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Shaktikanta Das ended his six-year tenure as RBI Governor, marked by effective handling of economic challenges. His leadership during the pandemic strengthened India's financial stability, leaving a lasting impact.

Shaktikanta Das Concludes Tenure as RBI Governor

Shaktikanta Das ended his six-year tenure as RBI Governor, marked by effective handling of economic challenges. His leadership during the pandemic strengthened India's financial stability, leaving a lasting impact.

Shaktikanta Das is stepping down as the 25th Governor of the Reserve Bank of India (RBI) after a six-year tenure, with Sanjay Malhotra, the current Revenue Secretary, set to succeed him as the 26th Governor.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes.(1/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866318590531510753?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
 
&nbsp;
In a message on the microblogging platform X, Das expressed his gratitude for the opportunity to serve the country. He thanked Prime Minister Narendra Modi for the trust and guidance he received throughout his term. 
<blockquote class="twitter-tweet">
Immensely grateful to the Hon&rsquo;ble PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts. (2/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866318979628708315?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
 "I will demit office as Governor RBI later today. Thank you everyone for your support and good wishes. I&rsquo;m deeply grateful to PM @narendramodi for allowing me the chance to serve the nation and for his continuous guidance and encouragement," Das wrote. 
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Heartfelt thanks to Hon&rsquo;ble FM <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years. (3/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866319259363578259?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
Das also expressed appreciation for Finance Minister Nirmala Sitharaman, highlighting the crucial role of fiscal and monetary coordination during his tenure. "My heartfelt thanks to Hon&rsquo;ble FM @nsitharaman for her unwavering support. The fiscal-monetary coordination between us helped in overcoming multiple challenges in the past six years," he added.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
I thank all the stakeholders in the financial sector and in the economy; experts and economists; industry bodies and associations; organisations in the agriculture,cooperative &amp; service sectors for their inputs and policy suggestions. (4/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866320790611996873?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
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&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
A BIG thank you to the entire Team RBI. Together, we successfully navigated an exceptionally difficult period of unprecedented global shocks. May the RBI grow even taller as an institution of trust and credibility. My best wishes to each one of you. (5/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866321083986542871?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
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Reflecting on his time at the helm of RBI, Das thanked his colleagues at the central bank for their collective efforts in navigating a difficult period. "A big thank you to Team RBI for successfully steering the institution through unprecedented global shocks. I wish RBI continued growth as a pillar of trust and credibility," he said.
Das&rsquo; leadership saw RBI through numerous significant events, including the aftermath of demonetization, the COVID-19 pandemic, and the challenges posed by global inflation, leaving a lasting impact on India&rsquo;s economic stability.

RBI Governor Shaktikanta Das announces Unified Lending Interface, a new tech platform aimed at enabling frictionless lending. Governor Das expects the ‘new trinity’ of JAM-UPI-ULI will be a revolutionary step forward in India’s digital infra.

RBI Governor Shaktikanta Das Unveils Unified Lending Interface: A New Digital Finance Platform Explained

RBI Governor Shaktikanta Das announces Unified Lending Interface, a new tech platform aimed at enabling frictionless lending. Governor Das expects the &lsquo;new trinity&rsquo; of JAM-UPI-ULI will be a revolutionary step forward in India&rsquo;s digital infrastructure journey.

The Unified Payments Interface &ndash; the technology platform that has made digital payments ubiquitous in India since its launch in 2016. Commonly know as UPI, the platform has taken digital payments to every nook and corner of the country in less than a decade.
<h3>Replicating UPI Success In Lending</h3>
Now, India&rsquo;s central bank, the Reserve Bank of India want to replicate this digital revolution in the lending space. To achieve this, it has created a platform with name similar to the Unified Payments Interface.
<h3>RBI Governor Announces ULI</h3>
Addressing the RBI@90 Global Conference on &ldquo;Digital Public Infrastructure and Emerging Technologies&rdquo;, RBI Governor Shaktikanta Das announced that the new tech platform aimed at enabling frictionless lending will be called the Unified Lending Interface or ULI. The RBI had launched the pilot of ULI in 2023.
<h3>Unified Lending Interface Mechanism</h3>
Speaking in Bengaluru on August 26, 2024, RBI Governor explained the ULI mechanism. He said that the new tech platform facilitates seamless and consent based flow of digital information, including even land records of various states, from multiple data service providers to lenders. This, Governor Das added, &ldquo;cuts down the time taken for credit appraisal, especially for smaller and rural borrowers.&rdquo;
<h3>The ULI Architecture</h3>
The RBI Governor also talked about the advantages of the ULI architecture, which he said &ldquo;has common and standardised APIs, designed for a 'plug and play' approach to ensure digital access to information from diverse sources.&rdquo; &nbsp;This, Governor Das added, reduces the complexity of multiple technical integrations.
Talking about the impact ULI will have on the lending landscape, Governor Das said that ULI enables borrowers to get the benefit of seamless delivery of credit, quicker turnaround time without requiring extensive documentation. He summed it up saying, &ldquo;by digitising access to customer&rsquo;s financial and non-financial data that otherwise resided in disparate silos, ULI is expected to cater to large unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers.&rdquo;
<h3>ULI: Nation-wide Launch Soon?</h3>
Governor Das also promised a nation-wide launch of the Unified Lending Interface in due course, and expressed confidence that like UPI transformed the payments ecosystem, ULI will play a similar role in transforming the lending space in India.
The RBI Governor also said that the &lsquo;new trinity&rsquo; of JAM-UPI-ULI will be a revolutionary step forward in India&rsquo;s digital infrastructure journey.

The central bank last increased the repo rate to 6.5% in February 2023

RBI credit policy: Monetary policy committee likely to keep repo rate unchanged, say economists

The central bank last increased the repo rate to 6.5% in February 2023

The Reserve Bank of India's Monetary Policy Committee commenced its three-day deliberations on Wednesday. RBI governor Shaktikanta Das will announce the credit policy on Friday at 10 am. For the 8th time in a row, the repo rate is likely to remain unchanged at 6.5%, as per 34 economists polled by Bloomberg. The repo rate is the rate at which the RBI lends to commercial banks. Also read/watch - <a title="Nvidia's m-cap hits $3 trillion; overtakes Apple as the second most valuable company in the world" href="https://www.editorji.com/business-news/markets/nvidia-s-m-cap-hits-3-trillion-overtakes-apple-as-the-second-most-valuable-company-in-the-world-1717650732684">Nvidia's m-cap hits $3 trillion; overtakes Apple as the second most valuable company in the world</a> &nbsp; Experts also expect the RBI to maintain its withdrawal of accommodation stance. The Bloomberg report also quoted Citigroup economists who said that the central bank will &ldquo;have to watch the fiscal outcome of the next month&rsquo;s budget now more closely before considering the monetary policy path." Meanwhile, RBI governor's comments will also be closely watched given that this is the first credit policy post the election results. The central bank last increased the repo rate to 6.5% in February 2023.

Economists also suggest that the central bank will look at rate cuts only post the October 2024 MPC policy

RBI credit policy expectations: Key interest rates like to be left unchanged; say experts

Economists also suggest that the central bank will look at rate cuts only post the October 2024 MPC policy

The RBI monetary policy committee is likely to keep key interest rates unchanged during the upcoming June credit policy, as per a poll by Moneycontrol involving 20 economists and bankers.
The MPC will meet from June 5th to 7th and the announcement will be on June 7th. Most experts anticipate that the central bank will continue its 'Withdrawal of Accommodation' stance, though two economists predict a shift to a neutral stance.
Also read/watch - <a title="After hitting another record high Sensex and Nifty close in the red; here's what led the surge" href="https://www.editorji.com/business-news/after-hitting-another-record-high-sensex-and-nifty-close-in-the-red-here-s-what-led-the-surge-1716810161246">After hitting another record high Sensex and Nifty close in the red; here's what led the surge</a> In its April policy, the RBI kept the repo rate steady at 6.50 percent for the sixth consecutive time, following signs of moderating inflation. The central bank had previously raised the repo rate by a total of 250 basis points since May 2022. Economists also suggest that the central bank will look at rate cuts only post the October 2024 MPC policy.

He highlighted significant reforms like the Insolvency and Bankruptcy Code (IBC) as crucial for addressing banking system challenges. 

Inflation is moderating, financial sector is stable & foreign reserves are at an all-time high: RBI Guv

He highlighted significant reforms like the Insolvency and Bankruptcy Code (IBC) as crucial for addressing banking system challenges.&nbsp;

RBI Governor Shaktikanta Das emphasized the Reserve Bank of India's evolution into a vital facilitator for the market economy during the RBI@90 event commemorating the central bank's 90 years of service. Das highlighted the RBI's transition from its initial role of resource allocation during the planning era to becoming a cornerstone of the market economy.
"Institutional evolution has been intrinsic to the Indian economy's development, with the RBI playing a pivotal role," remarked Das. He underscored the RBI's transformation into a comprehensive central bank, with functions extending across various dimensions to promote a robust and future-ready financial sector. The governor said It is a matter of satisfaction that today our GDP growth is robust, inflation is moderating, financial sector is stable, external sector is resilient, and foreign reserve is all time high. This has been possible due the contribution of generations of team RBI.&nbsp;
Das pointed out key reforms like the enactment of the Insolvency and Bankruptcy Code (IBC) and the adoption of flexible inflation targeting, which have empowered the RBI to effectively address challenges within the banking system and maintain price stability.
In reaffirming the RBI's commitment to ensuring a stable financial system, Das highlighted the resilience displayed amidst the challenges posed by the Covid-19 pandemic and geopolitical tensions. He credited well-calibrated monetary and fiscal policies for shielding the Indian economy and fostering resilience, leading to robust GDP growth, moderating inflation, stability in the financial sector, resilient external sectors, and record-high forex reserves.
RBI also issued a new coin to commemorate the special day.
On the occasion, alongside RBI Governor Shaktikanta Das and Union Finance Minister Nirmala Sitharaman, Maharashtra CM Eknath Shinde and Deputy CM Devendra Fadnavis were also present at the event.&nbsp;
Established in 1935, the RBI functions as the nation's central bank, operating under the regulatory framework of the Reserve Bank of India Act, 1934, and the recommendations of the Hilton Young Commission. Also Watch: <a href="https://www.editorji.com/business-news/economy/rbi-turns-90-pm-modi-says-india-s-banking-system-is-now-globally-recognized-as-strong-and-sustainable-1711956253243">RBI turns 90, PM Modi says India's banking system is now globally recognized as strong and sustainable</a>

During the credit policy announcement, RBI Governor Shaktikanta Das said real GDP growth is projected to be 6.5% for FY2024

RBI MPC Meeting June 2023: Net FPI inflows at $8.4 bn for current fiscal year, says RBI Governor

Net FPI inflows are at $8.4 billion for the current fiscal year: RBI Governor

During the credit policy announcement, RBI Governor Shaktikanta Das said real GDP growth is projected to be 6.5% for FY2024

Foreign portfolio investment (FPI) flows have seen a significant turnaround in 2023-24 led by equity flows, said RBI governor Das during the credit policy announcement.&nbsp; Net foreign portfolio investment (FPI) inflows for the current fiscal year as of June 6 were $8.4 billion, compared to net outflows for the two preceding years of $14.1 billion and $5.9 billion.&nbsp;
Das said, 'Net FPI flows to India were $28 billion&nbsp; in 2022-23 compared to $38.6 billion in the previous year.'
For FY2024, real GDP growth is predicted at 6.5%. Das predicted that the GDP would grow by 8% in Q1 FY2024, 6.5% in Q2, 6% in Q3, and 5.7% in Q4.
Consumer price inflation in India eased during March-April 2023, dropping from 6.7% in 2022&ndash;2023 and entering the tolerance range.
Das also said 'However, according to the most recent data and our predictions for 2023&ndash;24, headline inflation is still over the target'. According to Das, inflation would continue to be above 4% in 2023 and 2024.
'Taking into account all factors and assuming a normal monsoon, CPI headline inflation is projected at 5.1% for 2023-2024,' RBI Governor said on Thursday.
Das concluded that the 'Goal is to reach the targeted 4% inflation going forward, our monetary policy actions are yielding desired results giving us space to keep rates unchanged in this meeting'.
Foreign Portfolio Investment (FPI): What Is It?
Securities and other financial assets held by investors in another country make up foreign portfolio investment (FPI). Depending on the turbulence of the market, it is relatively liquid but does not provide the investor direct ownership of a company's assets. FPI is one of the popular ways to invest in a foreign economy, along with foreign direct investment (FDI). For the majority of economies, both FDI and FPI are significant sources of funding.
RBI Monetary Policy briefing
The Reserve Bank of India monetary policy committee (MPC) has once again left the repo rate unchanged at 6.5%, in line with what economists were expecting.
The RBI governor in his policy announcement said that the withdrawal of accommodation stance has been maintained and further monetary action will be taken promptly as required.
&nbsp;

RBI governor Shaktikanta Das said that all indicators point to sustained momentum in the economy. The governor also said that while RBI's forecast remains 6.5% GDP growth for the current fiscal, he won't be surprised if it comes in higher above 7%. 

RBI governor Shaktikanta Das expects retail inflation to fall below 4.7%

RBI governor Shaktikanta Das said that all indicators point to sustained momentum in the economy. The governor also said that while RBI's forecast remains 6.5% GDP growth for the current fiscal, he won't be surprised if it comes in higher above 7%.&nbsp;

Reserve Bank of India Governor Shaktikanta Das said that the next print of retail inflation is likely to be lower than 4.7%.
The governor was speaking at the Confederation of Indian Industry Annual Session 2023. Inflation has moderated but there is no room for complacency, he added.&nbsp; On the Indian banking system, Das reiterated that it was stable, resilient with strong capital, liquidity and imporoving asset quality.&nbsp; On the broader economy, the governor pointed out that economic indicators of the fourth quarter of FY23 show that economic activity sustained momentum. "All the high-frequency indicators, around 70 of them, which we monitor at the RBI, the momentum was maintained in the fourth quarter," he said.&nbsp;
Specifically about RBI's growth target of 6.5% for the current fiscal, Das said that he was quite confident that the number will be close to 6.5%. Infact, he added that he won't be surprised if GDP growth comes in slight above 7%.&nbsp; However, there are downside risks including the El Nino forecast, he added.&nbsp;
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The Reserve Bank of India has increased the key repo rate by 25 basis points to 6.5%. GDP growth projected at 6.4% for 2023-24 and the central bank will continue to keep a strong vigil on inflation. 

Highlights of RBI's monetary policy statement

The Reserve Bank of India has increased the key repo rate by 25 basis points to 6.5%. GDP growth projected at 6.4% for 2023-24 and the central bank will continue to keep a strong vigil on inflation.&nbsp;

Get ready to pay more for your loan EMIs. The Reserve Bank of India has hiked the key repo rate by 0.25% to 6.5%. This is the 6th rate hike by the central bank since May 2022. The RBI governor said that the impact of the rate hikes are still working their way through the system. Here are the key highlights of the governor&rsquo;s speech. INDIAN ECONOMIC OUTLOOK The Indian economy remains resilient. Sustained urban and rural demand, govt&rsquo;s thrust on capital expenditure among other things should sustain economic activity. In fact, several high frequency indicators point towards strengthening of activity. However, a weak external demand and uncertain global scenario could be a drag on India&rsquo;s growth. GDP growth for 2023-24 has been projected at 6.4%. ON INFLATION The governor pointed out that core inflation is sticky and that remains a matter of concern. The RBI will remain unwavering in the commitment to bring down inflation. Inflation is projected at 6.5% for 2022-23 and at 5.3% for 2023-24. From the governor&rsquo;s comments, it&rsquo;s clear that another rate hike has not been ruled out. The RBI will &ldquo;weigh all incoming data and forecasts to determine appropriate action and policy state going forward&rdquo;.
ON THE RUPEE The RBI governor highlighted that the Indian rupee was one of the least volatile currencies among other Asian currencies. He also pointed out that the depreciation and volatility of the Rupee is much lower than during the global financial crisis. GLOBAL OUTLOOK On the global scenario, the RBI governor said that things do not look as grim as they did a few months ago, however a high degree of uncertainty remains. Inflation, although has eased, still remains above the target in major economies.

RBI lowers GDP growth projection, hikes repo rate

&nbsp;RBI has&nbsp;maintained policy stance at &lsquo;withdrawal of accommodation&rsquo;

Making it the 5th tiime in a row, the RBI&rsquo;s Monetary Policy Committee on Wednesday raised the repo rate by 35 basis points (bps) to 6.25 per cent with immediate effect, making loans expensive. The policy rate is now at the highest level since August 2018. The RBI has maintained policy stance at &lsquo;withdrawal of accommodation&rsquo;.
The RBI lowered FY23 GDP growth forecast to 6.8 per cent from 7 per cent earlier. The central bank has, however, retained its retail inflation projection for FY23 at 6.7 per cent.&nbsp;
This is the fifth consecutive repo rate hike this year. With this latest hike, the RBI&rsquo;s rate-setting panel has raised the key policy rate by 225 basis points this year in total, in order to control inflation. The repo rate is the interest rate at which the RBI lends to the commercial bank.

RBI has raised rates by a total 190 basis points since its first unscheduled mid-meeting hike in May&nbsp;

RBI Monetary Policy Live Updates: Repo rate hiked by 35 bps

RBI has hiked the repo rate for the fifth time in a row

RBI has raised rates by a total 190 basis points since its first unscheduled mid-meeting hike in May&nbsp;

The Reserve Bank of India's Monetary Policy Committee voted 5-1 to increase increase repo rate by 35 basis points to 6.25 percent, RBI Governor Shaktikanta Das said on December 7. Further, Standing Deposit Facility rate and Marginal Standing Facility rate are also increased by 35 basis points each to 6 percent and 6.5 percent, respectively.

The Reserve bank of India (RBI) 
What is e-rupee (digital rupee)?E-rupee or digital rupee is a digital version of the Indian rupee that the RBI is exploring. The RBI has proposed to issue two versions - wholesale for interbank settlement and retail for the public. According to the indirect model proposed by the RBI, you will hold the digital rupee in a wallet with a bank or service provider.

While the digital rupee is identical to banknotes, it will be tailored for speedier and less expensive settlements.
As India already has a robust digital payment infrastructure like UPI, digital wallets like Paytm, Gpay, etc. the upcoming digital payment system must be compatible and interoperable with them.
 


What is RBI's e-Rupee? 10 things you need to know about e-rupee RBI

What is RBI's e-Rupee? 10 things you need to know about it

In the 2022 Union budget, finance Minister Nirmala Sitharaman has announced the launch of e-rupee

RBI e-Rupee : While most countries are currently exploring the idea of central bank owned digital currency for their nation, India is also working towards introducing what is known as 'digital rupee'.&nbsp;
The Reserve Bank of India (RBI) said this in a concept note on central bank digital currency (CBDC) aimed to create awareness about such currencies in general and the planned features of the <a href="https://www.editorji.com/business-news/budget/budget-2022-what-is-digital-rupee-that-rbi-will-introduce-all-you-need-to-know-1643728554988">Digital Rupee</a>, in particular, according to a release. India's CBDC will be called 'e-rupee'.
<h3>EJbiz points key highlights of the RBI's concept note on digital currency:</h3>
1. E-rupee or digital rupee is a digital version of the Indian rupee that the RBI is exploring. The RBI has proposed to issue two versions - wholesale for interbank settlement and retail for the public. According to the indirect model proposed by the RBI, you will hold the digital rupee in a wallet with a bank or service provider.
2. The digital currency must be accepted as a medium of payment, legal tender and a safe store of value by all citizens, enterprises and government agencies.
3. A large-scale pilot will be conducted, with users from different income levels, literacy levels, regions, genders and age groups. The Digital Rupee will be designed in a manner that's least disruptive to existing financial system.&nbsp;
4. While the digital rupee is identical to banknotes, it will be tailored for speedier and less expensive settlements.
5. Noting that out of 143.3 crore population, only 82.5 crore people have internet access, for financial inclusion it is necessary that the <a href="https://www.editorji.com/business-news/rbi-launches-upi123pay-a-digital-payment-method-without-internet-1646742141840">digital payment</a> support offline capability.
6. The wallets must be capable of independently verifying the validity of any CBDC transaction without interacting with the server during the transactions.
7. Unlike cryptocurrencies, which are private in nature, RBI&rsquo;s Central Bank Digital Currency (CBDC) will be issued and controlled by the central bank itself.
8. As India already has a robust digital payment infrastructure like UPI, digital wallets like Paytm, Gpay, etc. the upcoming digital payment system must be compatible and interoperable with them.
9. The goal of the digital rupee is to mimic the characteristics of money. But unlike bank deposits, it wouldn&rsquo;t pay interest.
10. Citing concerns of security, the RBI concept note states that central bank digital currency ecosystems may be at a similar risk of cyber-attacks that the current payment systems are exposed to. "The cybersecurity considerations need to be taken care of both for the item and the environment.
<a href="https://www.editorji.com/business-news/budget/budget-2022-what-is-digital-rupee-that-rbi-will-introduce-all-you-need-to-know-1643728554988">What is digital rupee that RBI will introduce? All you need to know</a> &nbsp;

RBI has been aggressively raising the key interest rate since May in a bid to contain inflation. It has so far raised the short term lending rate by 190 basis points taking the rate to a nearly three-year high of 5.9 per cent

RBI's MPC to discuss inflation report on Nov 3

RBI has been aggressively raising the key interest rate since May in a bid to contain inflation. It has so far raised the short term lending rate by 190 basis points taking the rate to a nearly three-year high of 5.9 per cent

In order to keep retail inflation below the target, the Reserve Bank will hold a special meeting of its rate-setting committee on November 3.
According to reports, RBI is going to prepare a report for the government on why it failed to keep retail inflation below the target of 6 per cent for three consecutive quarters since January.
The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das will prepare the report on reasons for failure to meet the inflation target as well as the remedial measures the central bank is taking to bring down prices in the country.
"Under the provisions of Section 45ZN of the Reserve Bank of India (RBI) Act 1934... an additional meeting of the MPC is being scheduled on November 3, 2022," RBI said in a statement. RBI has been aggressively raising the key interest rate since May in a bid to contain inflation. It has so far raised the short term lending rate by 190 basis points taking the rate to a nearly three-year high of 5.9 per cent.
The next bi-monthly meeting of MPC is is scheduled to be held from December 5-7, 2022.

India inflation is set to ease: RBI

India inflation is set to ease: RBI

The Reserve Bank of India has said that the fight against inflation in the country will go on for a long time, but the rate of retail inflation will gradually decrease in the coming days.&nbsp;
In its Monthly Bulletin, the central bank noted that the effect of the measures taken under the monetary policy is visible in the long run and in different ways.&nbsp;
In an article titled State of the Economy, the RBI said that the trend of relief in inflation rate can be first seen in the prices of food items.
The RBI noted that 'aggressive and synchronised monetary tightening has further weakened global economic prospects as financial markets sold off, investors took fright and jettisoned risky assets.'

rbi governor shaktikanta das

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