x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Digvijay Singh’s appointment as J&K observer confuses Cong leaders, workers | Cloudburst leaves 3 dead, damages property, washes away highway in Ramban | LG Sinha, CM Omar express grief | Anti-Constitution face of BJP once again at its full display: Advocate Bhardwaj | RSS Chief calls for ‘one temple, one well, one cremation ground’ | School teacher held for demanding sexual favours from student | DGP Prabhat visits South Kashmir, reviews preparedness | Day 6: Search operation to trace terrorists continues in Poonch | Searches underway in Kathua | Climate experts seek ‘right to cool’, heat protection for informal sector workers | SSC implements Aadhaar-based authentication for its recruitment exams | Omar lambasts Delhi Airport for flight diversion | Soldier dies in Siachen Glacier | Govt orders inquiry | LPG distributors threaten strike | Awareness prog on drug menace held at GHSS, Baramulla | Poonch admin issues public advisory in view of adverse weather forecast | Business-Friendly Future | Remarkable scholar passes away | BJP Nowshera district organizes grand function under 'Dr Ambedkar Samman Abhiyan' | Restoration of statehood crucial for alleviating issues of people of J&K: Dr Farooq Abdullah | Sakeena Itoo reviews performance of Samagra Shiksha | Former Karnataka DGP Om Prakash found dead at his Bengaluru house | Delhi records highest minimum temperature in 3 years | No possibility of coming back to Himachal politics: Nadda | LMD imposes fine of Rs1.5 Lakh on manufacturer of animal feed for underweight packaging | Health Awareness, Character Building Programme organises | Vivek Bali demands urgent Government relief for apple growers affected by hailstorm | Natrang stages hilarious satirical play 'Commission' in Sunday Theatre series | DDC inaugurates newly established Kisan Khidmat Ghars | AYUSH Pharmacist course introduced at ANMT School Ramban | Vikramaditya expresses deep grief over Ramban tragedy | Dr Vikas Sharma of SKUAST-J conferred SIDAVES Fellow Award 2025 | Scrutinizing committee clears nominations for CCI elections; polls on 11th May | Indian Army conducts Motivational Lecture | JPBEF Marks AIBEA's 80th Foundation Day with welfare drive | Indian Army Conducts Medical Patrol for Locals in Alal Village, Rajouri | SMVDU secures Rs 10 Crore ANRF-PAIR grant in collaboration with IIT Ropar | I will try to continue to bowl yorkers because it is my best ball: Avesh Khan | I will move court against Ombudsman's order, says miffed Azharuddin | Arjuna Babuta clinches 10m air rifle silver in thriller, misses gold by 0.1 at ISSF World Cup | Rise of Suryavanshi: Facing 600 balls-a-day from age of 10 to playing 150km throwdowns | GCW Parade Ground, GDC Bishnah sign MoU to strengthen academic collaboration | India off to flying start at Asian U-15 & U-17 boxing c''ships | Arjun bags silver, Arya finishes fifth; India in third place on medals tally | Back Issues  
 
news details
Nobody expects RBI to be cheerleader: Guv Das
7/19/2024 11:03:22 PM
MUMBAI, Jul 19: Governor Shaktikanta Das on Friday said the Reserve Bank’s relations with the government have been “smooth” during his nearly six-year term, and credited the close coordination between the two for the quick revival of the economy after the pandemic.
Speaking at an event organised by Financial Express here, the bureaucrat-turned-central banker said nobody has expected him to be a “cheerleader” for the government during his term.
“I am saying from my experience. Nobody expects RBI to be a cheerleader. I have had no such experience,” he said, responding to a specific question about a lament made by one of his predecessors in a recent book.
Asked if he is open for a new term at Mint Road, Das said he is very focused on the current assignment and does not think of anything outside that.
Das said the RBI is optimistic that its estimate of 7.2 per cent growth for FY25 will be met, and added that with steady growth, the focus of the policy has to be “clearly and unambiguously” on inflation. The inflation elephant is taking pauses and grudgingly moving towards the forest or the 4 per cent target in an unidirectional way, he added.
He asked the banks to be watchful on the lag between credit and deposit growth and advised that the former should not exceed the latter.
The Governor also warned that the financial system can get exposed to “structural liquidity issues”
The RBI is optimistic that its estimate of 7.2 per cent growth for FY25 will be met.
With steady growth, the focus of the policy has to be “clearly and unambiguously” on inflation.
The inflation elephant is taking pauses and grudgingly moving towards the forest or the 4 per cent target in an unidirectional way.
The RBI is working with banks and law enforcement agencies to check Mule accounts and digital frauds.
due to the lag between the credit and deposit growth.
Amid concerns about Mule accounts being used by fraudsters, Das asked banks to strengthen their customer onboarding and transaction monitoring systems to check unscrupulous activities.
The RBI is working with banks and law enforcement agencies to check Mule accounts and digital frauds, he added.
Das said RBI’s actions on the unsecured lending have had the desired impact and growth in the focus segment has moderated, but flagged concerns on the high ceilings on unsecured lending kept by some banks despite having high exposures already.
He advised prudence to such banks and added that they should avoid exuberance.
In light of his comments on Friday, which are also preceded by some actions taken by RBI against some errant entities, Das clarified that no one should assume that there is a big problem with the banking system and added that it remains very stable and healthy.
The RBI is not looking at any proposal on allowing corporate entities to own or promote banks at present, Das said, adding that the issue of related party transactions is very real and having any control over them is difficult.
He said India does not need a proliferation of banks, but well-governed and stable institutions, he said, adding that the on-tap facility for universal bank licenses continues to be open for those qualifying as fit and proper.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU