RBI Bulletin Update: Macroeconomic fundamentals have strengthened due to the decline in retail inflation in the country in the month of September, while the pace of global economic growth seems to be slowing down during the third quarter. These things have been said in the bulletin issued by the banking sector regulator Reserve Bank of India for the month of October 2023.
In an article written about the condition of the economy, it was said that there is a decrease in fluctuations in the Indian currency. Retail inflation has come down from the high level of July. According to the data of retail inflation rate for the month of September released by the Statistics Ministry on October 12, the retail inflation rate has come down to 5.02 percent in September, which had reached 7.44 percent in the month of July. Due to reduction in vegetables and fuel prices, there has been a decline in retail inflation.
According to the RBI bulletin, the pace of global economic growth is slowing down since the third quarter due to weak manufacturing activity and tight financial conditions. However, emerging economies are surprising. The rise in bond yields and the rise in crude oil prices have been termed as major risks to global growth. The things written in the RBI bulletin are not the opinion of RBI but are the opinion of the authors writing the article.
In the RBI bulletin, things have also been said about the increase in credit growth after 2022. While announcing the monetary policy, RBI Governor Shaktikanta Das has also expressed concern over the increase in giving some types of personal loans. RBI is keeping a close watch on this.
Banks and NBFCs have been asked to strengthen their monitoring system. According to RBI data, there has been a jump of 19.9 percent in non-food bank credit till August 25. Whereas an increase of 30.8 percent has been seen in personal loans.
