State Bank of India (SBI) chairman Dinesh Khara on Tuesday said things might get “better” on the inflation front towards the end of September. He said supply-side constraints getting addressed and crude oil prices trending low will help ease the situation.
“Inflation… the recent numbers which came out was 6.7%. Going forward, the way things are – the supply-side constraints which are there are getting addressed, so the situation should be improving going forward,” he said. Khara was speaking after launching the bank’s first branch dedicated to startups. Easing of crude oil prices will help soften inflation, Khara said.
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“…overall expectation is that, maybe towards the end of September, things might look to be even better as compared to what you are seeing (now).”
Pointing out that the policy rate by the RBI is a very key component for inflation, Khara said the policy rates are the outcome of the monetary policy committee meeting, which assesses multiple data points before arriving at any decision. “So, I think we will have to wait and watch till the next MPC meeting happens, but I think till such time in the intermediary phase, I feel that the supply-side constraints are getting addressed.”
Branch dedicated to startups inaugurated
SBI on Tuesday launched its first ‘state-of-the-art’ dedicated branch for startups in Bengaluru. Apart from providing funding and regular banking services, new-age companies can also avail themselves of services like investment banking, treasury operations and advisory, among others.
The branch is located in Koramangala, which neighbours HSR Layout and Indiranagar, commonly touted as the biggest startup hubs in the city and the country.
“The initiative is just a first step in this direction, with more such branches expected to come up to lend support to startups across the country. Opening of a branch for startups demonstrates the seriousness and intent of the bank in lending all possible support to the flourishing startup ecosystem which is immensely contributing to the economic development of the country,” Khara said.
“In the years ahead, among others, startups are expected to anchor the growth of micro, small and medium enterprises by providing cutting-edge technology, which, in turn, will help in employment generation and realising the vision of transforming the economy into a developed one by 2047,” Khara said.