All posts tagged: rbi governor

Will India get plastic currency notes? RBI reviewing proposal, says Governor

Will India get plastic currency notes? RBI reviewing proposal, says Governor

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The Reserve Bank of India (RBI) Governor Sanjay Malhotra has said that the proposal to introduce polymer currency notes in India is currently under consideration and remains at a preliminary stage, reported the PTI. Speaking on the issue, Malhotra said the central bank is examining the proposal, but no final decision has been taken so far. The RBI Governor stated that discussions regarding polymer banknotes are still in the early stages. He said the proposal is being evaluated and remains under consideration by the central bank. His remarks come amid growing interest in the possibility of introducing polymer-based currency notes as an alternative to traditional paper notes. What are polymer currency notes? Polymer notes are banknotes made from a special plastic material rather than cotton-based paper. Several countries, including Australia, Canada, the United Kingdom and New Zealand, have adopted polymer currency due to its durability and security features. These notes are generally more resistant to wear and tear, water damage and counterfeiting. Potential benefits It is believed that polymer notes can last significantly longer than …

RBI chief says fuel prices may go up in India if war continues

RBI chief says fuel prices may go up in India if war continues

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RBI Governor Sanjay Malhotra said that if the Middle East conflict continues, India may be forced to raise petrol and diesel prices due to the soaring cost of crude oil in the global market. The RBI Governor highlighted that rising energy prices due to the Iran war are testing India’s flexible inflation targeting, necessitating potential policy intervention by the Reserve Bank. The central bank’s next monetary policy meeting is slated for June 5, when it will take a call on key interest rates, which it has left untouched to promote economic growth. Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: Source link

RBI Cuts Repo Rate For 2nd Time To 6%. Here’s What It Means

RBI Cuts Repo Rate For 2nd Time To 6%. Here’s What It Means

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The Reserve Bank of India (RBI) has cut the repo rate by 25 basis points, bringing it down from 6.25% to 6% – a move expected to ease borrowing costs for individuals and businesses. RBI Governor Sanjay Malhotra announced the decision during the first Monetary Policy Committee (MPC) meeting of FY26, held from April 7 to 9. This is the second consecutive cut after a similar rate reduction in February. What Is The Repo Rate? The repo rate is the interest rate at which the RBI lends money to commercial banks for short-term needs, usually against government securities. It’s a key tool used by the central bank to manage inflation and liquidity in the economy. Why Did The RBI Cut The Repo Rate? The RBI reduces the repo rate when it wants to inject more liquidity into the system and boost economic activity – especially when inflation is under control. For FY26, the RBI has projected Consumer Price Index (CPI) inflation at 4%, comfortably within its target range of 2-6%. Global uncertainties over trade tensions …

Revenue Secretary Sanjay Malhotra Appointed New RBI Governor

Revenue Secretary Sanjay Malhotra Appointed New RBI Governor

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Sanjay Malhotra has been appointed RBI Governor for three years New Delhi: Revenue Secretary Sanjay Malhotra has been appointed Governor of the Reserve Bank of India (RBI). He will take charge from Wednesday for three years, the government said in a statement. Mr Malhotra is a 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre. He is a Computer Science graduate from the Indian Institute of Technology, Kanpur, and has a Master’s in Public Policy from Princeton University, US. In a career spanning over 33 years, Mr Malhotra has worked in several sectors including power, finance and taxation, information technology, mines etc. Before he was appointed Revenue Secretary, he was Secretary in the Department of Financial Services. He has extensive experience in finance and taxation at the state as well as the central government, according to information on the Department of Revenue website. It says Mr Malhotra played an instrumental role in tax policy formulation for direct and indirect taxes. Mr Malhotra replaces Shaktikanta Das, whose tenure will end on Tuesday. Mr Das was …

RBI Governor Shaktikanta Das admitted to hospital in Chennai, central bank gives health update – India TV

RBI Governor Shaktikanta Das admitted to hospital in Chennai, central bank gives health update – India TV

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Image Source : PTI Shaktikanta Das Chennai: Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday hospitalised in Chennai  with a minor health issue. The RBI in a statement said he experienced acidity and was admitted to the Apollo Hospital in the Tamil Nadu capital. Giving an update on his health, the central bank said there’s no cause for concern and he will be discharged in a few hours. The RBI in a statement said, “Reserve Bank of India Governor Shri Shaktikanta Das experienced acidity and was admitted in Apollo Hospital, Chennai for observation. He is now doing fine and will be discharged in the next 2-3 hours. There is no cause for concern.” The development comes a t atime when the Centre is reportedly considering a second extension for the RBI governor, which would make him the longest-serving RBI chief since the 1960s.  Appointed in December 2018, Shaktikanta Das has already surpassed the typical five-year term seen in recent decades.  Under his leadership at the RBI, the central bank has gone through various …

RBI Governor On Two Factors That Pulled GDP Growth Rate Down

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Bhubaneswar: The slowing of India’s economic growth to a 15-month low of 6.7 per cent in the April-June quarter was due to “lower” government spending in the wake of the enforcement of the model code of conduct for the recent Lok Sabha polls, RBI Governor Shaktikanta Das said on Saturday. The RBI had projected a growth rate of 7.1 per cent for the April-June quarter of this fiscal. “The Reserve Bank projected a growth rate of 7.1 per cent for the first quarter. However, the first advance estimation data released by the National Statistical Office showed the growth rate at 6.7 per cent,” Governor Das said. The components and main drivers responsible for the GDP growth like consumption, investment, manufacturing, services and construction have registered a growth of more than 7 per cent, he said. Only two aspects have pulled the growth rate slightly down. Those are—government (both central and state) expenditure and agriculture, the RBI governor pointed out. He said the government expenditure was low during the first quarter perhaps due to elections (April …

‘There is a young India that has a Virat Kohli mentality’: Ex-RBI governor Raghuram Rajan | India News

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India is not reaping the benefits of democratic dividends, former RBI governor Raghuram Rajan said Tuesday, emphasizing that there is need to focus on improving the human capital and enhancing their skill sets. “I think we are in the midst of it (democratic dividend), but the problem is we are not reaping the benefits,” Rajan said at a conference on “Making India an Advanced Economy by 2047: What Will it Take” at the George Washington University. “That’s why I said 6 per cent growth. If you think that’s about what we are right now, take away the fluff in the GDP numbers. That 6 per cent is in the midst of a demographic dividend. It is much below where China and Korea were when they reaped their demographic dividend. And that’s why I’m saying we are being overly complicit when we say this is great. This is not because we are losing the demographic dividend because we are not giving those guys jobs,” the former RBI governor said. “And that leads us to the question, …

RBI Chief Shaktikanta Das To NDTV At Davos

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RBI Governor Shaktikanta Das spoke exclusively to NDTV at the World Economic Forum in Davos. Davos, Switzerland: The Indian economy is expected to touch real GDP growth of seven per cent next year, Reserve Bank of India Governor Shaktikanta Das told NDTV Thursday on the sidelines of the World Economic Forum in Davos. He said the economy had navigated prolonged turmoil – including the pandemic and geopolitical tensions in Ukraine and the Middle East – thanks to a stable macroeconomic core. Mr Das also stressed the RBI continues to closely monitor inflation that dangerously breached the central bank’s target bands during the initial months of the Ukraine crisis, when it touched 7.8 per cent, and that he expects this to continue moderating as it moves towards four per cent. “India has recovered from recent volatilities and uncertainties, such as the health crisis and the geopolitical tensions, and emerged better. (Our) macroeconomic stability is better than most other countries (and) our financial sector is also doing well,” he told NDTV in an exclusive interview. “… the …

Cryptocurrencies Pose Risks to Emerging Markets, Central Bank’s Stand Remains Unchanged: RBI Governor

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Cryptocurrencies can pose significant risks to emerging markets, the Reserve Bank of India (RBI) chief said on Thursday, cautioning that the central bank’s stand on the issue remains unchanged despite wider acceptance in other countries. “Our position, my position and the RBI’s position on this (cryptocurrencies) remains unchanged irrespective of who does what,” Shaktikanta Das said in response to a question about the US securities regulator approving the first US-listed exchange traded funds to track Bitcoin, a move that could bolster the world’s largest cryptocurrency and the broader crypto industry. “For emerging market economies and for advanced economies also, travelling down that path will create huge risks which will be very difficult to contain going forward,” Das added. Cryptocurrencies have no underlying value and pose risks for macroeconomic and financial stability, the central bank chief has repeatedly said. RBI Governor Das highlighted the benefits of the central bank digital currencies, or e-rupee in India’s case, and said the central bank is working on “programmability” of the e-rupee to enable cash transfers, such as targeted transfers …

Unregulated Crypto Sector Cause for Concern? RBI Governor’s Prediction About Financial Crisis Disappoints Industry

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Reserve Bank of India governor Shaktikanta Das said this week that allowing private cryptocurrencies to grow would lead to the next financial crisis. He also reiterated the central bank’s call for a total ban, claiming that such instruments had no underlying value and were speculative at best. “After the development of the past one year, including the latest episode surrounding FTX, I don’t think we need to say anything more. Time has proven that crypto is worth what it’s worth today,” Das said at while speaking at the ‘BFSI Insight Summit’. “Change in value in any so-called product is the function of the market. But unlike any other asset or product, our main concern with crypto is that it doesn’t have any underlying whatsoever. I think crypto or private cryptocurrency is a fashionable way of describing what is otherwise a 100% speculative activity. I would still hold the view that it should be prohibited. If you try to regulate it and allow it to grow, please mark my words, the next financial crisis will come …