Capital account convertibility will continue to be a process, rather than an event: RBI Governor Shaktikanta Das
It can be noted that capital account convertibility is a very sensitive subject as it deals with liberalisation of capital transactions into and out of a country.
Economic recovery stronger than expected, need to be watchful of demand sustainability: Shaktikanta Das
It can be noted that the Indian economy contracted by 23.9 per cent in the first quarter of the fiscal year, and the RBI expects the economy to shrink by 9.5 per cent in FY21.
I have tested COVID-19 negative. Will be back in office next week. Thank you everyone for your good wishes for my early recovery, the central bank governor said in a tweet.
RBI Governor Shaktikanta Das said he is asymptomatic and has alerted those who came in contact with him in recent days.
Speaking about the risks to growth, Das said there are downside uncertainties that could put sand in the wheels of this nascent recovery.
Measures include making borrowing cheaper for states as well as sector-specific support
For the governor, the second category of sectors to 'strike form' would comprise segments where activity has been normalising gradually.
Friday's monetary policy was as aggressively accommodative as possible without cutting the policy rate, said Abheek Barua, Chief Economist, HDFC Bank.
In a statement after the meeting of the Monetary Policy Committee, RBI Governor Shaktikanta Das said Indian economy is entering into a decisive phase in the fight against coronavirus.
RBI had last revised its policy rate on May 22, in an off-policy cycle to perk up demand by cutting interest rate to a historic low.
RBI Governor Shaktikanta Das had earlier said although there was headroom for further monetary policy action, it was important to keep "our arsenal dry and use it judiciously."
The union has also claimed that the bank is looking to change its business profile, expand network in northern India and hire senior people on contractual basis at high remuneration.
The projection will be critical as it would lay out the RBI's assessment of the extent of the slowdown and the medium-term implications of the ongoing crisis.
The pandemic has thrown the world out of whack and what emerges on the other side is likely to be very different for many sectors
Observing that the economic recovery was not yet fully entrenched, the RBI Governor said recovery is likely to be gradual.