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Here's how industry leaders reacted to the RBI's June MPC decisions

Fri, 06/07/2024 - 08:22
The RBI MPC maintained its 'withdrawal of accommodation' stance and kept the repo rate unchanged at 6.5 per cent. The RBI revised FY25 GDP growth forecast to 7.2 per cent

India's medium-term fiscal consolidation may get more challenging: Fitch

Fri, 06/07/2024 - 07:36
"Our expectation is that the government will look to achieve the 4.5% fiscal deficit target by 2025-26," Jeremy Zook, director - Asia-Pacific sovereigns at Fitch told Reuters in an interview

RBI will act only if inflation stays put at 4%, says Governor Das

Fri, 06/07/2024 - 07:07
Governor Shaktikanta Das on Friday said the Reserve Bank of India (RBI) may consider "further policy actions" only if it is confident of headline inflation staying put at 4 per cent. He said it is the central bank's core objective to align the inflation rate with the 4 per cent target, and added that no action on rates will be possible till the RBI is confident of it remaining at or below 4 per cent. Speaking to reporters at the customary interaction after choosing a status quo in rates for the eighth consecutive time, Das said as per the RBI's projections, consumer price inflation is coming at 3.8 per cent in the December quarter, but rising again later to touch 5 per cent. "It (inflation) has to align with the target and once it reaches 4 per cent, it has to stay there. When we will get confidence that this will stay at 4 per cent and will not go up, then we will think about further monetary policy actions," Das said. He was replying a specific question on when to expect a rate c

RBI likely to reduce key repo rate when inflation stabilises: India Inc

Fri, 06/07/2024 - 06:44
India Inc welcomed the Reserve Bank's move to raise the growth outlook for FY25 and stated that it expects the Reserve Bank to reduce the key repo rate when inflation stabilises within its target band. The Reserve Bank, which has been mandated to ensure inflation remains at 4 per cent (with a margin of 2 per cent on either side), mainly factors in CPI while arriving at its monetary policy. It left the key interest rate unchanged as widely expected, keeping the focus on inflation amid robust economic growth that is likely to provide the new Modi government headroom for manoeuvring reforms. The central bank also retained its projection for retail inflation at 4.5 per cent for the current fiscal assuming a normal monsoon, while emphasising that uncertainties related to food price outlook warrant a close monitoring. Consumer Price Index (CPI)-based retail inflation has been projected at 4.5 per cent with quarter-wise projections at 4.9 per cent in Q1 (April-June), 3.8 per cent in Q2, 4

Decoded: Why does the RBI keep gold abroad and why has it got some back?

Fri, 06/07/2024 - 06:44
With the transfer of around 100 metric tonnes of gold from the UK last week, India's gold reserves are now evenly distributed, with 400 tonnes each in India and abroad

India's foreign exchange reserves hit new peak of $651.5 billion

Fri, 06/07/2024 - 06:20
Governor Das expressed confidence that the central bank was well-positioned to meet the country's external financing requirements comfortably

RBI brings gold reserve to India; nothing more should be read into it: Das

Fri, 06/07/2024 - 05:03
The Reserve Bank of India has brought 100 metric tonnes of gold reserve from the UK to India as there is enough domestic storage capacity, and nothing more should be read into it, Governor Shaktikanta Das said on Friday. The RBI moved 100 metric tonnes of its gold stored in the UK to domestic vaults in FY24. This is one of the biggest movements of gold undertaken by the country since 1991, when pledging a substantial part of the gold holding to tide over a foreign exchange crisis resulted in its movement out of vaults. The quantum of gold stored outside was static for a long time, Reserve Bank of India Governor Das said here. "In recent years, the data shows that the Reserve Bank is buying gold as a part of its reserves, and the quantum was going up. We have domestic (storage) capacity," he said. Therefore, it was decided to move part of the reserve outside India to be stored within the country, he said, adding, "That's it. Nothing more should be read into it". The country's overa

Voices for interest rate cut growing within RBI's rate-setting panel

Fri, 06/07/2024 - 03:46
Voices for interest rate cut are growing within the Reserve Bank's rate-setting panel with external member Ashima Goyal joining ranks with another member Jayanth R Varma who for long has been advocating to reduce the key policy rate by at least 25 basis points. Reserve Bank's monetary policy committee voted for a status quo in repo rate with four members voting in favour and two against. "Dr. Shashanka Bhide, Dr. Rajiv Ranjan, Dr. Michael Debabrata Patra and Shri Shaktikanta Das voted to keep the policy repo rate unchanged at 6.50 per cent. "Dr. Ashima Goyal and Prof. Jayanth R Varma voted to reduce the policy repo rate by 25 basis points," according to Monetary Policy Statement, 2024-25 Resolution of the Monetary Policy Committee (MPC) released by the central bank. Goyal, Varma and Bhide are external members on the MPC. Ranjan, Patra and Das are RBI officials. In the February 2024 and December 2023 MPC meetings, Varma had made a case for lowering the benchmark interest rate by 25

Assessing need for more measures to slow unsecured lending: RBI Guv Das

Fri, 06/07/2024 - 02:30
The Reserve Bank of India has warned lenders against "all forms of exuberance" due to worries about the rising risks

Repo rate unchanged for 8th time, GDP raised: 5 key takeaways from RBI MPC

Fri, 06/07/2024 - 02:25
The decision to maintain the repo rate and raise the GDP forecast was made during the Monetary Policy Committee meeting held between June 5 and June 7

RBI monetary policy: FY25 growth forecast revised to 7.2%, up from 7%

Fri, 06/07/2024 - 02:12
Monetary Policy Committee keeps repo rate unchanged at 6.50% for an eighth straight policy meeting

Forex reserves hit record high of $651.5 bn as of May 31: RBI Governor

Fri, 06/07/2024 - 01:49
Overall, we remain confident of meeting our external financing requirements comfortably, he says

World Food Safety Day 2024: Prepare for the unexpected

Fri, 06/07/2024 - 01:22
Ensuring food safety is a public health priority and an essential step towards achieving food security

Reserve Bank keeps repo rate unchanged, ups FY25 growth forecast to 7.2%

Fri, 06/07/2024 - 00:46
RBI monetary policy: MPC votes to continue with 'withdrawal of accommodation' stance

RBI monetary policy: When and where to watch the governor's announcement?

Thu, 06/06/2024 - 23:35
RBI Monetary Policy Committee meeting LIVE updates: Economists expect the central bank to maintain the repo rate at 6.5 per cent for the eighth consecutive time

RBI MPC LIVE: CPI inflation estimate for FY25 kept unchanged at 4.5%, GDP growth estimated at 7.2%

Thu, 06/06/2024 - 22:39
RBI MPC Meeting LIVE: RBI Monetary Policy Committee (MPC) kept the repo rate unchanged at 6.5% for the eight consecutive time and will continue with its stance of 'withdrawal of accommodation.'

Special status to Bihar, Andhra Pradesh may open 'Pandora's box': Experts

Thu, 06/06/2024 - 13:48
Chandrababu Naidu's TDP had left the NDA in 2018 on denial of its special status demand for Andhra

Interest rate spreads hit new 10-year low of 2.25% for PSBs in April 2024

Thu, 06/06/2024 - 11:07
The spread between the outstanding lending and deposit rates has narrowed compared to the spread between fresh lending and deposit rates

CCI draft regulations suggest monitoring agencies for settlement proposals

Thu, 06/06/2024 - 10:38
The monitoring agencies may include an accounting firm, management consultancy, any other professional organisation or chartered accountants, company secretaries or cost accountants

India to sign IPEF agreements after formation of the new government

Thu, 06/06/2024 - 10:35
IPEF clean energy investor forum identifies projects worth $23 billion