DBS backs appointment of new RBI Gov, says India has 'voted for policy continuity'

The company also said that any views expressed by Ashneer Grover on the MDR framework are entirely in his individual capacity and do not represent the position of the company.

The Board of Tata Sons on Thursday approved the reappointment of N Chandrasekaran as Executive Chairman of the Tata Group for a further five-year term, while also deciding to initiate steps to comply with applicable Reserve Bank of India (RBI) guidelines and seek guidance from the central bank and other stakeholders on compliance requirements.

The Reserve Bank of India (RBI) has accepted bids for the entire notified amount of Rs 50,000 crore in its Open Market Operation (OMO) sale of government securities, a major liquidity absorption exercise that comes against the backdrop of large foreign currency non-resident deposit inflows into the banking system.

The US Federal Reserve's 25-basis-point rate hike, coupled with crude oil prices above USD 100 a barrel and persistent inflation, could put pressure on the Reserve Bank of India to tighten monetary policy, even as the timing of any domestic rate increase remains uncertain, market experts said.

Crude oil prices remaining above USD 100 per barrel for several days could prompt the Reserve Bank of India (RBI) to take a closer look at its policy stance, as persistent inflation and elevated oil prices pose challenges for the Indian economy, said Sunil Sinha, Former Senior Economist at NCAER and Former Principal Economist and Director, Public Finance at India Ratings & Research.