Given their stability, the rupee and the renminbi (Chinese currency) -- when made convertible -- could well emerge as substitute currencies which countries will hold their reserves, stated Raghuram Rajan, Economic Advisor to the Prime Minister and Professor of Finance at the Chicago Graduate School of Business, on Wednesday.
Rajan, who will complete a month as the governor of Reserve Bank of India on Friday has already succeeded in restoring calm in the foreign exchange market.
RBI governor Raghuram Rajan says, laws must be tightened for freeloaders.
On September 4, at a time when the rupee was the worst performer among Asian currencies, Raghuram Rajan took charge as RBI's governor.
Raghuram Rajan on Tuesday said the central bank cannot ask them to lower the rates.
Journalist Jigna Vora, arrested in the murder of senior crime reporter J Dey, invited the suspicion of investigators when she claimed she never spoke to gangster Chhota Rajan on phone, an assertion not backed by facts, police said on Monday.
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.
Helicopters are anticipated to be more in demand compared to fixed-wing aircraft as choppers will help in providing accessibility to rural and remote areas in a shorter time.
Nikhalje was arrested under Maharashtra Control of Organised Crime Act in 2005 and spent two years behind bars
An unexpected devaluation of yuan saw it plunge the most in 20 years.
The RBI Governor also reiterated his reservation against repeated loan waivers by various state governments, saying the move distorts credit pricing, thereby also disrupting the credit market.
Rajan Committee has evoked divergent reactions from the states.
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.
The RBI governor says, Mahatma Gandhi is the only dignitary which can be featured on rupee notes.
'If equities perform well in a year, withdraw money from equities. If the equity market is down, shift withdrawal to the debt portion.'
New Reserve Bank of India chief makes his first monetary policy statement on Friday with expectations he may scale back some of the emergency measures that have helped the rupee bounce from a record low.
Bajaj hit out at banks for not passing the entire benefits to consumers.
If the RBI governor's logic holds, the rupee is far from being extremely overvalued.
Reserve Bank of India Governor Raghuram Rajan said, in an election year, it is better to be ready for any eventuality.
The state police has also requested the government to deploy paramilitary forces around the jail premises for the underworld don's security.
Roundup for Ranji Trophy matches played on Friday
Thackeray, along with top leaders of the Sena-UBT, went to Mumbra here to visit the razed shakha but had to face resistance from workers of the CM's Shiv Sena, who also showed black flags.
The core inflation is down and there is a need to push growth.
'We are by no means anywhere nearing having external financing difficulties or internal financing difficulties. The government's credit is solid, there is absolutely no difficulty for the government in borrowing and it is borrowing effectively from the public today in a fairly free public debt market,' the RBI governor tells a meeting in Washington, DC
RBI Governor Raghuram Rajan on Tuesday said the government will decide on extension of his tenure.
RBI had previously cut repo rate by 0.25% each in January and March.
Design of these notes to be issued now is similar in all respects to the Rs 1000 Banknotes in Mahatma Gandhi Series-2005 issued earlier, RBI said.
Two Chhota Rajan gangsters, held for their alleged involvement in the Jawaharlal Nehru Port Trust arms smuggling case, were on Tuesday remanded to police custody till July 26 by a local court.
Given that the public is no longer willing to tolerate lack of transparency, politicians will see they have no alternative but to change, feels Raghuram Rajan, economic advisor to the prime minister. Interestingly, Professor Rajan made this hard-hitting speech at an event to release a book in Prime Minister Manmohan Singh's honour.
'I think the markets will move up given that there will be more money.'
He will presumably choose to remain true to the framework he has put in place.
RBI Governor has dismissed the notion that the rural employment guarantee programme is behind the massive spurt in wages in rural areas.
Rajan's comment comes against the backdrop of certain BJP leaders questioning his policies to deal with the current economic woes.
The RBI Governor had earlier cautioned the banks on the risks involved in just hunting for numbers, asking them not to compromise on core objectives of the programme.
The mid-year analysis lowered the growth projection for the current financial year to 5.7-5.9 per cent from 7.6 per cent estimated earlier.
The police booked him under the stringent Maharashtra Control of Crime Act for allegedly demanding money from a builder.
Reserve Bank of India (RBI) Governor Raghuram Rajan on Tuesday cautioned against extrapolating the issue of alleged graft charges in a public-sector bank to the entire public sector banking system.
Individuals will have to wait for some more time; RBI may do away with mid-quarter policy reviews.
Nikalje in his application stated that he had gone to Chembur on November 30 to help pacify the mob and not to incite them as claimed by the police in the FIR against him.
A panel headed by Reserve Bank of India deputy governor Urjit Patel recommended in January moving to an inflation target.
