Gokarn was the first Indian central banker who regularised warnings to the government, through the monetary policy statement, on the need to reduce fiscal deficit.
The Reserve Bank, in Annual Monetary Policy Statement, has also asked banks to set up internal exposure limits for those non-banking financial companies who have gold loans portfolio of more than 50 per cent of the total financial assets.
Inflation target remains 5% for January 2017.
Salaries of top management executives at private and foreign banks will have to be as per the Reserve Bank of India's guidelines from next fiscal, central bank said on Tuesday, while asking the lenders to start preparing for the new wage rules.
The RBI has cut key rates to boost the economy.
"Bank loans to all MFIs, including NBFCs working as MFIs on or after April 1, 2011, will be eligible for classification as priority sector loans if, and only if, they conform to the regulations formulated by the Reserve Bank," RBI Governor D Subbarao said in the 'Monetary Policy Statement for 2011-12'.
The RBI on Friday said the impact of coronavirus outbreak on the economy will depend on the intensity, spread and duration of the deadly virus even as the central bank refrained from projecting any numbers for growth and inflation amid the widespread uncertainty. While announcing the seventh bi-monthly monetary policy statement for 2019-20, RBI Governor Shaktikanta Das said that in view of the impact of coronavirus pandemic, the growth projections for 4.7 per cent for the fourth quarter of 2019-20 and 5 per cent for the full fiscal are "now at risk".
Benchmark policy rate unchanged at 6.75 per cent.
Short-term lending rate unchanged at 7.75 pc.
In its Fifth Bi-monthly Monetary Policy Statement, 2017-18, RBI said the second quarter growth was lower than the one that was projected in the October review, and the recent increase in oil prices may have a negative impact on margins of firms and Gross Value Added (GVA) growth.
Next bi-monthly policy statement on September 30.
The apex bank hiked its repo, reverse repo (overnight lending and borrowing rates) to 5.25 per cent and 3.75 per cent, respectively, while the cash reserve ratio, or the portion of deposits banks park with RBI, to 6 per cent in line with analysts' expectations.
The central bank was widely expected to maintain status quo.
The wider NSE Nifty too ended 21.55 points, or 0.21 per cent down at 10,476.70.
Das said that global economic activity has remained fragile and the surge in COVID-19 cases has subdued early signs of revival.
Sales decline as rates back to pre-recession levels; observers divided on reason.
Reserve Bank of India Governor D Subbarao describes his first 50 days on Mint Road as 'tough'. He spoke to Business Standard after his first monetary policy statement.
GVA growth in the manufacturing, farm and construction sectors tumbled.
The new pay scale will come into effect from January 1.
The banking regulator is scheduled to come out with its monetary policy for FY 09 on April 29. "We will wait for the (RBI's) policy statement before taking any decision on our interest rates," ICICI Bank Managing Director & CEO K V Kamath told reporters on the sidelines of an Indian Merchants Chamber-organised press conference in Mumbai on Thursday. Interest rate decisions would also be influenced by prevailing market conditions, Kamath said.
In the second policy review under Governor Shaktikanta Das, the six-member Monetary Policy Committee voted 4:2 in favour of the rate cut.
It's a classic example of the proverbial banker offering an umbrella when there is little possibility of rain.
Investors need to identify banks which have a proven track record of growth mainly in terms of their advances.
Despite the recent hike in domestic petro product prices, the Reserve Bank of India on Wednesday said it would still stick to its projection of 6-6.5 per cent growth and average inflation of around 6.5 per cent this fiscal.
Firm Asian cues and a higher opening of European markets reflecting a rally on Wall Street, where all three US indices hit new records following strong economic data, bolstered trading sentiments here
ADB too had projected Indian's economic growth for current fiscal at 7.6 per cent
Banks may reduce their interest rates.
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The Reserve Bank released a report on 'Banking Structure in India -- The Way Forward' in August 2013, which covered issues such as consolidation of large-sized banks with a view to have a few global-sized banks and the desirability and practicality of having small, localised banks as preferred vehicles for financial inclusion.
The methodology will be announced later this week.
Reserve Bank Deputy Governor S S Mundra on Friday said that he expects banks to cut interest rates
Reserve Bank has lowered interest rates by 0.50 per cent since January 2015.
The Reserve Bank on Tuesday asked banks not to levy penalties on customers who don't maintain a minimum balance in any inoperative account as part of a consumer protection initiative.
RBI has asked banks to 'allow self-certification; accept a certified copy of the document by mail/post' for account opening.
Reserve Bank of India Governor Urjit Patel on Saturday exhorted banks to reduce their lending rates to push credit demand in laggard segments, saying banks have benefited from influx of low-cost deposits and its previous repo rate cuts.
In April, RBI had projected retail inflation to be around 5 per cent.
"The main risk stems from the uncertainty surrounding the outcome of the south west monsoon in view of the rising probability of an El Nio event around July-August, and its implications for food inflation," RBI said, as it kept the status quo on key interest rate for the third time in a row.
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