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‘I’m Not the Sanjay of Mahabharata’: RBI Governor on Repo Rate Amid Trump’s Tariff Turmoil

April 9, 2025, 2:51 pm

Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday made a 25 basis point reduction in the repo rate, taking it down to 6.5%. This is the second rate reduction in the calendar year and has come at a time when there is increasing global economic uncertainty on account of trade tariffs led by US President Donald Trump.

The RBI’s Monetary Policy Committee (MPC) also shifted its policy stance from “neutral” to “accommodative”, signaling potential further rate cuts or status quo in upcoming policy reviews.

Uncertain Road Ahead for Repo Rate Cuts

Speaking to reporters, Malhotra emphasized the uncertain outlook for further reductions in the repo rate due to ongoing global volatility.

“We have reduced repo rates. We have changed the stance going forward, which means that the direction of the policy repo rate is downwards, where it will reach we really don’t know. I’m Sanjay, but I’m not the Sanjay of Mahabharata, to be able to foresee that far. I do not have that divine vision that he had,” said the Governor, providing a humorous comment amidst serious economic discussion.

Government and RBI Should Act in Concert

Responding to a question regarding whether the RBI would play a more prominent role in steering the changing global economic landscape, Malhotra opined that the central bank and the government need to act in concert.

“It’s a joint effort. You know, who does more of the heavy lifting, etc. The government has done its bit. I think, in the budget that you saw recently, a large number of measures, whether you know it is in terms of the increased capex, whether it is in terms of the tax rebates on the personal income tax side,” he explained.

Tariff War Adds to Economic Headwinds

Malhotra also recognized that recent international events have added even more to the complexity of the economic situation.

“The recent trade tariff related measures have exacerbated uncertainties clouding the economic outlook across regions, posing new headwinds for global growth and inflation,” he added.

Revised Growth Projection

RBI has reduced its GDP growth estimate for FY 2025-26 from 6.7% to 6.5%. Malhotra promised that the central bank is still committed to non-inflationary growth.

“The domestic growth-inflation trajectory demands monetary policy to be growth supportive, while being watchful on the inflation front. We are aiming for a non-inflationary growth that is built on the foundations of an improved demand and supply response and sustained macroeconomic balance. As before, we shall remain agile and decisive in our response and put in place policies that are clear, consistent, credible and in the best interest of the economy,” he said.

Shaktikanta Das Appointed Principal Secretary-2 for PM Modi After Serving as RBI Governor

February 22, 2025, 7:31 pm

Former RBI Governor Shaktikanta Das has been appointed as Principal Secretary-2 to Prime Minister Narendra Modi, according to a notification by the Appointments Committee of the Cabinet (ACC) on February 22. His tenure will be “co-terminus with the term of the Prime Minister or until further orders, whichever is earlier.”

P K Mishra, who is a retired Gujarat cadre IAS officer, is presently the Principal Secretary to the Prime Minister. Das is a retired IAS officer from the Tamil Nadu cadre and has more than 42 years of illustrious civil service, including experience in the areas of finance, taxation, investment, and infrastructure.

The said order reads: “The Appointments Committee of the Cabinet has approved the appointment of Shri Shaktikanta Das, IAS (Retired), as Principal Secretary-2 to Prime Minister with effect from the date he takes charge. His appointment will be co-terminus with the term of the Prime Minister or until further orders, whichever is earlier.”

Das was the 25th Governor of the RBI and made important contributions during India’s economic rebound, including during the COVID-19 pandemic. He was also India’s G20 Sherpa and a member of the 15th Finance Commission. Since becoming the RBI Governor in 2019, Das has overseen pivotal financial reforms, including constituting a panel under former RBI governor Bimal Jalan to examine the economic capital framework of the central bank, which had the effect of boosting the surplus transfer of RBI to the Centre.

Shaktikanta Das Bids Emotional Farewell As RBI Governor, Shares Message To PM Modi | WATCH

December 10, 2024, 2:00 pm

Shaktikanta Das is the 25th Governor of Reserve Bank of India (RBI). Today, he is leaving RBI as he is going to retire from his position. Sanjay Malhotra was appointed as the new RBI Governor. He thanked everybody for supporting him during the tenure and thanked the government for giving him an opportunity to serve the nation.

In a social media post on X, Das said, “Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes. Immensely grateful to the Hon‘ble PM @narendramodi for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts.”

Acknowledging Support from Key Figures

The Prime Minister extended his heartfelt thanks to the key government figures, including Finance Minister Nirmala Sitharaman, for her unwavering support. “Heartfelt thanks to Hon‘ble FM @nsitharaman for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years,” he wrote.

WATCH THE VIRAL VIDEO:

VIDEO | “Team work in the Reserve Bank (of India) was perhaps, in my experience, at a very high level. I got excellent cooperation from each and every member of my RBI team, each of my colleagues did their best during the trying times of Covid. My journey as the Governor of the… pic.twitter.com/tNVlEUqbGK

— Press Trust of India (@PTI_News) December 10, 2024

Das also thanked all the stakeholders of the financial sector, economists, industry bodies, and organisations in all the sectors, including agriculture and services, for their valuable inputs and policy suggestions. It was a team effort at the RBI. This statement has concluded with a thank-you from him to the RBI team with full recognition of their collective contribution. He stated, “A BIG thank you to the entire Team RBI.

Together we steered through an exceptionally testing time of unprecedented global shocks. May the RBI rise even taller as an institution of trust and credibility. My best wishes to one and all,” he wished in closing.

Managing Global Shocks and Economic Challenges

Das took over as RBI Governor on December 12, 2018, after the sudden resignation of Urjit Patel. His most significant challenge was presented when the COVID-19 pandemic hit the world just a year after his appointment and affected economies across the globe. In response to the economic impact, Shaktikanta Das led the RBI in reducing the policy repo rate to a record low of 4% and kept interest rates low for nearly two years to support the economy during the pandemic-induced lockdowns.

As the economy began to recover, Das and the Monetary Policy Committee (MPC) raised interest rates starting in May 2022 to curb inflation and manage economic overheating, a move that reflected his adaptability to the changing economic landscape.

A Resilient Leadership in Economic Growth

His six-year tenure saw India’s economic growth at over 7% for the last four years under his leadership. His tenure was one where, unlike his predecessors, who were characterised by central bank and the Ministry of Finance’s battles, his alignment with the government’s vision for RBI’s role remained consistent throughout.

During his tenure, Shaktikanta Das also saw the highest ever dividend payout by the RBI to the government, amounting to Rs 2.11 lakh crore earlier this year, showing the strong financial position of the central bank under his leadership.

Shaktikanta Das: A Career of Service and Expertise

Before becoming RBI Governor, Das had a stellar career as an IAS officer. A postgraduate from Delhi University‘s St Stephen‘s College, he was part of the 1980 batch of the Indian Administrative Service. He has held various important positions including Secretary to the Department of Economic Affairs and the Department of Revenue. After retirement, Das has been a member of the 15th Finance Commission and has served as India‘s G20 Sherpa.

With more than 38 years of governance experience, Shaktikanta Das worked across finance, taxation, industry, and infrastructure, leaving behind a legacy marked by resilience and robust leadership.

As Shaktikanta Das steps down, his tenure as RBI Governor will be remembered for navigating India through unprecedented global challenges, ensuring economic stability, and leading with a vision for growth. His departure marks the end of an era for the central bank, leaving behind a legacy oof trust, credibility, and impactful leadership.

RBI Governor Shaktikanta Das Hospitalized for Acid Reflux; Understanding it’s Symptoms, Risks, and Prevention Tips

November 26, 2024, 5:38 pm

RBI Governor Shaktikanta Das was admitted to a hospital in Chennai after experiencing severe acidity. According to an RBI spokesperson, “He is now doing fine and will be discharged in the next 2-3 hours.” The spokesperson assured that there is no cause for concern.

What is Acid Reflux?

Acid reflux occurs when stomach acid flows backward into the esophagus and throat. This backward movement can cause irritation and inflammation in the esophageal lining, leading to discomfort. Common symptoms include indigestion, heartburn, chest pain, nausea, and a burning sensation in the stomach or throat after eating.

Also Read: RBI Governor Shaktikanta Das Admitted to Hospital

Is Acid Reflux Dangerous?

Though occasional acid reflux episodes are usually harmless, frequent acid reflux, or gastroesophageal reflux disease (GERD), can cause serious complications if untreated.

Potential complications include:

Esophageal Ulcers
Chronic exposure to stomach acid can erode the esophageal lining, leading to painful ulcers. Symptoms include chest pain, heartburn, nausea, and pain during swallowing. Untreated ulcers may result in esophageal perforation or bleeding.
Esophageal Stricture
GERD-related inflammation can lead to scarring, causing the esophagus to narrow (a condition known as esophageal stricture). This makes swallowing difficult and may lead to choking or breathlessness.
Aspiration Pneumonia
Repeated inhalation of stomach acid into the lungs can cause aspiration pneumonia, a severe lung infection. Symptoms include chest pain, fever, coughing, breathlessness, wheezing, and fatigue. If left untreated, it can be life-threatening.
Esophageal Cancer
GERD increases the risk of adenocarcinoma, a type of esophageal cancer affecting the lower esophagus. Symptoms include difficulty swallowing, severe heartburn, chest pain, weight loss, and cough. Early detection is rare, as symptoms usually appear in advanced stages.

Preventing Acid Reflux

Doctors recommend the following measures to reduce acid reflux and prevent complications:

Avoid Trigger Foods: Limit fried, greasy, spicy, or fatty foods.
Adopt Healthy Eating Habits: Avoid overeating or lying down immediately after meals. Allow time for digestion.
Manage Weight: Excess weight, especially around the abdomen, can push the stomach upward, increasing acid reflux risks.
Reduce Alcohol and Caffeine: Excessive intake of both can aggravate acid reflux.
Quit Smoking: Smoking impairs the esophageal sphincter’s ability to close, allowing acid to rise.
Wear Loose Clothing: Tight-fitting clothes can increase abdominal pressure, pushing stomach contents upward.

Making these lifestyle changes can help control acid reflux and reduce the risk of severe complications.

RBI Governor Warns of Inflation Risks and Slowing Growth

November 14, 2024, 4:51 pm

Reserve Bank of India (RBI) Governor Shaktikanta Das cautioned that while the central bank has managed a “soft landing” amid several global challenges, risks of inflation resurgence and slowing economic growth remain. Speaking at the CNBCTV18 Global Leadership Summit on Thursday, Das acknowledged that inflation could reemerge, impacting overall growth prospects.

“Soft landing has been ensured, but risks of inflation coming back and growth slowing down do remain,” said Das, highlighting the continued global challenges including geopolitical conflicts, geoeconomic fragmentation, commodity price volatility, and the ongoing impacts of climate change.

Inflation and Monetary Policy Adjustments

Das noted that central banks worldwide had tightened monetary policy in response to inflationary pressures, particularly those exacerbated by supply chain disruptions and the war in Ukraine. Despite RBI’s efforts to control inflation, food inflation continues to pose challenges, which Das emphasized in the context of the central bank’s target to reduce inflation to 4% on a sustained basis.

RBI has kept its policy repo rate unchanged at 6.5% for the 10th consecutive time. The Governor also mentioned that in the latest monetary policy statement, the RBI had anticipated higher inflation readings for September and October, which was reflected in the official data.

The next RBI monetary policy meeting is scheduled for the first week of December.

India’s External Sector Stability

On India’s external sector, Das praised the country’s stability, noting that the current account deficit (CAD) remained within manageable limits. The CAD stood at 1.1% of GDP in Q1 of 2024-25, signaling a robust external sector performance. India’s merchandise exports recovered in the first half of FY 2024-25, and services exports rose by 11%, contributing to a favorable economic outlook.

Das also highlighted that private remittances and strong capital inflows were helping contain the CAD, while also supporting foreign exchange reserves, which stood at USD 682 billion as of October 31. This amount, he pointed out, is sufficient to cover India’s external debt and approximately 12 months of merchandise imports.

Das added that the RBI is actively working on addressing climate-related risks and their potential impact on the financial sector. The central bank is set to issue final guidelines for a disclosure framework on climate-related financial risks shortly.

RBI Governor Emphasizes Government and RBI Synergy in Times of Crisis

September 25, 2024, 10:54 am

RBI Governor Shaktikanta Das highlighted the importance of collaboration between the Reserve Bank of India (RBI) and the government in reducing the conflict between combating inflation and promoting growth. He reiterated that there is no long-term trade-off between growth and inflation, as maintaining low inflation is essential for sustainable economic growth. However, he acknowledged that monetary measures aimed at controlling inflation can dampen demand and have a short-term effect on growth.

Das noted that the lessons learned from the pandemic demonstrated the benefits of coordinated monetary and fiscal policies for achieving better economic outcomes. He stated, “During the pandemic, central banks closely collaborated with governments to tackle the unprecedented crisis. When central banks later confronted inflation at multi-decade highs, governments implemented supply-side measures to alleviate inflationary pressures. As a result, the necessary output sacrifice to reduce inflation was minimized.”

Delivering the First Himalaya Shumsher Memorial Lecture at Nepal Rastra Bank in Kathmandu on Tuesday, Das mentioned that the RBI had injected over Rs 5.5 lakh crore into the economy to mitigate the impact of lockdowns and ease business stress. Subsequently, when the RBI raised interest rates in 2022 to combat inflation, the government took various actions to address the rising commodity prices.

In his address, Das remarked that the role of central banking has evolved over the past decade. Previously, central banks focused primarily on price stability, but now their mandate encompasses sustained growth and financial stability in addition to price control. He explained, “The trade-off between price stability and growth arises when the effort to achieve price stability involves significant sacrifices in growth.”

RBI Governor Shaktikanta Das Earns ‘A+’ Rating In Global Finance Report 2024

August 20, 2024, 9:53 pm

Reserve Bank of India (RBI) Governor Shaktikanta Das has once again received an ‘A+’ rating in the Global Finance Central Banker Report Cards for 2024. This marks the second consecutive year that Governor Das has been recognized with this top rating, reflecting his continued success in steering India’s monetary policy.

Global Recognition for Top Central Bankers

The announcement was made in a press release by Global Finance Magazine on Monday, August 19. The magazine’s annual report, which grades central bank governors from around the world, highlighted those who excelled in managing inflation, economic growth, currency stability, and interest rate policies.

Since its inception in 1994, the Global Finance report has been a benchmark for assessing the performance of central bank governors across nearly 100 countries, territories, and districts. The grading scale ranges from “A+” to “F”, with the top ratings reserved for those who have demonstrated outstanding leadership and effective policy implementation.

Das Among the Top Performers

Shaktikanta Das was one of only three central bank governors to receive an ‘A+’ rating this year, alongside Christian Kettel Thomsen of Denmark and Thomas Jordan of Switzerland. This recognition underscores his effective management of India’s monetary policy amidst global economic challenges.

Global Finance’s Statement on Central Bankers

Joseph Giarraputo, founder and editorial director of Global Finance, acknowledged the challenges faced by central bankers in recent years, particularly in combating inflation through higher interest rates. He emphasized that the results of these efforts are now visible as inflation rates have dropped significantly across various countries.

“Global Finance’s annual Central Banker Report Cards honor those bank leaders whose strategies outperformed their peers through originality, creativity, and tenacity,” said Giarraputo.

Other High-Rated Governors

In addition to the ‘A+’ recipients, several other central bank governors were recognized with ‘A’ and ‘A-’ ratings. Governors who earned an ‘A’ rating include Roberto Campos Neto of Brazil, Rosanna Costa of Chile, Harvesh Kumar Seegolam of Mauritius, Abdellatif Jouahri of Morocco, Lesetja Kganyago of South Africa, Nandalal Weerasinghe of Sri Lanka, and Nguyen Thi Hong of Vietnam.

Those who received an ‘A-’ rating include Chea Serey of Cambodia, Tiff Macklem of Canada, and Jerome Hayden Powell of the United States, among others.

About Global Finance

Global Finance Magazine, founded in 1987, is a leading publication with a circulation of 50,000 and a readership spanning 193 countries and territories. The magazine is renowned for its in-depth coverage of the financial sector and its annual assessments of central bank governors, which have become a respected industry standard.

Governor Shaktikanta Das’s repeated recognition with an ‘A+’ rating highlights his continued leadership and the effectiveness of India’s monetary policies under his guidance.

LS Polls 2024: RBI Governor Shaktikanta Das Casts His Vote In Mumbai

May 20, 2024, 11:38 am

RBI Governor Shaktikanta Das casts his vote along with his family in the current fifth phase of the election.

The governor came to vote at the polling booth at Activity School, Peddar Road, Mumbai.

After coming out of vote, the RBI Governor declared, that its proud moment for 140 crore people, as they get to participate in this civic duty. He also praised the smoothness of this electoral process saying

“The process of voting today was very smooth, and I would like to congratulate the Election Commission of India and all the officials who have been working throughout the country.”

Later, he also encouraged people to come out to vote as this is a right, granted in parliamentary democracy.

Watch Here:-

#WATCH | Mumbai: After casting his vote, RBI Governor Shaktikanta Das says, “It’s a very proud moment for every Indian. It’s a moment of pride to participate in an election of 140 crore people. The process of voting today was very smooth and I would like to congratulate the… pic.twitter.com/JGUifocSvP

— ANI (@ANI) May 20, 2024

While appealing to voters he said “It is really a pride moment for every Indian to vote in these elections. I appeal to every voter to come out and vote.”

Later, Union minister and BJP Candidate of Mumbai North Lok Sabha seat Piyush Goyal also casted his vote at polling booth in Mumbai.

After Giving his vote Piyush Goyal said

“This election has given me the opportunity to meet several people and take their blessings. Being a Mumbaikar, the way people have hosted me is a wonderful feeling…My family members have come from abroad to exercise their right to vote.”

Meanwhile, polling is ongoing at 13 out of 48 Lok Sabha seats in Maharashtra including six in Mumbai.

In this state, 2.46 crore people are eligible to vote. As for BJP, Union ministers Piyush Goyal, Bharati Pawar and Kapil Patil are key candidates of the party.

Besides, BJP has also fielded other candidates like lawyer Ujjwal Nikam.

However, Election Commission of India has recently announced, that there exists a voter apathy in cities like Mumbai, Thane and Lucknow. It has earlier requested people to come out in vote in huge numbers.

Check Key Highlights from RBI’s Bi-Monthly Monetary Policy Statement

December 8, 2023, 1:01 pm

The Reserve Bank of India (RBI) unveiled a series of key decisions aimed at shaping the nation’s economic landscape in a comprehensive bi-monthly policy statement. While keeping the benchmark interest rate at 6.5%, the RBI increased the UPI transaction limit, specifically targeting payments to hospitals and educational institutions, from Rs 1 lakh to Rs 5 lakh. The central bank also expressed optimism by raising its GDP growth forecast for the current fiscal year to 7% from 6.5% previously. Furthermore, the RBI emphasized its commitment to economic stability by maintaining the average retail inflation forecast for the fiscal year 2023-24 at 5.4%. The following are the key points from the RBI’s Bi-Monthly Monetary Policy Statement.

RBI maintains benchmark interest rate at 6.5%
UPI transaction limit for payments to hospitals and educational institutions set to increase from Rs 1 lakh to Rs 5 lakh
GDP growth projection for the current fiscal raised to 7% from the previous 6.5%
GDP growth forecast for December and March quarters set at 6.5% and 6%, respectively
Average retail inflation projection retained at 5.4% for 2023-24
Inflation outlook influenced by uncertain food prices; intermittent vegetable price shocks may impact inflation in November and December
The rupee shows low volatility compared to other emerging market currencies in 2023
Rupee stability attributed to improving macroeconomic fundamentals and resilience to global challenges
Forex reserves reach USD 604 billion as of December 1, ensuring confidence in meeting external financing requirements comfortably
RBI emphasizes vigilance and readiness to act based on the evolving economic outlook
India positioned better to withstand uncertainties compared to many other countries
The proposed increase in e-mandate for recurring payments to Rs 1 lakh from the current Rs 15,000
RBI announces plans to establish a cloud facility for the financial sector to enhance data security and privacy
The next monetary policy committee meeting is scheduled for February 6-8, 2024.

RBI Holds Steady: Policy Rate Unchanged for the 5th Consecutive Time

December 8, 2023, 11:36 am

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decided to stick with stability, keeping the policy repo rate at 6.5 percent during its December review meeting. This decision was unexpected. This is the central bank’s fifth consecutive decision to keep interest rates unchanged.

RBI Governor Shaktikanta Das, addressing the media, cited declining inflation as a key factor behind the decision to maintain the status quo in the policy stance. While retail inflation in India has eased, October’s consumer price index (CPI) touched a four-month low of 4.87 per cent, still above the ideal 4 per cent scenario.

Das highlighted that the MPC, with a majority of 5 out of 6 members, is committed to withdrawing accommodation to ensure that inflation progressively aligns with the target while supporting growth. This stance is in line with the central bank’s ongoing efforts to balance economic stability.

The Governor’s remarks also touched upon India’s robust GDP growth, which stood at 7.6 per cent during the July-September quarter, making it the fastest-growing major economy. Despite global economic challenges, India’s economic resilience has been notable.

This three-day bi-monthly meeting marks the end of the year for the RBI, with the MPC deliberating over interest rates, money supply, inflation outlook, and various macroeconomic indicators. The central bank’s decision to maintain the status quo reflects a cautious approach, possibly influenced by a relative decline in inflation, barring recent spikes.

The repo rate, unchanged at 6.5 per cent for the fourth consecutive meeting, is a critical tool in the RBI’s fight against inflation. Despite concerns about rising inflation in many countries, India has managed to navigate its inflation trajectory effectively.

The RBI’s decision to hold the repo rate steady suggests a nuanced approach to monetary policy, considering the delicate balance needed to support economic growth while keeping inflation in check. As we head into the new year, the financial landscape remains dynamic, with the RBI’s moves closely watched for their impact on various sectors of the economy.

‘Looking at business models of banks more closely’, RBI Governor

April 27, 2023, 4:55 pm

A resilient bank needs to be financially, operationally, and organizationally resilient and should have adequate capital buffers to be able to generate earnings even in times of severe macroeconomic shocks, said Reserve Bank of India governor Shaktikanta Das, adding that it has started looking at the business models of banks more closely.

“It (a resilient bank) should also have adequate liquidity to meet its obligations in various situations. Therefore, financial resilience is closely linked to a bank’s business model and strategy. The Reserve Bank has, therefore, started looking at the business models of banks more closely,” Das said. Governor Das was addressing a conference on ‘Financial Resilience’ organised by the College of Supervisors in Mumbai.

In the context of the recent banking sector instability in the US and Europe, Das said there is now a renewed focus on issues of financial resilience and stability. Das added that the Indian banking system has remained resilient and has not been adversely affected by the recent crisis seen in advanced economies.

In India, he said the RBI has significantly strengthened its regulations and supervision of banks and other regulated entities in recent years. “Aspects or deficiencies in the business model itself can spark a crisis in due course. We have not only prescribed regulatory norms for capital adequacy and liquidity ratios but even gone beyond to nudge banks to build up capital buffers in good times and times of plenty,” he said, referring to what it did during the COVID-19 pandemic when there was plenty of liquidity.

Separately, the Ministry of Finance recently echoed a similar view about India’s banking system. The Ministry of Finance, in its monthly review report put out on Tuesday, stated that the recent collapses of a few banks in the US and Europe on the back of the ongoing monetary policy tightening cycle, primarily due to interest rate hikes, posed questions to policymakers on the vulnerability of financial systems, particularly in emerging market economies (EMEs).