Bhide said that he believes the stance should be consistent with the rate decision and its rationale. But his colleague in the MPC, Jayanth Varma criticized the RBI of being non-transparent about its policy intent by retaining its withdrawal of accommodation stance. That would be disruptive to achieving both growth and inflation goals,” unquote, Bhide’s comments echo that of Governor Shaktikanta Das that a pivot can be considered when price-gains settle near the mid-point of its 2%-6% range on a durable basis. Quote, “It is best to avoid frequent changes in direction. It is important for the Reserve Bank of India to achieve the inflation target of 4% in a sustainable way, said Shashanka Bhide, an external member of the monetary policy panel in an emailed interview. Meanwhile, India’s central bank need not rush to ease rates unless sure of a stable low-inflation regime, said a rate-setter at India’s monetary policy panel. HDFC twins merger will create India’s second-largest financial institution by assets after the country’s top lender State Bank of India. As per the plan, HDFC will acquire a 41 percent stake in HDFC Bank through the merger. HDFC and HDFC Bank announced the decision to merge on April 4, 2022. Prior to the merger, both lenders will have a final board meeting each on 30 June, after office hours, to clear and approve the merger. HDFC shares will stop trading and be delisted from the bourses on 13th July. HDFC and HDFC Bank’s merger will be effective from 1st July onwards. Let’s begin with the headline of the day.
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