status quo, commentary would be eagerly eyed with regards to hints on rate cut," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
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