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India needs to take steps to boost economic growth as the inflation outlook remains low, the Reserve Bank of India's monetary policy committee (MPC) said in minutes released on Thursday. Most of the six-member MPC were in favour of spurring growth in Asia's third largest economy amid a soft inflation outlook on a sustained fall in food prices, the minutes of the February monetary policy meeting showed.
The Reserve Bank of India (RBI) is expected to cut interest rates again next quarter, according to a Reuters poll of economists, with a slim majority forecasting policy easing to occur before the general election in May. A Reuters snap poll taken immediately after Thursday's policy review - where the RBI unexpectedly reduced interest rates by 25 basis points - showed the central bank will make the same move next quarter. Another easing would be welcome news for Prime Minister Narendra Modi's government, which wants to boost growth and lift lending after delivering a populist interim budget in an effort to woo over 900 million eligible voters.
The monetary policy committee (MPC) cut the repo rate by 25 basis points to 6.25 percent, as predicted by only 21 of 65 analysts polled by Reuters. Four of six members of the MPC voted to cut the rates, while all six members voted for a change in the stance. "MPC has clearly responded to the slack in financial markets in its credit policy.
A spike in bad loan provisions dragged the bank to a net loss https://www.bseindia.com/xml-data/corpfiling/AttachLive/7bff7c3b-4513-40a8-b6aa-872e69d6df82.pdf of 47.38 billion rupees ($666.50 million) in the three months ended Dec. 31. "Going ahead, the main area of focus will be to reduce bad loans and get back to a profit in the Jan-March quarter," CEO Dinabandhu Mohapatra said at a post-earnings press conference, adding the bank expected 26 billion rupees to be recovered from bankruptcy cases in the current quarter. In the September-December quarter, provisions for bad loans at Bank of India more than doubled to 91.79 billion rupees.
The Reserve Bank of India (RBI) will change its stance to 'neutral' next month and cut interest rates in June at the latest, according to a Reuters poll of economists pointing to an extraordinary U-turn in policy. "The policy outlook has been muddied by the resignation of Urjit Patel.
The Reserve Bank of India (RBI), having changed leadership last month following a clash with the government, is likely to transfer an interim dividend of 300-400 billion rupees ($4.32 billion-$5.8 billion) to the government by March, according to three sources with direct knowledge of the matter. The amount would be three or four times the amount paid last year and would help the government meet its fiscal deficit target, despite a shortfall in revenue collections, most notably from a goods and services tax introduced in 2017, and from divestments. Prime Minister Narendra Modi's government has been pushing the RBI for more money ahead of what is expected to be a tight national election due by May.
The Reserve Bank of India (RBI) has appointed former governor Bimal Jalan to lead a review of its economic capital framework, it said in a statement on Wednesday, potentially freeing up trillions of rupees for government coffers. Prime Minister Narendra Modi's government has been insisting on a new policy for reserves held by the RBI and the distribution of dividends. Heated discussions over revamping the economic capital framework was one of the key reasons behind the sudden resignation of the RBI Governor Urijit Patel earlier this month.
The bank now plans to submit the final recommendation for the CEO post to the Reserve Bank of India (RBI) after the next board meeting on Jan. 9, India's fifth largest private-sector lender by assets said in a statement. Yes Bank shares, which rose as much as 3.5 percent earlier in the session, reversed course to close 6.4 percent lower.
Das held key positions both under the ruling Bharatiya Janata Party and the previous Congress-led government before retiring in 2017. On Monday, Patel's resignation came after over a month-long tussle over policy with the government that raised concerns about the central bank's independence.
The Reserve Bank of India's (RBI) Governor Urjit Patel should not have resigned "at a time when most of the controversial issues have been discussed and decided", an RBI board member told Reuters on Monday. Patel cited "personal reasons" for his resignation, but it came after Prime Minister Narendra Modi's government put pressure on the RBI to ease regulatory curbs on some banks, increase liquidity and relax capital norms as it faces a slowing economy ahead of general elections due by May. The RBI and the government still need to address liquidity crunch faced by small businesses, one of RBI's board members, Sachin Chaturvedi, told Reuters.
A crucial Reserve Bank of India (RBI) sub-committee did not discuss easing lending curbs facing 11 state-run banks on Thursday despite intense pressure from the nation's government to take a softer stance towards them, a source close to the discussions said. The BFS was brought into the matter at the last meeting at the direction of the board.
Analysts expect the Reserve Bank of India (RBI) to support an economy that is losing momentum by leaving interest rates unchanged at a policy meeting on Wednesday, when just over a month ago most of them had predicted a hike. Having resisted any temptation to jack up rates in October when the rupee was sliding to a record low against the dollar, the Reserve Bank of India has been vindicated by the currency's subsequent recovery, and by waning inflationary pressures thanks to falling food and oil prices. The rupee is now nearly 6 percent off its low, and is expected to rally further as lower crude prices have also eased worries over India's current account deficit.
India does not need money from the Reserve Bank of India (RBI) in the next six months, the finance minister said in a TV interview telecast on Friday, rejecting opposition charges the government was seeking access to the bank's reserves to fund schemes ahead of the 2019 general election. "I don't need money in the next six months," Finance Minister Arun Jaitley told Times Now news channel. Critics accuse the government of trying to undermine the central bank's authority, but Jaitley said his government respected the institution's independence.
MUMBAI/NEW DELHI (Reuters) - The board of the Reserve Bank of India (RBI) on Monday agreed to ease liquidity for the financial sector and increase credit to small businesses, two sources present at the meeting said. The move comes in response to pressure from Prime Minister Narendra Modi's government which faces a general election by next May and is concerned that low farm prices and difficulties small businesses face in borrowing, may hurt its prospects with voters. Some more contentious issues were kicked down the road to be discussed by newly formed committees, the sources said.
Urjit Patel, the governor of the Reserve Bank of India (RBI), met Prime Minister Narendra Modi on Friday to discuss flash points between the central bank and the government, CNBC-TV18 tweeted late on Monday, citing sources. The RBI is considering a loan restructuring package for small and medium-sized businesses, as well as reviewing lending curbs on some banks, the Economic Times reported earlier, in a move that could see the regulator bow to government pressure. RBI is likely to let some banks out of prompt corrective action framework (PCA) and both the parties could soften their stance in the RBI board meeting on Nov. 19, the CNBC-TV18 tweet added.
MUMBAI/NEW DELHI (Reuters) - An incendiary speech by a top Reserve Bank of India (RBI) official last Friday blew the lid off an increasingly toxic dispute between the central bank and the government of Prime Minister Narendra Modi over monetary policy and who controls the institution's reserves. While historically there have been differences between the RBI and the nation's governments, the extent of the rift and its public nature are unprecedented. By Wednesday morning, there were Indian media reports saying that RBI Governor Urjit Patel was about to resign.
The Reserve Bank of India (RBI) issued a rare public objection on Friday to a government-led panel's recommendation for payments systems to be overseen by a regulator that would be set up outside the central bank's control. The panel proposed in August that a payments regulator should be established independent of the RBI, with a chairperson appointed by the government in consultation with the RBI. The proposal overruled the central bank's recommendation that its governor should be head of the payments regulator.
The Reserve Bank of India (RBI) held interest rates unchanged on Friday, condemning the rupee to a record low and surprising analysts who had expected a rate rise to counter inflationary pressures arising from the weak currency and high oil prices. The RBI's monetary policy committee (MPC) left the repo rate at 6.50 percent, though 35 out of 64 analysts surveyed by Reuters last week had forecast a rate hike. The MPC also held the reverse repo rate at 6.25 percent.
Bandhan Bank Ltd said on Friday the Reserve Bank of India (RBI) had withdrawn its "general permission" to open new branches and frozen its chief executive's salary for failing to bring down its main shareholder's stake to below 40 percent. The bank is majority owned by Bandhan Financial Holdings Ltd, a so-called non-banking financial company (NBFC) that does not take deposits. Bandhan Financial Holdings has an 82.28 percent stake in the bank.
The RBI said last week that Kapoor could serve as CEO only until Jan. 31, despite shareholders seeking to extend his term for three more years. The private-sector lender also said it would form a committee to search for Kapoor's successor. Kapoor, one of India's most prominent bankers, co-founded Yes Bank in 2004 and has been instrumental in making it the country's fifth-largest private sector bank by assets.
MUMBAI/BENGALURU (Reuters) - Private sector lender Yes Bank Ltd's shares tumbled nearly a third on Friday, wiping as much as $3.1 billion off its market value, after the Reserve Bank of India (RBI) reduced charismatic CEO Rana Kapoor's term, creating uncertainty about its outlook. The RBI said late on Wednesday Kapoor can serve as the lender's chief executive only till Jan 31 next year, after shareholders voted in June to extend his term for three years, pending its approval. Kapoor, one of India's most prominent bankers, co-founded Yes Bank in 2003 and has been instrumental in its rise to become the fifth-largest private sector bank with assets of $43.2 billion.
(Reuters) - The Reserve Bank of India (RBI) has allowed Yes Bank Ltd Chief Executive Rana Kapoor to continue in the role until Jan. 31, 2019, the private-sector lender said on Wednesday. Yes Bank shareholders ...
The Reserve Bank of India (RBI) intervened heavily in the foreign exchange market on Friday, mounting a formidable defence of the 72 rupee to the dollar mark in a reversal of its light-handed approach in the last few weeks, dealers said. After briefly slipping to 72.04 to the dollar in early trade, the Indian rupee stayed above the 72 mark for most of the day with the central bank selling dollars whenever the unit came close to the psychological level. "It seems like they (RBI) have changed their strategy and is determined to not let the rupee fall below the 72 mark just like it was supporting it at 69," said one senior forex strategist at a state-run bank.
The Reserve Bank of India (RBI) faces a tough choice in how it uses its monetary muscle. Does it protect a fragile rupee or does it ensure there's enough cash in the banking system so lending in the economy doesn't dry up? If it defends the rupee, Asia's worst performing currency this year, it risks sucking massive amounts of rupees out of an economy already grappling with tightness in cash and unintended policy tightening.
Net profit was 951.1 million rupees ($13.86 million) for the three months ended June, compared with 877.1 million rupees a year earlier, it said in a statement. Analysts, on average, were looking for a loss of 12.60 billion rupees, according to estimates by Thomson Reuters I/B/E/S. Bad loans held by India's banks rose to 10.36 trillion rupees at the end of March, the government said last week, with state-backed lenders accounting for more than 86 percent of the total non-performing loans.