Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
RBI Governor Raghuram Rajan had set up a committee to review the monetary policy framework.
B N Srikrishna commission spares RBI for now.
The government-appointed Financial Sector Legislative Reforms Commission (FSLRC) has recommended a slew of reforms to overhaul the sector.
The central bank has vehemently opposed the proposal, citing different reasons, including lack of focus and unconvincing results abroad.
The government plans to set up a commission to reform the financial sector laws and institute an independent evaluation office among others, to bring about more transparency and public accountability.
Policymakers should aspire to restore the pre-Independence environment where the rupee was trusted and used all over South Asia, in Southeast Asia, in West Asia, and in East Africa, suggests Ajay Shah.
In September 2013, FMC was brought under the Finance Ministry.
Finance Minister P Chidambaram on Monday slammed "unregulated" players in the financial market saying their activities have adversely impacted large number of consumers.
'If there is an RBI majority in the committee, there is no question of a veto.'
The government has proposed to implement GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related to the new indirect tax regime.
The Financial Sector Legislative Reforms Commission, chaired by Justice B N Srikrishna, has suggested a non-sectoral, principle-based approach to revamp the existing framework.
DEA officials to push for this at a meeting with FM Jaitley.
The Indian economy grew by 4.9 per cent in 2013-14 fiscal.
The economic growth fell to a decade low of 5 per cent in 2012-13 fiscal.
FMC has been asked to go ahead with the appointment of 20 experts, which the commission had sought earlier.
The Sebi chief said that although the idea of an SRO has been challenged in court, he is hopeful of its implementation.
The bad loans of public sector banks were at 4.4 per cent in March 2014 compared with 2.09 per cent in 2008-09, it said, adding, the gross NPA increased by almost four times from March 2010 (Rs 59,972 crore or Rs 599.72 billion) to March 2014 (Rs 2,04,249 crore or Rs 2,042.49 billion).
The deadline for officers to decide on their career path in the biggest organisational rejig in the central bank's 85-year history ends on January 31. The immediate fallout could be its disruptive impact on the supervisory process for 2020 -- and beyond -- given the manpower shortfall, even as more entities are set to come under closer central bank scrutiny.
Y H Malegam, 80, will head the panel that will look into non-performing bank assets and their relation to the Rs 114-bn PNB scam.
Report points out corporate vulnerability indicators remain elevated.
Pitching for greater transparency in rule-making and other functions of regulators, Finance Minister Arun Jaitley has asked Sebi to work towards attracting more retail investors to the capital markets.
Many laws on the books are contradictory, and it is a truism that no Indian citizen or business can comply with every single law.
The proposed IFC disrupts existing regulatory structures.
Exceptions were made for ultra-mega power plants, such as the one at Sasan, which the court observed were not under consideration, and for coal blocks attached to the power and steel companies controlled by the central government.
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Stating that there are strong inter-linkages between banks, NBFCs and other deposit-taking entities, he said for monetary policy to be effective and financial markets to remain stable, they should be regulated by the central bank.
Here are 15 things that would have made 2015 a great year.
India needs a place where all regulators could gather and function as in a war room.
'Clearly, the depositors of cooperative banks need the maximum protection.'
US President Barack Obama on Sunday affirmed his commitment to enhancing India's 'voice and vote' in global financial institutions like IMF.
RBI data show one-fifth of all the infrastructure loans are stressed and the share of such loans in overall stressed assets is nearly a third.
The Financial Sector Legislative Reforms Commission had in a report last year proposed a unified regulator for the entire financial sector -- markets, insurance, commodities and pension. It had, however, proposed to keep banking out of its purview for now.
The final and most significant reset in the relations between the government and the RBI is the manner in which the process of appointing the governor and deputy governors of the central bank has been changed.
The government is determined to stop generation of black money, he said.
Finance firms in these SEZs likely to get tax breaks.
The system envisaged under the FRDI Bill, if implemented properly, would help improve the efficiency of capital allocation without harming consumers, and without risking the stability of financial firms, says Ajay Shah.
Chetan Ghate, Pami Dua and Ravindra Dholakia have been appointed for 4 years
'The hour is very late, and the choice between triumph and tragedy knocks at our door,' says Ajay Shah.
This gains importance in the backdrop of speculation on a second term for Raghuram Rajan.
All these measures will revitalise the manufacturing sector, which has been in doldrums.
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