Our main goal is to keep an eye on inflation, according to RBI Governor

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Our main goal is to keep an eye on inflation, according to RBI Governor

Shaktikanta Das, governor of the Reserve Bank of India, stated that the central bank was focused on bringing rising inflation down. That openness was not compromised by withholding the letter that would be sent to the government for missing the inflation goal.
Every month this year, retail inflation has exceeded the central bank’s goal range of 2 to 6 percent, and the RBI’s predictions indicate that pricing pressures will continue to be high for the remainder of 2022.

However, the governor of the RBI defended the central bank’s current course of action. He said that by keeping interest rates low and refraining from premature tightening, “we averted the full collapse of the economy.”

Mr. Das asserted that “price stability, sustainable growth, and financial stability need not be mutually incompatible” and that “India today provides a vision of resilience and hope for the globe.”

Trends in inflation are being watched. We always work to maintain “Arjuna’s eye” on inflation, the Governor reportedly added, according to a tweet from ANI.

Shaktikanta Das also praised the introduction of the e-rupee, calling it a turning point in the country’s history of the currency that will revolutionize how commerce is conducted.

The first trial in the Digital Rupee-Retail category is set to launch in less than a month in a few chosen places with closed user groups made up of customers and retailers, the RBI announced on Monday.

According to the RBI, settlement in central bank money will reduce transaction costs by doing away with the requirement for infrastructure to give settlement guarantees or for collateral to mitigate settlement risk.

On Tuesday, several institutions, including ICICI Bank and Bank of Baroda, took part in the Reserve Bank’s first Digital Rupee pilot program for the exchange of government securities.

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