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Economic Times | 24 May, 2023 | 11:27AM IST
RBI Governor LIVE Updates: Amidst global uncertainties, Indian banking system remains stable, says Shaktikanta Das
RBI Governor Inauguration Live: Amidst global uncertainties, Indian banking system remains stable, the Reserve Bank of India Governor Shaktikanta Das said at a CII event 2023. He also said that India's gross domestic product growth could be above 7% for 2022-23.
Das said that as global central banks raised interest rates rapidly to contain inflation, certain fault lines emerged in banking and non-bank financial intermediaries, hinting at recent events in the United States and Switzerland in March 2023.
"The proximate cause of banking turmoil in Switzerland and the US is a confluence of rising interest rates, unrealised losses in debt portfolio," Das said.
Financial markets remain volatile owing to uncertainty over future monetary policy path is keeping market sentiments on the edge, said Das.
Das said that as global central banks raised interest rates rapidly to contain inflation, certain fault lines emerged in banking and non-bank financial intermediaries, hinting at recent events in the United States and Switzerland in March 2023.
"The proximate cause of banking turmoil in Switzerland and the US is a confluence of rising interest rates, unrealised losses in debt portfolio," Das said.
Financial markets remain volatile owing to uncertainty over future monetary policy path is keeping market sentiments on the edge, said Das.
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For the current year -- for the year that has just ended that is 2022-23 -- the estimates are that it will be 7%. But there is a possibility that it could be even more. The data will come at the end of this month, according to all recent trends, it will not be a surprise if the GDP growth of last year comes slightly above 7%
- Shaktikanta Das
We held a meeting of 11 PSBs' directors, around 116 of them. Our focus has been to ensure the financial sector remains stable
- Shaktikanta Das
Financial markets remain volatile as uncertainty over future monetary policy path is keeping market sentiments on the edge...On the upside, global growth is being supported by the easing of supply chain disruptions, gradual normalisation of energy and food markets, easing commodity prices and reopening of the Chinese economy. Global inflationary pressures are also showing signs of abetment, though they remain well above the target in most of the countries
- RBI Governor Shaktikanta Das
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- RBI Governor Shaktikanta Das
The global economy is facing headwinds from the lingering geopolitical conflict, elevated inflationary pressures from across countries and tighter financial conditions on the back of monetary policy tightening by major central banks across the world. The IMF's World Economic Outlook of April 2023 projects global growth to decelerate from 3.4% in 2022 to 2.8% in 2023 before rising again to 3% in 2024
- RBI Governor Shaktikanta Das
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RBI Governor Live
Here's what Shaktikanta Das said:
- All eco indicators in Q4FY23 showed eco activity sustained momentum
- Almost all high frequency indicators showed that momentum was sustained
- Should not be surprised if growth is more than 7% For FY23
- We are assuming a normal monsoon. Services continues to perform very well, although merchandise exports moderated
- Agriculture has done well, services is doing well, capex & infra spending by govt has picked up
- There is evidence of revival of private investment as well. We noticed it in steel & cement
- capacity utilisation in the mfg sector as per RBIs latest survey, is around 75%. But CII survey shows it to be even higher
- It continues to be robust
- Credit offtake in banks is remaining quite resilient, at 15.5% credit growth
Amidst global uncertainties, Indian banking system remains stable: Shaktikanta Das
Resilience of global financial system has been tested recently after turmoil in US And Switzerland: Shaktikanta Das, Governor, RBI at the CII Annual Session 2023
Canada recently paused and then opted for an increase. Global central banks are still settling: Shaktikanta Das, Governor, RBI at the CII Annual Session 2023
Central banks across the world have continued to tighten monetary policy: Shaktikanta Das, Governor, RBI at the CII Annual Session 2023
Global growth is being supported by easing of supply chain disruption, casual normalisation of energy and food market, reopening of Chinese markets: Shaktikanta Das
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