Business desk. RBI Governor Shaktikanta Das has said that India’s economy is in a better position than other economies of the world. The global situation remains grim due to the Russo-Ukraine War and the Corona pandemic, but the negative impact of these adverse conditions on the Indian economy has been minimal. Speaking at the annual conference of the Bank of Baroda, he said that the tightening of global monetary policies, costlier commodities, and geopolitical risks have led to volatility in currency prices across the world, but the Indian rupee compares favorably to many developed economies. is more unstable. Now in better condition.
Das said the Indian rupee is holding well against advanced and emerging markets. RBI is supplying US Dollars to ensure an adequate supply of liquidity in the market. He said that hedged forex exposure should be viewed factually and not to be worried about. Das said that we have zero tolerance for any major fluctuations in the rupee. The RBI has helped maintain the smooth availability of the rupee. He also said that the Reserve Bank of India has not fixed any specific level of rupee. Keeping the rupee value in mind, RBI is supplying dollars to the market where it feels like a shortfall.
On the international trade agreement in rupees, he said that it is too early to say how this arrangement will work, but we hope that it will prove to be better for the economy in the future. Das urged the banks to maintain the capital buffer above the mandated level.
Trying to keep inflation at 4 percent
RBI Governor Shaktikanta Das said inflation is stabilizing and forex reserves are adequate. Going forward the banking world will be cooperative and competitive. India will continue to engage with the foreign exchange markets and ensure that the rupee reaches its best level. He said that our approach is to completely tackle the problem of inflation. We are trying to keep inflation around 4 percent. Our aim is to ensure a soft-landing for the economy. 6.7 The inflation forecast for the financial year 2023 will be reviewed during the upcoming MPC meeting. The research team of RBI is working on this.
Digital lending guidelines will come soon
Shaktikanta Das said that banks will gradually increase deposit rates if there is a need for liquidity. Speaking on the issue of digital loans, the RBI Governor said that the guidelines in this regard will come soon. We are trying to take a balanced decision, so it is taking a long time.
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