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On his final day as the Reserve Bank of India governor, Shaktikanta Das emphasized the transformative potential of a home-grown central bank digital currency (CBDC), the digital rupee. He highlighted India's pioneering role in CBDC development, contrasting it with the slow progress of other central banks globally. Das advised a cautious approach to implementing a system-wide CBDC, advocating for gradual introduction based on user data from pilot projects, while expressing confidence in its future role in domestic and cross-border payment systems.
India's IPO market is experiencing a surge, with 298 companies raising Rs1.4tn ($16.6bn) this year, a 140% increase from last year. Predictions for 2025 are optimistic, with major players like LG and Flipkart planning offerings, but concerns about global market volatility and investor sentiment remain. Meanwhile, the CFA certification faces declining interest, particularly among Chinese students, as the Indian education system struggles to produce well-rounded finance professionals amidst technological advancements.
Das leaves a significant legacy, having adeptly navigated the economy during the COVID-19 crisis by providing essential liquidity to banks and markets. Under his leadership, the RBI implemented targeted liquidity measures and skillfully managed inflation, questioning data collection methods as CPI approached critical levels. His bold interventions helped maintain market stability, emphasizing the yield curve as a "public good."
Sanjay Malhotra, a 1990-batch IAS officer from the Rajasthan cadre, has been appointed as the new Governor of the Reserve Bank of India, succeeding Shaktikanta Das. With over 33 years of experience in various sectors, he will begin his three-year term on December 11, 2024, after previously serving as Revenue Secretary.
India has appointed Revenue Secretary Sanjay Malhotra as the new governor of the Reserve Bank of India, succeeding Shaktikanta Das. Malhotra takes charge during a critical period as the country grapples with rising inflation and aims to maintain economic growth, with the central bank recently holding interest rates steady at 6.5%. He faces challenges including a governmental push to relax guidelines affecting state-controlled banks amid concerns over economic performance.
Revenue Secretary Sanjay Malhotra has been appointed as the new RBI Governor for a three-year term, effective December 11, succeeding Shaktikanta Das. A 1990-batch IAS officer from the Rajasthan cadre and an IIT-Kanpur alumnus, Malhotra has played a key role in enhancing tax collections and will oversee tax-related proposals for the upcoming budget.
The Reserve Bank of India (RBI) has maintained key interest rates at 6.5% for the eleventh consecutive time, prioritizing inflation control over economic growth. Despite government pressure to stimulate growth, the RBI lowered the cash reserve ratio to 4% to enhance liquidity. Governor Shaktikanta Das hinted at a potential rate cut in the upcoming February review, anticipating a decline in inflation during the January-March quarter.
The Reserve Bank of India (RBI) is navigating a challenging economic landscape with stagnant growth and high inflation. It has maintained the repo rate at 6.5% while reducing the cash reserve ratio by 50 basis points to enhance liquidity, aiming to stabilize the rupee and attract foreign currency deposits. Despite these measures, growth forecasts for FY25 have been lowered to 6.6%, and inflation is projected at 4.8%, exacerbating the cycle of weak demand and limited investment.
The Reserve Bank of India (RBI) has raised the interest rate ceiling for foreign currency non-resident (FCNR-B) deposits to attract more forex inflows as the rupee faces pressure. NRIs can now open term deposit accounts in foreign currencies without exchange rate risk. The new rates apply to deposits with maturities between 1 and less than 3 years, capped at the relevant reference rate plus 400 basis points.
Shaktikanta Das has announced a cut in the cash reserve ratio (CRR) to enhance liquidity for investors, opting for this measure over a rate cut amid rising retail inflation and low GDP growth. This approach aims to maintain stability while addressing economic challenges without compromising inflation targets.
Shaktikanta Das
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