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Informist, Friday, Jun. 5, 2026

MUMBAI – Following are the highlights of comments by Reserve Bank of India Governor Sanjay Malhotra and other top central bank officials to the media on Friday at the conclusion of the Monetary Policy Committee's second bi-monthly meeting for 2026-27 (Apr-Mar):

SANJAY MALHOTRA

* Hopeful of reasonable inflows from all FX moves
* Expect reasonable inflows from all FX measures
* Confident of a much better BoP this year
* No target in mind for inflows from FX measures
* Inflation 4% target is not in abeyance
* CPI target sacrosanct for us
* Not advisable to act on every small, large deviations in econ
* Cannot deviate from inflation target
* Inflation target is a medium-term target
* Effect of  ongoing supply shocks to persist
* We will be very watchful, inflation getting generalised
* Neither possible nor desirable to have inflation always at 4%
* Inflation target range exists for a reason
* Did not say rupee is undervalued
* Did not say rupee is undervalued, but by some account it is
* We will be data dependent on rate going forward
* Competition is healthy as long as it is fair, transparent
* No target for NRI deposits, hope we will get large flows
* No proposal for any gold monetisation scheme
* Economic situation is stable, healthy
* Economically, India is better placed than other countries
* India at better place vs other nations despite crude shocks

* Indian banks, corporate sector are healthy, stable
* Banks stable, healthy; corporate balancesheets strong
* Expect banks to pass on some hedging cost benefits to clients
* Will continue to provide adequate liquidity as needed
* Not considering moves to restrict capital outflows
* Monitor inflation expectation, pass through of prices
* On HDFC Bank: Don't comment on entity-specific queries
* Will take measures to curb speculation if required in FX mkt
* Assume crude oil will be $95 a barrel in FY27

* Have clear policy on differential interest rates for deposits
* Banks can offer differential rates on deposits transparently
* Gave ECB FX window to PSU banks as benefits can be widespread
* Expect banks to offer better rates on FX deposits
* Case for rate hike now adverse than earlier
* Pvt invest is at healthy levels
* Investments are healthy, always scope for improvement
* Important to be prudent, not wasteful was the message from PM

* We have sufficient currency to fill and refill ATMs
* Rural demand, pvt consumption will be hit by low monsoon
* We don't expect pressure on FX but we are always prepared
* Have sufficient FX reserves
* Prepared to maintain orderly movement in rupee
* We have not sold gold, holding has marginally risen
* Closely watching crude oil supply restoration, monsoon
* Monsoon, El-nino uncertainty can impact growth, inflation
* Primary concern is how long oil supply will be disrupted
* Concern is how long supply disruption will affect prices
* We give gold, FX holding data weekly which includes price
* Credit growth has been very robust
* Purpose of MPC meet is to discuss all possibilites on rates
* Intervene when FX mkt speculation excessive, move disorderly
* Proposal for polymer note currency under consideration
* Proposal for polymer note currency in preliminary stage

* Have sufficient fertiliser supply for kharif crops
* No proposal to discontinue FX net open position cap for banks

POONAM GUPTA
* Pvt capital formation numbers are healthy
* Expect BoP to be healthy after several FX inflow measures
* Net FDI is a combination of how things are globally

End

US$1 = INR 95.44

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Compiled by Vinod Bhovad

Filed by Akul Nishant Akhoury

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