RBI DEPUTY GOVERNOR
Poonam Gupta takes charge as RBI deputy governor, to be part of MPC
Poonam Gupta has assumed her role as the new deputy governor at the Reserve Bank of India, joining the Monetary Policy Committee. With extensive experience at the World Bank and IMF, she will oversee key departments and contribute to monetary policy decisions. Gupta's expertise is crucial amidst global economic challenges and fluctuating inflation rates.
RBI announces portfolios for deputy governors: Here's who handles what
Reserve Bank of India revealed the updated responsibilities for its four deputy governors. M Rajeshwar Rao will handle regulations and enforcement. T Rabi Sankar is assigned operational and tech portfolios. Swaminathan Janakiraman will focus on supervision and consumer protection. Poonam Gupta will take charge of macroeconomic policy and communication.
Climate change may lead to increased probability of defaults: RBI DG Rao
RBI Deputy Governor M Rajeshwar Rao highlighted that climate change increases borrowers' operational costs and default risks, impacting financial institutions and the real economy. He addressed the dichotomy of incentivizing green finance amidst inherent risks, emphasizing the need for a balanced regulatory approach.
In the face of global risks, MPC wanted to offer a stimulus
RBI had lowered the repo rate by 25 basis points for the second time in a row to 6% and changed its stance to 'accommodative' from 'neutral' on April 9. He hinted at further rate cuts by adding that "going forward too, considering the evolving growth-inflation trajectories, monetary policy needs to be accommodative."
Impact of trade wars on growth-inflation dynamics weighed on MPC vote
The RBI lowered the repo rate to 6% for the second consecutive time, shifting to an accommodative stance to boost private consumption and investment amid global trade uncertainties. While members unanimously voted for the cut, concerns remain about the trade war's impact on growth.
RBI deputy governor T Rabi Sankar gets second one-year extension
Rabi Sankar receives a second extension as Reserve Bank of India deputy governor. The Appointments Committee of the Cabinet approved the extension, effective from May 3. Sankar manages key departments, including foreign exchange and currency management. He has been with the central bank for over 35 years. Rajeshwar Rao, another deputy governor, will complete his extension in October 2025.
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RBI took initiative to bridge communication gap with fintechs: Deputy governor
The RBI has actively engaged with fintech startups to foster ongoing dialogue, helping both sides understand each other’s expectations better, said deputy governor T Rabi Sankar. The regulator has encouraged responsible innovation and trust, introduced stricter rules on digital lending and data protection, and promoted self-regulation through SROs, amid increased scrutiny and compliance demands for the sector
Govt approves one-year extension to RBI Deputy Governor Rabi Sankar
The Indian government has extended the term of RBI Deputy Governor T Rabi Sankar by one year. Appointed in May 2021 for a three-year term, Sankar has worked at RBI since 1990 in various roles, including Executive Director.
Treat customers with dignity, ensure easy-to-understand pricing, RBI deputy governor tells NBFCs
RBI Deputy Governor Swaminathan J. urged NBFCs in Chennai to prioritize customer dignity and transparent pricing, cautioning against exploitative practices masked as fees and unsustainable interest rates. He emphasised that financial inclusion should not be a pretext for financial exploitation.
RBI asks IndusInd Bank board to fix accountability over accounting lapses that shook investor trust
The Reserve Bank of India (RBI) has directed the board of IndusInd Bank to ensure accountability for accounting lapses that triggered a steep drop in the bank’s market value in early March and eroded depositor and investor confidence. Although RBI did not name the bank explicitly during a recent press briefing, Deputy Governor J. Swaminathan said it is standard regulatory practice to initiate forensic audits and accountability reviews in such cases. Those found responsible—internal or external—will be investigated and face appropriate action for the lapses.
Banking system safe, secure and robust, IndusInd crisis an episode and not failure: RBI Governor Sanjay Malhotra
In this large system with number of players with almost 10,000 NBFCs and around 1,500 cooperative banks and cases of failure of cooperative banks in the last 7-8 years are very small compared to the overall size, Malhotra said.
RBI, keep your powder dry: Why MPC should preferably ‘do nothing’ this time
RBI Governor Sanjay Malhotra faces a crucial decision at the MPC's 3-day meet amid uncertainty from Trump's tariffs. With the potential inflation impact still uncertain, there's a call for caution. Growth estimates remain robust, but food inflation could rise in summer. Historically, decisions made in haste bear repercussions, indicating that a wait-and-watch approach might be best.
RBI to cut rates again? All eyes on central bank as it will commence FY26's first MPC meet
Reserve Bank typically conducts six bimonthly meetings in a financial year, where it deliberates interest rates, money supply, inflation outlook, and various macroeconomic indicators. The other five meetings are scheduled for June 4-6, August 5-7, September 29-October 1, December 3-5, and February 4-6.
India's fintech sector gets a governance boost with launch of India Fintech Foundation
India Fintech Foundation (IFF) was officially launched at Startup Mahakumbh as a proposed self-regulatory organization for the fintech industry. The foundation aims to facilitate responsible innovation, ensuring consumer protection and regulatory compliance. Key figures in the industry and government officials were present to emphasize its importance.
RBI appoints Poonam Gupta as deputy guv to steer monetary policy
Gupta succeeds Michael Debabrata Patra whose five-year term ended in January. In the interim, deputy governor M Rajeshwar Rao has been overseeing monetary policy. The choice of Gupta - an expert in developmental economics and international trade - reflects the government's focus on economic policy amid global uncertainty driven by US tariffs and trade war.
Who is Poonam Gupta, new deputy governor at RBI set to replace Michael Patra?
Poonam Gupta has been appointed as the Reserve Bank of India's Deputy Governor, succeeding Michael Patra. Gupta, a Lead Economist for India at the World Bank, brings extensive operational and policy experience, previously working at NCAER, World Bank, IMF, and other prestigious institutions.
Poonam Gupta, former World Bank economist, appointed as RBI's deputy governor ahead of MPC meet
The Reserve Bank of India (RBI) has appointed Poonam Gupta as its new Deputy Governor. Gupta, who currently serves as the Director General at the National Council of Applied Economic Research (NCAER), will succeed Michael Patra in the role. This appointment is part of the ongoing leadership changes within the RBI.
RBI committed to financial inclusion, balance stability with efficiency says governor Malhotra
Governor Sanjay Malhotra highlighted RBI's commitment to financial inclusion, customer protection, and regulatory optimization during its 90th anniversary celebrations. The RBI aims to balance financial stability with efficiency, embracing technology and innovation while maintaining core values of integrity, transparency, and public service commitment.
RBI deputy governor, J Swaminathan tells NBFCs to be fair in lending
The RBI's concerns stem from the higher-interest some finance companies charge borrowers. In recent months, the regulator had to impose lending curbs on a few finance companies, such as Navi FInserv, Arohan Financial Services and DMI Finance, due to the alleged usurious rates they charged borrowers.
RBI MPC meeting schedule for FY26 released; first meet set for April 7-9
The Reserve Bank of India (RBI) has scheduled six Monetary Policy Committee (MPC) meetings for the fiscal year starting April 2025. The first meeting will be held from April 7-9, 2025, following the recent rate cut to 6.25%. Subsequent meetings are set for June, August, October, December 2025, and February 2026.
RBI board assess global and domestic landscape, approves Budget for FY26
The central board of the Reserve Bank of India (RBI) reviewed the global and domestic economic landscape and approved the budget for 2025-26. The board discussed the Reserve Bank's current activities and the recent policy rate cut to 6.25 per cent, the first reduction in five years.
RBI governor Sanjay Malhotra urges urban cooperative banks to regain depositors' trust
RBI Governor Sanjay Malhotra advises urban cooperative banks to boost depositor trust, enhance customer service, and ensure resilience against IT and cyber risks. The RBI reaffirms its support for UCBs while highlighting the importance of their responsibilities towards depositors, emphasized during a meeting with industry bodies.
RBI guv Sanjay Malhotra asks UCBs to remain operationally resilient
RBI Governor Sanjay Malhotra urged urban cooperative banks (UCBs) to strengthen resilience against IT and cyber risks during a meeting with UCB leaders. Acknowledging UCBs' role in financial inclusion, he emphasized the need for high customer service standards and operational stability.
India’s macro challenges need solutions, but political urgency is missing
In India, macroeconomic policy faces significant challenges due to structural weaknesses, including high dependence on agriculture and a low share of manufacturing in GDP. Fiscal policy struggles with revenue shortfalls and constrained spending, while monetary policy lacks coherence and credibility. An urgent, coherent economic strategy is needed.
Can Trump’s tariffs make India's economy stronger? Former RBI deputy Governor Viral Acharya thinks so
US tariffs threats by Trump are pushing India to lower trade barriers, spurring competition and growth. Modi sees it as a big opportunity for businesses. Ex-RBI Deputy Governor Viral Acharya expects Indian firms to innovate and improve efficiency. Gradual tariff reductions will boost investments and transformation, leading to higher quality jobs and a larger manufacturing base.
RBI-fintech meet discusses expanding digital payments market, checking fraud
The meeting was attended by the new RBI Governor and senior officials of the apex bank. Senior executives from the payments, digital lending, and account aggregator startups represented the industry.
RBI governor holds meet with fintechs and others, says there is need for compliance by entities new to regulatory space
RBI Governor and Deputy Governors engaged with Payment System Operators and FinTechs, highlighting their role in India's financial growth. They stressed the importance of responsible innovation and regulatory compliance. Feedback on the payment and fintech ecosystem was shared during the session, and RBI reaffirmed its commitment to consultative interactions with industry participants.
RBI Deputy Governor Rajeshwar Rao gets one-year extension
The government has extended the term of RBI Deputy Governor M Rajeshwar Rao for one year starting from October 9, 2024. Rao, who has been with the RBI since 1984, was first appointed as Deputy Governor in October 2020 for a three-year term. The decision was approved by the Appointments Committee of the Cabinet.
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