Quote on RBI Monetary Policy announcement by Mr. Kishore Lodha, Chief Financial Officer, U GRO Capital
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Below the Quote on RBI Monetary Policy announcement by Mr. Kishore Lodha, Chief Financial Officer, U GRO Capital
“The RBI has kept the rates unchanged, which is on expected lines, as inflation is moderating. Core inflation and food inflation – both are showing signs of moderation, and it was expected that rates would remain stable for some time. The RBI is very focused on bringing the inflation target down to 4%. Until that level is achieved, the RBI is likely to monitor inflation very closely and any interest rate movement will be dependent on inflation targets getting achieved. In other words, unless we achieve inflation target, it is possible that we won’t see rate cuts in the immediate future.
As a lender, we have to manage large volumes of data and despite several data security measures, are more vulnerable to cyber threats. RBI to set up a dedicated cloud facility for the financial sector is the need of the hour when most of the banks are already leveraging the cloud facilities to do the same. The Indian fintech space needs regulations and regulatory framework to innovate further. The establishment of the Fintech repository by the RBI to combat the web aggregation issues, will further enhance the transparency in digital lending and fintech system.
On the growth front, the RBI has projected that the GDP growth will be 7% for FY23-24, which will be the highest growth among all major economies across the world. Another good sign is our overall economic size crossing 4 trillion USD last week, showing India’s rapidly increasing scale of economy.”
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