The resignation is sure to create more political firestorms for the government as it comes on the eve of the winter session of Parliament where the Opposition has already made it clear to the treasury benches that infringing on the RBI autonomy would be a big talking point for them.
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According to media reports, CBI is looking into the entire process at the then NDA government and has asked for information from the mines ministry.
RBI will cut rates in its next policy announcement on June 2.
As India reached the halfway point in the 21-day coronavirus lockdown on Saturday, some states and rail and airline operators were considering measures to relax restrictions in phases from April 15. Simultaneously, the Centre has drawn up a cluster containment strategy to contain the coronavirus pandemic within a defined geographic area by early detection of cases, breaking the chain of transmission and thus preventing its spread to new areas.
The staff and officers of banks and insurance companies are expected to go on a day long strike following a call by major central trade unions on Tuesday (February 24) demanding a wage revision.
With about 2,000 qualified engineers to service ATMs across the country, it is an uphill task to modify 220,000 machines.
A leave vote means the future of Britain's financial services industry is now hanging in the balance.
Strangely, a few days after filing the charges, the CBI teams arrived in Hyderabad and Mumbai to raid GVK's offices and found incriminating evidence, a reversal of the normal course of events.
SBI is the third state-run lender to lower the lending rates after Indian Overseas Bank Tuesday and Bank of Maharashtra which also lowered their loan prices by 5 bps on loan tenors of one year and above, effective April 10.
RBI Governor Raghuram Rajan on Friday said keeping inflation low is the key task for sustainable economic growth of the country.
The reason for the stickiness in bond yields can be many, but the most responsible is the liquidity deficit stance taken by RBI, says Anup Roy.
India's good fortune, experts in the US feel, is not the result of a fundamentally strong economy, but because it is the best of a bad set of options.
'The three tycoons I deal with in the first chapter -- Ambani, Mallya and Adani -- in their own way represent the change that has come over India.' 'Of the three of them, Mallya is the most fun. He was terrific.' 'And I don't say that because I tell the story in the book of his golden toilet.'
Lending rates have to be sensitive to the policy rate, says RBI.
The central bank may need to further ease the rates by 50-75 bps.
The central bank gave 11 entities licences to start payments banks.
Infrastructure bonds were launched by the RBI last year in a bid to help the government fulfill its plan to provide affordable housing to all by 2022
Some overseas investors refuse to be part of roadshows, citing environment risks
M V Subramanian says there is an imperative need for collective responsibility to tackle inflation, prices and availability of essential commodities, and not rely on inflation targeting alone.
For the near term, Gill will have to improve relations with the Reserve Bank of India, which have been strained in recent times. He will also need to strengthen the bank's asset quality and improve governance standards and internal processes.
Amendment to the Act, sovereign guarantees, investment portfolio, realty holdings, and governance issues to shape valuation.
He said cheap valuations, improving sentiment and the ongoing reform momentum coupled with increased transparency due to the internet are driving investors to the Dalal Street.
A corporate lawyer said that this is the biggest failure of corporate governance in this country. He pointed out that American investors can even take the bank to court for giving false statements to stock exchanges and even file class action suits. Some even questioned how RBI overlooked Kochhar's misdeed.
Rajan said that despite easy liquidity, banks have passed rate cuts into lending rates modestly.
'India's economic fundamentals are much too strong to be affected by his resignation,' says B S Raghavan.
Govt reconstitutes body, says will not interfere in senior PSB appointments
'The web of transactions is so complex that it requires expertise to understand the strategies involved in each fraud.'
Instructions were issued on holding loan camps in the last week of September.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
'Has the time come to devise Version 2 of ad hoc T-bills?' 'In return, the government must agree to privatise all but five or six banks.' 'If something like this is not done, we will have governments going on the rampage, with increasing frequency,' says T C A Srinivasa Raghavan.
Restructured debt from Indian power distributors lures investors
On July 15, the Reserve Bank put in place measures to restore stability in the foreign exchange market, including raising the Marginal Standing Facility and bank rates to 10.25 per cent and restricting access by way of repos to Rs 75,000 crore (Rs 750 billion).
The flawed response to the crisis has fed a us-vs-them mentality in which the banker, the expert, the coastal entrepreneur, the immigrant, the foreigner are all villains. The crisis was not that much of a problem; the response -- the over-reaction, the sovereign debt build-up and the lasting anger -- is the problem, says Mihir S Sharma.
Deepak Parekh says AAP victory is a vote for change.
Banks to get more aggressive and act like PE investors
Bankers and economists agree rates will soften, though the quantum would depend on banks' asset-liability profile
Bankers said high interest rate could make Indian economy sluggish given that inflation is around 5%
The banking sector is set to move at a fast pace from hereon.
The additional measures to check exchange rate volatility comes within 10 days of RBI taking stern steps to suck out liquidity from the system.
