The Reserve Bank today said it has got recognition for its efforts to improve regulatory reporting and has been given the XBRL International Award for Excellence.
"The XBRL International, the global custodian of the eXtensible Business Reporting Language (XBRL) standard awarded the 'XBRL International Award for Excellence' to the Reserve Bank of India (RBI)," it said in a statement.
RBI said the award has been given to it in recognition of its efforts in 'Innovation and Continuous Pursuit of Improvement in Regulatory Reporting'.
The Deputy Governor R Gandhi had received the award on January 22, 2016 by XBRL International CEO John Turner.
Turner appreciated RBI for the widespread use of XBRL standard in its data collection system, said the release.
Turner, particularly mentioned that the approach taken by the RBI in implementing XBRL is quoted extensively in the global forum, it added.
XBRL has been adopted by around 60 countries and around 100 regulators around the globe.
According to Morgan Stanley, the Reserve Bank of India is
expected to wait for the onset of monsoon to see the trend in actual inflation before proceeding for the rate cut.
"We see a higher chance of RBI reducing rates in the October meeting. However, there is a possibility of RBI cutting rates in the August meeting if the rainfall arrives in time and is significantly above normal by end of July," Morgan Stanley said.
"Post that, we expect RBI to move in December or February meeting, with the key event to watch being Fed monetary policy action," it added.
"We do not expect a rate cut in this policy, but important from signaling perspective, particularly how RBI views improved expectations over monsoon and its assessment of impact on inflation," Deutsche Bank said in a report.
However, some experts feel that there is a strong case of rate cut in the upcoming policy.
"There is a compelling reason for RBI to cut interest rate as inflation is low, monsoon projection is favourable and there is a need to push growth," Yes Bank Managing Director Rana Kapoor said.
"My sense is that the central bank would cut rate by 0.25 per cent this time and by similar percentage point in August before the busy credit season starts," he said.
According to India Ratings and Research, RBI is likely to maintain a status-quo on interest rates as focuses on inflation control, liquidity management and the pending policy transmission in the near-term.
