"People giving me unasked for advice of discipline and restraint don't realise that if I disregard discipline there would be a bloodbath," he tweeted in an obvious attack on Jaitley.
What is killing the risk appetite of the bond buyers is the inconsistency in the central bank's approach. It needs to allow the yield to find its own level, gradually. To ensure that, the RBI may adopt a similar approach with which it handles a slipping rupee, asserts Tamal Bandyopadhyay.
In January-June, India attracted $31 billion (Rs 2.05 lakh crore) in capital expenditure (capex) from foreign companies.
Stating that recent agriculture reforms have opened new opportunities, the RBI Governor said the farm sector is emerging as a bright spot.
Several leading industrialists, including Reliance Industries CMD Mukesh Ambani, Vedanta Resources Limited executive chairman Anil Agarwal, chairman emeritus of Tata Sons Ratan Tata, Mahindra Group chairman Anand Mahindra, Paytm Founder and CEO Vijay Shekhar Sharma, Welspun Group chairman and Assocham president B K Goenka, attended the swearing-in ceremony.
'Industrial countries are still struggling, with a few exceptions, to grow and the uncertainty about growth in the US as well the world is probably what impelled the Fed to stay on hold.'
Last month, the bank was placed under Prompt Corrective Action due to high level of bad loans, lack of sufficient capital to manage risks and negative return on assets for two consecutive years.
The country's largest lender, SBI, has reduced marginal cost of funds based lending rate by 0.9 per cent from 8.90 per cent to 8 per cent for one-year tenure, the bank said in a statement.
'It was because of the huge selloff in the Indian equities that the rupee fell so sharply against the dollar on Friday.'
A total of 16 secretaries have been appointed to various central government departments.
Take a look at the famous faces who exercised their democratic right.
RBI governor Das flags growth slowdown, deputy raises alarm on inflation
'The banking sector appears to be on course to recovery,' declares the RBI governor.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
How will the RBI announcement on loan moratorium work for those with home loans, auto loans, personal loans, consumer durables loan? Here's what experts have to say.
As many as 641 customers across 19 banks have been duped of Rs 1.3 crore using stolen debit card data
Piyush Goyal, who held the post of finance minister when Arun Jaitley was undergoing treatment, told the Confederation of Indian Industry's annual session: "All stakeholders, including the RBI, should introspect on their respective roles (on low economic growth)."
The reason why private banks will play the deposit pricing game strategically is the weakening of banks' deposits base given the competition from MFs and insurance companies due to tax-savings schemes.
The Governor said the MPC had voted to maintain its accommodative stance, implying more rate cuts in the future if the need arises.
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
A dedicated physical gold exchange could lead to standard gold pricing in India.
'Even if there is a third wave or a fourth wave, it is hard to see the economy will suffer like that (during the first wave).'
'When the country is jobless, why should I pay through my nose to feed these people who want some perks in office?' 'Let them also join India's unemployed.' 'Let them also taste the bitter medicine of being jobless.'
Expressing his satisfaction over the government's move to slash fiscal deficit target, Das said it will help improve investment by the private sector as crowding out impact will be less.
Delivering a public speech hours after the RBI launched a rescue act for Yes Bank on March 6, Governor Shaktikanta Das reiterated the RBI's affirmation to do whatever was needed to combat the coronavirus impact. On that day, India had only one confirmed COVID-19 infection, the World Health Organisation was five days off from declaring it as a pandemic and the financially debilitating lockdowns were not even on the horizon. Das' promise on efforts to mitigate COVID-19 impact appeared as a footnote in news reports from the event.
Observing that the economic recovery was not yet fully entrenched, the RBI Governor said recovery is likely to be gradual.
Governments that do not respect central banks' independence will sooner or later incur the wrath of the financial markets, ignite economic fires, and come to rue the day they undermined an important regulatory institution; their wiser counterparts who invest in central bank independence will enjoy lower costs of borrowing, the love of international investors, and longer life spans, said Acharya, who will return to the New York University's Stern Business School in August.
Citing national security and confidentiality clauses, the Finance Ministry has declined to disclose information on exchange of correspondence among India, Swiss and German authorities in connection with the black money probe.
Reserve Bank of India Governor Shaktikanta Das on Friday said the central bank will ensure adequate liquidity in the system to ease the financial stress caused by the Covid-19 pandemic. The central bank reduced the reverse repo rate -- the rate at which banks park their fund with the central bank -- by 25 basis points to 3.75 per cent.
'We don't expect any immediate impact on salaried jobs.'
Eco affairs secretary says double counting possible; cash availability to improve in three weeks.
'We believe there will be a full shutdown for four weeks and a partial shutdown for eight weeks.' 'Hence, economic activity is unlikely to normalise before the end of May.'
In a grand ceremony with overtones of a United States presidential inauguration, heads of state and government, India Inc honchos, opposition leaders, Bharatiya Janata Party members and showbiz stars rubbed shoulders as they watched President Ram Nath Kovind administer the oath of office to India's 58 new ministers.
'Reports in a section of media regarding Union Minister Shri Arun Jaitley's health condition are false and baseless. Media is advised to stay clear of rumour mongering,' Government Spokesman Sitanshu Kar tweeted.
The Centre's proposal to call for governance reform in the RBI could, however, take a back seat, a source privy to the development said.
Many analysts over the past week have said the RBI has legroom to cut rates to the tune of 65 bps by June and some like Barclays and BofA have also spoken about the likelihood of an inter-meeting cut.
All public sector banks have moved to such a regime voluntarily, while private banks are yet to. The state-run banks have introduced repo-linked products for floating-rate home and auto loans, but the RBI said loans to micro, small and medium enterprises (MSMEs) should also be linked to an external benchmark.
She also hit out at the government for posting retired bureaucrats, who she alleged were its 'yes men', as head of institutions.
Finance Secretary Hasmukh Adhia vacates his post on November 30 and Expenditure Secretary Ajay Narayan Jha, the second seniormost bureaucrat in the finance ministry, retires on January 31, the day before Jaitley presents the 2019-20 interim budget.
Cash-rich Central Public Sector Enterprises (CPSEs) have to either invest their surplus funds or give it to someone for investment purpose, Finance Minister P Chidambaram has said.
