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☆ India central bank plans 2025 launch of cloud services, countering dominance of global firms
▼ + stars: | 2024-11-19 | by ( ) www.cnbc.com time to read: +2 min

India's central bank will launch a pilot program in 2025 offering local cloud data storage to financial firms at affordable prices, according to two sources aware of the matter, who declined to be identified as conversations are confidential. The Reserve Bank of India's planned cloud platform will use local IT firms, pitting it against the likes of Amazon Web Services, Microsoft Azure, Google Cloud and IBM Cloud, in a first-of-its-kind initiative from a major global central bank. In December last year, RBI governor Shaktikanta Das announced plans to set up a public cloud for the financial services industry. Initial work on the cloud is being driven by the research wing of the central bank called the Indian Financial Technology and Allied Services. It will then be developed further in partnership with one or more private sector technology firms, according to the sources.

Persons: Shaktikanta Das, EY Organizations: Bank, Reserve Bank of, Amazon Web Services, Microsoft, Google, IBM, International Data Corporation, Indian Financial Technology, Allied Services, Reuters

☆ India’s central bank chief warns growing risk of global inflation returning
▼ + stars: | 2024-11-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Shaktikanta Das, governor of the Reserve Bank of India (RBI), during an event at the Peterson Institute of Economics (PIIE) during the annual meetings of the International Monetary Fund (IMF) and World Bank in Washington, DC, US, on Friday, Oct. 25, 2024. Central banks have managed to engineer a soft landing through a period of "continual and unprecedented shocks," but there is still a risk of global inflation returning and of economic growth slowing down, according to India's central bank chief. Speaking Thursday in Mumbai, India, at CNBC-TV18's Global Leadership Summit, Reserve Bank of India (RBI) Governor Shaktikanta Das said monetary policy from global central banks had largely "performed well" in recent years despite conflicts, geopolitical tensions and higher volatility. "A soft landing has been ensured but risks of inflation — as I speak to you here today — risks of inflation coming back and growth slowing down do remain," Das said. Das pointed to several contradictions in global markets to underline his view, including the appreciation of the U.S. dollar, even as the Federal Reserve is cutting interest rates.

Persons: Shaktikanta Das, Das Organizations: Reserve Bank of India, Peterson Institute of Economics, International Monetary Fund, Bank, CNBC, Leadership, U.S ., Federal Reserve, U.S Locations: Washington , DC, Central, Mumbai, India, London

☆ CNBC's Inside India newsletter: Can India grow as fast as China did?
▼ + stars: | 2024-09-26 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Yet, India's central bank appeared to dismiss the negativity earlier this month and reiterated its bullish view of India's growth rate, still expecting the economy to grow by 7.2%. However, when prompted on whether India's growth rate could compete with what China has already achieved for over two decades, the governor was less buoyant. But if you are looking at 10-plus growth, before I venture into that, I have to really do my homework much more," Governor Das said. This week, China's central bank, President Xi Jinping and other top leaders announced plans to boost the country's economy and attract investment. If India intends to grow as fast as China did, it may have to get a move on.

Persons: Goldman Sachs, CNBC's Tanvir Gill, Shaktikanta Das, Das, Narendra Modi, he's, –, Xi Jinping, David Tepper, he'd, Kaanhari Singh Organizations: Bank of America, Deutsche Bank, Reserve Bank of India, CNBC, Bank, Appaloosa Management, Barclays Locations: Wall, India, China

☆ Watch CNBC's full interview with Shaktikanta Das, Reserve Bank of India's Governor
▼ + stars: | 2024-09-19 | by ( Tanvir Gill | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Shaktikanta Das, Reserve Bank of India's GovernorCNBC's Tanvir Gill spoke to Shaktikanta Das, Reserve Bank of India's governor, in an exclusive interview for CNBC Conversations. He discussed the strength of the Indian Rupee, India's inflation outlook, as well as the RBI's interest rate considerations.

Persons: Shaktikanta Das, CNBC's Tanvir Gill Organizations: Reserve Bank, India's, CNBC

☆ India's central bank chief plays down fears of a deposit crunch
▼ + stars: | 2024-09-17 | by ( Matt Clinch | ) www.cnbc.com time to read: +3 min

Speaking to CNBC in an exclusive interview, Reserve Bank of India (RBI) Governor Shaktikanta Das discussed the issue of slowing growth in bank deposits underperforming an expansion in loans. "So there is a gap of 350 to 400 basis points," he said, referencing the difference between credit and deposit growth. Annual figures from August put loan growth at 13.6% with deposit growth at 10.8%, according to Reuters. When lending outpaces deposits, net interest margins — or the difference between what a bank earns on loans and pays out for deposits — take a hit. India's GDP slowed to 6.7% in the second quarter compared to last year's 8.2%, piling pressure on the central bank to reverse a recent hiking cycle.

Persons: Shaktikanta Das, Das, Ashish Gupta, CNBC's Organizations: CNBC, Reserve Bank of India, Reuters, Mutual Fund, Monetary, MPC Locations: India

☆ CNBC Daily Open: Rate cuts might not benefit tech the most
▼ + stars: | 2024-09-17 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Record close for DowThe S&P 500 and Dow Jones Industrial Average rose on Monday, with the Dow notching a record close. Next move for the BOJThe Bank of Japan won't be raising interest rates at its September meeting, according to a CNBC survey of 32 analysts. [PRO] "Golden age of fixed income"The U.S. Federal Reserve is poised to cut interest rates this week.

Persons: Shaktikanta Das, Biden, Rick Rieder Organizations: Trade Center, CNBC, Dow, Dow Jones, Nasdaq, Nikkei, U.S ., Midea Group, Hong Kong, Bank of Japan, Bank of India, Intel, U.S . Federal Locations: Manhattan, Jersey City , New Jersey, Asia, Pacific, Hong

☆ RBI Governor: 7.5% GDP growth for India is sustainable
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBI Governor: 7.5% GDP growth for India is sustainableThe Governor of the Reserve Bank of India, Shaktikanta Das, joins CNBC's Tanvir Gill in an exclusive interview to discuss India's long-term growth trajectory.

Persons: Shaktikanta Das, Tanvir Gill Organizations: Reserve Bank of India Locations: India

☆ RBI Governor: Monitoring for any signs of stress in banking sector
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBI Governor: Monitoring for any signs of stress in banking sectorShaktikanta Das, the Governor of the Reserve Bank of India, spoke at length about the strict regulation of the NBFC sector, highlighting the RBI's commitment to maintaining India's financial stability.

Organizations: Shaktikanta Das, Reserve Bank of India

☆ RBI Governor: interest rate decision will be based on the future trajectory of inflation and growth
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBI Governor: interest rate decision will be based on the future trajectory of inflation and growthShaktikanta Das, governor of the Reserve Bank of India, joins CNBC's Tanvir Gill in an exclusive interview, discussing India's inflation outlook, as well as the RBI's interest rate considerations.

Persons: Das, Tanvir Gill Organizations: Reserve Bank of India

☆ We are not artificially keeping the Indian Rupee strong, says RBI Governor
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are not artificially keeping the Indian Rupee strong, says RBI GovernorShaktikanta Das, Reserve Bank of India's Governor discusses the reasons behind Indian Rupee's relative stability against the U.S. dollar the past 2 years.

Persons: Shaktikanta Das Organizations: Reserve Bank, India's, U.S .

☆ India can achieve sustainable growth of up to 8% in the coming years, central bank chief says
▼ + stars: | 2024-09-16 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +3 min

Punit Paranjpe | Afp | Getty ImagesIndia can achieve sustainable economic growth of up to 8% over the medium term, according to the country's central bank governor. The figures have ratcheted up pressure on the central bank to launch its own rate-cutting cycle sooner rather than later. Shaktikanta Das, governor of the Reserve Bank of India (RBI), speaks during the Global Fintech Fest 2024 in Mumbai, India, on August 28, 2024. Nurphoto | Nurphoto | Getty ImagesIt comes as major central banks have started to ease monetary policy in recent months, including the European Central Bank, the Bank of England and the Swiss National Bank. Women (silhouetted) walk past Reserve Bank of India (RBI) logo displayed at Global Fintech Fest exhibition in Mumbai.

Persons: Punit Paranjpe, CNBC's Tanvir Gill, Shaktikanta Das, Das, Goldman Sachs Organizations: Afp, Getty, Reserve Bank of India, International Monetary Fund, Nurphoto, European Central Bank, Bank of England, Swiss National Bank, The U.S . Federal Reserve, ECB, Bank of India, Global Locations: Mumbai, India, Japan, Germany, U.S, China

☆ India's central bank holds rate, looking for inflation 'elephant' to vanish
▼ + stars: | 2024-04-06 | by ( ) www.cnbc.com time to read: +4 min

India's central bank held its key interest rate for a seventh straight policy meeting on Friday as growth in the economy is expected to remain robust while inflation stays above the 4% target. The six-member monetary policy committee kept the main lending rate at 6.5%, in line with expectations. While low core inflation provides comfort, the uncertainty on food inflation remains a worry. "While low core inflation provides comfort, the uncertainty on food inflation remains a worry," said Upasna Bhardwaj, chief economist at Kotak Mahindra Bank. "The increasing incidence of climate shocks remains a key upside risk to food prices," the rate setting panel said in its monetary policy statement.

Persons: Shaktikanta Das, Das, Upasna Bhardwaj, Devendra Kumar Pant Organizations: Bloomberg, Getty, Kotak Mahindra Bank, U.S, NSE, BSE, Research Locations: India

REUTERS/Francis Mascarenhas/File Photo Acquire Licensing RightsBENGALURU, Nov 16 (Reuters) - India's central bank on Thursday tightened norms for personal loans and credit cards, raising the risk of slowing loan growth. Reuters GraphicsRBI Governor Shaktikanta Das said last month the central bank was closely monitoring some fast-growing personal loan categories for signs of stress. Subsequently, Reuters reported that the RBI was particularly concerned with the surge in small personal loans and was considering tighter rules for such borrowings. Unsecured personal loans increased 23% from a year ago as of Sept. 22, 2023, while outstanding amounts on credit cards jumped nearly 30%, central bank data shows. "In particular, limits shall be prescribed for all unsecured consumer credit exposures," the central bank said.

Persons: Francis Mascarenhas, Dhananjay Sinha, Shaktikanta Das, Transunion, Systematix, Sinha, Siddhi Nayak, Ira Dugal, Shinjini Ganguli, Dhanya Ann Thoppil Organizations: Bank of India, REUTERS, Rights, Reserve Bank of, NBFCs, Systematix Research, Reuters, Siddhi, Sethuraman NR, Thomson Locations: Mumbai, India, Reserve Bank of India, Bengaluru

While bad loans in India's banking sector are at a decade-low, estimated at 3.6% of assets by March 2024 by the central bank, Reserve Bank of India Governor Shaktikanta Das said this month the central bank was monitoring some categories of personal loans, without elaborating. What's worrying the regulator is a surge in tiny personal loans, particularly loans of up to 10,000 rupees ($120) taken for three to four months, often for "lifestyle" spending, according to a person familiar with the central bank's thinking. Four people discussed the central bank's concerns with Reuters but declined to be identified as they are not authorised to speak to the media. Ismail Sayyed, a 30-year old cab driver from Mumbai, took his first personal loan of 5,000 rupees this year. Central bank officials "have been ringing the bell", said an official at a large bank that has seen sharp growth in personal loans.

Persons: Francis Mascarenhas, Shaktikanta Das, CRIF, Ismail Sayyed, Kadam, Rajeev Jain, Ira Dugal, Sonali Paul Organizations: Reserve Bank of India, REUTERS, Reuters, Bajaj Finance, UBS, Thomson Locations: Mumbai, India

☆ India's forex reserves drop for 4th week, fall to over 5-month low
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

That was a decrease of $3.8 billion from the previous week. India's forex reserves are "sizeable" and "very comfortable," RBI Governor Shaktikanta Das said on Friday, while reiterating that the central bank's intervention aims to prevent any volatility of the rupee's exchange rate. Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund. For the week the forex reserves data pertains, the rupee had fallen 0.1% against the dollar and traded in a range of 83.0225 and 83.2450. FOREIGN EXCHANGE RESERVES (in million U.S. dollars)Source text: (https://bit.ly/3PD1mzC)Reporting by Siddhi Nayak; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

Persons: Shaktikanta Das, Siddhi Nayak, Eileen Soreng Organizations: Reserve Bank of India, International Monetary Fund, Siddhi, Thomson Locations: MUMBAI

☆ India's August wholesale price index falls 0.52% y/y
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

A worker carries a sack of potatoes at a wholesale market in Mumbai, India July 14, 2017. REUTERS/Shailesh Andrade/File Photo Acquire Licensing RightsNEW DELHI, Sept 14 (Reuters) - India's wholesale price index (INWPI=ECI) fell 0.52% in August from a year earlier, according to government data released on Thursday. Economists polled by Reuters had estimated the wholesale price index for August would fall 0.6%. Food prices rose 5.62% year-on-year, compared with a sharp rise of 7.75% in July, and manufactured product prices fell 2.37% in August, against a 2.51% fall the previous month. Reporting by Nikunj Ohri; Writing by Shivangi Acharya; Editing by Jacqueline Wong and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Shailesh Andrade, Shaktikanta Das, Nikunj Ohri, Shivangi Acharya, Jacqueline Wong, Sharon Singleton Organizations: REUTERS, Reuters, Reserve Bank of India, Thomson Locations: Mumbai, India, DELHI

☆ India central-bank chief urges fintech firms to form a self-regulatory body
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

Reserve Bank of India (RBI) Governor Shaktikanta Das speaks during a press conference after a G20 Finance Ministers' and Central Bank governors' meeting at Gandhinagar, India, July 18, 2023. "I would like to use this opportunity to urge and encourage the fintechs to establish a self-regulatory organisation or SRO themselves. From the Reserve Bank, we are willing to engage with you," Das said while delivering the keynote address at the Global FinTech Fest 2023 (GFF). The other advantage is that all the aspects of regulation will not be burdened on the Reserve Bank." Reporting by Siddhi Nayak and Swati Bhat; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Shaktikanta Das, Amit Dave, Das, T, Rabi Sankar, Siddhi Nayak, Swati Bhat, Dhanya Ann Thoppil Organizations: Bank of India, Ministers, Central Bank governors, REUTERS, Rights, Financial, Reserve Bank of India, Reserve Bank, Global, Siddhi, Thomson Locations: Gandhinagar, India, Rights MUMBAI

☆ Indian lenders want cenbank to conduct more overnight reverse repo auctions
▼ + stars: | 2023-07-06 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

The RBI's overnight variable rate reverse repo, or VRRR - usually undertaken to withdraw excess liquidity - saw a subscription of only 390 billion rupees ($4.73 billion) earlier in the day. "But overnight VRRRs should see healthy responses if they do not coincide with any major outflows." That lead to a sharp plunge in overnight rates, averaging comfortably below the central bank's repo rate of 6.50%. The RBI has been intending to maintain overnight rates - currently around 6.40% - around the repo rate and has been proactive in conducting reverse repos to achieve that. Reuters had reported in June that the central bank may resort to overnight VRRRs, with banks showing reluctance to park funds for a longer period.

Persons: Banks, Mataprasad Pandey, Shaktikanta Das, Dharamraj Dhutia, Nivedita Organizations: Reserve Bank of India, Reuters, Thomson Locations: MUMBAI

Despite hitting an 18-month low of 4.70% in April, analysts do not expect India's inflation to fall to the Reserve Bank of India's (RBI) 4% medium-term target in a sustainable manner for some time. India has raised rates by 250 basis points (bps) since May 2022, but surprised analysts in April by keeping them unchanged. India's hold on rates contrasts with recent central bank actions elsewhere. "Our goal is to achieve the inflation target of 4% and keeping inflation within the comfort band of 2-6% is not enough," Das said. Das said that the central bank would remain "nimble" with its liquidity operations amid spikes in overnight rates despite surplus liquidity in the banking system.

Persons: Shaktikanta Das, OIS, Das, Michael Patra, Suvodeep Rakshit, Gaura Sen Gupta, Swati Bhat, Sudipto Ganguly, Ira Dugal, Krishna N, Sam Holmes, Kim Coghill Organizations: REUTERS, Reserve Bank of India's, MPC, Reserve Bank of Australia, Bank of Canada, Reuters, Reuters Graphics Reuters, IDFC, Thomson Locations: Delhi, India, Anushree, MUMBAI

MUMBAI, May 29 (Reuters) - The Reserve Bank of India has come across instances of some banks trying to conceal the real status of their stressed assets while governance gaps have also been noticed at certain lenders, its governor said on Monday. Das also said that despite the guidelines on corporate governance, it was a matter of concern that the RBI has come across gaps in governance at certain banks, which have the potential to cause some volatility in the sector. "While these gaps have been mitigated, it is necessary that boards and the managements do not allow such gaps to creep in," he said. A robust governance structure is the most important requirement to ensure the stability of a bank and sustainable financial performance, Das added. "RBI has engaged with certain banks on the need to make suitable adjustments in their business strategies where it was observed that over-aggressive growth in certain business segments were creating avoidable vulnerabilities," Das said.

☆ India monetary tightening cycle not over, inflation remains a concern -MPC minutes
▼ + stars: | 2023-04-20 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

MUMBAI, April 20 (Reuters) - India's current rate tightening cycle may not be over as more hikes could be warranted to align inflation towards the central bank's medium term target of 4%, minutes of this month's Monetary Policy Committee (MPC) meeting showed on Thursday. "It is clear that the war against inflation has not yet been won, and it would be premature to declare an end to this tightening cycle," MPC member Jayant Varma wrote. Most members appeared more concerned about inflation than in their commentary after the previous policy meeting in February when the bank raised rates by 25 bps. The decision by OPEC+ to cut crude output and the possibility of weak monsoon rains could both push up inflation in India and necessitate a monetary policy response, Varma said. In the current situation of high inflation, monetary policy does not have the luxury of responding to these growth headwinds."

☆ Instant View: Here’s what experts think of India's surprise rate decision
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +16 min

The monetary policy committee (MPC) retained the key lending rate or the repo rate (INREPO=ECI) at 6.50% in a unanimous decision. With the likely softening of CPI to the low- to mid-5% levels in the coming month, the current repo rate of 6.5% implies that India’s real policy rate will hover around 1% during 2023-24, while maintaining a policy rate differential of about 1.5% with the US. Room for additional rate hikes has been retained with MPC’s policy stance continuing to remain unchanged at ‘withdrawal of accommodation’. We believe the bar for future rate hikes has increased, especially since near-term prints of CPI will be sub 6%. Scope for further hikes is limited given our growth-inflation outlook and impact of the past rate hikes on the same.

The central bank said its policy stance remains focused on "withdrawal of accommodation", signalling it could consider further rate hikes if necessary. The monetary policy committee (MPC), comprising three members from the central bank and three external members, retained the key lending rate or the repo rate (INREPO=ECI) at 6.50%. Most analysts had expected one final 25 basis point hike in the RBI's current tightening cycle, which has seen it raise the repo rate by a total 250 bps since May last year. The central bank sees inflation at 5.2% in 2023-24, and GDP growth is seen at 6.5% in the financial year beginning April 1. Reuters GraphicsFinancial stability concerns appear to have prompted the pause in rate hikes, said Aditi Nayar, chief economist at rating agency ICRA.

☆ Explainer: How resilient are Indian lenders amid a global banking turmoil?
▼ + stars: | 2023-03-20 | by ( Siddhi Nayak | ) www.reuters.com time to read: +5 min

He does not foresee a direct impact of the global banking turmoil on Indian banks. HOW WELL CAPITALISED ARE INDIAN BANKS? Reuters GraphicsHOW ARE INDIAN BANKS' BOND PORTFOLIOS PERFORMING? Indian banks are not facing the same level of pressure on their bond portfolios as U.S banks because Indian interest rates have risen less. If Indian banks mark their held-to-maturity (HTM) investments to market, it would bring down their CET-1 capital by 12-25%, estimates Moody's Investors Service.

The central bank said that its policy stance remains focused on the withdrawal of accommodation, with four out of six members voting in favour of that position. Reuters GraphicsThe monetary policy committee (MPC), comprising three members from the central bank and three external members, raised the key lending rate or the repo rate (INREPO=ECI) to 6.50% in a split decision. We have to remain unwavering in our commitment to bring down CPI headline inflation," RBI Governor Shaktikanta Das said, while announcing the committee’s decision. In a poll conducted ahead of the federal budget on Feb. 1, more than three-quarters of economists, 40 of 52, had expected the RBI to raise the repo rate by 25 bps. Das said that the inflation-adjusted, real interest rate remains below the pre-pandemic levels and liquidity remains surplus, even though it is lower than during the pandemic.

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