RBI Wins 'Risk Manager Of The Year 2024' Award By London's Central Banking Publication

Risk Manager of the Year Award 2024: The award was received by Executive Director Manoranjan Mishra on behalf of the RBI

Risk Manager of the Year Award 2024: The Reserve Bank of India (RBI) on Sunday said it has been awarded the Risk Manager of the Year Award 2024 by the London-based publishing house Central Banking. It was awarded the best risk manager for improving its risk culture and awareness, RBI said in a post on X.

The award was received by Executive Director Manoranjan Mishra on behalf of the RBI, it said.

The central bank's multifaceted response to the recent global economic turmoil demonstrates its commitment to maintaining economic stability and supporting growth. Through a combination of monetary easing, liquidity support, regulatory adjustments, and digital initiatives, the RBI has navigated the complex challenges posed by the global economic crisis.

As the world gradually recovers, the RBI's measures will continue to play a crucial role in shaping India's economic trajectory and ensuring resilience against future shocks. In recent years, the global economy has faced significant challenges, marked by unprecedented disruptions due to the Covid-19 pandemic, geopolitical tensions, and supply chain bottlenecks. The RBI as the central banking institution of the country, has implemented a range of measures to navigate these turbulent times.

In the latest MPC on June 7, the RBI maintained the benchmark interest rates at unchanged at 6.5 per cent by 4:2 majority, marking the eighth consecutive time the rates have remained unchanged. The last time the central bank hiked its interest rate was in February 2023.

The rate increase cycle was paused in April last year after six consecutive rate hikes, aggregating to 250 basis points since May 2022. The MPC said that the Real GDP for FY25 is projected at 7.2 per cent.

The government has tasked the central bank to ensure the CPI inflation remains at 4 per cent with a margin of 2 per cent on either side. 

The RBI has projected CPI inflation at 4.5 per cent for FY25. The MPC announced that the CPI inflation in Q1 at 4.9 per cent, Q2 at 3.8 per cent, Q3 at 4.6 per cent, while Q4 at 4.5 per cent.