RBI Governor Bimal Jalan on Thursday ruled out the possibility of a change in Repo rate, but hoped that inflation would turn soft from the second quarter of the current fiscal.
The Reserve Bank of India on Tuesday cut the bank rate by 0.25 per cent to 6 per cent with effect from close of business hours.
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.
Reserve Bank of India on Wednesday expressed confidence that the Indian economy has the resilience to face any problems that might crop up in the event of a war in Iraq and said the soft interest bias would continue despite a rise in price level.
Reserve Bank of India chief Bimal Jalan reiterated on Monday the bank's soft monetary bias but said there was no immediate plan to cut the short-term repo rate.
Bimal Jalan, has recommended to the government that it cut fiscal deficit to 3.6 per cent of the GDP during 2015-16.
At present, investors who can buy up to 15 per cent in a stock exchange include domestic banks and financial institutions, clearing corporations, depositories and stock exchanges.
The luncheon at his residence was attended by Planning Commission Deputy Chairman Montek Ahluwalia, Chairman of PM's Economic Advisory Council C Rangarajan, former RBI Governor Bimal Jalan, Foreign Secretary Shiv Shanker Menon and officials of the Prime Minister's Office.
Ram Jethmalani, Hema Malini, Dara Singh and four other nominated members of the Rajya Sabha will complete their term on August 26, enabling the United Progressive Alliance government to get own choice of persons of eminence nominated by President Pratibha Patil.
The Reserve Bank of India, which slashed the repurchase rate (repo) and savings bank rate by half a percentage point each on February 28, is certain to cut the bank rate in April.
'The Jalan Committee has now provided very clear guidelines on how the (RBI's) balance sheet should be looked at, what kind of disclosures should be made, what are the principles on which the Contingency Risk Buffer should be maintained, what should be the revaluation reserves, and the market risk to the Contingency Risk Buffer.'
It also recommended that the RBI accounting year (July-June) may be brought in sync with the fiscal year (April to March) from the financial year 2020-21 as it could reduce the need for interim dividend being paid by the central bank.
Bombay Stock Exchange (BSE) shares have lost more than a third of their value in the last six months, as a lacklustre market has hurt volumes in the exchange's cash segment and several efforts to revive its derivatives segment are yet to show results.
'Only the coming years will tell whether the government finds this an easy way of relieving itself from its fiscal constraints.'
Y Venugopal Reddy, currently executive director of International Monetary Fund will be the new Governor of Reserve Bank of India, succeeding Bimal Jalan.
The thinking at the Centre is that since the RBI has ramped up purchases of government bonds, the interest earned on them will be transferred to the exchequer as dividend.
Traditionally, Prime Minister picks the RBI Governor after consultation with the finance minister.
Last month, the Bimal Jalan panel, which scrutinised applications for new bank licences, submitted its report along with shortlisted entities to the RBI.
He speaking in New Delhi on the occasion of release of a copy of India's Rurural Infrastructure Report prepared by National Council for Applied Economic Research (NCAER).
Who will be India's new finance minister, when Dr Manmohan Singh will take oath as India's 14th prime minister on Saturday? Tell us.
John Williamson, Senior Fellow in the Institute of International Economics, thinks that the rest of the world will be impacted much more than the US, while former RBI Governor Bimal Jalan says that there is no concrete data to prove the argument.
The Andhra Pradesh government, in a bid to provide succour to the depositors of the Charminar Coperative Urban Bank in Hyderabad, has decided to seek clarifications on the guidelines issued by Reserve Bank of India for the revival of the bank.\n\n\n\n
Bimal Jalan refuses to make a forecast on economic growth, this year or the next. But he does confess that a week or two ago, he might have expected 5 to 7 per cent growth this year.
IDBI found itself in favour on reports that a parliamentary committee will meet the RBI governor to consider converting the financial institution into a universal bank.
The economy is slated to grow by 6.9 per cent in this fiscal backed by a robust 9.0 per cent growth in farm output, credit rating agency ICRA said on Monday.
The Reserve Bank of India governor Bimal Jalan has hinted at an upward revision of GDP and likely downward movement of inflation in view of food prices coming down following a good monsoon.
Indications are that Reddy will take charge as RBI Governor after the annual meeting of the IMF slated in late September.\n\n
Reserve Bank of India on Saturday said it would shortly issue new notes of Rs 10 in the 'Mahatma Gandhi' series with capital letter 'M' inset in the numbering panel bearing the signature of governor Bimal Jalan.
Reserve Bank of India has kept options open for a possible repo rate cut but said there was no "great urgency" for slashing it from the present level of 5.0 per cent.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances