The appointment of a deputy governor to the country's central bank has always been surrounded by controversy. And this time is no exception. One of the Reserve Bank of India executive directors, C Krishnan, who was called to an interview for the post, has declined to appear before the search committee. The interview was scheduled for September 9.
According to RBI sources, the government -- which appoints deputy governors -- is of the view that it will do away with the practice of reappointment to important posts like chairman of the Securities and Exchange Board of India, RBI, National Bank for Agriculture and Rural Development.
Executives are dusting down the musty corner offices at private banks and spearheading a quiet revolution in the way they function.
Conditions attached by RBI ensure it won't take off, contend experts.
With a rising proportion of Non-Performing Assets in education loans, banks have approached the government, seeking protection in the form of a credit guarantee fund of at least Rs 2,500 crore.
The ministry has told the government banks to put the system in place by March 2011.
After the crunch period of 2009, the private banking industry, which caters to high net worth individuals, is once again in growth mode.
The government has proposed a new regulatory architecture for large financial institutions, by establishing "a college of supervisors" comprising representatives from various regulatory agencies.
As the first quarter review of the credit policy approaches, voices from the market are getting louder by the day that 'baby steps' may not be sufficient to fight rising prices.
Insurers say there is not enough time for them to adopt the guidelines and enforce them within the stipulated time.
The raising of key rates by the Reserve Bank of India is expected to ease the transition to the base rate mechanism, which came into effect from July 1.
Prospective buyers might grumble about skyrocketing gold prices, but the recent run-up in bullion has one group of unexpected beneficiaries - companies who lend against gold.
Select bankers will meet RBI Deputy Governor Subir Gokarn, who is in-charge of the monetary policy department, and other central bank officials on July 12.
Government officials said the system proposed by the finance ministry, which would be akin to the mechanism followed for auction of investment rights in bonds, would result in Mint Road losing control over overseas fund raising by companies and that was RBI's major concern.
The scaling down of the branch expansion plan is part of SBI's overall game plan to check costs.
In what is the largest ATM outsourcing deal in the country, Axis Bank has entered into an agreement with two third-party service providers to increase its ATM count to more than 9,000 within the next 18 months.
State Bank of India (SBI) wants to extend its footprint to 11,943 unbanked villages, with a population of at least 2,000, this financial year. The country's largest lender recently submitted its plan to the Reserve Bank of India (RBI).
Aluminum major Vedanta's $1.34-billion acquisition of the zinc assets of Anglo American, which will be funded through Hindustan Zinc, is the latest manifestation of the restored growth appetite of Indian companies.
Winds of change are blowing across Mumbai's Mint Road.
Most economists say the impact on inflation could be substantial, considering that steel prices rose by over 9 per cent in the past year.
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