RBI Guv Das is a man you want at the helm when things get tough: Citibank CEO – BusinessToday

RBI Guv Das is a man you want at the helm when things get tough: Citibank CEO

RBI Guv Das is a man you want at the helm when things get tough: Citibank CEO – BusinessToday

Clipped from: https://www.businesstoday.in/industry/banks/story/rbi-guv-das-is-a-man-you-want-at-the-helm-when-things-get-tough-citibank-ceo-360234-2023-01-13

Several bankers at Business Today’s BT Banking & Economy Summit 2023 applauded the RBI governor’s monetary policies in the last four years despite several economic challenges besetting the country.

Ashu KhullarAshu Khullar

The banking community looks up to RBI Governor Shaktikanta Das. Speaking at Business Today’s Banking and Economy Summit 2023 on Friday in Mumbai, Ashu Khullar, CEO of Citibank applauded Das especially for taking some tough yet beneficial decisions in the last four years. 

“Governor Das is a man you want at the helm when things get tough,” he spoke while speaking to Udayan Mukherjee, Global Business Editor, India Today Group. 

Hitendra Dave, CEO of HSBC India added that India has “got the right governor at the right time.” He added, “I think the decisions that the RBI governor has taken in the last four years have been tremendous.”

Dave said that when Das came, India was staring at several challenges including output gaps, inflation, and more. He said the RBI governor’s monetary policy decisions and even some outside of it have proven to be rewarding for the country. 

“The regulatory and monetary policy part of our country is in good hands,” noted.

The bankers also said that they are bullish about the next 12 months.

Khullar said that several sectors are picking up which indicates that capital expenditure will increase, further pushing the demand for credit. Kaustabh Kulkarni, Senior Country Officer, India & Vice Chairman of Asia Pacific at JP Morgan stated that both credit and equity markets are functioning well which is a good news for India especially in the wake of whatever is happening in the global economy. 

Another trend that Kulkarni pointed out is that larger businesses will not just invest in their own subsidiaries but also will make investments outside their companies. 

While the RBI governor has garnered the praise of the industry, he still has some challenges including taming inflation. 

“Core inflation still remains sticky at 6 per cent, this has to be dealt with. We have to be very resilient and focus like Arjuna’s eye has to be maintained on core inflation,” he told Mukherjee in a separate discussion.

Das also said it is too early to revisit the inflation target of 4 per cent with 2 per cent deviation on either side, in the current situation. “I don’t think there is any need for any change. I would not think the target needs to be revisited,” RBI’s Das said. “It is too early to shift the goal post. The 4 per cent target has a certain meaning.”

Also Read: Citibank India CEO calls selling consumer business to Axis an ’emotionally difficult decision’

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