RBI policy highlights: Prioritising inflation over growth, says Das

RBI Monetary policy updates: As expected by market participants, RBI retained status quo on key interest rates. Governor Shaktikanta Das said. "Approach needs to cautious, but proactive". Stay tu

12:56 PM

RBI ready to launch pilot projects for digital rupee

The Reserve Bank of India is in position to start off with pilot projects on its central bank digital currency, or digital rupee, Deputy Governor T Rabi Sankar says. "[We] Will start with a calliberated approach, in a non-disruptive manner," Sankar says. "...will probably start with the wholesale piece since it is easier to implement."

12:40 PM

M Rajeshwar Rao on KYC issues at regulated entities

The Reserve Bank of India is internally looking at the know-your-customer issues at regulated entities, Deputy Governor M Rajeshwar Rao says. "We will continue to monitor the developments... If any action is necessary, [it] will be taken," he says. "...have to ensure that any actions taken by the RBI are taken under PMLA (Prevention of Money-Laundering Act) rules."

12:30 PM

HDFC-HDFC Bank merger proposal under examination, says RBI governor

HDFC-HDFC Bank merger proposal under examination, says RBI governor

12:29 PM

RBI Monetary Policy LIVE: SDF will give us flexibility without the constraint of a collateral

RBI Monetary Policy LIVE: SDF will give us flexibility without the constraint of a collateral. Both SDF & MSF will now move in tandem with any future revision in repo rate. Don't think RBI is behind the curve, G-SAP stopped in October 2021, outright open market operations have been far less: RBI Governor Shaktikanta Das

12:24 PM

We have stopped G-sec last year while advanced economies still reducing bond purchases: RBI Guv

RBI Guv says the central bank is not behind the curve. We have stopped G-sec last year while advanced economies still reducing bond purchases

 

12:20 PM

Shaktikanta Das lists out seven points in RBI's policy

There are seven things which we have done in this policy announcement, RBI Governor Shaktikanta Das says. 

 

— Revised inflation due to war induced factors and revised growth projections. 

— In sequence of priorities have put inflation before growth. 

— Stance continues to be accomodative while focussing on withdrawal of the accomodation which has been there for more than two years. 

— LAF corridor has been normalised to 50 bps. 

— SDF has been introduced and will be bottom of the corridor. 

— Announced that liquidity withdrawal will be done over a multi-year timeframe. 

— Situation is dynamic and fast-changing and all our actions will be tailored accordingly.

12:14 PM

SDF has been introduced and now it is the bottom of the corridor: Shaktikanta Das

SDF has been introduced and now it is the bottom of the corridor: Shaktikanta Das

12:13 PM

Inflation projections primarily revised upwards due to war-induced factors, says Das

 Inflation projections primarily revised upwards due to war-induced factors. In the sequence of priorities, we have now put inflation before growth. Time is appropriate to prioritise inflation ahead of growth: RBI Governor Shaktikanta Das

12:09 PM

Economic situation is dynamic and fast changing, actions will be tailor-made according to it, says Das

Economic situation is dynamic and fast changing, actions will be tailor-made according to it, says Das

12:07 PM

RBI policy stance still accomodative, but focussed on withdrawing accomodation: RBI governor Shaktikanta Das

RBI policy still accomodative, but focussed on withdrawing accomodation: RBI governor Shaktikanta Das

12:06 PM

In the last three years, RBI prioritised growth over inflation, that has changed now: RBI guv

In the last three years, RBI prioritised growth over inflation, that has changed now: RBI guv

12:04 PM

RBI Monetary policy LIVE updates: Shaktikanta Das interacts with the media

RBI Monetary policy LIVE updates: Shaktikanta Das interacts with the media

11:39 AM

RBI Monetary policy LIVE: Governor Shaktikanta Das to address media shortly

RBI Monetary policy LIVE: Governor Shaktikanta Das to address media shortly

10:54 AM

RBI MPC LIVE: RBI Governor on cardless cash withdrawal

The system of cardless cash withdrawal will be made available across all banks and ATM networks using UPI, says RBI governor. Net worth requirement for Bharat Bill Payments System Operating Units lowered from Rs 100 crore to Rs 25 crore.

10:54 AM

RBI is not hostage to any rule book, says Shaktikanta Das

RBI is not hostage to any rule book, no option is off the table when the need of the hour is to safeguard economy, Das says. "The sky today maybe overcast with clouds but we will use all our energy and resources to let the sunlight illuminate India's future," he says.