P K Mishra, a retired IAS officer of the Gujarat cadre, is currently serving as the principal secretary to the prime minister.
Senior bankers anticipate discussions on issues related to technology, cyber security, and customer protection.
The RBI had been widely expected to lift its repo rate by 25 basis points, but instead opted to keep the country's main lending rate at 7.75 per cent.
.jpg)
The RBI has bought Rs 124.62 billion worth of bonds since its announcement on Aug. 20 that it would occasionally buy bonds to relieve some of the cash tightness in the banking system.
The RBI on Wednesday slashed key interest rate by 25 basis points, for the second time in a row, to support a shuttering economy hit by reciprocal tariffs imposed by the US. Following the rate cut, the key policy rate eased to 6 per cent providing relief to home, auto and corporate loan borrowers.
Notwithstanding global headwinds, the Indian economy saw further momentum in October on the back of goods and services tax (GST) rate rationalisation and festival spending, as indicated by high-frequency indicators, the Reserve Bank of India's (RBI's) monthly State of the Economy report said.
The Reserve Bank of India's (RBI's) job to bring down inflation is not over, and any premature move on the policy front could undermine the success achieved so far on the price situation, according to RBI Governor Shaktikanta Das. RBI's rate setting panel, Monetary Policy Committee (MPC), had met for three days from February 6-8. The panel decided to leave the key policy rate unchanged at 6.5 per cent for the sixth time in row.
The Reserve Bank on Friday retained GDP growth forecast of 7 per cent for 2024-25 financial year, lower than the 7.6 per cent expansion estimated for FY24. In its February monetary policy, the RBI had projected the GDP growth rate of 7 per cent for the financial year beginning April 1. Announcing the current fiscal's first bi-monthly monetary policy, RBI Governor Shaktikanta Das said the rural demand is gathering pace, and sustained growth in manufacturing sector should boost private investment.
Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday said regulations should not create unintended barriers to financial inclusion while emphasising that the impact of regulations on individuals and businesses should be considered.
The Reserve Bank of India (RBI) has barred four non-banking finance companies (NBFCs), including two microfinance institutions (MFIs), from sanctioning and disbursing loans for charging exorbitant interest rates to the borrowers. These four entities are Asirvad Microfinance, Arohan Financial Services (also an MFI), DMI Finance, which provides personal, consumption, and micro, small and medium enterprises loans, and Flipkart co-founder Sachin Bansal's Navi Finserv, which offers home and personal loans. The ban will take effect on October 21 to "facilitate closure of transactions in the pipeline", the regulator said in a statement.
It was the RBI which destroyed our $-job economy. It is for the RBI to resurrect it by instituting news ways of managing the INR, says Sonali Ranade
The probability of a global recession is low, even though the United States is growing slowly and Europe is experiencing negative growth, Reserve Bank of India Governor D Subbarao said on Friday.
Reserve Bank Governor Sanjay Malhotra on Wednesday said there is no proposal to levy any charge on UPI transactions.
He will be the eighth Deputy Governor to be made Governor at RBI
Finance Minister Arun Jaitley said in a Twitter post that the government appreciated all of Rajan's good work and respected his decision
'When there is no middle ground possible between the government and the governor, the governor has to go.'
Subbarao said in terms of the risk to growth inflation outlook, the first would depend on global recovery and if it fails, could have an impact for India.
'If it doesn't, it will continue with measures to infuse liquidity, signalling a new cycle,' predicts Tamal Bandyopadhyay.
The best way for India to prepare is by preserving and strengthening the RBI's hard-won credibility, point out Rajeswari Sengupta and Vaishali Garga.
While there are certainly more hawks perched on monetary policy committees of central banks around the world now than a couple of months ago, the doves still have the upper hand.
The move is aimed at making settlement of claims or return of articles from a locker smooth for relatives after the death of a customer.
The Reserve Bank on Friday announced a record Rs 2.69 lakh crore dividend to be paid to the government for the fiscal ended March this year, 27.4 per cent more than the payout in 2023-24. The Reserve Bank had transferred Rs 2.1 lakh crore dividend to the government for the fiscal 2023-24.
Facing criticism from the government over the central bank prioritising inflation over growth, the new RBI Governor Sanjay Malhotra on Monday said that prospects of the Indian economy are expected to improve on the back of high consumer and business confidence in 2025. "As we strive to preserve financial stability to support a higher growth path for the Indian economy, our focus remains steadfast on maintaining stability of financial institutions and, more broadly, systemic stability," Malhotra said in foreword to the Financial Stability Report.
The Reserve Bank is unlikely to ease the benchmark policy rate during 2024 given the uncertainty over food inflation, State Bank of India (SBI) chairman C S Setty has said. The US Federal Reserve's first cut in interest rates in more than four years is expected soon, triggering central banks in other economies to follow suit. "On the rate front, a lot of central banks are taking independent calls.
India's growth story will continue despite a slight deceleration, but there will be no recession as in some advanced economies, Reserve Bank of India Governor D Subbarao said on Saturday. Pegging GDP growth for FY'09 at 7.5-8 per cent, he said, this was 'our best growth estimate', even though there were other estimates ranging from 7.2-8.7 per cent.
After effecting two back-to-back 25 basis points rate cuts, Reserve Bank Governor Sanjay Malhotra on Wednesday hinted at another reduction in key policy rate by changing the central bank's monetary stance to 'accomodative' from 'neutral', which may further lower EMIs for consumers.
Raghuram Rajan's three-year term is the shortest of any G20 country and the recent governors have been given second terms as much as seven months in advance.
The Reserve Bank of India on Thursday decided to keep policy rate unchanged for the sixth time in a row as it maintains a tight vigil on inflation. The rate increase cycle was paused in April last year after six consecutive rate hikes aggregating to 250 basis points since May 2022.
India's chief economic adviser, Raghuram Rajan has been appointed as the governor of the Reserve Bank of India.
The Reserve Bank of India (RBI) on Friday cut the repo rate by 25 basis points to 6.25 percent, marking the first reduction in five years. The central bank also projected GDP growth for fiscal year 2026 at 6.7 percent and inflation to come down to 4.2 percent in FY26 from 4.8 percent in FY25. The RBI said the global economic backdrop remains challenging but the Indian economy continues to remain strong and resilient.
The Reserve Bank on Thursday tightened norms for consumer credit as it asked banks and NBFCs to assign a higher risk weight for unsecured personal loans, a move aimed at making the lenders more cautious on such advances. The risk weight on unsecured consumer loans has been raised by 25 percentage points. The new regulations, however, will not be applicable on housing loans, education loans, vehicle loans and loans secured by gold and gold jewellery, the Reserve Bank said in a circular.
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
The 42-year-old Acharya's appointment for a three-year tenure was cleared by the Appointments Committee of the Cabinet.
Reserve Bank of India's former governor Raghuram Rajan on Wednesday joined Rahul Gandhi during the Congress-led Bharat Jodo Yatra in Rajasthan.
Writer Jamal Mecklai muses about the state of mind of the RBI governor, post the credit policy. He gets into the mind of the governor and tries to guage his thoughts and reactions. Against all anticipation, the governor did not bow down to political pressure and the RBI rates were not hiked. He did a fine balancing acting between the two volatile factors -- market and the govt. He leaves the task of choosing between sub 5% inflation rate and 10+% growth rate to his successor.
Among the 30 Sensex firms, Asian Paints, Infosys, JSW Steel, UltraTech Cement, Power Grid, Larsen & Toubro, HCL Technologies and Tata Steel were the biggest laggards. Tata Motors, HDFC Bank, Bharti Airtel, ITC, IndusInd Bank and Axis Bank were the gainers.
The Reserve Bank is unlikely to cut the benchmark interest rate in its forthcoming bi-monthly monetary policy review later in the week as retail inflation is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts.
Reserve Bank of India (RBI) Executive Director Anand Sinha is set to replace Usha Thorat as deputy governor. Finance Minister Pranab Mukherjee has recommended Sinha's candidature to the Appointments Committee of the Cabinet (ACC).
'I think today RBI supervision is much sharper than what it was earlier.'
The Reserve Bank of India's (RBI's) caution on inflation, highlighted during the recent monetary policy meeting, may put investors' faith in fast moving consumer goods (FMCG) stocks to test, analysts said. They, however, believe FMCG stocks may ride through this near-term investor anxiety as related companies are, typically, well-equipped to handle inflation due to their pricing power and steady demand for essential goods.
