RBI
SBI Funds permitted to acquire 9.99% stake in HDFC Bank
In a regulatory filing, the HDFC Bank said the Reserve Bank of India (RBI) has given its approval to SBI Funds Management for acquiring up to 9.99 per cent of the paid-up share capital or voting rights of the bank. The RBI has given its nod on an application made by the SBI Funds Management and advised to acquire the stakes within six months, that is, by November 15.
As inflation cools off, RBI Guv says 'monetary policy on right track'
Terming the official data as a very satisfying development, Das refused to comment if the release of the numbers would lead to change of the policy stance or the Reserve Bank of India (RBI) becoming less hawkish. He preferred to say that all this would be clear on June 8 when the next policy review will come up.
India's foreign exchange reserves rise to $588.78 billion
As per the data, India's foreign currency assets, the biggest component of the forex reserves, rose by $4.99 billion to $519.48 billion.
During the week ending April 21, the country's foreign exchange reserves had fallen by $2.164 billion to $584.248 billion. Incidentally in October 2021, the country's forex reserves had reached an all-time high of $645 billion.
Achieving net zero target by 2070 would need reduction in energy intensity: RBI report
It further said that India's green financing requirement is estimated to be at least 2.5 per cent of GDP annually till 2030, adding that a balanced policy intervention with progress ensured across all policy levers, will enable India to achieve its green transition targets by 2030, thus making the net zero goal by 2070 attainable.
India's foreign exchange reserves fall to $584.24 billion
In the previous reporting week, the overall kitty had risen by $1.657 billion to $586.412 billion. Incidentally in October 2021, the country's forex reserves had reached an all-time high of $645 billion. In the period under review, the reserves fell mainly due to foreign currency assets (FCAs) shrinking by $2.146 billion to $514.489 billion.
A resilient bank must be financially and organisationally strong: RBI Governor
Addressing the global conference on financial resilience organised by the College of Supervisors here, Das said that in order to be resilient, a bank should have adequate capital buffers and should be able to generate earnings even in times of severe macroeconomic shocks.
RBI-MPC's fight against inflation not yet over: Governor at MPC Meeting
The MPC met on April 3, 5 and 6 this year and decided to pause on the repo rate at 6.50 per cent. In his remarks at the MPC meeting, Das said the cumulative impact of monetary policy actions over the last one year is still unfolding and needs to be monitored closely.
SME loan delinquencies to increase for Indian finance companies: Moody's
According to Moody's, though the RBI has paused its rate hike cycle in April, the hikes effected over the past year have increased funding costs for non-banking finance companies (NBFCs). As their funding costs have risen, NBFCs have increased interest rates for loans against property (LAP) to small and medium-size enterprise borrowers, which is heightening repayment and refinancing risks for these loans.
MPC pauses, is likely done: Monetary Policy Review April 2023
He notes the improvement in our external situation (current account deficit compressing and forex reserves built back to higher than USD 600 billion), the prospects of inflation falling ahead (RBI forecast for FY 24 10 bps lower at 5.2 per cent), and drag from the external sector on growth (though GDP forecast for FY 24 is a shade higher.
Stumped by RBI's decision on repo rate, experts react
Interestingly, RBI Governor Shaktikanta Das on Thursday announced that the MPC has decided to hold the repo rate at 6.5 per cent. Consequently, the standing deposit facility (SDF) rate will remain unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.
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