Governor, Reserve Bank of India
RBI Governor Live | Shaktikanta Das Press Conference | RBI Rate Hike | Business News | CNBC Awaaz
RBI Governor Live | Shaktikanta Das Press Conference | RBI Rate Hike | CNBC Awaaz Live
#rbi #rbipolicy #rbigovernor #shaktikantadas #reporate #creditpolicy
#cnbcawaazlive #aajkatajakhabar #businessnewslive #stockmarketlive #sharemarketlive
cnbc awaaz live,cnbc awaaz live streaming,cnbc awaaz live hindi,cnbc awaaz,live cnbc awaaz,cnbc,cnbc live,stock market cnbc awaaz,union budget 2023, budget 2023,final trade cnbc bazaar,cnbc awaaz stock pick,cnbc final trade,cnbc awaaz share market,cnbc awaaz intraday picks,cnbc final trade live,cnbc awaaz budget 2023 live,stock market cnbc awaaz, cn...
About Shaktikanta Das
Shaktikanta Das, Principal Secretary to Prime Minister Narendra Modi and former Governor of the Reserve Bank of India, delivered several addresses in April 2026 focused on India’s economic resilience and reform agenda. Speaking at the CII Annual Business Summit 2026 and the All India Management Association’s National Leadership Conclave, Das described India’s navigation of recent global crises as akin to a "chakravyuh," where the challenge lies not in entering a crisis but in exiting it without creating new imbalances. He attributed India’s average annual GDP growth of 7.8% between 2021-22 and 2025-26 to targeted fiscal and monetary stimulus that was gradually withdrawn, structural reforms such as the goods and services tax and the insolvency and bankruptcy code, and a policy of strategic self-reliance (Atmanirbharta). Das also highlighted government initiatives including a ₹7,280 crore rare earth permanent magnet manufacturing scheme and a national critical mineral mission, and stated that inflation control benefits the poor by increasing real spending power. Das rejected the narrative that the Reserve Bank’s monetary policy had caused a growth slowdown, citing 7.1% GDP growth in 2024-25 as evidence. He emphasized that India’s growth is anchored in macroeconomic stability, contained inflation, fiscal consolidation, and a resilient financial system, and said there is "no reform complacency" in the government’s pursuit of its Viksit Bharat 2047 vision. At the AIMA conclave, he received a public service excellence award and remarked that resilience maximization is replacing cost minimization as a global priority.
Transcript (72 segments)
✨ AI-enhanced transcript with speaker attribution
Y
Yogesh Dayal1:29
I think let's get going. Good morning. You have already heard my statement, so I would request our media head Yogesh Dayal to take over this post-policy press conference. This is the last for the year and today we will be interacting with media friends. First of all, I'll welcome the governor and the deputy governors: MK Jain, Dr. Michael Patra, Rajeshwar Rao, Shiti Ravi Shankar, executive directors Dr. Opie Mall and Dr. Rajiv Ranjan, along with my colleague from MPD Munish Kapoor, and media friends. Welcome to this press conference. Before we go ahead, sir, I would request you to make some opening remarks so that we can get started.
S
Shaktikanta Das2:37
Thank you. As I have done in previous MPC press conferences, I have tried to summarize the detailed statement. I would like to highlight seven points. First, the Indian economy remains resilient and has withstood successive global shocks. Second, inflation has shown signs of moderation; the worst is behind us, but core inflation is a concern. Third, we are witnessing conducive macroeconomic stability with moderation in inflation, fiscal consolidation, and narrowing current account deficit. Fourth, the rupee has been one of the least volatile Asian currencies. Fifth, the real policy rate is positive, the banking system has exited from excess liquidity, and monetary transmission is picking up. Sixth, the Reserve Bank will remain flexible and responsive to liquidity needs. Seventh, we stand resolute to deal with future challenges.
Y
Yogesh Dayal5:10
Thank you sir for those opening remarks. I will start the press conference by inviting Mr. Golden Rangan from Economic Times to ask his question.
G
Golden Rangan5:22
With this policy, you met expectations but your inflation forecast for next year is 5.3% and Q4 at 5.6%, which is higher than the previous MPR forecast. What is the reason for the increase? And two MPC members say we have done enough, so how does that reconcile with your messaging?
Y
Yogesh Dayal6:08
I would request Deputy Governor Michael Patra to take that question.
M
Michael Patra6:11
The average inflation is lower in 23-24 than in 22-23. The higher Q4 projection is due to base effects of this year.
G
Golden Rangan6:30
But if external members say we have done enough and inflation is easing, why is there still an indication of possible rate hikes?
M
Michael Patra6:45
The MPC decision is the majority decision. We have refrained from giving forward guidance because it can become counterproductive. We will be watchful of incoming data and outlook on inflation and the economy before deciding on future months.
Y
Yogesh Dayal7:28
Thank you sir. I'll invite Mr. Anand Radhikari from Business Study to ask his question.
A
Anand Radhikari7:36
I have done analysis of three food items: cereals, eggs, and spices. They have been consistently rising month-on-month. What is your assessment and will they remain sticky?
S
Shaktikanta Das8:14
Each component of headline inflation, including food, core, and fuel, is closely examined by the MPC and RBI research. The moderation in vegetable prices in November and December more than offset the price momentum in cereals. The future trajectory is built into our projections.
Y
Yogesh Dayal9:23
Thank you sir. I'll invite Mr. Viswanath Naya from BQ Prime to ask his question.
V
Viswanath Naya9:26
You mentioned banks have come out of excess liquidity. Deposit rates have risen but the gap between credit and deposit growth remains wide (400-500 bps). How long can banks continue with this gap?
S
Shaktikanta Das10:04
I think I would request Deputy Governor Michael Patra to take that question and Deputy Governor Jain can supplement thereafter.
M
Michael Patra10:12
The difference has narrowed but remains. It is up to banks to mobilize deposits through certificates of deposit and reducing non-SLR investments.
M
MK Jain10:31
There is an increase in the deposit side. The CD ratio has increased but remains reasonable. The liquidity coverage ratio is still comfortable, well above the regulatory requirement of 100%.
Y
Yogesh Dayal11:10
Thank you sir. I'll invite Miss Latha Venkatesh from CNBC TV18 to ask a question.
L
Latha Venkatesh11:15
Three questions: On real policy rate, the one-year T-bill is at 6.95% and inflation at 5.6%, so real rate is about 130 bps. Will you be guided only by the pre-COVID real rate? What will guide your decision to pause? Also, what is the total exposure of banking and NBFCs to the Adani group? And will you issue guidance to banks?
S
Shaktikanta Das11:45
Dr. Patra can take the first part on real rates. I will take the second part.
M
Michael Patra11:57
We have nudged the real policy rate into positive territory. Its level will be decided by the evolving macroeconomic configuration, not necessarily pre-pandemic levels. Monetary policy has an exclusive domestic orientation.
S
Shaktikanta Das12:18
Regarding the exposure to a particular business conglomerate, we have issued a press release last Friday. I have nothing more to add to that. Individual cases and numbers are not discussed in public. However, in the last three to four years, the Reserve Bank has taken many steps to strengthen Indian banks: clear guidelines on governance, audit committees, risk management committees, mandatory appointment of chief risk officer and chief compliance officer, and rationalization of large exposure norms. The Indian banking sector, including NBFCs, continues to be resilient and strong.
Y
Yogesh Dayal14:34
Thank you sir. I'll move on to Mr. Anup Roy from Bloomberg. Request him to ask his question.
A
Anup Roy14:42
A couple of countries in Southeast Asia are warning about inflation resurgence, and you also see core inflation sticky. Do you fear a resurgence of inflation? Also, you hiked by 25 bps but gave no clear pause signal. Will you ever give an indication that you will pause?
S
Shaktikanta Das16:02
We have given our projections for 23-24, factoring the upsides and downsides. The level of inflation in other countries does not impact our domestic decision-making. As for giving a pause signal, we are currently in a mode of optimism.
Y
Yogesh Dayal17:20
Thank you. Next, from Hindu Business Line, please press the mic.
R
Reporter17:33
You mentioned issuing directions on penal charges for financial institutions. What prompted this and what has RBI observed? Also, on the ECL draft framework, what feedback have you received and when can we expect final guidelines?
S
Shaktikanta Das18:01
I would request Deputy Governor Rajeshwar Rao to take that question.
R
Rajeshwar Rao18:06
On penal charges, supervisory reviews revealed diverging practices and excessive charges leading to grievances. We are framing guidelines for a transparent and uniform approach. On ECL norms, they may not necessarily be higher than the current approach. Banks are well prepared; PCR ratios have improved to 71.5%. The discussion paper is in public domain; comments are expected by February end, and final guidelines will follow.
Y
Yogesh Dayal19:42
Thank you. I'll move on to Mr. Ajay Ramnathan from Financial Express.
A
Ajay Ramnathan19:45
This is regarding the National Financial Information Registry announced in the budget. A draft is ready. How will this differ from existing credit information bureaus?
S
Shaktikanta Das20:01
I think Deputy Governor Rajeshwar Rao can take that question.
R
Rajeshwar Rao20:06
Consultations between RBI and government have happened. The NFIR bill 2023 is expected; further action depends on its passage. The NFIR will contain ancillary information beyond what credit information companies hold. It is under discussion.
Y
Yogesh Dayal20:42
Thank you sir. I'll invite Ms. Chloe Cornish from Financial Times to ask a question.
C
Chloe Cornish20:49
International banks were key financiers of the Adani group. Moody's and agencies say the Indian banking system is not badly exposed unless they become major lenders to a group less able to avail international financing. Fitch said there is a tail risk. Will you give guidance to domestic banks about their exposure to the Adani group going forward?
S
Shaktikanta Das21:24
I have already replied on this. We have made our own assessment. The large exposure guidelines prescribed by RBI are fully complied with by all banks. The Indian banking system is much larger and stronger to be affected by an individual incident. Banks lend based on fundamentals, not market capitalization. The banking system is stable and strong.
Y
Yogesh Dayal23:55
Thank you sir. I'll move on to Mr. Ben Jost from Press Trust of India.
B
Ben Jost24:01
Is 6.4% GDP growth an achievable target given external risks? Last time you lowered the target many times. Are you comfortable repeating that?
S
Shaktikanta Das24:26
Last year we initially gave 7.8%, then the war started. I'll leave it to Dr. Patra to take that question.
M
Michael Patra24:46
We recognize that global situation may drag net exports. The deceleration from 7% to 6.4% factors in that drag. Given current projections of world trade and output, it is achievable. There is also base effect from 22-23.
Y
Yogesh Dayal25:37
Thank you sir. I'll invite Gopika Gopakumar from Mint to ask a question.
G
Gopika Gopakumar25:41
You said liquidity remains surplus but lower than last year. You are looking at different liquidity operations. Where would you want to see liquidity before it starts normalizing?
S
Shaktikanta Das26:03
At the beginning of this financial year, liquidity was about 7.8 lakh crore. Now daily average is about 1.6 lakh crore. We undertook variable rate repo operations on two occasions when there was stress. Banks have a comfortable LCR. It is difficult to give a specific number for normalization; it depends on evolving credit needs. We remain responsive to the productive sectors.
Y
Yogesh Dayal27:55
Thank you sir. I'll move on to Mr. Manojitsar from Business Standard.
M
Manojitsar28:00
Monetary policy acts with a lag. 250 bps hike in six months is large. Some external members suggested stepping back to see previous hikes. What is holding you against that? Is it core inflation?
S
Shaktikanta Das28:30
The MPC felt a 25 bps hike is appropriate given the data and outlook. We have moderated the pace: from 50 to 35 to 25 bps, giving us elbow room to assess impact. We will continue to assess and take appropriate calls. As for individual members' views, you must wait for the minutes. On standard asset provisioning to a particular group, Indian banks are very prudent; they built up capital during COVID. Banks make provisions based on their own risk management. Let's look at things objectively.
Y
Yogesh Dayal31:35
Thank you sir. I'll move on to Miss Swathi Bhatte from Reuters.
S
Swathi Bhatte31:41
Liquidity surplus has come down to about 1.6 trillion. With the government announcing record market borrowing for next year, will you need open market operations or purchases to help manage the borrowing? Are you open to that?
S
Shaktikanta Das32:04
I would request Deputy Governor Ravi Shankar to take that question.
R
Ravi Shankar32:09
Last year's borrowing was considered high but was managed smoothly. It will be managed smoothly this year. We are jumping the gun talking about OMOs. There is adequate demand and markets are deep. Net borrowing is only about 7% higher, gross borrowing 8% higher, which is very moderate. We are confident of mobilizing. On the new measure allowing lending and borrowing of G-secs, it adds liquidity and efficiency to the market. Market timings will move back to nine to five; notification will be issued today.
S
Swathi Bhatte33:25
Is that a new step? You mean allowing lending and borrowing of securities outside the CSGL?
R
Ravi Shankar33:29
Lending and borrowing can be done through repo markets, but some entities like insurance companies are not permitted to borrow money. Allowing direct lending and borrowing of securities adds liquidity and improves price discovery. Market timings change will be notified today.
Y
Yogesh Dayal34:20
Thank you sir. I'll move on to Mr. Mayu Shetty from Times of India.
M
Mayu Shetty34:25
Governor, is the move to allow lending and borrowing of G-secs aimed at enabling short selling? And on the government borrowing program, are you hoping to widen and deepen the market considering that many banks say they will liquidate SLR to bridge the deposit-lending gap?
S
Shaktikanta Das34:46
Dr. Patra can answer that. Short selling has been allowed long ago. The idea is to add depth, liquidity, and price discovery to the market, which supports the borrowing program.
M
Michael Patra34:53
The idea is to add depth and liquidity for efficient price discovery. That is the enabling condition for the borrowing program to go through smoothly.
Y
Yogesh Dayal35:16
Thank you sir. I'll move on to Mr. Pankaj from Informist to ask his question.
P
Pankaj35:21
Core inflation is sticky. Are you thinking of any specific additional measures to bring it under control? Does it mean RBI will continue with tight monetary policy as long as core is sticky?
M
Michael Patra35:43
Core inflation is sticky and typically associated with excess demand, which is why monetary policy acts to bring down core. We expect our rate actions to modulate demand and core. In our projections, core trajectory is slightly lower than 22-23. Headline is moderating to 5.3%, so core is also moderating, not at the pace we would like but moderate. We are in an extraordinary situation with overlapping shocks. Core will moderate if MPC remains resolute.
P
Pankaj36:36
But the Q4 projection of 5.6% doesn't give comfort.
M
Michael Patra36:41
There are overlapping shocks and base effects. Core will moderate if monetary policy remains resolute.
Y
Yogesh Dayal37:08
Thank you sir. I'll move on to Mr. Uncle Mishra from ET Now.
U
Uncle Mishra37:15
You have continued the stance of withdrawal of accommodation. How far or near are we from shifting to neutral? What will be the favorable conditions?
S
Shaktikanta Das37:41
Look for a decisive moderation in inflation and a propensity to align with the target. I cannot give forward guidance beyond that.
Y
Yogesh Dayal38:38
Thank you sir. We have time for a few more questions. I'll invite Mr. Brijesh Kumar from Z Business.
B
Brijesh Kumar42:03
On overseas limits for mutual funds, you have increased the cap to $7 billion. Will there be principle-based guidelines?
S
Shaktikanta Das43:45
At the moment, we are focusing on withdrawal of accommodation. The question of what comes first is a chicken and egg. We watch all incoming trends and will take appropriate decisions at the appropriate time. We do not want to create unnecessary expectations.
Y
Yogesh Dayal44:47
Thank you. Next question from a reporter about coin vending machines and cash withdrawal via UPI.
R
Reporter44:24
Withdrawal of accommodation or monetary conditions not being accommodative? And on coin vending machines, what is the rationale behind the announcement?
S
Shaktikanta Das44:46
On monetary policy, as I said, it's a chicken and egg question. We cannot give forward guidance. On coin vending machines, there is high supply of coins but poor distribution. We plan to use UPI instead of feeding currency into machines. A pilot is underway and we expect it to improve distribution.
R
Reporter47:13
Will you also push cash withdrawals via UPI, apart from coin machines? Only the largest bank has made announcements. Is that going to be a reality soon?
S
Shaktikanta Das47:34
We are looking at other models, but let's not go into those now. If we come up with anything, we'll let everyone know.
Y
Yogesh Dayal47:44
Thank you sir. I think we have run out of time. With this we come to the closure of today's press conference. Questions will continue and we will interact again. Thank you all, especially our media friends, and thank you to the top management, Governor, Deputy Governors, executive directors, and my colleagues for making this conference a success. Thank you.