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Kotak Mahindra Bank received approval from the Reserve Bank of India (RBI) for the appointment of Ashok Vaswani as the bank's Managing Director and Chief Executive Officer (MD & CEO) for a three-year term. Vaswani, who previously worked at Barclays, will succeed Uday Kotak, who resigned as MD of the bank. Commenting on the appointment, Vaswani said, "We will ensure that Kotak Mahindra Bank plays a meaningful role in India's journey to being one of the top 3 economies in the world in the next 5 years."from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ltvP9ZJ
Private lender ICICI Bank reported a 35.8% increase in net profit for the July-September quarter on Saturday.Standalone net profit rose to a record Rs 102.61 billion ($1.23 billion) in the second financial quarter, from Rs 75.58 billion in the same period a year earlier.That was sharply higher than analysts' forecast of Rs 96.26 billion, according to LSEG data. Net interest income - the difference between interest earned and paid - rose 23.8% to 183.08 billion rupees.
The Monetary Policy Committee (MPC) members of the Reserve Bank of India (RBI) expressed concerns about inflation increasing due to price shocks, especially in the food sector. RBI Governor Shaktikanta Das emphasized the need for a disinflationary policy and aligning inflation with the 4% target. The hawkish statements from the MPC members indicate that the central bank is unlikely to ease monetary policy soon. RBI may focus on controlling prices through liquidity management.
The Reserve Bank of India (RBI) governor, Shaktikanta Das, announced that interest rates will remain high and the central bank is focused on monitoring inflation dynamics to ensure a sustained decrease in price pressures. Das stated that India's macroeconomic fundamentals are strong and the country is well-positioned in uncertain times. He also highlighted that retail inflation has decreased to 5% in September 2023, but cautioned about uncertainties in food inflation.
Reserve Bank Governor Shaktikanta Das emphasized the need for an actively disinflationary monetary policy to ensure a smooth decline in inflation. He stated that price stability and financial stability go hand in hand and that the RBI is focused on managing both effectively. Retail inflation fell to a three-month low of 5.02% in September, within the RBI's comfort level. Das also highlighted the challenges of global inflation, slowing growth, and risks to financial stability. He expressed confidence in India's ability to maintain minimum capital requirements.
