Manojit Saha

All stories by Manojit Saha

'No Hurry To Convert To Universal Bank'

'No Hurry To Convert To Universal Bank'

Rediff.com3 days ago

'Have a long way to go even as a small finance bank, both in terms of size, and in terms of fulfilling our aspirations for financial inclusion.'

'Climate shocks' add uncertainty to inflation outlook: RBI annual report

'Climate shocks' add uncertainty to inflation outlook: RBI annual report

Rediff.com31 May 2024

The Reserve Bank of India (RBI) has identified "climate shocks" as a risk to food inflation rates and overall price rise while stating that the outlook for the country's economic growth remains bright. In its Annual Report for 2023-24, released on Thursday, the central bank said easing supply-chain pressures, broad-based softening in core inflation, and early indications of an above-normal southwest monsoon meant well for the inflation outlook in 2024-25. "The increasing incidence of climate shocks, however, imparts considerable uncertainty to the food inflation and overall inflation outlook," said the RBI while noting headline inflation moderated by 1.3 percentage points on an annual average basis to 5.4 per cent in 2023-24.

US Treasuries drive RBI's bumper surplus to Centre

US Treasuries drive RBI's bumper surplus to Centre

Rediff.com31 May 2024

A combination of factors, including heavy investments in US Treasury bonds and dollar sales at a healthy profit, facilitated the Indian central bank in transferring a record surplus of Rs 2.11 trillion to the government for 2023-24 (FY24). The RBI's dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy's health.

Inflation seen closer to target in FY26: RBI report

Inflation seen closer to target in FY26: RBI report

Rediff.com22 May 2024

The Reserve Bank of India's (RBI's) state of the economy report observed that any durable alignment of headline retail inflation with the target of 4 per cent could recommence in the second half of FY25 and sustain until numbers closer to the target are seen during the course of FY26, dashing hopes of any reduction in the policy repo rate in the current financial year. The report, authored by RBI staffers, including Deputy Governor in charge of monetary policy Michael Patra, said though headline numbers may fall in July and August due to base effect, it is likely to reverse in September.

ARC chiefs to meet RBI deputy guvs for seeking clarity on bank borrowing

ARC chiefs to meet RBI deputy guvs for seeking clarity on bank borrowing

Rediff.com16 May 2024

The Reserve Bank of India (RBI) will meet top executives of asset reconstruction companies (ARCs) on Friday to take stock of the sector. During the meeting, ARCs will also seek clarity from the regulator on bank borrowing. While there is no regulatory ban in place, ARC sources said banks often refuse funding.

'MSMEs, mid-corporate will be focus for loan growth'

'MSMEs, mid-corporate will be focus for loan growth'

Rediff.com15 May 2024

'As these segments are growing at 25 per cent for the last three years, credit quality has been extremely good.'

Can Ashok Chavan Turn Tide in Nanded?

Can Ashok Chavan Turn Tide in Nanded?

Rediff.com25 Apr 2024

The BJP has again fielded Prataprao Patil Chikhalikar who humbled Ashok Chavan in the 2019 Lok Sabha polls by over 40,000 votes.

MPC refuses to drop its guard on inflation

MPC refuses to drop its guard on inflation

Rediff.com22 Apr 2024

Most members of the Reserve Bank of India's monetary policy committee (MPC) decided to stick to the course on bringing retail inflation to the target of 4 per cent while voting for maintaining status quo in the April review, except external member Jayanth Varma who voted for a 25 bps cut in the repo rate. "I believe that the extant monetary policy setting is well positioned," RBI governor Shaktikanta Das said in the minutes of the policy review, which came out on Friday. "Monetary policy transmission is continuing and inflation expectations of households are also getting further anchored.

No need to worry: Bandhan Bank's outgoing chief writes to employees

No need to worry: Bandhan Bank's outgoing chief writes to employees

Rediff.com11 Apr 2024

Bandhan Bank's managing director (MD) and chief executive officer (CEO) Chandra Shekhar Ghosh (pictured), who has decided to step down, on Wednesday said the bank will need at least three months to identify his successor. He has also written to his employees, asking them "not to worry" over his surprise decision. "Whatever, our experience in the earlier selections, when we selected two executive directors on the basis of that experience we need a minimum three months of time for selection of candidates and then it will go to RBI and then whatever is the time taken by RBI for approval," Ghosh said.

RBI's 90 Year Journey

RBI's 90 Year Journey

Rediff.com10 Apr 2024

Sir Osborne Smith was the first governor of the Reserve Bank, serving from April 1, 1935, to June 30, 1937.

Bandhan Bank's micro challenges: Unsecured loan book, CEO's tenure

Bandhan Bank's micro challenges: Unsecured loan book, CEO's tenure

Rediff.com1 Mar 2024

It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan's entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country's microfinance sector. Subsequently, the RBI awarded small finance bank licences to nine MFIs.

Stanchart to continue focus on wealth management in India

Stanchart to continue focus on wealth management in India

Rediff.com27 Feb 2024

Standard Chartered's India strategy will focus on wealth management while credit card will remain core to its business though will avoid competition with the country's private banks, said a senior executive of the British lender. "Our focus on wealth management and affluent clients are central to our existence. "We are strong in these areas and we want to grow in these areas.

'Our unsecured loan portfolio is better than secured'

'Our unsecured loan portfolio is better than secured'

Rediff.com17 Feb 2024

'Our unsecured loan is not exactly unsecured. It is backed by cash flow of customers.'

How ITR's Automated Reconciliation Works

How ITR's Automated Reconciliation Works

Rediff.com17 Feb 2024

The income-tax department is set to launch a screen-based automated reconciliation system for plugging mismatches between returns filed by taxpayers and information processed by the department.

'NPA recoveries has helped to reduce credit cost'

'NPA recoveries has helped to reduce credit cost'

Rediff.com11 Feb 2024

'For the first time ever it has come below 1 per cent, at 0.97 per cent.'

'Disinflationary stance allows for rate cuts'

'Disinflationary stance allows for rate cuts'

Rediff.com8 Feb 2024

'Investment creates capacity and reduces inflation. Income, employment, and savings rise.'

Coming! New Affordable Housing Scheme

Coming! New Affordable Housing Scheme

Rediff.com5 Feb 2024

The new scheme may be announced before the Lok Sabha elections.

Private bank profits see impact of alternate investment fund provisions

Private bank profits see impact of alternate investment fund provisions

Rediff.com29 Jan 2024

The bottom lines of several private sector banks have taken a hit following the recent guidelines released by the Reserve Bank of India (RBI) on alternate investment fund (AIF) investments. Last month, the RBI announced that regulated entities, such as banks, non-bank lenders, and home financiers, cannot invest in AIFs that have directly or indirectly invested in companies that have borrowed money from the lenders. In case an entity had already made such an investment, they must liquidate the investment or make 100 per cent provision, RBI had said.

'The daily numbers give me confidence'

'The daily numbers give me confidence'

Rediff.com2 Jan 2024

'We have a plan to plough back a 'This year in the first half we had profits of more than Rs 31,000 crore.' significant amount of profits this financial year.' 'We have seen this organic plough back of profit is one of best ways to support the equity of the bank.'

Food inflation a concern: RBI's MPC

Food inflation a concern: RBI's MPC

Rediff.com26 Dec 2023

All six members of the Reserve Bank of India's (RBI's) monetary policy committee (MPC) expressed caution over food inflation during the December review, while two external members warned about high real interest rates as headline inflation approaches its target of 4 per cent. The central bank continued to maintain the status quo on both the repo rate and the stance in the December monetary policy. India's retail inflation in November rose to 5.5 per cent - its fastest pace in three months - due to higher food prices.

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