Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

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="7268643" type="General" weightage="20" keywordseo="rbi-governor-shaktikanta-das" source="Orion">RBI Governor Shaktikanta Das</keyword> reiterated that crypto currencies are equivalent to gambling, as their perceived value is only make believe.</li><li>Das called for a ban on cryptos, saying there is no underlying value in it.</li><li>To counter the growth of <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, the central bank recently launched in pilot mode, its own e-rupee or <keyword id="6472011" type="General" weightage="20" keywordseo="central-bank-digital-currency" source="Orion">central bank digital currency</keyword> (CBDC).</li><li>He said that <keyword id="6335399" type="General" weightage="20" keywordseo="cbdcs" source="Orion">CBDCs</keyword> are the future of money and its adoption can help save on logistic and printing costs.</li></ul>Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday reiterated that crypto currencies are equivalent to gambling, as their perceived value is only make believe. Addressing a media event here, Das called for a ban on cryptos, saying there is no underlying value in it. Those supporting it call it an asset or a financial product, but there is no underlying value in it, he added. To counter the growth of cryptocurrencies, the central bank recently launched in pilot mode, its own e-rupee or central bank digital currency (CBDC). "Every asset, every financial product has to have some underlying (value) but in the case of crypto, there is no underlying value. So anything without any underlying, whose value is dependent entirely on make-believe, is nothing but 100 per cent speculation or to put it very bluntly, it is gambling," he said. "Since we don't allow gambling in our country, and if you want to allow gambling, treat it as gambling and lay down the rules for gambling. But crypto is not a financial product," Das added. He said that CBDCs are the future of money and its adoption can help save on logistic and printing costs. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/wipro-results-q3-fy23-wipro-sees-fy23-revenue-guidance-between-11-5-12/articleshow/96969117.cms">Wipro sees FY23 revenue growth at 11.5-12%, Q3 profit growth beats analyst expectations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-inc-expects-budget-fy24-to-cushion-economy-from-global-risks-deloitte-survey/articleshow/96967472.cms">Indian Inc expects Budget FY24 to cushion economy from global risks; optimistic FY23 GDP growth will be above 6.5%: Deloitte survey</a>

Cryptocurrencies equivalent to gambling: RBI Governor

(Image source- IANS) <ul><li>The Indian cabinet has appointed Shaktikanta Das, a member of the finance commission and former secretary of the economic affairs, as the new governor of the Reserve Bank of India. </li><li>Das’s appointment has been cleared for a three-year tenure by the Prime Minister’s Cabinet. He was tasked with overseeing and implementing the government’s demonetisation initiative in November 2016. </li><li>By appointing a loyalist, the Indian government has shown that it intends to continue to have a say in the operation of the <keyword id="6358156" type="ORGANIZATION" weightage="20" keywordseo="central-bank">central bank</keyword>. </li></ul>It had barely been a day since the <a href="https://www.businessinsider.in/reserve-bank-of-india-governor-urjit-patel-resigns-citing-personal-reasons/articleshow/67026294.cms">resignation of Urjit Patel</a>, the former governor of the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>), before the Indian government appointed his replacement. Shaktikanta Das, a member of the finance commission and former secretary of the economic affairs, was named as the new governor on Tuesday evening. The swiftness of the move is likely due to the fact that Das was said to be in the running after Patel’s predecessor, Raghuram Rajan, left the job in September 2016. A favoured pick of the <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> administration, Das announced his new position on Twitter on Wednesday. His appointment has been cleared for a three-year tenure by the Prime Minister’s Cabinet. It comes a few days before the RBI’s board meeting on 14 December. 
 <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[
 
]]></cdata></div>

 The decision indicates where the central government stands on the issue of the RBI’s <a href="https://www.businessinsider.in/the-resignation-of-the-governor-of-indias-central-bank-sends-a-clear-indication-about-the-erosion-of-institutional-autonomy-under-the-modi-administration/articleshow/67040287.cms">independence</a> when it comes to decision making. By appointing a loyalist, it intends to continue to have a huge say in the operation of the central bank. It’s not unreasonable to expect a loosening of the Prompt Corrective Action (PCA) framework or bigger handouts to small businesses and greater liquidity support shadow lenders in the near term. Das, an IAS officer from the batch of 1980, has a significant track record when it comes to working with the central bank and his appointment will likely appease investors hoping for policy continuity. In contrast, ratings agencies like <a href="https://www.financialexpress.com/economy/any-attempt-by-govt-to-curtail-rbis-independence-credit-negative-moodys/1409581/">Moody’s</a> that prioritise central bank <keyword id="6360057" type="UNKNOWN" weightage="20" keywordseo="independence">independence</keyword> might be wary as Das is expected to a facilitate a very direct line of communication between the RBI and central government. In addition to shepherding the Insolvency and Bankruptcy Code to fruition, Das had a huge role in establishing the six-member Monetary Policy Committee, which sets interest rates, and making the central bank move towards an inflation-targeting strategy. However, Das is also the man who was tasked with overseeing and implementing the government’s demonetisation initiative in November 2016, as well as the Goods and Services Tax (GST) the following year. In fact, he even suggested rather controversially that people be <a href="https://in.reuters.com/article/us-india-modi-corruption-idINKBN13A0L6">inked</a> to prevent them from exchanging notes multiple times and has routinely <a href="https://scroll.in/latest/830506/demonetisation-benefits-will-be-clear-from-april-says-shaktikanta-das">undermined</a> the negative impacts of demonetisation. While the success of the GST so far could still warrant a debate, the demonetisation initiative has been universally derided. <keyword id="6375119" type="DEFINITION" weightage="20" keywordseo="urjit-patel">Urjit Patel</keyword> was <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/view-by-a-99-3-verdict-indias-cash-ban-was-a-farce/articleshow/65606254.cms">critical</a> of the Modi administration’s decision to take 86% of the country’s currency by value out of circulation. Raghuram Rajan echoed <a href="https://www.livemint.com/Politics/nr6wI4saRptCzldQYlvdxN/Demonetisation-was-not-a-good-idea-Raghuram-Rajan.html">similar sentiments</a>. The move led to unnecessary struggles for small businesses and workers in the informal sector. It also hit rural demand and disrupted supply chains. SEE ALSO: <a href="https://www.businessinsider.in/the-resignation-of-the-governor-of-indias-central-bank-sends-a-clear-indication-about-the-erosion-of-institutional-autonomy-under-the-modi-administration/articleshow/67040287.cms">The resignation of the governor of India’s central bank sends a clear indication about the erosion of institutional autonomy under the Modi administration</a> <a href="https://www.businessinsider.in/reserve-bank-of-india-governor-urjit-patel-resigns-citing-personal-reasons/articleshow/67026294.cms">Reserve Bank of India governor Urjit Patel resigns citing ‘personal reasons’</a> <a href="https://www.businessinsider.in/one-and-a-half-years-after-demonetisation-indians-are-hoarding-cash-again/articleshow/64542026.cms">One and a half years after demonetisation, Indians are hoarding cash again</a>

The Indian government just appointed the man who oversaw one of its most controversial economic policies as the new head of the central bank

With the rupee witnessing a downward spiral for the past several weeks, even crossing the 83 mark against the US dollar, <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Wednesday said that the Indian currency has behaved in an orderly manner and its trajectory shouldn't be looked at emotionally. Das, while addressing industry body FICCI's banking summit in Mumbai, said that capital flows will resume as the <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> will not resort to tightening rates for a long time. The RBI Governor's comments on the rupee came just hours before the US Fed is scheduled to meet later in the day to review key rates. It is anticipated that the <keyword id="6355253" type="General" weightage="50" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> may hike rates to curb rising inflation. Meanwhile, referring to the RBI's Monetary Policy Committee's (<keyword id="6369693" type="General" weightage="50" keywordseo="mpc" source="Orion">MPC</keyword>) scheduled meeting on Thursday to discuss its reply to the government, for failing to keep inflation within its tolerance limit of less than 4 per cent, Das said that the central bank won't immediately release details of the deliberations. The RBI does not have the authority to release these details, he said. The central bank is mandated to keep inflation within the tolerance limit of 2 per cent to 4 per cent. However, its failure to do so for the past nine months has warranted a response from the Centre. Defending the RBI's handling of price rise, Das said that acting prematurely on inflation would have exerted a heavy cost on the economy and citizens. Though he agreed that inflation has not been under control, the RBI Governor at the same time added that the central bank prevented a "complete collapse of the economy by keeping rates lower and stayed away from premature tightening". Speaking on the Central Bank Digital Currency (CBDC), Das said that RBI wants to iron out all aspects related to it before its launch. He said that the e-rupee launch was a landmark moment in the history of currency in the country and it will transform the way business is done and the way transactions are conducted. On Tuesday, the RBI launched a trial of the digital rupee. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-10-important-things-you-need-to-know-before-subscribing-for-the-ipo/slidelist/95250493.cms">10 things to know about Fusion Micro Finance IPO that opens from Nov 2 to Nov 4</a>

Rupee has behaved in an orderly manner, says RBI Governor

Prime Minister Narendra Modi, on Wednesday, congratulated Reserve Bank of India's (RBI) Governor, Shaktikanta Das for bagging an A+ grade rating in the Global Finance Central Banker Report Cards 2024. Prime Minister in a post on social media "X" said, "Congratulations to RBI Governor Shri @DasShaktikanta for this feat, and that too for the second time. This is a recognition of his leadership at the RBI and his work towards ensuring <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> and stability." <keyword id="20850250" type="General" weightage="20" keywordseo="RBI-Governor-Das" source="keywords">RBI Governor Das</keyword> has been awarded the A+ grade rating for the second consecutive year. The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank governors of nearly 100 key countries, territories, and districts, as well as the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States. Grades are based on an "A+" to "F" scale for success in areas such as <keyword id="21364628" type="General" weightage="20" keywordseo="inflation-control" source="keywords">inflation control</keyword>, economic growth goals, currency stability and <keyword id="22859834" type="General" weightage="20" keywordseo="interest-rate-management" source="keywords">interest rate management</keyword>. "A" represents an excellent performance, down through "F" for outright failure. "Central bankers have waged war against <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> over the past few years, wielding their primary weapon: higher interest rates. Now, countries around the world are witnessing the tangible results of these efforts, as inflation has dropped significantly," said Global Finance founder and editorial director Joseph Giarraputo. The RBI has been successful in controlling the larger macroeconomic situations in the country. The apex bank is actively working to push economic growth through its <keyword id="20900764" type="General" weightage="20" keywordseo="monetary-policies" source="keywords">monetary policies</keyword>. The RBI recently kept the the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> unchanged at 6.5 per cent after the deliberations of the Monetary Policy Commitee meeting earlier this month. The move reflects the central bank's cautious approach amid ongoing economic uncertainties. Announcing the monetary policy decisions, Das had said that the decision to keep the repo rate steady comes amidst persistent concerns about inflation, which remains above the RBI's target range. RBI Governor Das said that the inflation will moderate from July onwards as the monsoon has improved and global food prices have shown signs of easing in July. The Q1 <keyword id="19999655" type="General" weightage="20" keywordseo="Consumer-Price-Index" source="keywords">Consumer Price Index</keyword> (CPI) inflation for the current financial year (2024-25) is projected at 4.5 per cent. CPI inflation for the first quarter of the next financial year (Q1 2025-26) is projected at 4.4 per cent, as announced by the RBI Governor. India's retail inflation, after breaching 5 per cent in June, softened drastically in July. In line with the moderation in retail inflation, wholesale inflation in India too witnessed a sharp decline in July. The annual rate of inflation based on all India Wholesale Price Index (WPI) numbers is 2.04 per cent (provisional) for July 2024 (over July 2023).

PM Modi congratulates RBI Governor Das on A+ rating in Global Finance Report

Crypto is back on the discussion table as <a href="https://www.businessinsider.in/cryptocurrency/news/taxing-cryptocurrencies-does-not-give-them-legal-status-clarifies-indias-finance-minister/articleshow/89500097.cms" data-type="tilCustomLink">Finance Minister Nirmala Sitharaman </a>and Reserve Bank of India (RBI) Governor Shaktikanta Das deliberated over the issue. The Finance Minister had announced in her Budget speech that the RBI will launch a <a href="https://www.businessinsider.in/cryptocurrency/news/taxes-gst-and-the-digital-rupee-crypto-policy-in-india-is-going-through-a-big-overhaul/slidelist/89499051.cms" data-type="tilCustomLink">block chain based digital currency </a>next year. The government also proposed to tax digital assets. "With RBI &amp; Ministry, not just on crypto but on every other thing as well, I think there's complete harmony with which we're working, respecting each other's domain and also knowing what we've to do with each other's priorities &amp; in the interest of the nation. There's no turfing here," said Sitharaman after the meeting. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> "Like several other issues, this particular issue is internally under discussion b/w RBI &amp; the Govt. Whatever points we have, we discussed with the Govt. Beyond that I think I will not like to further elaborate," said Das. RBI Governor Shaktikanta Das had cushioned crypto investors just few days back saying "it is my duty to tell the investors who invest in cryptocurrencies to keep in mind that they are investing at their own risk and also need to keep in mind that the cryptocurrency has no underlying value, not even a tulip". "Yes, the issue that was discussed between the Finance Minister and the RBI governor along with other issues and there's no difference of views on any of these, informed a Finance Ministry official requesting anonymity.

RBI, government working in complete harmony on crypto: Nirmala Sitharaman

In a tightening cycle, a premature pause in monetary policy action would be a costly policy error, <keyword id="50847" type="General" weightage="50" keywordseo="reserve-bank" source="Orion">Reserve Bank</keyword> Governor <keyword id="6359111" type="General" weightage="100" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> opined while voting along with five other members of the <keyword id="6369693" type="General" weightage="80" keywordseo="mpc" source="Orion">MPC</keyword> for raising the key lending rate by 35 basis points earlier this month, according to the minutes of the meeting released on Wednesday. Prior to the December hike in repo rate, the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> had raised the key short-term lending rate by 190 bps in four tranches. "I am...of the view that a premature pause in monetary policy action would be a costly policy error at this juncture. Given the uncertain outlook, it may engender a situation where we may find ourselves striving to do a catch-up through stronger policy actions in the subsequent meetings to ward off accentuated inflationary pressures," said the minutes of the Monetary Policy Committee (MPC). The meeting was held during December 5-7. The Governor also said that in a tightening cycle, especially in a world of high uncertainty, giving out explicit forward guidance on the future path of monetary policy would be counterproductive. This may result in the market and its participants overshooting the actual play out of real conditions, he opined. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/credit-growth-far-away-from-being-considered-as-exuberant-says-rbi-governor-das/articleshow/96401523.cms">Credit growth far away from being considered as 'exuberant', says RBI Governor Das</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>

RBI Governor Shaktikanta Das against pause in rate hikes: MPC minutes

<ul><li>Banks have passed on only 29 basis points of rate cut benefits to customers, even as RBI eased lending rates by 100 points since February. </li><li>RBI Governor says he will take whatever steps necessary to ensure banks pass on benefits. </li><li>Das also said that the system is flush with liquidity and it will help push growth. </li></ul> The RBI governor Shaktikanta Das today said that they are willing to take whatever steps necessary to make sure banks transmit the benefits of interest rate cuts to customers. The central bank has been trying to kickstart a slowing economy by reducing the interest rates at which it lends money to banks. However, banks have been absorbing these benefits, as less is seeping through to customers. “RBI is monitoring this regularly. We have been meeting both public and private sector banks separately,” Shaktikanta Das said in a press conference. A dismal 29 for 100 Even before the central bank cut its repo rate <a href="https://www.businessinsider.in/rbi-cut-interest-rates-by-35-basis-points-as-growth-sputters-and-inflation-cools/articleshow/70565859.cms">by 35 basis points </a>today, it had eased its own lending rate by around a 100 basis points or 1%, since this February. This includes three 25 basis point cuts along with changing stance to accommodative, which adds another 25 basis point worth benefits. Yet, as per RBI’s own admission, banks have only passed on 29 basis points of the benefit to its customers. If banks do not pass on the benefits, it will not help kickstart urban and rural demand which has been slowing down, as observed with tractor and passenger car sales. ‘RBI has done its part’ Making sure banks are actively working towards growth like RBI is, is much more necessary in the current situation. The central bank reduced this year’s growth projection to 6.9% from 7%, earlier. “The RBI has done its part. We believe it is a cyclical downturn not a structural reform as of now,” said governor Shaktikanta Das, saying that there is room for structural reform. With adequate measures from the government, growth should pick up pace as the central bank believes that the second half of the year will grow at 7.3%, though the first half grew only at 5.8% As credit flow will pick up as banks go ahead and lend more at lower rates, the economic growth will start picking up, RBI believes. Das also said that the system is flush with liquidity and it will help push growth. “Banks just come out of non-performing assets (NPA) with continuous quarters of loss incurred. Some of them are turning around, and credit flow will improve and weeks and months,” Das assured. See also <a href="https://www.businessinsider.in/rbi-policy-update-home-loans-up-to-20-lakh-get-priority-status/articleshow/70567010.cms">Home loans up to ₹20 lakh may get cheaper and easier</a>

RBI is pushing India's stubborn banks to cut lending rates

For decades, Congress MP <keyword id="42749" type="PERSON" weightage="20" keywordseo="Shashi-Tharoor">Shashi Tharoor</keyword> has the throne as the educator of unknown English words. Now, he has a competitor and it’s none other than the governor of the Reserve Bank of India, <keyword id="6359111" type="UNKNOWN" weightage="20" keywordseo="Shaktikanta-Das">Shaktikanta Das</keyword>. Recently, the central bank’s monetary policy used a word called ‘floccinaucinihilipilification’. This <a href="https://www.indiatoday.in/education-today/news/story/what-does-floccinaucinihilipilification-mean-rbi-governor-shaktikanta-das-knows-it-1590441-2019-08-22">unpronounceable word </a>means the habit of estimating something as worthless. “The estimates of economic growth in India have unfortunately been subject to a fair degree of floccinaucinihilipilification. Notwithstanding this, growth is likely to pick up,” the committee assured. Simply put, estimating India’s growth rate is worthless at this point given the many uncertainties but the RBI still has to do it and it expects the economy to grow faster. Indians will find it tougher to digest the information and not just because of the promise of growth as sectors like auto, textiles and many others are <a href="https://www.businessinsider.in/a-third-of-indias-textile-workers-30-million-lost-their-jobs-and-more-could-go/articleshow/70781257.cms">slowing down to </a>a grinding halt. No questions But the thing with words that tie your tongue into knots is you can get it past without question, at least for the moment. And surprise surprise, Tharoor too had used his word himself, when he tweeted about it announcing a book on Modi. “My new book, THE PARADOXICAL PRIME MINISTER, is more than just a 400-page exercise in floccinaucinihilipilification,” he tweeted. 
	
	
	
	
	
	
	<div type="twitter" handle="ShashiTharoor" handlename="Shashi Tharoor" image="http://pbs.twimg.com/profile_images/928582848784633857/sX6E0-GB_normal.jpg" favoritecount="9897" retweetcount="2772" status="My new book, THE PARADOXICAL PRIME MINISTER, is more than just a 400-page exercise in floccinaucinihilipilification… https://t.co/5J1jw5tQCu" createdat="1539151340000" id="1049902933377208320"></div>















 Tharoor spouting heavy English words for common causes went quickly from inspiring to ridiculous, as only 10% of the population speaks the language. <keyword id="64190" type="POSITION" weightage="20" keywordseo="RBI-Governor">RBI Governor</keyword> Das seems to caught the drift. He had stumped the country earlier this week too when he used another word, Panglossian. Das said that they (RBI) is not maintaining a Panglossian attitude towards economy. The word refers to a character in Voltaire’s play Candidae, the royal educator Dr Pangloss, who was naively optimistic. Recession dictionary It is not uncommon for economic experts to fortify their vocabulary during tough times. A new generation also learns about words and phrases which were never used. Before 2008 subprime crisis in the US, few knew what credit default swaps meant. After the swap changed their lives, it is now a term feared and avoided. Indian economists too have a tough job awaiting them—to convince investors and others that all is well with the country. Apart from introspection, they would need a bulky thesaurus. Because all is not supercalifragilisticexpialidocious about the world. All is not well, basically.

RBI Governor Shaktikanta Das is giving Shashi Tharoor a run for his dictionary

Mumbai (Maharashtra) [India], November 17 (ANI): Reserve Bank of India Governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> chaired meetings with Managing Directors and Chief Executive Officers of public sector banks and certain private sector banks on Wednesday. The meetings were also attended by Deputy Governor M. K. Jain along with a few senior officials of the RBI, the central bank said in a statement. Governor Das acknowledged the crucial role played by the commercial banks in supporting economic growth throughout the turbulent times since the outbreak of the pandemic and the ongoing financial market turmoil. Das further stated that despite challenges, the Indian banking sector has remained resilient and continued to improve in various performance parameters. "He advised the banks to remain watchful of the evolving macroeconomic situation, including global spillovers, and take mitigating measures proactively so that the potential impact on their balance sheets is minimised and financial stability risks are contained," the RBI statement said. Among other matters, issues relating to lagging growth in deposits vis-a-vis credit growth, asset quality, investments in IT infrastructure, adoption of new-age technology solutions, and functioning of Digital Banking Units were also discussed. (ANI)

'Remain watchful' is RBI Governor's advice to heads of banks amid global headwinds

Drawing inspiration from <keyword id="6359315" type="General" weightage="100" keywordseo="arjuna" source="Orion">Arjuna</keyword>'s prowess in archery during the Swayamvar of Draupadi in the epic Mahabharata, <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> Governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said the central bank is zeroing in on inflation. He also said, "Our constant endeavour is to keep an eye on inflation, which is our primary target." While addressing the FIBAC 2022 Conference, the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) Governor on Wednesday said, "In Mahabharata, the great warrior and archer Arjuna was aiming at the eye of the revolving fish. There was a fish and the fish was revolving and he was looking at it through a pool of water which was underneath. I'm quite certain that he would have certainly assessed the speed at which the fish was revolving, the wind conditions prevailing, the intensity of the ripples in the pool of water below, the noise levels in the kings' court and similar other factors," and added that, "Our constant endeavour is to keep an eye on inflation, which is our primary target." FIBAC 2022 Conference is jointly organised by FICCI and Indian Banks Association. Das said, "When international prices of wheat went up, in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> despite India being a surplus in the foodgrain, our domestic wheat prices also went up. Crude prices hit USD 130 per barrel. So on February 24, when Ukraine and Russia war started, it completely changed the entire picture." Talking about curbing inflation, he said, "Because of the inflation-targeting framework, till Covid-19 hit our country or the world, our average CPI (consumer price index) inflation was 3.9 per cent from 2016 to February 2020. Similarly now, when the war started this year in February, in April we announced in our monetary policy the number of measures that were taken." Talking about the current state of the economy, Shaktikanta Das said, "Now, where do we stand today, the growth momentum has been sustained. Inflation is expected to moderate. Banking and the entire financial sector is stable and resilient, it has withstood multiple shocks. Balance sheets of the banks are today looking very robust. The corporate sector balance sheets are also strong. The MSME sector has also withstood the crisis." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/with-challenges-carefully-firewalled-indian-economy-now-is-very-attractive-for-investors-fm/articleshow/95255527.cms">With challenges carefully firewalled, Indian economy now is very attractive for investors: FM</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/this-is-indias-decade-and-gdp-is-likely-to-cross-7-5-trillion-by-2031-says-morgan-stanley/articleshow/95256483.cms">This is India’s decade and GDP is likely to cross $7.5 trillion by 2031, says Morgan Stanley</a>

RBI keeping Arjuna's eye on inflation, says Governor Shaktikanta Das

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

New Delhi, Dec 5 () Following are the top business stories at 1830 hours:
 
DEL75 BIZ-2NDLD RBI
RBI unexpectedly hits pause on interest rate cut; lowers FY20 GDP growth forecast to 5%
Mumbai: The Reserve Bank of India on Thursday unexpectedly hit a pause button on cutting interest rate as it gave more importance to prevailing inflation pressure and rising food prices over a worrying slowdown in the economy. 
 
DEL107 RS-FM-TAX
Software development, mining, printing books not to qualify for lower 15 pc corp tax rate: FM
New Delhi: Finance Minister Nirmala Sitharman on Thursday said the lower 15 per cent tax rate for new manufacturing companies will not apply to computer software development, mining and printing of books.
 
DCM13 BIZ-RBI-PPI
RBI proposes new prepaid card for transactions up to Rs 10,000
Mumbai: The Reserve Bank on Thursday proposed to introduce a prepaid payment instrument (PPI) that could be used only for transactions of goods and services worth up to Rs 10,000.
 
BCM18 DAS-PMC
Forensic audit on PMC scam expected by month-end: Das
Mumbai: Reserve Bank governor Shaktikanta Das on Thursday said the forensic audit report on the scam-hit PMC Bank is expected by the month-end, and efforts are also on
to assess the realisable value of assets held by the cooperative that can be monetised.
 
BCM15 DAS-FISCAL-GOVT
Good coordination with govt on policy measures: Das
Mumbai: Reserve Bank Governor Shaktikanta Das on Thursday said there is good coordination between the fiscal and monetary policies so far, in addressing growth
concerns and that the central bank is not worried about government missing fiscal deficit target.
 
BCM5 BIZ-DAS-FOREX
Forex kitty hits a new high, sniffs at $452 b
Mumbai: Foreign exchange reserves continue the upward journey surging to a new high of USD 451.7 billion as of December 3, Reserve Bank governor Shaktikanta
Das said on Thursday.
 
DEL98 BIZ-LD STOCKS
Sensex slips as RBI surprises with status quo; bank stocks bear the brunt
Mumbai: Equity benchmarks closed lower in topsy-turvy trade on Thursday after the Reserve Bank unexpectedly left interest rates unchanged amid slowing growth.
 
BCM25 RBI-HDFC-BANK-NET-BANKING
RBI looking at HDFC Bank net banking glitches: Deputy Guv Jain
Mumbai: A Reserve Bank team is analysing the reasons behind the crash of online banking facility of HDFC Bank for two consecutive days this week, deputy governor
MK Jain said on Thursday. 
 
DEL105 BIZ-LD RUPEE 
Rupee rebounds 24 paise as RBI maintains accommodative stance
Mumbai: The Indian rupee rose sharply in the last hour of trade to settle 24 paise higher at 71.29 to the US dollar on Thursday after the RBI promised to continue with accommodative stance in its monetary policy. 
 
DCM23 RSQ-BASE YEAR-GDP
Base year for GDP revised due to socio-economic changes: Rao Inderjit Singh
New Delhi: The government on Thursday said base year for calculating gross domestic product was changed to 2011-12 due to a change in the socio-economic environment of the country.
 
DEL114 RS-TAX-NOD
Rajya Sabha nod to lower corporate tax rates
New Delhi: The Rajya Sabha on Thursday gave its consent to the Taxation Laws (Amendment) Bill, 2019, replacing an ordinance that was used to slash corporate tax rates to stimulate growth. 
 
 
 
 
 
 
 
 
 
 
 
 SHW
SHW

Business highlights

Mumbai, RBI Governor <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Monday said the central bank is "not comfortable" with the gross non-performing assets ratio of 8.7 per cent in urban cooperative banks (UCBs) and asked them to work towards improving the same. Addressing directors of UCBs in the financial capital at an RBI-organised conference, Das urged that such lenders should improve the governance standards, avoid related-party transactions and focus on credit risks, among others. It can be noted that the UCB sector has been fraught with multiple challenges and also witnessed difficult times in the recent past, like the implosion of the city-headquartered Punjab and Maharashtra Bank. Das reminded the directors of the UCBs that banks run on depositors and added that protection of the hard-earned money pooled in from the middle class, poor and retirees is far more sacred than going to a temple or a gurdwara. While the overall picture at an aggregate level looks nice, the situation on GNPAs and capital adequacy is "not at all satisfactory", Das said. He said the overall GNPAs have improved to 8.7 per cent, which is "not a good number. It is not a comfortable number even at an aggregate level". Scheduled commercial banks' GNPAs stood at a decadal best level of 3.9 per cent in March 2023 and are widely estimated to improve further. To manage the scourge of <keyword id="127693" type="General" weightage="20" keywordseo="npas" source="Orion">NPAs</keyword> better, Das suggested that there should be a focus on credit risk management with better underwriting. He said the RBI has come across instances of conflicts of interest or related party transactions, which need to be avoided. Similarly, there have been instances of many of the top defaulters being individuals or businesses having the ability to pay, Das said. The top 20 defaulters account for over 60 per cent of the loan overdue, and focusing on this segment can help improve the overall NPAs, he added. On the capital adequacy front, he noted that there has been an improvement in the ratios to 16.6 per cent at the end of FY23 from 15.5 per cent a year ago. Making it clear that he wants to share the RBI's concerns with the lenders, Das exhorted the UCBs to focus on the quality of governance by paying attention to compliance, risk management and internal audit. He said the RBI has come across instances where there is only "paper compliance" and no compliance is observed when an on-field inspection takes place, Das said, adding that the internal audit function also requires focus. The governor asked bank management to present a risk analysis report to the board on a quarterly basis, rather than making it into an annual effort. It is also necessary for the directors - who are elected and not appointed based on their skill sets, unlike the SCBs - to understand the financial sector, credit risk, banking, information technology and risk management, Das said. The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> has prescribed a board of management to help the elected board members with professional help in running a bank, and the same should not be seen as an impediment, he added. Stressing that the board discussions should be free and fair, Das said it is important to have any dominance of one or two persons in the decision-making. "There should be free, frank and democratic discussions. Board members should be encouraged to ask whatever questions they have on their mind," he said. Das also expressed the RBI's discomfort with board committees like those handling important functions, such as audit and risk not meeting regularly, stating that it has come across instances where such meetings are not held for months or even multiple years. He also asked UCBs to monitor asset-liability mismatches, follow transparent accounting practices and recruit people based on requirements and ability to spend. On the technology front, he said the RBI has found that the quality of the core banking solution is not at all satisfactory in some banks, and the treasury operations are not getting reflected in the CBS. Going ahead, the UCB segment will be facing competition from tech-savvy entities like digital lenders, fintechs, non-bank lenders and micro-lenders, and hence, need to focus more on technology, Das said. The governor said the UCB sector - built to serve as the neighbourhood bank - is "doing well" from an overall perspective, and also made it clear that the RBI is fine with some of the entities in the sector growing big.

You Searched For "Governor Shaktikanta Das" and got 14 results

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

ANI

Cryptocurrencies equivalent to gambling: RBI Governor

IANS

The Indian government just appointed the man who oversaw one of its most controversial economic policies as the new head of the central bank

Dilsher Dhillon

Rupee has behaved in an orderly manner, says RBI Governor

IANS

PM Modi congratulates RBI Governor Das on A+ rating in Global Finance Report

ANI

RBI, government working in complete harmony on crypto: Nirmala Sitharaman

IANS

RBI Governor Shaktikanta Das against pause in rate hikes: MPC minutes

PTI

RBI is pushing India's stubborn banks to cut lending rates

Katya Naidu

RBI Governor Shaktikanta Das is giving Shashi Tharoor a run for his dictionary

Katya Naidu

'Remain watchful' is RBI Governor's advice to heads of banks amid global headwinds

ANI

RBI keeping Arjuna's eye on inflation, says Governor Shaktikanta Das

ANI

India is building up gold reserves says RBI governor Shaktikanta Das

PTI

Business highlights

PTI

Not comfortable with NPAs in urban co-op banks says RBI, asks lenders to focus on governance

PTI

Popular Keywords

Buying Guides