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The central board of the Reserve Bank of India (RBI) chaired by Governor Shaktikanta Das, conducted its 601st meeting in Hyderabad to assess the current global and domestic economic conditions, along with the accompanying difficulties.
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More About The Meeting of Central Board of the Reserve Bank of India:
According to a statement released by the RBI, during its meeting, the board evaluated the global and domestic economic scenario, as well as the associated obstacles, taking into account the influence of current global geopolitical events. Additionally, the board deliberated on the RBI’s undertakings during the ongoing 2022-23 accounting year, and approved the budget for the upcoming 2023-24 accounting year.
Need of The Meeting of Central Board of the Reserve Bank of India:
Against the backdrop of mounting global concerns over the collapse of banks in the US, triggered by aggressive monetary tightening, the meeting was held. Recently, the US Federal Reserve increased interest rates by 25 basis points in an attempt to curb inflation, despite the banking crisis. The Bank of England and European Central Bank (ECB) have also raised their benchmark interest rates. However, policymakers and experts have reassured that the Indian banking system is well-positioned.
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