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Shaktikanta Das
Reserve Bank Governor Shaktikanta Das on Thursday made it clear that the decision to hold rates should be seen as a pause, and not as a pivot. The rate-setting Monetary Policy Committee (MPC) will act on the rates as and when necessary, Das said. "If I have to characterise today's monetary policy in just one line...it's a pause, not a pivot," Das told reporters in the customary interaction with reporters after the announcement of the policy review. Earlier in the day, the six-member MPC voted unanimously to keep the repurchase or repo rate unchanged at 6.50 per cent, surprising analysts who were expecting the central bank to make a final 25 basis points hike before opting to pause. Das said RBI is keen to assess the cumulative impact of the rate actions done till now. There has been a cumulative hike of 250 basis points since May 2022. Deputy Governor Michael Patra said RBI has marginally upped its FY24 growth estimate to 6.5 per cent primarily on assumption of a decline in the ..
Reserve Bank Governor Shaktikanta Das on Thursday excuded confidence that India's current account deficit (CAD), a key external sector indicator, is likely to remain moderate in the January-March quarter of 2022-23 and also eminently manageable going forward. The CAD for the first three quarters of 2022-23 stood at 2.7 per cent of GDP. In the October-December quarter, CAD narrowed significantly to 2.2 per cent from 3.7 per cent in the preceding three months on account of lower merchandise trade deficit and robust growth in services exports. "Overall, our external sector indicators have improved significantly. Foreign exchange reserves have rebounded from USD 524.5 billion on October 21, 2022 and now stand in excess of USD 600 billion taking into account our forward assets," Das said while unveiling the bi-monthly monetary policy. Das said India's services exports continued to grow at a healthy pace in the first two months of 2023. Better growth prospects of the gulf cooperation ..
Reserve Bank Governor Shaktikanta Das on Wednesday stressed the need for augmenting the central bank's existing computing infrastructure supported by cutting-edge facilities for research and capacity building in emerging areas. In his remarks after laying the foundation stone for a greenfield data centre and enterprise computing & cybersecurity training institute in Bhubaneswar, Das acknowledged the critical role played by technology in supporting the activities of the financial sector and RBI over the years and recently, in facilitating a robust recovery from the pandemic. "He highlighted the need for augmenting the existing computing infrastructure of the RBI supported by cutting-edge facilities for research and capacity building in emerging areas straddling central banking, technology and cybersecurity for a future ready RBI," an official release said. The new data centre and the training institute spread over 18.55 acre, when commissioned, will cater to the emerging ...