New Delhi, April 22 (IANS) The RBI could soon start discussions to break away from the convention of reducing key policy rate by 25 basis points or multiples thereof shortly with stakeholders like lenders, domain experts and within the Central Bank.
"There is a need to consider interest rate adjustments, not necessarily in the conventional way of 25 bps or multiples thereof. This idea needs furthe r debate and discussion" , earlier this month RBI Governor Shaktikanta Das had told the Monetary Policy Panel.
Sources said the apex bank would seek comments from banks on their views and reasons of holding that view with empirical evidence and from monetary policy experts and within the central bank itself but added that its not something that would be done without scrutinising the the global practice, consul tations, debates and counter arguments. But the process would start soon.
It could not be ascertained if the change in the policy rate cut practice of 25 bps could take shape this fiscal as the source said "there would be no rush decisions".
It is learnt that finance ministry also favours this idea though the gover nment would leave it to the RBI to do the due diligence and take a call. But the Finanace Ministry would be kept in the loop as any such decision's impact would h ave effect on the overall economy and banks and the credit available for len dings to support growth .
After throwing the idea at the MPC meeting in April 4, later in the recent "Governor Talks" programme on the sidelines of the International Monetary Fund (IMF)-World Bank Spring Meetings in Washington, Governor Das in fact sought views from global central banks to think outside the convention of 25 bps cut. But in the same breath he also had said that he would "rather wait for more reactions, comments and observations from ot her central banks" on the idea.
"If the unit of 25 basis points is not sacrosanct and just a convention, m onetary policy can be well served by calibrating the size of the policy rate to the dynamics of the situation and the size of the change itself can convey the stance of policy", he had said.
Earlier this month, RBI cut repo rate by 25 basis points to 6 per cent in the second successive reductions in as many months to support growth. Repo rate is the interest rate at which the central bank provides liquidity to banks to overcome short-term liquidity mismatches.
New Delhi, April 22 (IANS) Twitter India on Monday appointed Manish Maheshwari, former CEO of Network18 Digital, as Managing Director for the country operations -- nearly eight months after its Country Director Taranjeet Singh quit.
Balaji Krish, who has been leading Twitter India's team in the interim, will return to Twitter's global headquarters in San Francisco to resume his role as Global Head of Revenue Strategy and Operations at Twitter.
Reporting to Maya Hari, Twitter's Vice President and Managing Director of Asia Pacific, Maheshwari will be responsible for driving an integrated business strategy to accelerate Twitter's audience and revenue growth in the country, the company said in a statement.
Based out of Delhi, he will oversee Twitter India's teams in Delhi, Mumbai and Bengaluru, starting from April 29.
"India is one of our fastest growing audience markets for Twitter in the world and our purpose is to serve the public conversation in India. We are thrilled to have Manish join us at this important time to take our Indian business to the next level," said Hari.
Prior to Network18, Maheshwari held various positions at Flipkart, txtWeb, Intuit, McKinsey and P&G.
"With premium Indian content on the rise in multiple regions across the country, I believe we are scratching the surface of what's possible with Twitter in India," said Maheshwari.
"I'm bullish about the overall impact that Twitter India can create in the country and the influence of India on our global platform," he added.
Singh, who was elevated as Twitter's Country Director for India in May 2017, quit the company in September last year. He joined as chief revenue officer for Zee Group's video streaming service ZEE5.
Twitter, which has over 30 million users in India (according to statista.com), had appointed Krish as an interim country head.
Under Maheshwari's leadership, said the micro-blogging platform, various teams in India would continue to work closely to drive conversations and audience engagement on the platform.