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European banks in France and Germany have been instructed to continue their dealings with Indian clearing houses beyond the October deadline, following a dispute over supervisory powers. This decision comes after the Reserve Bank of India denied a request for co-supervision of trades settled through these clearing houses. Authorities have advised banks to explore alternative arrangements with local lenders.
V. Vaidyanathan, MD & CEO of IDFC First Bank, expressed optimism about corporate loans, citing a five-year record of no delinquencies. He emphasized the bank's commitment to supporting non-banking financial institutions facing RBI regulatory actions, confident they will recover once restrictions are lifted. The bank's corporate loan book grew 20.7% year-on-year, reaching Rs 63,321 crore as of September 30.
The Reserve Bank of India highlights a significant shift in banking operations due to the integration of artificial intelligence (AI) and machine learning (ML). Indian banks are increasingly utilizing AI-driven chatbots and virtual assistants to enhance customer service, streamline account management, and provide personalized financial advice, resulting in quicker responses to inquiries. This trend reflects a broader move towards automation in the banking sector, impacting risk assessment, fraud prevention, and regulatory compliance.
RBI Governor Shaktikanta Das has been recognized as the top central banker for the second consecutive year by Global Finance magazine. He received an A+ grade in the Central Bank Report Cards 2024, reflecting excellence in inflation control, economic growth, currency stability, and interest rate management. The award was presented at an event in Washington DC.
Cryptocurrencies pose significant risks to financial and monetary stability, according to Reserve Bank of India Governor Shaktikanta Das. He warned that they could undermine the central bank's control over money supply, complicating efforts to manage liquidity and inflation. Das emphasized the need for international cooperation to address these challenges, highlighting growing concerns among governments about the potential downsides of cryptocurrencies.
RBI Governor Shaktikanta Das has dismissed suggestions to exclude volatile food prices from India's inflation targets, emphasizing that such a move would be illogical for everyday consumers. He stated that food constitutes nearly half of the consumer inflation basket, and removing it would effectively eliminate the target itself.
India's forex reserves fell by $2.163 billion to $688.267 billion for the week ending October 18, as reported by the Reserve Bank. This decline follows a significant drop of $10.746 billion the previous week, marking one of the largest decreases in recent times. Foreign currency assets, a key component of the reserves, decreased by $3.865 billion to $598.236 billion.
Sovereign Gold Bonds (SGBs) have gained popularity among Indian investors, especially with limited new issuances leading to a 5-10% premium in secondary markets. While these government-backed bonds offer benefits like a coupon rate and tax exemptions, many small investors are drawn to purchasing older series, which are not actively traded, raising concerns about the potential drawbacks of buying at a premium.
India's rate-setters are maintaining a cautious stance on inflation amid ongoing geopolitical tensions and fluctuating food prices, as revealed in the recent minutes from the central bank's monetary policy committee meeting. The Reserve Bank of India opted to keep interest rates unchanged and adjusted its stance to neutral, indicating a potential shift towards easing in the future.
The Reserve Bank of India's monetary policy committee (MPC) emphasizes a cautious approach to interest rate adjustments despite inflation aligning with targets. Deputy Governor Michael Patra noted improving supply conditions, while Rajiv Ranjan affirmed the effectiveness of their current strategy in managing inflation without relaxing control efforts.
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European banks to continue dealings with Indian clearing firms amid regulatory dispute
09:46 28.10.2024
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Shaktikanta Das named top central banker for second consecutive year
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cryptocurrencies pose significant risks to financial and monetary stability warns rbi governor
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Reserve Bank OF India University/AOP/Society
Peterson Institute for International Economics
IND
Shaktikanta Das
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