Shaktikanta Das said the launch of the Central Bank Digital Currency (CBDC) is a landmark moment in the history of currency in the country and will lead to a major transformation of the way business is done.
Such companies can include entities in e-commerce, search engines and social media platforms that have started to offer financial services in a "big way" on their own or through tie-ups, he said, adding this is leading to the use of new methodologies in credit assessment.
RBI Governor Shaktikanta Das, at the recent monetary policy committee review deliberations, had categorically said that India's retail inflation is likely to stay above the tolerance level till the third quarter of FY23 before moderating below 6 per cent.
Addressing a press conference, the governor said the RBI has changed the policy stance to drop the phrase "remains accommodative", and instead opted for "withdrawal of accommodation" for guiding its future moves.
The board also discussed the working of RBI during the year April 2021 March 2022 and approved the annual report and accounts for the accounting year 2021-22, the statement said.
It has also slashed its growth forecast for the present fiscal to 7.2 per cent from 7.8 per cent in February.
In a statement after the Monetary Policy Committee's bi-monthly meet, RBI Governor Shaktikanta Das said the real GDP growth is projected at 17.2 per cent in Q1FY23, at 7 per cent in Q2; at 4.3 per cent in Q3 and Q4 at 4.5 per cent.
To further encourage the use of UPI by retail investors, he said it is proposed to enhance the transaction limit for payments through UPI for Retail Direct Scheme and IPO applications from Rs 2 lakh to Rs 5 lakh.
India has potential to grow at a reasonably high pace in the post-pandemic scenario, said Reserve Bank of India Governor Shaktikanta Das.
The decision was taken by the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi.
Of the many things that demonetization has banished, a prominent and worrying one has been the credibility of Reserve Bank of India (RBI). For its management, its execution, its information sharing, its transparency, its rule making or the lack of them, the apex bank as an institution has received flak. The recent news of RBI […]
Shaktikanta Das, Former Revenue and Economic Affairs Secretary, was one of the 11 persons who were instrumental in giving GST its present shape soon after the Modi government took charge. As revenue secretary, he worked closely with all the others including Arun Jaitley and the empowered committee of state finance ministers to come up with […]
To measure the extent of financial inclusion in the country, it has been decided to construct and periodically publish a financial inclusion index (FII).
New Delhi: Assuring adequate liquidity measures whenever the need arises RBI Governor Shaktikanta Das on Monday noted that liquidity should not become “loose money” and the apex bank would exercise the measures with caution. The Reserve Bank of India has “a sense” of the current liquidity situation and after his appointment as its Governor has […]
New Delhi: Attacking the government for appointing Shaktikanta Das as RBI Governor, the Congress on Wednesday alleged that he would play to the tunes of the government and that choosing a bureaucrat who defended demonetisation, instead of an eminent economist, will diminish the institution. Former Finance Minister P. Chidambaram said Das was the second person […]