The inflation target of the RBI would be reviewed once every five years.
RBI to ensure loans rate fall
RBI Governor Raghuram Rajan expressed anguish at the banks' reluctance to pass on benefits of the earlier rate cuts.
India's captains of industry said they were disappointed at the exit of Reserve Bank of India Governor Raghuram Rajan.
Most central banks across the world have around 5-7 years of tenure for the governor and deputy governors.
An exclusive interview with Dr Raghuram Rajan, who has just been appointed Chief Economist at the IMF.
IMF managing director Horst Koehler said Raghuram Rajan has been at the forefront of his work on banking and financial sector issues.
Experts applaud RBI governor RAghuram Rajan for his good work.
Rajan said an interest rate cut won't by itself lead to higher economic growth
IMF Chief Economist Raghuram Rajan has said that while the Indian government has as strong reason to feel good about the economy, a lot still remains to be done.
'You have to be a total anti-national bozo to shut down the Nokia plant in Sriperumbudur, which was the first large manufacturing plant for mobile phones in India.' 'Why was the unit shut down? Because of somebody's ego.'
However, some analysts say RBI Governor Raghuram Rajan may delay the rate cuts amid mounting concerns over the government's fiscal health.
RBI governor advises students to not take advantage of economic freedom
Rajesh Vardhan, managing director, Vardhman Group, will chat on home loans on Wednesday, September 25, at 3 pm.
However, some experts, including RBI Governor Raghuram Rajan, have favoured doing away with curbs on gold imports because they lead to smuggling.
A committee headed by Patel recommended retail inflation targeting and a monetary policy committee.
"Finance Ministry and RBI keep talking all the time," Rajan said.
India is gearing up to introduce a six-member monetary policy committee that would vote on interest rates.
Given the stability of the rupee over the last 10 months, many companies have been tempted not to hedge their foreign currency risk.
"The world is in general equilibrium. A small change in one parameter effects changes in all variables. So Krishna advised: Sukh Dukhe...," Subramanian Swamy tweeted.
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The central bank was seen selling dollars consistently when the rupee would approach the record low of 68.86 hit on August 28.
Few proposals included in the Finance Bill would not help ease liquidity concerns in the economy, say RBI officials.
Vijay Mallya owes several banks thousands of crores of rupees which he had taken as loans for his businesses including the now defunct Kingfisher Airlines.
It has been decided to reduce home loan rate by 20 basis points.
He was responding to a question on economic reforms in the country.
In response the BRICS - Brazil, Russia, India, China and South Africa - have taken steps to strengthen cooperation such as setting up a joint development bank
Monetary transmission has been an issue for the Indian banking sector.
Head of state-run Indian Bank T M Bhasin had called for a CRR cut.
'Ultimately, people will revolt at one time or the other.' 'You cannot feed the public with cultural issues forever.'
Finance Minister Arun Jaitley said the Reserve Bank and the Finance Ministry have "very mature level of consultation" and it wasn't fair to comment on them.
Three members will be representatives from the government, and three from the RBI.
Rupee, he said, is not in shambles and "we should not be overtly pessimistic".
Dr Raghuram Rajan's departure holds lessons for all, be it sections of the media, politicians or the people themselves. We need to learn how to value and retain talent. At the same time the talented must realise that talent alone does not ensure the top job, says Sanjeev Nayyar.
To provide exporters/importers greater flexibility in risk management, RBI enhanced the limit available to exporters to 50 per cent
He will presumably choose to remain true to the framework he has put in place.
Rajan said in order to export, one needs to be able to import things that go into those exports as cheaply as it can.
'Is this the only way for India to become a $5 trillion economy?' 'When you have unused foreign exchange here, why borrow more dollars?'
The message to bankers from Raghuram Rajan was clear.
Governor Raghuram Rajan lowered the benchmark repurchase rate to 7.75 per cent from 8 per cent, the first reduction since May 2013.
The report said that "we believe, institutions are more important than individuals" and ultimately what is important is the credibility and the independence of any institution and nothing else.
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