RSS Feed
Twitter
4:10 AM
Blogger
Sanjay Malhotra, the new RBI governor, emphasized stability, trust, and growth as the central bank's core values. He stressed the importance of financial inclusion in fostering India's continued growth trajectory. While prioritizing policy stability, Malhotra promised agility and a consultative approach, acknowledging the need for diverse expertise in navigating a complex global landscape.from Business News: Business News, Business News Today, Latest Business News, Stock Markets, Financial News, India Business & World Business News https://ift.tt/LIO9ht7
Shaktikanta Das, concluding his six-year term as India's central bank governor, navigated the RBI through a pandemic and digitization, defying initial skepticism. Despite lacking formal economic training, he prioritized financial stability, built up forex reserves, and fostered a modern digital payments system. His successor, Sanjay Malhotra, inherits a strong foundation but faces global market uncertainties.
RBI's new governor, Sanjay Malhotra, faces the tough task of balancing India's economic growth, inflation, and exchange rate amid US election fallout and government pressure for lower interest rates. He must also tackle regulatory reforms, digital fraud, and mis-selling of financial products, impacting bank lending and consumer protection.
Revenue secretary Sanjay Malhotra has been appointed as the new RBI governor, succeeding Shaktikanta Das. The 56-year-old IIT Kanpur and Princeton University alumnus will begin his three-year term on December 11th. Malhotra's appointment marks a continuation of bureaucratic leadership at the central bank, following Das's tenure of close coordination with the government.
Sanjay Malhotra, the Revenue Secretary, has been appointed as new Reserve Bank of India (RBI) governor by the Narendra Modi government. Malhotra will succeed Shakikanta Das whose tenure is scheduled to end on December 10, 2024.
ICICI Bank has scheduled RTGS maintenance on December 14, 2024, and on December 15, 2024, delaying incoming and outgoing transactions. Customers can still use NEFT, IMPS, and UPI during this time.
HDFC Bank has raised its Marginal Cost of Funds-Based Lending Rate (MCLR) by up to 5 basis points for short-term loans. The overnight MCLR now stands at 9.20%, effective December 7, 2024.
Bank fixed deposit rates are expected to remain stable through FY25 due to sufficient liquidity from reduced credit expansion and a recent CRR cut. While a downward trend is possible, actual rate reductions are contingent on the RBI lowering its repo rate.
Indian stock markets witnessed a surge last week, with six of the top 10 companies adding over ₹2 trillion in market value. TCS, HDFC Bank, and Reliance Industries led the gains, while Bharti Airtel and ITC experienced declines. Both the BSE and NSE indices closed significantly higher.
The Reserve Bank of India (RBI) is launching podcasts to enhance communication and transparency, particularly targeting younger audiences. The RBI also maintained the repo rate at 6.5%, lowered the GDP growth forecast to 6.6%, and reduced the CRR to inject liquidity. However, the retail inflation projection was raised to 4.8%.
India's forex reserves rebounded by $1.51 billion to $658.09 billion after an eight-month decline. The Reserve Bank of India's intervention aimed to stabilize the rupee and mitigate global economic shocks. The increase follows a $71 billion drop in 2022, with $58 billion added in 2023.
