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Few would have thought at the start of his first term in 2018 that, with a post-graduation in history, Das could have led the RBI to achieve this level of economic, financial, and technological success. History has taught him a lot.
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Overall credit pie will still continue to expand at healthy pace as NBFCs are expected to cede their market share in favor of banks, giving boost to the banking system credit growth.
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Reserve Bank Governor Urjit Patel
will on December 22 brief the Parliamentary Committee on
Finance about the demonetisation process and its impact.
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Most economists believe the RBI will cut the repo rate by 25 basis points (bps) to a six-year low of 6.00 percent at a policy review, and follow that with at least one easing next year after the scrapping of high-value bank notes severely curbed consumer demand.
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Flamboyant former Reserve Bank
Governor Raghuram Rajan too may have cut interest rates like
his successor Urjit Patel did at his every first monetary
policy review, said rating agency Fitch.
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This is first such instance that RBI will hold the meeting at this industrial city of Uttar Pradesh. It also happens to be the first central board meet under new Governor Patel.
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The next monetary policy review is on October 4 "when we will talk", Patel told reporters after the meeting.
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The two economists are believed to have discussed the prevailing economic situation. RBI is scheduled to release its next bi-monthly monetary policy review on October 4.
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Delivering a lecture on 'independence of the central bank' at the St. Stephens College here, the outgoing governor said the central bank cannot be free of all constraints as it has to work under a framework set by the government.
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Outgoing Reserve Bank Governor Raghuram Rajan on Friday disclosed that idea of raising diaspora deposits, which changed the downward course of the rupee when
he took over in September 2013, had come from bankers and he was very sceptical about it given the cost to the exchequer.
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A little over a month ago, the Indian market was fretting over the impact of the announcement of popular Reserve Bank chief Raghuram Rajan who announced he would not seek a second term.
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"There's a sense that middle class jobs are disappearing either because of technology or globalisation and as a result, something has to be done. Nobody knows what, but the populists have the answer," he said, adding this results in attitudes like keeping out immigrants and also technology.
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Rajan, known for being vocal on various macroeconomic issues, further said in a Project Syndicate article that advanced economies have been imposing risks on emerging market countries like India by pursuing aggressive monetary policies to stimulate demand.
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Addressing Cambridge University students last evening as part of his concluding presentation at the two-day Marshall Lecture series 2015-16, Rajan said policy formulation in an emerging market like India is a fairly basic economics task as such.
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In a lecture titled 'Why Banks?' as part of the Marshall Lecture 2015-16 series at Cambridge University yesterday, Rajan said greater demand on banks to hold capital in the post financial crisis scenario has come at a cost.
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The move to strip Reserve Bank Governor of powers to set interest rates by transferring the
authority to a broader panel is a step closer to reality with the Lok Sabha today approving the Finance Bill 2016.
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The revised rates, the bank said, will be applicable with effect from today itself. Many public and private sector banks had cut their base rate after RBI's 0.50 percent cut in key repo rate in September policy review.
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Asserting that India's tradition of debate and an open spirit of enquiry is critical to economic growth, he had said encouraging challenge to all authority and tradition would rule out anyone imposing a particular view or ideology because of power.
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The MNI India Business Sentiment Indicator, a gauge of current sentiment among BSE-listed companies, rose to 62.3 in October, offsetting last month's fall to 61.4.
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These data "reinforce our view that India is in a goldilocks period of low and stable inflation juxtaposed with a gradual growth recovery," Nomura said in a research note adding that while external headwinds have risen, domestic demand is still holding up well.
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In a surprise move, the RBI reduced the key interest rate by 50 basis point to 6.75 percent from 7.25 percent.
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According to an Indian government report, while the developed world is faced with ageing population, India is a comparatively young nation as more than 54 per cent of the country's population is below the age of 25.
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The remarks from the chief of country's largest lender comes a day after Reserve Bank Governor Raghuram Rajan stressed on the need to compensate PSBs to maintain a level playing field as many of the private sector banks do not get pinched by such measures.
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Addressing the same event yesterday, and amid the bloodbath in stock and currency markets, Reserve Bank Governor Raghuram Rajan said the country has strong macroeconomic fundamentals and sufficient forex reserves to contain volatility while he also hinted at a rate cut if inflation remains low.
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Raghuram Rajan said payment banks could be allies to regular banks in reaching banking to remote areas where there can be no branches, SBI chief Arundhati Bhattacharya thought they could intensify competition to the deposits sphere and eat into their margins.
