This is the 14th consecutive month that the manufacturing PMI remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
As per the RBI Act, the central bank has to have four deputy governors.
The RBI is understood to be dithering since it would want more clarity on the cost of the fiscal policies the new government would undertake before it decides to cut rates, even though it has pencilled in a lower gross domestic product growth rate for this fiscal year.
The career bureaucrat-turned-central banker walked into the 19th floor corner room of the Reserve Bank on December 12, 2018. Since February 2019, the Das-led RBI has cut the repo rate by a whopping 135 basis points to support the sagging growth, including an unprecedented 35 bps reduction in August. As he completes one year at the helm, woes in the NBFC sector, overall health of the banking sector and steeply falling economic growth are among the major challenges that needs to be tackled sooner than later.
The headline seasonally adjusted Nikkei India Composite PMI Output Index, that maps both the manufacturing and services sectors, rose from 53.3 in June to 54.1 in July.
Reserve Bank of India Governor Urjit Patel is learnt to have told the parliamentary panel on demonetisation that discussions between the central bank and the government on the process began early last year.
Both the new designs, Rs 500 and Rs 2,000, will be very friendly towards the visually-impaired by having features which make it accessible for all sections
'We are not able to manufacture even low-end products as cheaply as China.' 'We are not buying Chinese goods today out of any love for China.'
Here is some background on the candidates seen as potential successors to Rajan at the RBI
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
The imported inflation component is also expected to ebb on lower oil prices and softer US dollar, it said.
Some banks are disbursing only Rs 5,000 per person while those having better cash availability are offering Rs 10,000 or Rs 12,000 per withdrawal
Major gainers in the Sensex pack were Hero Motocorp, which rallied 7.01 per cent, followed by Bharti Airtel (6.69 per cent), Yes Bank (5.30 per cent), Adani Ports (4.90 per cent), Tata Steel (3.75 per cent) and Bajaj Auto (3.70 per cent).
The government has proposed "drastic changes" in the rules framed to retune the composition of three committees of the RBI: Board for Financial Supervision, the Board for Payment and Settlement Systems and the Committee of the Central Board.
RBI's current Deputy Governor Urjit Patel got 3-year extension in January.
Sentiments were also bearish largely in tandem with a sell-off in global markets as US Treasury yields surged to multi-year highs on robust economic data and comments from the Federal Reserve, sparking fears of accelerating inflation, brokers said.
After Urjit Patel's appointment as RBI governor-designate, the bond market witnessed a sell-off, as it became evident that there won't be any significant change in stance
The mismatch between industrialists' demand and account holders is because of inflation, Rajan said.
Voting for the 2014 general elections will begin in April and it is expected Budget 2014-15 will be presented in June.
The finance minister chided the central bank on Tuesday over its focus on fighting inflation, saying the Reserve Bank of India (RBI) also needed to abide by the government policy to promote economic growth.
They alleged that the central bank has "failed miserably" in handling the situation post-demonetisation.
The IMF expressed its opposition to any move that compromises the independence of central banks anywhere in the world.
Potato, a daily consumable vegetable, witnessed maximum inflationary pressure at 60.58 per cent
The trade gap was $11.66 billion in December 2015 while in September 2015 it stood at $10.16 billion
A high-level panel led by former RBI governor Bimal Jalan, set up to decide the appropriate capital reserves that the central bank should maintain, on Wednesday finalised its report.
Zzungry said it had introduced limited edition of 'Ulundu kozhukattai' and 'Kova kozhukattai' that are inspired from the cuisines of two states that hold great relevance in the life of Raghuram Rajan.
It's unfair to over-emphasise Urjit Patel's shy and reticent image.
The board deliberated on the governance framework of the RBI and it was decided that the matter needs further examination
RBI deputy governor N S Vishwanathan has said the new framework was in line with the Insolvency and Bankruptcy Code guidelines.
The appointment will be made by Prime Minister Narendra Modi in consultation with Finance Minister Arun Jaitley.
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.
Reserve Bank of India (RBI) Governor Raghuram Rajan has set himself a target of lowering consumer inflation and is even ready to raise rates to achieve it, risking friction with the new government, if he is seen as overstepping.
Economic Affairs Secretary Subhash Garg is the finance ministry's primary liaison with the RBI.
'GIFT City is now on a growth trajectory,' says Tapan Ray, MD and group CEO, GIFT City, 'The time has come for the GIFT City to take the big leap and emerge as the next financial hub of Asia.'
The Nikkei India Manufacturing Purchasing Managers' Index (PMI) stood at 47.9 in July, down from 50.9 in June, its lowest mark since February 2009, and highlighted the first deterioration in business conditions in 2017 so far.
As a result, the forecast of eight per cent retail inflation by January next year looks achievable.
'This is not without risk because extraordinary steps taken in exceptional times have the habit of becoming habits until the next crisis intervenes,' warns T N Ninan.
MSS bonds are issued with the objective of providing the central bank with a stock of securities with which it can intervene in the market for managing liquidity. These securities are not issued to meet the government's expenditure.
The Nikkei Markit India Manufacturing Purchasing Managers' Index (PMI) -- a gauge of manufacturing performance -- fell to 52.3, down from October's 22-month high of 54.4.
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