The Central Board of the Reserve Bank of India on Wednesday reviewed the current economic and financial situation, including challenges posed by evolving geopolitical conflicts.

The review comes even as the outlook for domestic economic activity, as per RBI’s latest monetary policy report, remains resilient, buoyed by strong consumption and investment activities.

“Geopolitical conflicts, uncertain global outlook, volatile global financial markets amidst changing perceptions on monetary policy trajectories, and climate shocks are the key risks to the outlook.

Steadfast policy

“Monetary policy remains steadfast on aligning inflation with the target on a durable basis, setting strong foundations for a sustained period of high growth,” per the MPR, which was released on October 9.

The board meeting, which was held in Bhubaneswar under the Chairmanship of Governor Shaktikanta Das, passed a condolence resolution in memory of legendary industrialist Ratan N Tata, a former Director of the Central Board.

The board also discussed the functioning of its various sub-committees, the ombudsman scheme and activities of select central office departments.

Published on October 17, 2024