Search icon
Download the all-new Republic app:

Published 10:52 IST, October 9th 2024

RBI Governor announces creating databases called Climate Risk System

The initiative follows the RBI's July 2022 Discussion Paper on Climate Risk and Sustainable Finance.

Reported by: Business Desk
RBI Governor Shaktikanta Das | Image: ANI

RBI announces Climate Risk System: In his post-Monetary Policy Committee (MPC) meeting address, Reserve Bank of India ( RBI ) Governor Shaktikanta Das announced the creation of a new database called the Climate Risk System to manage risks linked to climate change. 

RBI MPC has decided to keep the repo rate unchanged at 6.5 per cent for the 10th straight session. 

The initiative follows the RBI 's July 2022 Discussion Paper on Climate Risk and Sustainable Finance, which highlighted the need for a comprehensive framework to identify, assess, and mitigate climate-related financial risks. 

Building on this, the RBI released the Draft Disclosure Framework on Climate-related Risks in February 2024, proposing standardised disclosure guidelines for regulated entities (REs) to better manage climate-related financial risks.

Inflation horse is back in stable

Addressing the inflation, the Governor said,  "Inflation horse has been brought to the stable within the tolerance band. Have to be careful about opening the gate."

Das also announced a shift in the policy stance to "neutral", stating that the central bank would focus on the durable alignment of inflation with its target while supporting growth. He noted that adverse global events pose a major threat to food inflation, a concern that continues to weigh heavily on the economy.

GDP data

India’s real GDP growth for Q1 stood at 6.7 per cent, driven by a revival in private consumption, while Gross Value Added (GVA) increased by 6.8 per cent. High-frequency indicators have shown steady growth, with manufacturing PMI at 56.5 and services PMI at 57.7 for September, indicating robust expansion. 

Updated 10:52 IST, October 9th 2024

LIVE TV

Republic TV is India's no.1 English news channel since its launch.