Inflation is our top priority now. We are still a long distance to cover to reach 4%, RBI said.
The BSE Sensex also touched an all-time high of 69,888 around 10:30 AM as the RBI governor announced a revision of the FY24 GDP growth estimate to 7%, 50 basis points higher than its earlier estimate
Despite softening prices, RBI maintains 'withdrawal of accommodation' stance pointing out that inflationary risks are 'evenly balanced'
He says this is due to the strength of underlying macro-fundamentals of the economy and reassuring forex buffers
The fundamental goal of the monetary policy is to align inflation with the 4 per cent target and anchor inflation expectations, Das said.
Tokenisation replaces actual card details with a 16-digit code, which is a unique combination of the card, the merchant or entity accepting the token, and the device on which the payment is made.
"The need of the hour is robust risk management and stronger underwriting standards," RBI Governor Shaktikanta Das said in his monetary policy statement on Friday.
"Risks are evenly balanced...economic activity continues to be resilient and the data points justify that .. current year GDP growth will be at 6.5%," Das said.
He emphasised on the need for fair and democratic board discussions, where every director has an opportunity to express their views.
Fintechs need to adopt best practices to avoid misselling, and stress on ethical practices, Shaktikanta Das said.
The central bank has been mandated by the government to keep inflation at 4 per cent with a margin of 2 per cent on either side.
The Governor held a conference of directors on the boards of select large urban cooperative banks (UCBs) in Mumbai Zone.
Taking cues from RBI’s liquidity tightening measures, the overnight call money rates have risen over the past few weeks.
In a meeting with MD''s and CEO's of upper layer non-bank lenders, the apex bank discussed risks associated with high credit growth in retail segment, particularly in unsecured lending space.
Shaktikanta Das speaks at a seminar on the global economy organised by the Ministry of Finance in Mumbai.
The move was the best option under the current circumstances to drain excess liquidity, said the RBI Governor Shaktikanta Das on Thursday.
Uncertainties, however, remain on domestic food price outlook due to sudden weather events and possible El Niño conditions in August and beyond, he added.
Until now, markets were asking when will rate cuts begin? Following Thursday's policy statement, the question is if rate hikes will make a comeback.
He further added that the International Monetary Fund (IMF) is also working towards micro financial challenges rising out of CBDC which will also be factored in.
The governor held meetings with the MDs and CEOs of public sector banks and select private sector banks in Mumbai.