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.
Fraudulent emails exhorting people to deposit cash for reward are on the rise.
Rajan said an interest rate cut won't by itself lead to higher economic growth
The committee had eminent people on it and making any allegations like this is 'outlandish', Sitharaman said.
Select bankers will meet RBI Deputy Governor Subir Gokarn, who is in-charge of the monetary policy department, and other central bank officials on July 12.
The reform priorities are clear: enhance savings, improve productivity. Just 25 basis points of moving interest rate up or down would not boost investment: Former RBI Governor Y V Reddy.
'RBI and the economy will gain tremendously from Urjit Patel's experience in both private and public sectors'
Basil had negotiated the Indian economic relief package to help Sri Lanka tackle the current foreign exchange crisis.
Reserve Bank of India Governor Raghuram Rajan, in a hurriedly called press conference, said that the central bank has now routed back most of the dollar demand from oil companies to the market.
The 557th meeting of the Central Board was chaired by RBI Governor Raghuram Rajan, and attended by the four deputy governors among others
Reserve Bank of India (RBI) Governor D Subbarao on Thursday said while the central bank was deeply conscious of the continuing liquidity crunch, the scale of government spending was not enough to ease the situation.
Chief Economic Advisor V Anantha Nageswaran on Thursday expressed hope that the economy will maintain the trend growth rate of 6.5 per cent and above for the rest of the years in the current decade. The economy will close the current fiscal logging in a growth of 6.5-7 per cent, he said, citing the projections of private sector analysts, Reserve Bank of India (RBI) and international agencies like OECD and the IMF. "This appears to be reasonable at this point in time although we will get the data on the fiscal second quarter in a few days, which will give more clarity on these numbers.
India's rupee is likely to remain under pressure due to high prices of crude oil and other commodities, and may stabilise at around 79-80 against the US dollar in the near term, say experts amid limited headroom available with the Reserve Bank to check the weakening of the domestic currency. The currency has slumped over 5 per cent this year after Russia's invasion of Ukraine sent international crude oil prices soaring to a decade high. On Monday, rupee ended at a fresh all-time low of 78.34 (provisional) against the US dollar.
Bankers and economists agree rates will soften, though the quantum would depend on banks' asset-liability profile
Reserve Bank of India Governor Bimal Jalan said on Wednesday that the central bank had a soft and flexible stance on altering the repo rate if monetary conditions warranted.\n\n\n\n
For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
The interim dividend will help Narendra Modi-led government partly bridge the deficit its budget had developed after the announcement of a Rs 75,000 crore a year cash dole scheme for small farmers.
Reserve Bank of India Governor Raghuram Rajan said, in an election year, it is better to be ready for any eventuality.
'Normally, the system is geared towards counting notes -- it is equipped to do x amount of work and one day you are asking them to do 20 x.' 'The processes involved are very complex.'
Subbarao's remarks come against the backdrop of Finance Minister P Chidambaram's assertions in recent weeks that RBI should not focus solely on containing inflation but also look at the larger mandate of growth and job creation.
For the fortnight ended September 5, annual credit growth in the banking system fell to 9.68 per cent, data released by the Reserve Bank of India showed.
The Enforcement Directorate questioned former Jammu and Kashmir chief minister Omar Abdullah for five hours on Thursday in connection with a case related to the purchase of a building by the J&K Bank about 12 years ago when he was in office, officials said in New Delhi.
The need to allow government shareholding in public sector banks to come down below 51 per cent
He added that the risks can increase if the Chinese slowdown gathers more speed.
The Reserve Bank of India (RBI) on Friday decided to leave the benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying rate cuts in the future if need arises to support the economy hit by the Covid-19 pandemic.
The rising price of the precious metal has helped the central bank increase overall forex reserves despite currency reserves not rising, and sometimes even falling.
Heightened volatility makes the debt rollovers difficult.
The Reserve Bank of India on Friday said it will come out with its annual monetary policy for the next fiscal on April 20, amid expectations that the central bank will hike interest rates to tame the rising inflation
Instructions were issued on holding loan camps in the last week of September.
'When I came here in 2002, I said you can grow at 8%.' 'And I was told that was crazy, and (now) here we are.'
According to Subbarao, the pressure on the currency was inevitable.
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.
The meeting comes ahead of a fresh stimulus package aimed at sectors not covered in the earlier measures announced by the central bank and the government.
The cutback on export credit refinance facility is another step towards a shift away from sector-specific liquidity allocations.
'Urjit Patel's appointment is a right decision and in the interest of the country.'
With the setting of MPC, the interest rate setting powers would move from RBI Governor to the panel.
Kaushik Basu, whose stint at the World Bank ends on July 31, was being looked at as a serious contender, the sources said
Calling RBI Governor Raghuram Rajan's exit a 'bad omen' for the Indian economy, eminent economists and former policymakers on Sunday said it will be seen by the world as India's non-approval to a policy against inflation and bad loans.
The stock markets, which had opened in the green on rate cut hopes, tumbled after the monetary policy announcement.
