Swati Bhat

India Finance and RBI Correspondent with Reuters News in Mumbai. Views expressed are my own. RTs are not endorsements. Contact: [email protected]

[Ashwin Manikandan @AshwinM_]

Interesting display on Worli Sealink tonight, ahead of UK PM Keir Starmer's visit to Mumbai this week to attend #GFF.

[Roshan Kishore @Roshanjnu]

Trump’s $100,000 fees will effectively kill the H1B Visa programme. Our story
cc @naalmot @sreedevkkumar

https://t.co/kJ1dRn3wuE

[Ira Dugal @dugalira]

Given the chatter on bank licences, a few things to note, from my experience of covering this debate for a longer than I care to admit.

1) Bank licences are now on tap, not a one-off licence permit raj that used to open and close. It was a big shift when RBI/govt finally agreed to that but there is no line around the block for bank licences.

2) The few applicants that sought a bank licence since licences went on tap were rejected because they didn't meet the fit & proper criteria.

3) NBFCs who people thought will rush to get a licence couldn't be bothered. Bank regulations are still more onerous and they are making much money with the lesser regulations.

4) There is unlikely to be a "nudge" that will work. Only thing that will is if you limit size of NBFC (say beyond this size, you have to convert to a bank). But that is not great regulation and unlikely.

5) Corporates in banking? Well lets just say it would take a brave govt/governor to take that decision. Not getting into pros and cons.

6) Foreign interest? This is a good moment, where non-Western banks are interested in going beyond the traditional foreign bank bastions. That can be capitalised on.

But bigger question --- is inadequate banking capacity really the problem behind growth? Who is not being able to grow because of the lack of funds? Isn't it equally about risk appetite, capacity to grow, ease of doing business etc etc etc?

(Banking geek rant).

[Ira Dugal @dugalira]

India is signalling more openness to foreign regulated financial institutions taking larger stakes in Indian banks.

With no interest from large NBFCs to convert to banks, no approvals for on-tap licences and historical resistance to corporates in banking, regulated foreign financial institutions may be the best bet to draw fresh capital (and energy?) into Indian banking.

Read this analysis by Reuters' Swati Bhat and me.

https://t.co/AcRryW7UEd

[Ira Dugal @dugalira]

Guest featured on the Reuters’ Econ World podcast this week to talk about the Indian economy.

Listen below 👇🏽

[Sudipto Ganguly @SudiptoG_81]

#Rohingya in #Bangladesh pray for release of arrested insurgent leader - https://t.co/hLuwdgfGkA

[Ira Dugal @dugalira]

From rate cuts to significant liquidity infusions and a delay in tighter banking rules -- No mistaking the shift in the central bank's priorities.

The central bank is joining the government's efforts to push growth (or at least to prevent growth from slipping further), Reuters @SwatiBhat22 and I write in this analysis.

Read here: https://t.co/kO3kN7aKkt

[Ira Dugal @dugalira]

RBI announces big liquidity package. A rate cut before a rate cut…

No half measures — OMOs, long term repos and fx buy/sell swaps all committed!

[Swati Bhat @SwatiBhat22]

Calling student and early career photojournalists in India: Apply now for the 2025 Danish Siddiqui Photojournalism Fellowship at @Reuters and cultivate your visual storytelling abilities: https://t.co/EmYNy3QcOX

[Jaspreet Kalra @kalrajs23]

Some analysts reckon that rate cuts by the RBI could be delayed as the rupee faces persistent headwinds.

With growth slowing, inflation sticky and a currency under pressure, India's cenbank is confronting a classic trilemma. Story with @SwatiBhat22

Link: https://t.co/5e0HdLmQoK

P.S. The trilemma has arrived just one quarter after the RBI in had said (in Oct) that "the balance between inflation and growth is well-poised."

[Swati Bhat @SwatiBhat22]

RT @dugalira: New RBI governor Sanjay Malhotra is working to strengthen the central bank’s forecasting tools, Reuters’ Siddhi Nayak and Swa…

[Ira Dugal @dugalira]

India’s sharply lower-than expected GDP growth has widened the divide between the government and the central bank’s priorities, Reuters Aftab Ahmed and Swati Bhat write in this analysis.

Read here: https://t.co/FpuSrstQeb

Meanwhile, markets are signalling quicker monetary policy easing but many are leaning towards a CRR cut before a rate cut, Reuters Dharam Dhutia reports.

Read here: https://t.co/p64uLdMqxw

[Swati Bhat @SwatiBhat22]

RT @dugalira: India’s economy slows materially in Q2, with key industries including manufacturing and mining slowing.

Consumption and cap…

[Swati Bhat @SwatiBhat22]

RBI Governor Das was admitted to a hospital in Chennai for acidity but is doing fine now and will be discharged soon. There is no cause for concern, as per the bank's spokesperson.

[Ira Dugal @dugalira]

Reuters is looking out for a dynamic debt correspondent, eager to break deal news and cover the fast changing corporate debt market in India.

Part of the wider financial markets team, the role offers an opportunity to work across stories related to the economy, central banking and markets.

You can apply below and reach out to me or @SwatiBhat22 for any questions on the role.

https://t.co/VR4b8qKII6

[Swati Bhat @SwatiBhat22]

Just over two years since Sri Lanka's 'Aragalaya' uprising, Marxist-leaning Dissanayake, popularly known as AKD, will be vying to become the South Asian nation's new president. @j_uditha and @Sudipto_Reuters report. https://t.co/WUJk6nhbAP

[Swati Bhat @SwatiBhat22]

@godoolally Bouyon Bred

[Swati Bhat @SwatiBhat22]

@dugalira Stuck inside the WeWork gate for the last 30 mins too and no sign of getting out anytime soon. It is really frustrating.

[Swati Bhat @SwatiBhat22]

@godoolally Judo

[Swati Bhat @SwatiBhat22]

@amazonIN Been trying to reach the Customer Care since 5 p.m. yesterday to no avail. The app and website both keep saying the call will be connected but it simply doesn't. How can I get in touch with Amazon w.r.t my latest order?