RBI Governor: No Inflation Risk from Decline in Russian Oil Purchases

The Reserve Bank of India (RBI) stated that reduced oil imports from Russia will not significantly impact inflation, citing India’s diversified oil sources and potential government interventions like excise adjustments. RBI Governor Sanjay Malhotra emphasized stability despite U.S. tariffs and penalties over Russian imports. The central bank maintained its GDP growth forecast at 6.5% and cut inflation estimates to 3.1%. Deputy Governor Poonam Gupta noted limited inflation risk from global trade uncertainties. Meanwhile, the RBI continues measures to support businesses and facilitate trade, including easing rules for Special Rupee Vostro Accounts to boost international trade in Indian rupees.