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Chowdhry a high-profile banker in the consumer banking space, had joined the Axis Bank post acquisition of Citibank India’s consumer business on March 1, 2023, by Axis Bank.
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Private sector banker Neeraj Gambhir of Nomura is in the fray for role of Deputy Governor of Reserve Bank of India (RBI).
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India is still among the preferred market within Asia for Nomura as it remains one of the fastest growing economies despite hiccups, says Head of Equities – India Prabhat Awasthi.
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Both V Srinivasan of Axis Bank and Ashish Parthasarthy of HDFC Bank agree that the withdrawal limit could extend beyond December 30 because the limit depends on the availability of currency.
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Sajjid Chinoy of JP Morgan says he expects another rate cut in the December Policy. He is not surprised by today's decision to cut rates by 25 basis points. But he says a higher GST rate may constrain RBI from any further rate cuts in 2017.
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Gambhir says the RBI decisions in the credit policy will also be based on the liquidity situation. Gambhir expects at least two open market operations (OMOs) by the RBI by December
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The relatively stable performance of the India rupee is likely to continue, given the improvement in macros, says Neeraj Gambhir, MD and Head - Fixed Income, Nomura.
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"Expect rupee to be in the broad range of 62-64.5 per dollar," says Neeraj Gambhir of Nomura. He also sees the Reserve Bank lowering rates by 25 basis points on June 2 and feels the market has not factored in a full 25 bps rate cut.
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Neeraj Gambir of Nomura believes the minimum alternate tax (MAT) on FIIs too is acting as an overhang on the currency.
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Rating agency Moody‘s has affirmed India‘s sovereign rating at BAA3, but raised the rating outlook to ‘positive‘ from ‘stable‘.
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CNBC-TV18‘s Latha Venkatesh caught up with SS Thakur, Chairman of the Policy Making Committee of International Financial Centre; Neeraj Gambhir, co-head, Nomura India; and eminent lawyer Jayesh H of JurisCorp, to discuss what it will take to create one.
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Nomura India MD - Fixed Income Neeraj Gambhir believes rates may fall a total of more than 50 basis points this year, and that bond yields after today's rate cut too may ease from 7.77 to 7.50.
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The 6 percent inflation target set by the RBI for the rate cut is intermediary and as market enters 2015, the entire framework of the monetary policy will change.
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A CNBC-TV18 poll expected the data to be around 7.2 percent. The wholesale price inflation is also expected to come down to 3.3 percent from last month's 3.7 percent, due to a steady fall in global crude oil prices, which hit a near two-year low on Thursday.
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The RBI's decision to permit banks to sell 7-year bonds on which they don‘t have to keep reserves could well create a new and robust market for them.
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Though this rate hike has not come as a complete surprise, but it is difficult to understand what is going through RBI‘s mind in terms of inflationary process, feels Samiran Chakraborty, Hd-Research, StanChart Bank.
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In an interview to CNBC-TV18, Neeraj Gambhir, Managing Director & Co-Head, Fixed Income India, Nomura spoke about the IRF product and its likely users.
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Leverage is a key factor in FCNR (B) and obviously when it comes to availing of leverage it is the foreign banks which have an advantage because they can use their home country balance sheets or parent balance sheets to provide that leverage, says Neeraj Gambhir, co-head of fixed income at Nomura.
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Given the stance of RBI policy and the fact that further action is being linked to currency movement in the near term, the market is going to be quite jittery, says Neeraj Gambhir of Nomura.
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As long the overnight rate is pegged at 10.25 percent, probably an increase in the repo rate is not warranted.
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Neeraj Gambhir of Nomura India feels that economic momentum of the country is a serious worry. In an interview to CNBC-TV18, he sees the bond markets to be less affected by the numbers as it is largely driven by currency movements now.
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If there are any improvements in data in terms of current account, or a pullback in dollars rally against EM currencies, etc, then the market will first test the 65 against the dollar level, and if that breaks then from there it will move towards 62-63/ USD
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If the RBI wants a stronger currency then it will have to raise rates, offer the markets higher yields. If the RBI does not raise rates, then it is going to discover again that its problem is large Current Account Deficit (CAD)
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RBI cancelling T-Bills auction and taking much lesser amount in OMO auction has helped in keeping yields down, which is currently a little less than 8%. If there are no measures coming from the central bank until policy, then yields may drift further down, says Neeraj Gambhir, Managing Director & Co-Head, Fixed Income India, Nomura India.
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Neeraj Gambhir of Nomura says that illiquidity infusion by the Reserve bank and Sebi will help the rupee for a while, but in the longer run, it will suck liquidity from the system.
