RBI wins risk manager of the year award 2024

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Executive Director Manoranjan Mishra accepted the award on behalf of the RBI.

RBI wins risk manager of the year award 2024

On June 16, the Reserve Bank of India announced it received the Risk Manager of the Year Award for 2024 from Central Banking, based in London.

RBI stated on X that it received the award for enhancing its risk culture and awareness, with Executive Director Manoranjan Mishra accepting it on behalf of the RBI.

The central bank’s comprehensive response to recent global economic challenges underscores its commitment to stability and growth. Utilizing monetary easing, liquidity support, regulatory adjustments, and digital initiatives, the RBI has effectively managed the complexities posed by the global economic crisis.

As global conditions improve, the RBI’s actions will remain pivotal in guiding India’s economic path and enhancing resilience against future uncertainties. Amidst significant global disruptions including the Covid-19 pandemic, geopolitical tensions, and supply chain issues, the RBI has implemented various measures to navigate these turbulent times.

In its latest MPC meeting on June 7, the RBI voted 4:2 to maintain the benchmark interest rate at 6.5%, marking the eighth consecutive meeting without a change. The last rate hike occurred in February 2023, after a pause in April 2023 following six consecutive increases totaling 250 basis points since May 2022. The MPC projected real GDP growth for FY25 at 7.2%.

The government has mandated the RBI to maintain CPI inflation at 4% with a tolerance band of 2% on either side. The RBI has forecasted CPI inflation for FY25 at 4.5%. The MPC reported CPI inflation estimates for FY25 as follows: Q1 at 4.9%, Q2 at 3.8%, Q3 at 4.6%, and Q4 at 4.5%.

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