Wednesday's hawkish and essentially courageous decision underscores that Governor Urjit Patel will largely represent continuity, rather than a break, with the policies and approach of his predecessor, says Richard Iley.
The central bank has nine executive directors, and one of them -- S Karuppasamy -- retired recently. R Gandhi, who was executive director, has now been promoted to the post of deputy governor.
Meanwhile, RBI Governor Raghuram Rajan said at the meeting that the central bank brass discussed strengthening the state- level coordination committees so that unauthorised deposit taking can be dealt with in a better way.
Reserve bank is working with the govt to bring suitable amendments in the statutory provisions
This time the all-powerful interest-rate setting panel, whose constitution was notified by the government on Thursday, will take call on interest rate. But that's not the only change. The Reserve Bank of India has also decided to change the timing of announcement of its policy review, due next Tuesday, to mid-afternoon.
Frauds can have immediate impact on the banks' financials and can also cause a systemic risk in extreme cases
The bench also wanted to know as to what extent details of treatment of people can be placed in the public domain merely because they held a public office.
Unless RBI temporarily relaxes the norms on recognising of bad loans, the pressure on this front could rise in the December quarter.
For the urban population, recalibration of ATMs has already started and they will start dispensing the new Rs 2,000 currency notes from Monday or Tuesday.
'RBI is taking all steps to complete the process expeditiously so as to release firm figures at an early date.'
The gross NPAs of public sector banks rose to Rs 2.03 lakh crore (Rs 2.03 trillion) at the end of September from Rs 1.55 lakh crore (Rs 1.55 trillion) on 31 March, 2013.
'Space out when raising funds; Sebi mulls securitisation platform'
The finance ministry has ruled out the proposal for the appointment of a chief operating officer (COO) of the rank of deputy governor in the Reserve Bank of India (RBI), as the government feels no interim arrangements should be made for such high-profile appointments.
According to RBI sources, some banks had extended credit to existing borrowers to repay their debt, known as evergreening of loans in banking parlance.
On the individual front, housing loan rebate on self-occupied property was increased from Rs 1,50,000 to Rs 2,00,000.
Dy Governor notes it's an era of job changes for better.
Raghuram Rajan called for purposeful and effective action to counter the atmosphere of cynicism, which has slowed down the decision making process.
Only Rs 16,050 crore out of the Rs 15.44 lakh crore of the old high denomination notes have not returned.
Lower inflation, FCNR(B) outflows likely to influence central bank decision
Hopefully, the grey world of central banking in a nation hit by demonetisation, will lighten up with some of his notes soon.
Cash withdrawal limits likely to continue
Chetan Ghate, Pami Dua and Ravindra Dholakia have been appointed for 4 years
The banking, oil and metal sectors were the top sectoral losers on the BSE, while IT stocks rendered support at lower levels.
After opting for status quo in policy rates, Reserve Bank Governor Raghuram Rajan on Tuesday said any more cut will depend on further transmission of previous rate cuts by banks, softening in inflation and progress of monsoon.
'We expect the new government to look into the issue of penalties imposed on technology firms involved in UID related projects.'
In advanced economies where the financial system is more matured, the form of shadow banking is more of risk transformation through securitisation.
Gurbax Singh Dhindsa, father of Kargil war martyr GS Dhindsa, in a letter to the PM and defence minister underlining the fact that military personnel have little recourse to justice in higher courts.
Having a young, untested leader makes sense for the Tamil Nadu BJP. But the new state president's immediate concern will be to gain acceptance within the state unit that is still in the grip of those with a strong RSS background, says N Sathiya Moorthy
James Wilson explains why Indians are destined to silently suffer the cash shortage for half a dozen more months.
The Tamil Nadu state unit of the BJP has been alleging that its leaders have been systematically being attacked/murdered in the state. A Ganesh Nadar bring to light five cases where workers of the BJP or its affiliate organisations were attacked to find out if there is any truth in the charges.
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