Money markets to remain shut on January 22: RBI
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Source: https://inshorts.com/en/amp_news/money-markets-to-remain-shut-on-january-22-rbi-1705725429791
Category: RBI
RBI Governor Projects 7% GDP growth for India in FY25
New Delhi : Reserve Bank of India (RBI) Governor Shaktikanta Das anticipates India’s economy, the world’s fastest-growing large economy, to achieve a remarkable 7 per cent growth in the fiscal year 2024-25.
Speaking at a CII session during the World Economic Forum Annual Meeting in Davos, Das expressed optimism about sustaining the country’s growth momentum, highlighting the successful transition “from crisis to confidence.”
Das underscored the government’s commitment to supporting growth, focusing on achieving inflation targets, and mentioned the strong thrust on capital expenditure, private investment, and healthy aggregate demand…
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Source: https://www.thefinancialworld.com/rbi-governor-projects-7-gdp-growth-for-india-in-fy25/
RBI Prioritizes Inflation Control Over Growth Amid Election Year Pressures
The Reserve Bank of India. (File photo | PTI)The Reserve Bank has categorically stated that there will not be any cut in interest rates in the near future as retail inflation continues to be high. RBI governor Shaktikanta Das said it would be premature to talk about rate cuts until the 4 percent inflation target is achieved on a durable basis. The inflation rate based on the consumer price index, the main yardstick for the central bank’s policy-making, has remained high in the last few years. It averaged 6.7 percent in 2022-23, way above 5.5 percent in 2021-22 and 6.2 percent in 2020-21. It has moderated from the peak of 7.8 percent during the initial stage of the Russia-Ukraine…
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RBL Bank net profit rises 12 per cent in December quarter – Banking & Finance News
Private sector lender RBL Bank on Friday reported net profit for the third quarter of FY24 at Rs 233 crore, up 12% year-on-year, led by stable loan growth and asset quality. This was below a consensus estimate by Bloomberg analysts of Rs 316 crore.
On a sequential basis, however, RBL Bank’s profit was 21% lower as it made contingent provision of Rs 115 crore for its exposure to alternative investment funds (AIF). The Reserve Bank of India (RBI) had asked lenders to either wind down their position in AIFs that have a downstream investment in a borrower company, or make 100% provisions for such exposures.
RBL Bank’s investments in AIFs are primarily into venture debt funds which…
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Business News | At Davos, RBI Governor Says Digital Currency Will Make Cross Border Payments More Efficient
Davos [Switzerland], January 19 (ANI): Reserve Bank of India (RBI) Governor Shaktikanta Das feels that digital currency or Central Bank Digital Currency (CBDC) will make cross-border payments more efficient and fast, in addition to being cost-effective.The digital currency was launched in India on a pilot basis, both in the wholesale and retail categories, in November-December 2022.Also Read | Apple Online Store Closed: Apple Takes Down Its Online Store in US Ahead of Vision Pro Pre-Orders; Know More Details.”The greatest advantage of CBDC will be cross-border payments…
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‘International confidence in India at all-time high’: RBI Governor Shaktikanta Das
Davos: International confidence in India is at an all-time high and confidence among investors is growing, said Reserve Bank of India (RBI) Governor Shaktikanta Das.”There is growing confidence on India and I think the international confidence on India is perhaps at an all-time high,” Das told ANI, on the sidelines of the ongoing World Economic Forum in Davos, Switzerland.Speaking about RBI’s growth projection for India for 2023-24 and subsequent growth estimates put out by the National Statistical Office, the latter pegged higher than that of what RBI did, Das said, “So, when we said 7 per cent for the current year, there were a lot of opinions outside that the RBI is…
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Rate cuts not even under discussion: RBI Governor Shaktikanta Das | Business News
Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said until the 4 per cent inflation target is achieved on a durable basis, it would be premature to talk about cuts in the repo rate – the key policy rate.In an interview to Bloomberg in Davos, Das said consumer price index (CPI) inflation has moderated from a peak of 7.8 per cent immediately after the onset of the Ukraine-Russia war and has come within the RBI’s target range of 2-6 per cent.
“Unless we reach 4 per cent (inflation target), and see clear evidence that it (inflation) is going to sustain at that level, it would be really premature to talk about rate cuts. At the moment, the topic of rate cuts is not on…
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Reserve Bank of India net sells $1.9 billion in November, shows data
The Reserve Bank of India (RBI) sold a net of $1.9 billion in the domestic foreign exchange spot market in November, according to the central bank’s monthly bulletin. The central bank bought $34.98 billion, while it sold $36.91 billion in November. The headline foreign exchange reserves, excluding the forward book, stood at $604 billion as of the end of November. These reserves notably expanded by approximately $61 billion in 2023. As of December 30, 2022, India’s foreign exchange reserves amounted to $562.8 billion. Click here to follow our WhatsApp channel The RBI had recorded a net sale of $310 million in the spot market in October. The central bank had become a net seller of the…
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INDIA BONDS-Indian bond yields may rise tracking US peers, RBI chief comments weigh
By Dharamraj Dhutia
MUMBAI, Jan 18 (Reuters) – Indian government bond yields are expected to rise marginally in early session on Thursday, tracking a spike in U.S. peers, and after comments from Reserve Bank of India Governor Shaktikanta Das highlighted the need for a persistent fall in inflation before any rate action.
India’s benchmark 10-year yield IN071833G=CC is expected to move in the 7.15%-7.20% range, following its previous close at 7.1642%, a trader with a primary dealership said.
“The bullish bets after weak…
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RBI deputy calls on government to tackle bankruptcy backlog
India’s government should intervene to ease the backlog of cases piling up in the bankruptcy courts, a central bank deputy governor said today (January 17).Swaminathan Janakiraman of the Reserve Bank of India told delegates at a conference in Mumbai that there was a “pressing need” for the authorities “to invest in building the capacity of adjudicating authorities”. He added that the government might need to bring forward legislation to address shortcomings in the Insolvency and Bankruptcy Code
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