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03.05.2021 / 18:08

Uday Kotak bats for central bank balance sheet expansion to fight covid

Uday Kotak said on Monday.Kotak, the promoter and chief executive of Kotak Mahindra Bank, said that when the nation is trying to save lives and livelihoods, such an expansion is a serious option.“I believe we have come to a time when we will have to be much more open to expand the balance sheet of the central bank and I think the RBI has given the signal through the G-SAP programme," Kotak said. He was referring to the Reserve Bank of India’s plan to purchase ₹1 trillion of sovereign debt papers from the secondary market in the first three months of 2021-22.The G-SAP programme is also the first time RBI is committing its balance sheet for the conduct of monetary policy, as RBI deputy governor Michael Patra said on 7 April.

Uday Kotak India covid-19 economy Government

Minutes show the hawkish side of RBI’s monetary policy committee

central bank is far more worried about inflation than its staid policy statement showed earlier this month. That’s what the minutes of the rate-setting committee’s meeting reveal.In essence, the six-member monetary policy committee (MPC) is slowly preparing for the potential withdrawal of accommodative stance, the timing of which is thankfully not immediate.All three RBI officials in MPC have flagged off inflation risks, and external members Shashanka Bhide and J.R.

pandemic economy

COVID-19

United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0

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