RBI Monetary Policy: RBI governor says monetary policy primarily guided by domestic situation

RBI governor said, “We regularly supervise banks and NBFCs and whenever we see deviations we first try to sensitise them bilaterally and when we see after that steps are not upto mark then only we put restrictions if any. I am not commenting on cases where we have taken actions.”

RBI deputy governor said on fintechs, “Examining comments received on Self-Regulatory Organisations (SRO) for FinTech Sector. We will come out with a framework, wait for it.”

RBI governor said on gold reserves, “We are building gold reserves. That is a part of our reserve deployment. And we assess all aspects while building reserves.”

RBI governor said, "Rate action is linked to evolving path of inflation. Our monetary policy is primarily guided by domestic situation and we do not follow the footsteps of US Fed."

RBI deputy governor said, "Food inflation has been highly volatile. And indications are that in view of adverse climate events it will remain high."

RBI Monetary Policy Live: RBI governor said, “There is no change in the policy. This is something that is every market participants knew about the underlying. It is not correct to say it is new. That is the purpose we issued the circular yesterday.”

The Reserve Bank on Friday announced that it will allow investment and trading of Sovereign Green Bonds (SGrBs) at the International Financial Services Centre (IFSC), Gandhinagar.

RBI Monetary Policy Live: RBI governor said that CPI inflation for FY25 has been projected at 4.5% and the MPC has maintained its figures from February. Back in February, CPI inflation was projected at 5.4 per cent for 2023-24 with Q4 at 5.0 per cent. Food inflation pressures accentuated in February; MPC remains vigilant towards upside risk of inflation, RBI governor said. 

RBI MPC Meet LIVE updates: Signing off from the MPC meet, Shaktikanta Das said that the GDP growth is buoyant. The RBI governor concluded the announcemtn by quoting Mahatma Gandhi. "We are inspired by the profound words of Mahatma Gandhi and I quote, one must persevere and have patience. Success is the inevitable result of such effort. Thank you, Namaskar," Shaktikanta added.

RBI MPC Meet LIVE updates: RBI governor said, “The prospects of fixed investment remain bright with business optimism, healthy corporate and bank balance sheets, robust government capital expenditure and signs of upturn in the private capex cycle. Headwinds from geopolitical tensions, volatility in international financial markets, geoeconomic fragmentation, rising Red Sea disruptions, and extreme weather events, however, pose risks to the outlook.”

RBI governor said,  “Looking ahead, an expected normal south-west monsoon should support agricultural activity. Manufacturing is expected to maintain its momentum on the back of sustained profitability, the RBI said while announcing the bi-monthly Monetary Policy decision for keeping the GDP growth rate for FY25 at 7%. Services activity is likely to grow above the pre-pandemic trend. Private consumption should gain steam with further pick-up in rural activity and steady urban demand. A rise in discretionary spending expected by urban households, as per the Reserve Bank’s consumer survey, and improving income levels augur well for the strengthening of private consumption.”

RBI governor Shaktikanta Das said, “The strong growth momentum together with GDP forecast for FY25 give us policy space to unwaveringly focus on price stability.”

RBI governor said, “India presents a different picture on account of its fiscal consolidation and faster GDP growth. Turning to domestic growth, domestic economic activity continues to expand at an accelerated pace, supported by fixed investment and an improving global environment. The second advance estimates placed the real GDP growth at 7.6% for 2023-24, the third successive year of 7% or higher growth.”

RBI MPC Meet LIVE updates: Here's what RBI governor said on repo rate, inflation, GDP growth

 RBI MPC Meet LIVE updates: Earlier this week, Prime Minister Narendra Modi asserted that the Reserve Bank has to accord top-most priority to growth and at the same time, focus on trust and stability.

RBI MPC Meet LIVE updates: RBI governor announced this

1. RBI to soon notify scheme for trading on sovereign green bond at International Financial Services Centre
2. RBI to launch a mobile app to facilitate retail participation in govt securities market
3. He said, “It is our prime focus to build up a strong buffer in form of forex reserves.”

RBI MPC Meet LIVE updates: You can now deposit cash at CDMs using your UPI, RBI governor announces. 

RBI MPC Meet LIVE updates: RBI governor said, “Price stability will be a key component in this endeavour. At this juncture, we should not lower our guard. Our goal in in sight, we must remain vigilant.”

RBI governor said, “It is now proposed to permit 3rd party UPI apps to make payments.”

RBI MPC Meet LIVE updates: RBI governor said that the Indian Rupee showed lowest stability inFY24 vs last three years. 

RBI MPC Meet LIVE updates: Shaktikanta Das said, “Monetary transmission continues to be work in progress. It is essential for the best interest of the economy that CPI inflation continues to moderate and aligns to the target on a durable basis. Till this is achieved our task remains unfinished. The success in the disinflation process so far should not distract us from vulnerability of the inflation trajectory to the frequent incidents of supply side shocks.”

RBI MPC Meet LIVE updates: Financial entities should be mindful of the use of public money, RBI governor said.

RBI governor said that the central banks has retained the directive scheme launched in Nov 2021. “It is now proposed to launch a mobile app,” he said.

RBI MPC Meet LIVE updates: RBI governor said this on Foreign reserve (FR), “Earlier, the decline in foreign exchange was party due to a change in valuation. And we had at that time, clearly and firmly stated that we were using our FR in a judicial manner. The strong umbrella that we have built. We were mindful. As you see, now the reserves stand at the highest - 645.6.”

RBI MPC Meet LIVE updates: Here are key things RBI governor has said so far:

1. RBI has maintained the stance of 'withdrawal of accommodation' 
2. RBI decides to keep the ranges unchanged by a 5:1 majority
3. Prospects of investment activity have remained bright 
4. Outlook for agricultural activity remain bright; indicators show that urban consumption has remained buoyant 
5. As rural demand catches up, consumption expected to support economic growth Global economy looking resilient with a stable outlook