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Mumbai (Maharashtra) [India], August 8 (ANI): <keyword id="64190" type="General" weightage="100" keywordseo="RBI-Governor" source="Orion">RBI Governor</keyword> <keyword id="6359111" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="Orion">Shaktikanta Das</keyword> says <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> will moderate from July onwards as the monsoon has improved and <keyword id="489239" type="General" weightage="20" keywordseo="Global-food-prices" source="Orion">global food prices</keyword> have shown signs of easing in July. Das said, "Global food prices showed signs of easing in the month of July after registering an increase since March 2024." A degree of relief in food inflation is expected from the pickup in southwest monsoon and healthy progress in Kharif sowing. Buffer stocks of cereals continue to be above the norms, according to RBI Governor Shaktikanta Das. Das added, "Assuming a normal monsoon and taking into account the 4.9 per cent inflation print, Q1 CPI inflation for the current financial year (2024-25) is projected at 4.5 per cent, with q2 at 4.4 per cent, Q3 at 4.7 per cent and Q4 at 4.3 per cent. CPI inflation for the first quarter of next financial year (Q1 2025-26) is projected at 4.4 per cent." The inflation landscape reflects mixed signals, to which Das said, "<keyword id="21258540" type="General" weightage="20" keywordseo="headline-inflation" source="keywords">Headline inflation</keyword> eased up to 5.1 per cent in June 2024 due to higher than expected food inflation. Fuel remained in deflation for the 10th consecutive month. Core inflation moderated to a historic low in the months of May and June." RBI Governor Shaktikanta Das, outlined the <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> with real <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> of 7.2 per cent for the fiscal year 2024-25 and headline inflation eased to 5.1 per cent in June, on Thursday. Das said, "Real GDP growth for 2024-25 is projected at 7.2 per cent with Q1 at 7.1 per cent, Q2 at 7.2 per cent, Q3 at 7.3 per cent and Q4 at 7.2 per cent. Real GDP growth for Q1 2025-26, this is something which we are giving for the first time, is projected at 7.2 per cent. The risks are evenly balanced." He added, "We have slightly moderated the <keyword id="387719" type="General" weightage="20" keywordseo="growth-projection" source="Orion">growth projection</keyword> for the first quarter of the current financial year in relation to the projection we gave in the previous MPC in June. This is primarily due to updated information on certain high-frequency indicators which show lower than anticipated corporate profitability, general government expenditure and core industries output." This forecast marks a slight moderation from previous estimates provided in the Monetary Policy Committee (MPC) meeting in June, attributed to recent updates on high-frequency indicators such as corporate profitability, general government expenditure, and core industries output. The inflation landscape reflects mixed signals, to which Das said, "Headline inflation eased up to 5.1 per cent in June 2024 due to higher than expected food inflation. Fuel remained in deflation for the 10th consecutive month. Core inflation moderated to a historic low in the months of May and June." Balancing robust growth projections with a nuanced understanding of inflation dynamics Governor Das stated, "Food inflation which has a weight of around 46 per cent in the CPI basket, contributed to more than 75 per cent of headline inflation in May and June. Vegetable prices increased sharply and contributed about 35 per cent to inflation in June. High inflation pressures persisted across other major food items also." Governor Das mentioned softening in core inflation continues to be broad-based with core services inflation touching a new low in the current CPI series during the month of May and June 2024. Das stated, "The high food price momentum likely to have continued in the month of July also. Large favourable base effects may however push headline inflation downwards in July. The Impact of the revision in milk prices mobile tariffs also needs to be carefully monitored." A degree of relief in food inflation is expected from the pickup in south west monsoon and healthy progress in Kharif sowing. Buffer stocks of cereals continue to be above the norms, according to RBI Governor Shaktikanta das. Das anticipates some relief in food inflation due to the expected pickup in the southwest monsoon and healthy progress in Kharif sowing. Buffer stocks of cereals remain above the normative levels, contributing to a more stable food price environment. Global food prices, which have been on an upward trajectory since March 2024, showed signs of easing in July.

RBI Governor Shaktikanta Das projects 7.2% GDP growth for 2024-25, reports eased inflation to 5.1% in June

<ul><li><keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword>’s India public policy head <keyword id="1856373" type="PERSON" weightage="20" keywordseo="Ankhi-Das">Ankhi Das</keyword> has quit the social networking behemoth. </li><li>Her resignation comes within days of being questioned by a parliamentary panel on data privacy. </li><li>According to Ajit Mohan, the managing director for Facebook in India, Das has stepped down to pursue her interest in public service.</li></ul>Ankhi Das, Facebook's head of public policy who was in the eye of storm over alleged bias in blocking hate content on the social media platform, has quit the social networking giant. "I have decided to step down from facebook after long service to its mission of connecting people and building communities to pursue my personal interest in public service,” she said in her farewell statement. Her resignation comes within days of Facebook being called before a parliamentary panel to discuss issues of data privacy. Source told <a href="https://www.ndtv.com/india-news/facebook-policy-head-ankhi-das-questioned-by-parliament-panel-for-2-hours-on-data-protection-sources-2314627">NDTV</a> that Das was questioned for nearly two hours on Monday, October 23. Twitter and Amazon are set to appear before the same committee on October 28. Das had also earlier been called before the government once before, by the Parliamentary Panel of Information Technology headed by Congress Member of Parliament (MP) Shashi Tharoor. Ankhi Das — at the eye of the storm Facebook and other social networking sites have come under scrutiny after Wall Street Journal and TIME magazine articles claimed that the social network was not uniform in its application of hate speech rules. Even though some extremist posts were taken down, others — especially those by Bharatiya Janata Party (BJP) leaders — were left to circulate far and wide. "These posts are taken out of context and don't represent the full scope of Facebook's efforts to support the use of our platform by parties across the political spectrum," the company’s spokesperson said at the time. Ankhi Das exits Facebook Das joined Facebook nine years ago. According to her, the team was small and the mission was to connect people in India at the time. “After nine long years, I feel that mission has largely been met,” she said. Ajit Mohan, the managing director for Facebook in India, commended Das on the instrumental role she played in the company since 2011. "Ankhi has decided to step down from her role in Facebook to pursue her interest in public service," he said. He too has been under fire for Facebook’s practices in the country. Delhi’s Aam Aadmi Party (AAP) in particular has been breathing down his neck for being ‘complicit’ in the violence that broke out during the protests against India’s Citizenship Amendment Act (CAA) in February. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/china-launches-three-new-spy-satellites-amid-border-dispute-with-india-and-tensions-in-the-south-china-sea/articleshow/78886330.cms">China launches three new spy satellites amid border dispute with India and tensions in the South China Sea</a> <a href="https://www.businessinsider.in/stock-market/news/kotak-mahindra-bank-share-price-jumps-after-earning-reports-and-possible-msci-inclusion/articleshow/78887434.cms">Kotak Mahindra Bank surges 10% on earnings upgrades and potential MSCI inclusion</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-is-looking-to-expand-operations-in-canada-if-h-1b-visa-issues-persist/articleshow/78884838.cms">EXCLUSIVE: HCL Tech is expanding operations in Canada as H-1B visa issues persist</a>

Ankhi Das quits as Facebook's India public policy head

The present <keyword id="6354680" type="General" weightage="20" keywordseo="Credit" source="Orion">credit</keyword> growth is far away from being considered "exuberant" and there is no "big gap" between the credit growth and deposit accretion when looked at the absolute numbers, <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> Governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said on Wednesday. "I think the credit growth at the current point is certainly far far away from exuberance or something like that. It is definitely very, very steady. We are monitoring it very very carefully," Das said while speaking at the <keyword id="6356925" type="General" weightage="20" keywordseo="BFSI" source="Orion">BFSI</keyword> Summit organised by Business Standard. When one compares the credit growth and deposit growth, it seems like a wide gap because of the base effects, Das said, adding that the credit growth is going up after two years of being depressed, while deposit growth number has come off a relatively higher growth during the pandemic years. "Just as the credit growth looks very high because of the low base effect of the previous years, the deposit growth is also pretty low because of the base effects of the previous years," he said. For the fortnight ending December 2, the system reported a credit growth of 17.5 per cent while the deposit growth has been trailing at 9.9 per cent. Das said in absolute terms, the credit expansion for the year to December 2 had come at Rs 19 lakh crore, while the deposit growth was Rs 17.5 lakh crore, which makes it clear that there is no "big gap" in the number. He said the credit growth, apart from being driven by base effects, is also indicative of the underlying fundamentals of the economy. Das acknowledged that he does get asked about deposits not growing, while credit is growing and if we are heading for an unsustainable situation and added that the answer to these concerns is in deposits growing to sustain credit growth over the medium to long term. Replying to a question on the banking system being unfair to savers, Das said the <keyword id="45828" type="General" weightage="20" keywordseo="deposit-rates" source="Orion">deposit rates</keyword> in the system are already moving up and he expects them to move up further. He said while the lending rates have moved up by 1.17 per cent, the deposit rates have gone up by 1.50 per cent in the system. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/airtel-dabur-delhivery-among-stocks-to-watch-out-for-on-wednesday/articleshow/96387096.cms">Sensex, Nifty50 open higher amid mixed cues in US and Asian markets – Airtel, Dabur, Delhivery among stocks to watch out for</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/rbi-governor-das-on-history-major-taunt-was-messi-also-a-post-graduate-in-history/articleshow/96395995.cms">RBI Governor Das on 'history major' taunt: Was Messi also a post-graduate in history?</a>

Credit growth far away from being considered as 'exuberant', says RBI Governor Das

<ul><li>The aspect of adequacy of forex reserves is always kept in mind while <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> intervenes in the forex market, says RBI governor. </li><li>The Indian rupee has depreciated by 7.4 % against the US dollar but performed better than other Asian peers. </li><li>Das said a stable exchange rate is a beacon of financial and overall macroeconomic stability and market confidence.</li></ul> The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) does not have any fixed dollar: rupee exchange rate and its market interventions are to curb excessive volatility, said Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword>. He also said the aspect of adequacy of forex reserves is always kept in mind while RBI intervenes in the forex market. The umbrella continues to be strong. Announcing the Monetary Policy statement on <keyword id="15127776" type="General" weightage="50" keywordseo="friday-das" source="Orion">Friday Das</keyword> said during the current financial year (up to September 28), the US dollar has appreciated by 14.5 %against a basket of major currencies. This has caused turmoil in currency markets globally. The Indian rupee movement has been orderly as compared to the currencies of most other nations, Das said. He said the Indian rupee has depreciated by 7.4 % against the US dollar during the same period - faring much better than several reserve currencies as well as many of its emerging market economies and Asian peers. Das said a stable exchange rate is a beacon of financial and overall macroeconomic stability and market confidence. Citing the divergent views on the exchange rate of the rupee and the adequacy of our forex reserves Das said the rupee is a freely floating currency and its exchange rate is market determined. "Second, the RBI does not have any fixed exchange rate in mind. It intervenes in the market to curb excessive volatility and anchor expectations. The overarching focus is on maintaining macroeconomic stability and market confidence," he said. According to him, RBI's actions helped in engendering investor confidence as reflected in the return of capital inflows since July. "Over the medium term, the primacy of price stability embedded in our flexible inflation targeting (<keyword id="19671" type="General" weightage="50" keywordseo="fit" source="Orion">FIT</keyword>) framework provides the anchor for exchange rate stability," he remarked. The RBI's interventions in the forex market are based on continuous assessment of the prevailing and evolving situation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/here-is-how-much-your-emi-will-go-up-after-the-recent-repo-rate-hike/articleshow/94552904.cms">Here is how much your EMI will go up after the recent repo rate hike</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/presidential-commission-recommends-stamping-of-h-1b-visas-inside-us/articleshow/94551768.cms">Presidential commission recommends stamping of H-1B visas inside US</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-hikes-repo-rate-by-50-bps-taking-it-to-a-three-year-high-of-5-9-das-says-inflation-at-alarmingly-high-levels/articleshow/94550429.cms">RBI hikes repo rate by 50 bps, taking it to a three-year high of 5.9% – Das says inflation at ‘alarmingly high levels’ across jurisdictions</a>

RBI does not have fixed dollar:rupee exchange rate: Shaktikanta Das

Stand-up comedian and actor <keyword id="19949001" type="General" weightage="100" keywordseo="vir-das" source="keywords">Vir Das</keyword> will host the 2024 International Emmys. He shared this news with his fans on Instagram, along with a photo of himself and a screenshot of a news article. Vir Das will reportedly be the first Indian to host this prestigious event. Vir Das shared his excitement on Instagram, saying, "Thanks to your support, an Indian Emmy host! I can't wait to host the @iemmys this year. It's crazy! Thank you for having me. I feel tremendously honoured and excited!" <div type="INSTAGRAMURL" thumbUrl="undefined" caption="Caption not available." user="undefined" cmsId="1726115227010"><url><![CDATA[https://www.instagram.com/p/C_yBau2S47d/]]></url><permalink><![CDATA[https://www.instagram.com/p/C_yBau2S47d/]]></permalink><payload><![CDATA[]]></payload></div> Friends from the film industry, like Hrithik Roshan, Kriti Sanon, Bipasha Basu, Dia Mirza, Shefali Shah, producer Guneet Monga, comedian Atul Khatri, and many others, congratulated Vir on his big achievement. Hrithik wrote: "Wow. That’s amazing. Very well done" Kriti said: "That’s so amazing!! " Shefali Shah wrote: "That’s super cooooollllll congrats" Atul Khatri reacted: “Bass kar pagley.Rulaaega kya” Shweta Tripathi commented: "Whoaaaaaaa this is absolutely amazing!! Shall be watching" Bruce L. Paisner, president and CEO of the International Academy of Television Arts &amp; Sciences, said, "We're delighted to welcome back Vir Das to our stage and to add International Emmy Host to his impressive list of talents. With his unique humor and perspective on the world, he now joins a distinguished group of Gala hosts over the years who fit in perfectly with our global audience." The <keyword id="596227" type="General" weightage="20" keywordseo="International-Emmy-Awards" source="Orion">International Emmy Awards</keyword> will take place on November 25 in the New York City. Vir Das was nominated for an Emmy in 2021 for his comedy special "Vir Das: For India" and won in 2023 for his Netflix special "Vir Das: Landing", when he shared the trophy with popular British teen sitcom "Derry Girls". He is currently on his international Mind Fool tour. <div type="Article" hostid="261" msid="113260188" title="Jr NTR-Janhvi Kapoor starrer Devara has already earned over $1 million in pre-sales in the US! What’s with all the hype around this Telugu movie?" mstype="2" mssubtype="0"></div> Besides his stand-up comedy, Vir has created, produced, and starred in several TV series, including ABC's Whiskey Cavalier, Netflix's Hasmukh, and Amazon's "Jestination Unknown". Vir appeared in Judd Apatow's The Bubble and is working on a comedy show with CBS Studios and Andy Samberg. He is also the lead singer of India's comedy-rock band, Alien Chutney. Vir started his career in stand-up comedy, performing at different venues in India and around the globe. He became famous through a combination of stand-up specials, live shows, and roles in Bollywood films like Delhi Belly, Go Goa Gone, and Badmaash Company. Das was most recently seen in Ananya Panday-starrer Prime Video series "Call Me Bae". He is currently on his international 'Mind Fool' tour. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/webstories/shawn-mendes-to-hanumankind-meet-the-lollapalooza-india-2025-line-up/slidelist/113262556.cms" data-type="tilCustomLink" target="_blank">Shawn Mendes to Hanumankind: Meet the Lollapalooza India 2025 line-up</a>

Vir Das to be the first Indian to host International Emmy Awards

The surprise move to hold repo rate should not be seen as an indicator of carrying out similar moves in the future, and <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> will "not hesitate" in taking further action on rates if needed, Governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said on Thursday. "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 unanimously decided to pause after repeated hikes in rate over the last 11 months, surprising analysts who were expecting the central bank to make a final 25 basis points hike before opting to pause. The benchmark policy rate (repo rate) is 6.5 per cent. Das said the job to decisively bring down inflation is "not yet finished", and RBI's policy priority continues to be price stability. RBI is keen to assess the cumulative impact of the rate actions done till now, he said. There has been a cumulative hike of 250 basis points since May 2022. In his statement while announcing the policy review, Das pledged to hike interest rate again if needed, saying the decision to pause was "for this meeting only". Speaking to reporters, Das reminded that RBI's target is to get headline inflation to 4 per cent from the 6 per cent levels at present, and the monetary policy will be working towards progressively aligning with the target. 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 average oil price to USD 85 per barrel from USD 90 per barrel earlier.

It's just a pause not a pivot, says Shaktikanta Das on RBI's status quo

Mumbai, Reserve Bank Governor <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword> on Friday said India has been building up <keyword id="20344434" type="General" weightage="20" keywordseo="gold-reserves" source="keywords">gold reserves</keyword> as part of its forex deployment. "We are building up gold reserves that is a part of our reserve deployment," Das told reporters at the customary post-policy review press conference here. He did not give any specifics on the quantum of gold buys, but pointed to the official data which shows an increase in the value of gold reserves. As per official data, the value of gold in the <keyword id="20344433" type="General" weightage="20" keywordseo="forex-reserves" source="keywords">forex reserves</keyword> stood at USD 51.487 billion as on March 22, which is USD 6.287 billion higher than the value as at end-March 2023. As per a recent news report, RBI bought 8.7 tonne of gold in January alone which is the highest in two years. The <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword>'s gold holdings had touched 812.3 tonne at the end of January from 803.58 tonne in the preceding month, as per the World Gold Council. The price of gold has also seen a rally over the last few months. Earlier in the day, Das announced that the overall forex reserves have touched an all-time high of USD 645.6 billion as of March 29, a breakup of which will be made available on Friday evening with the release of the weekly statistical supplement (WSS). Speaking to reporters, Das said RBI has consciously focused on building forex reserves over the last four-five years to act as a buffer against any future risks where there are dollar outflows from India. He also said the central bank's approach on the forex front adds strength to the national balance sheet as well. Das also said that having a stable rupee is a priority for the Reserve Bank.

India is building up gold reserves says RBI governor Shaktikanta Das

Mumbai, Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Thursday said the <keyword id="50847" type="General" weightage="50" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> is not "unduly concerned" about the Russian investments in Indian government bonds. Without sharing the details of the trade surplus invested by Russian entities in government securities (G-secs), Das underlined that trade relations between the two countries are for the long term and there is no reason to fear a pullout of the money. In May this year, the Indian Banks Association had said that <keyword id="6358826" type="General" weightage="20" keywordseo="russia" source="Orion">Russia</keyword> is investing the surplus it earns out of oil sales to India in G-secs, but the market's estimates on the quantum vary from USD 10-22 billion. "Its not something about which we are really unduly concerned. We are not concerned unduly because market has its estimates. So far as we are concerned, it is not going to cause any (impact)," Das told reporters at the post-policy press meet here. He added that India is "far better placed" with forex reserves of over USD 600 billion to deal with any situation. Deputy Governor T Rabi Sankar said it will not be proper for the <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> to speak specifically about the amounts invested by a country or a particular entity, but added that such investments are allowed through the foreign portfolio investor or vostro account route. "It may not be accurate to think that the trade surplus is staying in the country. Because a large part of that is oil. Oil, up to the global cap can be paid through the normal channels. It is getting paid, most of it is getting paid, some of it could be remaining as rupee balances in SRVA accounts. Don't include the trade balance of USD 40 billion or something to the amount that must remain within the country," Sankar added. Das also said that after the war between Russia and Ukraine broke out last year, there were fears of a depreciation in the rupee but the same did not turn out to be true because of RBI's market interventions. "...none of that happened because the RBI was there in the market. And RBI is always there in the market," Das said, adding that the RBI is confident of dealing with any situation if at all it arises.

RBI not 'unduly concerned' about Russian investments in G-secs, says Das

Mumbai, RBI Governor <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Thursday said the central bank does not "emulate" others when it comes to regulations and asserted that the bank's as well as his own opposition to cryptocurrencies remain unchanged, a day after US regulators allowed bitcoin Exchange Traded Funds (ETFs). He also said that emerging markets and the world cannot afford to have a "crypto mania". "What is good for another market need not be good for us. Therefore our views -- both that of the Reserve Bank and personally that of mine -- remain the same," Das said. Addressing a financial sector seminar organised by business daily Mint here, the Reserve Bank of India (RBI) chief also said that for emerging market economies and advanced economies, travelling down that path of cryptocurrencies will create huge risks which will be very difficult to contain going forward. "The question is why do you want to go down that road? What is it that you are going to get?," Das said while responding to a query about the development in the US with respect to cryptocurrencies. <keyword id="20153809" type="General" weightage="20" keywordseo="personally-das" source="keywords">Personally Das</keyword> and RBI, as an institution, are opposed to private cryptocurrencies on the grounds that they pose tremendous threat to the financial stability. "The US capital markets regulator in the same announcement also issued necessary cautionary advice and necessary warning to investors to be careful along with the risks it poses. Our position, my position and the RBI's position on this remain unchanged irrespective of who does what. Just because someone has done something, we are not here to emulate them," he said. The remarks were in the context of the US regulator SEC permitting bitcoin ETFs. The approval is seen as a landmark event in the adoption of cryptocurrencies in mainstream finance as the ETF structure gives institutions and financial advisors a familiar and regulated way to have an exposure to bitcoins. "I don't wish to comment on what a regulator of another country has done; they know what is best for their country. But I would like to say that they themselves have flagged risks in the product and advised people to be very careful. "We are all familiar with the Tulip mania in the Netherlands that had led to an asset bubble in the past. I don't think emerging markets and the world can afford a crypto mania that could lead to similar outcomes," the governor said. On whether he sees the forthcoming vote-on-account to be inflationary, Das said that going by the past records of the present government, he feels that the interim budget will not lead to inflationary pressures. Further, Das mentioned many supply side measures that the government has taken to contain price rise since the beginning of the Russia-Ukraine war.

The world cannot afford a crypto mania: Shaktikanta Das

New Delhi, Interest rate is likely to remain high for the moment, <keyword id="192432" type="General" weightage="20" keywordseo="reserve-bank-governor" source="Orion">Reserve Bank Governor</keyword> <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said, stressing the central bank will remain extra vigilant and keep "Arjun's eye" to ensure a sustained decline in inflation. The lending rates are ruling high after the RBI cumulatively hiked the <keyword id="714684" type="General" weightage="20" keywordseo="key-policy-rate" source="Orion">key policy rate</keyword> (repo) by 250 basis points since May 2022 in a bid to tame inflation which touched a high of 7.44 per cent this July. The consumer price index (CPI) based retail inflation is now declining and fell to 5 per cent in September. The government has mandated the central bank to ensure inflation remains at 4 per cent with a margin of 2 per cent on the either side. "Interest rate will remain high. How long they will remain high, I think only time and the way the world is evolving will tell," the governor said in response to a query at Kautilya Economic Conclave 2023. On the sidelines of the Conclave, Das said the RBI remains very focused on the inflation dynamics. "We are extra vigilant and we stand ready to take whatever action that needs to be taken. We need to see sustained decline in inflation...our objective is to reach 4 per cent," he said. On elevated crude oil prices in the international market, he said, "what matters is the pump prices in India". The pump prices of petrol and diesel are important as far as inflation in India is concerned, Das added. Responding to queries on impact of crisis in Middle East, the governor said that in the last fortnight, US bond yields have risen, which has wider implications for other economies. Crude oil prices have also gone up. "Some of these uncertainties were there, but they have become more pronounced in some sense. What is different in the context of India, we are impacted by whatever is happening all over, no doubt on that. "Our macroeconomic fundamentals continue to be sound. Eventually, in these uncertain times, what matters is how strong is your macroeconomic fundamentals, how strong is your financial sector. I think on both these parameters India is well placed," Das said. He also said the dollar index has become strong and bond yields in the US have reached all-time highs. "But if you look at the volatility of the Indian rupee, from January 1 till now, the rupee depreciation is 0.6 per cent whereas on the other side, the appreciation of the US dollar for the same period has been 3 per cent. So rupee is stable. We are there in the forex market to prevent excessive volatility," the governor added. In his address at the Conclave, Das said that in the prevailing global environment of slowing growth and stubborn inflation, especially in the last few miles before reaching the target, economic activity in India exhibits resilience on the back of strong domestic demand. "Real GDP growth for 2023-24 is projected at 6.5 per cent and India is poised to become the new growth engine of the world," he added. Das said the RBI remains "extra vigilant" on the evolving inflation dynamics. In the current situation, monetary policy must remain actively disinflationary to ensure that ongoing disinflation process progresses smoothly, he said. "In the world we live in today, beyond giving a generalised kind of forward guidance that we will be very alert, we will be extra vigilant, we will monitor the inflation-growth dynamics hawk's eye or Arjuna's eye...we will remain alert and we will be very prompt in our response," said Das.

Only time will tell how long interest rate will remain high: Shaktikanta Das

<ul><li>Hima Das won her latest gold medal on 21 July in a 400-metre race at Nove Mesto nad Metuji Grand Prix in Czech Republic.</li><li>Her brand value has gone up from ₹3million (₹30 Lakh) to ₹6 million (₹60 Lakh) per endorsement. </li><li>She has assured Prime Minister Narendra Modi and President Ram Nath Kovind to bring more medals for India. </li></ul>Ace Indian sprinter Hima Das, who won five gold medals within 19 days in July, has doubled her fees for ads. She won her latest gold medal on 21 July in a 400-metre race at Nove Mesto nad Metuji Grand Prix in Czech Republic Expectedly, her brand value is racing faster than the Das herself. Her fee has <a href="https://economictimes.indiatimes.com/industry/services/advertising/das-capital-himas-brand-fees-races-ahead/articleshow/70323816.cms">gone up from ₹3million (₹30 Lakh) to ₹6 million (₹60 Lakh)</a> per endorsement. “Hima’s brand value has doubled because of her consistent performance in the last three weeks,” said Neerav Tomar, Managing Director at the sports management company IOS. The company is looking to lock deals across variety of brands like watches, tyres, cooking oil, energy drinks and food. However, Das’ brand value is much less than that of any cricketer, in spite of her recent and past successes. For instance, M.S Dhoni earns ₹40-50 million from a single brand endorsement. ‘Will bring more medals for India’: Das Endorsements however are not the only thing on this budding athlete's mind. Das told the President Ram Nath Kovind in a tweet that she will continue to work hard and bring more medals for the country. 
	
	
	
	
	
	
	<div type="twitter" handle="HimaDas8" handlename="Hima MON JAI" image="http://pbs.twimg.com/profile_images/1112385942256386049/KGjlrTp8_normal.jpg" favoritecount="2926" retweetcount="245" status="Thank you Honorable @rashtrapatibhvn sir for your good wishes. I will continue to work hard and bring more laurels… https://t.co/VGS7BxlcNf" createdat="1563722596000" id="1152962249843191808"></div>















 Prime Minister Narendra Modi and President Ram Nath Kovind have congratulated the young athlete, along with cricketers like Rishabh Pant and Sachin Tendulkar. This 19-year-old from Assam, has been a professional sprinter for the last two years. However, July has been her best month ever. At the race in Czech Republic, clocked a season-best by completing the 400 meter race in 52.09 seconds. 
 
 
 
 
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 On July 17, she won her a gold in 200 m at Tabor Athletics Meet. On July 13, she won her third 200m gold medal at the Kladno Athletics Meet in Czech Republic with a time of 23.43 seconds. On July 8, she won her second 200 m gold at the Kutno Athletics Meet in Poland. In her first competitive 200m race of the year on July 2, Hima clocked 23.65 seconds to win gold at the Poznan Athletics Grand Prix in Poland. Owing to her success, she is named ‘Dhing Express’ — after the name of her village in Assam. (With IANS)

‘Dhing Express’ Hima Das, with 5 gold medals in 19 days, has doubled her fees for ads

Mumbai, <keyword id="7340328" type="General" weightage="20" keywordseo="reserve-bank-governor-shaktikanta-das" source="Orion">Reserve Bank Governor Shaktikanta Das</keyword> on Monday said the central bank has noticed "excessive dominance" by one or two board members even in "big commercial banks" and asked the lenders to desist from such practices. Board discussions have to be free, fair and democratic, Das said, addressing directors of <keyword id="117575" type="General" weightage="50" keywordseo="urban-cooperative-banks" source="Orion">Urban Cooperative Banks</keyword> (UCBs) at a meeting organised by the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) here. "There should not be an over-dominance or excessive dominance by one or two members of the board, or the chairman or the vice-chairman. We have seen this even in big commercial banks... wherever we have seen this, we have told the bank that this is not the way," he said. He said all directors need to be given a chance to speak and a particular director's say should not be the final one on a matter. The governor, who made the point while illustrating the importance of a well-functioning board, however, did not elaborate further. In the past, the Indian banking system has witnessed problems at the promoter-led YES Bank, which had to be bailed out in an SBI-led initiative, which was supported by the RBI and the government. YES Bank Co-Founder Rana Kapoor, who was also its Chief Executive and Managing Director, was arrested in connection with the irregularities at the bank. Earlier this month, Uday Kotak, the Chief Executive and Managing Director of Kotak Mahindra Bank, resigned from his post and will continue as a non-executive board member. Das said directors in UCBs -- who are elected to the post -- need to have expertise in various aspects of banking, such as risk management, information technology, etc. He urged directors to go through agenda notes, which are prepared in advance, and ask relevant questions. While a managing director should have the freedom to act as per what she or he feels right, it is also important for directors to get their doubts clarified, Das added.

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RBI Governor Shaktikanta Das projects 7.2% GDP growth for 2024-25, reports eased inflation to 5.1% in June

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Ankhi Das quits as Facebook's India public policy head

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Credit growth far away from being considered as 'exuberant', says RBI Governor Das

PTI

RBI does not have fixed dollar:rupee exchange rate: Shaktikanta Das

IANS

Vir Das to be the first Indian to host International Emmy Awards

Ayush Mehrotra