12:39 PMRBI MPC Meeting Live: Don't assume things, Das warns banksNecessary that any segment of the market doesn't prematurely assume certain things a
12:39 PM
RBI MPC Meeting Live: Don’t assume things, Das warns banks
- Necessary that any segment of the market doesn’t prematurely assume certain things and cut rates: Das
- Banks are free to take decisions. But if they do it on the assumption of a certain action that is likely to be taken by the RBI, that is wrong: Das
12:34 PM
RBI MPC Meeting Live: RBI Guv withdrawing Rs 500 notes
RBI not thinking of withdrawing Rs 500 notes, or re-introducing notes in Rs 1,000 denomination; request public not to speculate: RBI Guv
12:31 PM
RBI MPC Meeting Live: Dy RBI Guv Michael Patra on growth and inflation
There is better progress on the growth front in reaching targets, inflation is also progressing fast to align to the target, but not as fast as growth, said Dy RBI Guv Michael Patra.
12:27 PM
RBI MPC Meeting Live: Don’t rush at the last moment, says Das on Rs 2000 note exchange
I would like to request the public to go to bank branches to deposit or exchange Rs 2,000 currency notes at their convenience. There is no reason to rush. Please do not leave it to the last moment.
12:25 PM
RBI MPC Meeting Live: The pivot and pause
It is a pause in this meeting of MPC. I reiterate what I said in the last meeting about the pause and not a pivot.
12:20 PM
RBI MPC Meeting Live: RBI to make CBDC QR code interoperable with UPI
RBI has decided to make the QR code associated with its CBDC interoperable with UPI. That’s aimed at achieving one million users in the shortest possible time, said RBI Dy Guv.
12:15 PM
RBI MPC Meeting Live: Typically our expectation is that overnight call rates are aligned to the 6.5% policy rate, says Das
12:13 PM
RBI MPC Meeting Live: Das on Rs 2000 note
As of March 31, 2023, 3.62 lk cr notes were in circulation. So far, 1.8 lk cr Rs 2000 notes have come back post announcement, informed RBI Guv in post monetary policy press conference. Das added that this is on the expected lines. There hasn’t been any rush in banks either.About 85 percent of Rs 2,000 notes are being deposited in bank accounts,
12:09 PM
RBI MPC Meeting Live: No specific plans for opening up of digital rupee for the common public, says RBI Deputy Guv T Rabi Sankar
12:07 PM
RBI MPC Meeting Live: MPC resolutely focused on inflation target in the interest of sustainable growth, says RBI Guv
12:06 PM
RBI MPC Meeting Live: Headline inflation has eased, no room for complacency, says RBI Guv
12:05 PM
RBI MPC Meeting Live: Rate action is obviously a pause, future action will depend on evolving situation, says Das
12:03 PM
RBI MPC Meeting Live: Eyes on El Nino risk and future path of Fed funds rate
“By August 2023, RBI will have more clarity on the El Nino risk on inflation and the future path of Fed funds rate and can change the monetary policy stance,” he added.
11:45 AM
RBI MPC Meeting Live: Some respite for prospective homebuyers
“As was anticipated, the RBI has decided to keep the repo rates unchanged at 6.5%. This gives some respite to prospective homebuyers looking to avail of home loans in the near future. The unchanged repo rate can help maintain the momentum in housing sales, which has so far been firing on all cylinders in 2023. As per ANAROCK Research, we saw housing sales in first quarter of 2023 scale new heights, breaching the one lakh mark at 1.14 lakh units across the top 7 cities,” Anuj Puri, Chairman, ANAROCK Group.
“Given the current unchanged rates, the outlook for those looking to buy their first home via a home loan soon remains favourable. Interest rates from most banks will continue in single digits. With top banks, they currently hover between 8.7 to 9.65%. A future rate hike, if any, may push the rates into double digits. The persisting financial instabilities in advanced economies of the world may have repercussions in India, causing the RBI to take such a step to face these headwinds,” Puri added.
11:31 AM
RBI MPC Meeting Live: ‘Pause will allow past hikes to filter through to the economy’
As the RBI maintained its strong GDP projections, these supportive recovery prospects also lower the urgency for a quick turn in the policy direction. A pause will allow for the lagged impact of past hikes to filter through to the real economy, with policymakers keen to keep real rates in positive territory. Liquidity swings will be met via need-based money market operations rather than durable tools, she added.
11:26 AM
RBI MPC Meeting Live: Streamlining BBPS processes
To enhance the efficiency of the Bharat Bill Payment System and also to encourage greater participation, the process flow of transactions and membership criteria for onboarding operating units in BBPS will be streamlined.
11:20 AM
RBI MPC Meeting Live: Markets after RBI keeps rates unchanged
Markets rose on Thursday, with the benchmarks closing in on all-time highs, after RBI maintained key policy rates, as widely expected. Nifty 50 index was up 0.23% at 18,770.20 as of 10:44 a.m. IST, while Sensex rose 0.23% to 63,285.99. Both indexes were up 0.12% ahead of the RBI rate decision.
11:12 AM
RBI MPC Meeting Live: Internationalising issuance & acceptance of RuPay cards
RuPay Debit, Credit, and Prepaid Cards will be enabled for issuance in foreign jurisdictions, which can be used internationally, including in India. These measures will expand the reach and acceptance of RuPay cards globally.
11:06 AM
RBI MPC Meeting Live: RBI’s rate decision will provide support to local demand & growth
“I expect interest rate stability will boost Capex plans, the bulk of which has so far been driven by the Government. The multiplier effect of Investment spending is much higher than that of Consumption spending,” she added.
11:03 AM
RBI MPC Meeting Live: Expanding the scope of e-RUPI vouchers
- permitting non-bank Prepaid Payment Instrument (PPI) issuers to issue e-RUPI vouchers
- enabling issuance of e-RUPI vouchers on behalf of individuals.
Other aspects like reloading of vouchers, authentication process, issuance limits, etc., will also be modified to facilitate use of e-RUPI vouchers.
10:58 AM
RBI MPC Meeting Live: Rationalisation of licensing framework under FEMA
RBI has decided to rationalise and simplify the licensing framework for Authorised Persons to effectively meet the emerging requirements of the rapidly growing Indian economy. The objective is to achieve operational efficiency in the delivery of foreign exchange facilities to common persons, tourists and businesses, while maintaining appropriate safeguards.
10:52 AM
RBI MPC Meeting Live: Cautious on inflationary risks & sufficiently hawkish
We expect both growth and inflation to be lower than the RBI’s estimates — Growth at 6% and inflation to average at 4.8-5% in FY24. The policy decision does little to move the needle in the bond market as it was broadly in line with expectations, she added.
10:49 AM
RBI MPC Meeting Live: We need to move towards our inflation target of 4%, says RBI Guv
Reserve Bank will remain watchful and proactive in dealing with emerging risks, said Governor Shaktikanta Das.
10:43 AM
RBI MPC Meeting Live: Non-resident deposits
Net inflow in non-resident deposits increased to USD 8 billion in FY’23 from USD 3.2 billion in the previous year: RBI Governor
10:42 AM
RBI MPC Meeting Live: Rupee flat after RBI rate decision
The rupee barely changed after the Reserve Bank of India kept the key policy rate at 6.5%, as expected, and maintained its policy stance. The rupee was at 82.5850 to the dollar compared with 82.5950 prior to the policy outcome.
10:41 AM
RBI MPC Meeting Live: A look at key rates
10:38 AM
RBI MPC Meeting Live: Permitted non-bank payment issuers can issue e-rupee vouchers, says RBI Guv
10:38 AM
RBI MPC Meeting Live: RBI to issue new guidelines on stressed loans
RBI to issue guidelines on default loss guarantee arrangement in digital lending for orderly development of the eco-system and improve credit penetration, said Governor Shaktikanta Das.
10:36 AM
RBI MPC Meeting Live: Das on liquidity, VRRR auctions and more
- Investments by manufacturing cos to be higher in FY24
- Data suggests skewed liquidity conditions within the banking system
- Response to VRRR auctions has been cautious
- Constant VRRR auctions due to surplus liquidity buildup
- RBI will remain nimble in liquidity operations
10:35 AM
RBI MPC Meeting Live: RBI allows issuance of RuPay Prepaid Forex cards by banks in India
10:33 AM
RBI MPC Meeting Live: SCBs can now set their own limits for borrowing
To provide greater flexibility in liquidity mgmt, scheduled commercial banks excluding small finance banks can now set their own limits for borrowing in call and notice market within the prudential limits, said Shaktikanta Das.
10:31 AM
RBI MPC Meeting Live: Das on CAD
Current account deficit is expected to have moderated further and should be eminently manageable in 2023-24: Shaktikanta Das
10:29 AM
Forex reserves stood at at $595.1 billion as on June 2, says Das
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
– RBI Governor
10:24 AM
RBI MPC Meeting Live: Forex reserves are at comfortable levels, says RBI Governor
10:22 AM
Inflation to remain above 5% throughout 2023-2024
The Reserve Bank of India has cut inflation aim to 5.1% from 5.2% forecast in April policy. Q1 inflation seen at 4.6%, Q2 at 5.2%, Q3 at 5.4% and Q4 at 5.2%.
10:15 AM
RBI MPC Meeting Live: GDP growth projected at 6.5% for FY24
Reserve Bank of India Governor Shaktikanta Das said real GDP growth is projected at 6.5% for FY24, — Q1 at 8% , Q2 at 6.5%, Q3 at 6% and Q4 at 5.7%.
10:13 AM
RBI MPC Meeting Live: Rural demand is on revival path, says Das
10:12 AM
RBI MPC Meeting Live: Das on liquidity
Average system liquidity is in surplus mode and could increase as Rs 2k notes get deposited in banks: Das
10:10 AM
RBI MPC Meeting Live: Inflation to remain above 4% in FY24
Headline inflation is still above the target as per the latest data and is expected to remain so according to our projections in 20230-2024: RBI Guv
10:08 AM
RBI keeps MSF rate unchanged at 6.75%
10:06 AM
MPC also decided by a majority of five out of 6 members to remain focused on withdrawal of accomodation, says Das
10:05 AM
RBI maintains Status Quo on repo rate
10:05 AM
RBI has continued on focusing stability. Domestic macro fundamentals are strengthening, says Das
10:04 AM
RBI MPC Meeting LIVE: Policy normalisation globally is far from complete, says Das
10:03 AM
RBI MPC Meeting Live: We can derive satisfaction from the fact that Indian economy and fin sector stand out as resilient, says Das
09:56 AM
RBI MPC Meeting LIVE Updates: The Monsoon play
“While retail inflation eased to an 18-month low of 4.7 per cent in April this year and may even drop further, RBI is likely to wait how Monsoon plays out. It is not only the agricultural output and rural demand which gets impacted by Monsoon, but the overall inflation trajectory gets significantly impacted by the rains. So, it would be fair to assume RBI would stick to the existing REPO rate of 6.5 per cent, ” ASSOCHAM Secretary General Mr Deepak Sood said.
09:44 AM
RBI MPC Meeting LIVE Updates: OECD on rates
“Following one further small increase, rates are expected to remain unchanged until the end of the calendar year, when evidence will confirm whether core inflation, which is less sensitive to weather conditions and geopolitical tensions, has durably diminished,” the OECD said.
09:40 AM
RBI MPC Meeting LIVE Updates: OECD on inflation
OECD expects 4.8% inflation in India in FY24, a full percentage point below its previous projection and slower than RBI’s forecast of 5.2%. With inflation easing, it predicts RBI will make at most one more small rate hike this calendar year and start lowering rates mid-2024.
09:33 AM
RBI MPC Meeting LIVE Updates: OECD raises India’s FY24 growth forecast
Organisation for Economic Co-operation and Development (OECD) moved its forecast on India’s economic expansion for this fiscal year higher to 6%, from 5.9%, while citing weak global demand and the effect of monetary policy tightening as factors constraining the growth.
09:26 AM
RBI MPC Meeting LIVE Updates: Rupee falls 7 paise to 82.59 against US dollar in early trade ahead of RBI policy decision
09:23 AM
RBI MPC Meeting LIVE Updates: Resilience in the face of global challenges
He further said the robust GDP growth rate of 7.2 per cent achieved by the Indian economy in the financial year 2022-23 showcases its remarkable resilience in the face of global challenges.
09:16 AM
RBI MPC Meeting LIVE Updates: Drop in currency in circulation
09:03 AM
RBI MPC Meeting LIVE Updates: Growth concerns
Globally, there are signs that the Central Banks may also take a pause or go with fewer hikes as runaway inflation takes a breather. This will further help the RBI to maintain the status quo, she added.
08:47 AM
RBI MPC Meeting Live: A softer ‘stance’
“The market doesn’t seem to be anticipating an immediate rate cut. The best case for the June policy would be a softer ‘stance’ by the MPC. The current policy stance of ‘withdrawal of accommodation’ has already run its course, with pandemic-era policy accommodation behind us. It’s only a matter of time before the MPC moves to a ‘neutral’ stance. In the absence of a major global risk event, we may be in for a prolonged policy pause. In June, MPC is likely to maintain a status quo on rates. Everyone will be closely following the speech of the RBI governor,” said Churchil Bhatt, Executive Vice President & Debt Fund Manager, Kotak Mahindra Life Insurance.
08:34 AM
RBI MPC Meeting LIVE Updates: Inflation likely cooled in May
According to a Reuters poll, consumer price inflation in India likely cooled to a 20-month low in May as food price rises slowed further, drawing closer to RBI’s medium-term target of 4%. Despite heat waves across the agriculture-dependent country, rises in food prices are expected to be kept in check by lower input costs and the government’s regular intervention to curb price spikes.
08:16 AM
RBI MPC Meet Live: Banks turn cautious
“Banks are playing very cautious when it comes to putting their surplus funds with the RBI in the VRRR because it’s a case of matching your liquidity requirements. Wednesday’s auction result is a little difficult to explain because it’s a two-day affair. I think because it comes a day before the RBI’s policy statement, banks were cautious about it,” Madan Sabnavis, chief economist at Bank of Baroda, told ET.
08:00 AM
Monetary Policy Meeting Live: Banks reluctant to park funds with RBI
However, the bidding at the VRRR auctions indicates that banks are not keen to part with extra funds at the current juncture as quarterly advance tax outflows scheduled later this month would lead to a drain of funds from the system.
07:45 AM
RBI MPC Meeting LIVE Updates: Bond and stock market rally
A stance change in policy could fuel a bond and stock market rally and rupee also could notch some gains. “It is unlikely that the RBI will precede the Fed in reversing its course of rate hikes,” Madhavi Arora, lead economist at Emkay Global, told Reuters while adding that it could soften its tone.
07:30 AM
RBI Monetary Policy Meeting Live: Other things to look at
The commentary around domestic liquidity and RBI’s liquidity management operations in recent weeks will also be a focus for bond market participants with inter-bank rates having shot up intermittently despite overall surplus cash in the banking system.
economictimes.indiatimes.com