Former RBI governor Raghuram Rajan, who faced a stinging attack from Finance Minister Nirmala Sitharaman for presiding over the "worst phase" of the Indian banking sector, on Thursday reminded her that two-third of his tenure as the head of the central bank was under the Bharatiya Janata Party government.
Rajan said there was full understanding between him and the Finance Minister Arun Jaitley on setting up of the PDMA
Traders believe the RBI will step in more strongly, if the rupee starts falling towards 65
the GDP estimates incorporate new source data and modified compilation techniques
The rupee has also risen during the period and is now trading below the crucial Rs 60 against the dollar mark.
There is nothing wrong with government and RBI having conflicting opinions.
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RBI is scheduled to announce monetary policy on Tuesday.
A section of the media on Thursday reported, quoting an unnamed EC official, that it may not allow RBI to go ahead with the plan before the polls and that they need more clarity from the Mint Road on certain aspects.
The repo rate, at which RBI lends to the banking system, will be at 7.5%
Industrial ouput, however, was seen falling 0.6 per cent in January
'Lower rates are only part of the solution and sometimes not the right solution at all.'
The finance minister has said that United Bank has managed to reduce its non-performing assets.
Bad loans of PSU banks rose by 28.5 per cent.
Christine Lagarde warned of a repeat of high market volatility.
Budget 2015 has blessed the banking sector.
Inheritance tax only helps the lawyers: Rajan
Former Reserve Bank of India governor Raghuram Rajan said that Rs 65,000 crore is required to help the poor affected by the coronavirus-induced lockdown. He also laid stress on the need to restart the economy while taking precautions.
The reason behind issuing new bank licences is to allow more private sector entities to set up banks
Both the government and RBI have to complement each other if the economy has to revive quickly.
The new pay scale will come into effect from January 1.
The status quo decision came as a breather as only last week the RBI had pulled up banks for not helping it in monetary policy transmission.
With RBI likely to make credit costlier and banks to follow, some ideas on switching money to be able to do this.
Making light of his critics, he also said there are people who send him 'anonymous thank you notes' even when he on a plane.
Bibek Debroy raised seven questions about the new institution.
India's manufacturing PMI rose to 54.5 in December, 2014, while in the corresponding period a year ago it stood at 50.7, just above the crucial 50 mark which separates growth from contraction.
Any revision in gold import duty is unlikely to take place before the Budget, says finance ministry official.
The Reserve Bank of India kept interest rates unchanged at 8.0 percent on Tuesday as widely expected, staying focused on containing inflation while adopting a more dovish tone in response to the government's call for help to revive economic growth.
After making a larger-than-expected cut of 50 basis points on September 29, Rajan urged the federal government to do its bit to accelerate growth through structural reforms.
Higher prices of onion and other vegetables and fruits pushed up inflation to 6.46 per cent in September.
Indian economy is set for a 'goldilocks' period -- used to describe a timeframe of high growth and low inflation -- while it can become Asia's fastest growing economy in 2016, Japanese financial major Nomura said.
RBI has already come out with a discussion paper on banking sector in India, on which the regulator has invited comments from stakeholders.
Rajan said RBI should pay as much dividend as possible to the government, which over the past two years has run into billions of dollars
Swamy now wants Arvind Subramanian, one of the front runners for the post of the new RBI governor to be sacked.
The rupee on Monday ended lower by 23 paise to close at an over two-week low of 67.31 against the US currency.
Former Finance Minister P Chidambaram had said he was "disappointed and profoundly saddened" by Rajan's decision.
According to report by Dun and Bradstreet, central bank expected to maintain status quo on policy rate.
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According to the global financial services major, the primary concern for the RBI at the moment has to be anchoring elevated inflation expectations and stabilising the currency, which could face renewed pressures if the Fed begins QE tapering this week, as widely expected.
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After scrapping the selection of six UPA-appointed bank chiefs, the government has now decided to make significant changes to the selection process.
A number of industrial countries are now resorting to populism and this has its own set of political implications.
The rupee appreciated further on Thursday, adding 106 paise to 66.01 against the dollar, after steps taken by new Reserve Bank of India Governor Raghuram Rajan to attract US currency inflows boosted market sentiment.
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