This, said Sitharaman, would remove the possibility of unauthorised communication "and consequent harassment", which was a cause of concern for bankers.
Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
Mint Road, on December 21, 2023, flagged the role of self-regulatory organisations (SROs) in strengthening the compliance culture in regulated entities (REs) and providing a consultative platform for policymaking. It also decided to issue an omnibus framework for SROs.
On a year-to-date basis, gold prices have gained 23 per cent as the dollar weakened and as demand for the metal from central bankers rose.
The comments come within a month of the arrest of seven people, including the chief executive of LIC Housing Finance by the Central Bureau of Investigation in connection with the scandal.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
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.
Chidambaram first met bankers and industrialists in Mumbai to seek ways to revive slowing economic growth.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
Question remains, what happens when the overseeing committees' members themselves are questioned by investigative agencies?
The bank chiefs have also cancelled the customary media conference after the bi-annual policies.
Sitharaman also directed public sector bank heads to clear long pending vigilance cases against their officials for alleged malpractices.
Foreign flows into Indian equities are expected to pause in the short to medium term, say analysts. The outlook is influenced by multiple factors, including rising oil prices, actions from global central banks, climbing bond yields, and the dollar index gaining prominence. "Valuations appear rich with the markets at record highs.
The government on Wednesday appointed RBI's senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank. Rao was appointed to the post vacated by N S Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
'Some of the astounding proposals, if translated into statutory provisions, would be suicidal.' 'This would not be a wonder cure for increasing insurance penetration and only result in mushrooming growth of players like paan kiosks with deleterious consequences.'
RBI Governor Raghuram Rajan stressed that trade, immigration and capital flows must not be hindered.
Other bankers who attended the meeting at Mint Street included SBI chairman-cum-managing director O P Bhatt, ICICI chief executive and MD Chanda Kochhar, Standard Chartered's India head Neeraj Swaroop and HDFC Bank MD Aditya Puri, among others.
Sir Osborne Smith was the first governor of the Reserve Bank, serving from April 1, 1935, to June 30, 1937.
'The FSIB will conduct interviews for the SBI chairman position on May 21-22 as the tenure of the current chairman Dinesh Kumar Khara is scheduled to end by August.'
In addition, bankers also told Business Standard that they did not expect the central bank to hike policy rates or the cash reserve ratio in the third quarter review scheduled for October 27 as inflation was not rising fast though inflationary expectations were there.
'He asserted in his usual jovial style that he was not an MBA like his audience at IIM-Ahmedabad but perhaps had an even better business degree: MBB'. 'He went on to explain to his perplexed, blue chip B-School audience that MBB stood for "Marwadi by birth"!' Shivanand Kanavi salutes Shashi Ruia, co-founder of the Essar group who passed into the ages on November 25, 2024 in Mumbai.
CEOs of leading banks say third straight rate hike by RBI inevitable, though not desirable.
The CBI, facing a shortage of investigative officers and a rise in financial offences, is planning to recruit for short tenures personnel from public sector banks working at the corresponding grade of CBI Inspector. Those hired will be a part of the CBI's Bank Fraud Investigation Cell.
Urjit Patel's reappointment will raise market hopes that Rajan, will also be offered an extension when his tenure ends in September.
AIBOC in a letter to the Prime Minister, has said the government should not expect the banking fraternity to "join the political campaign of #MainBhiChowkidar" unless issues related to merger of banks, salary revision and staff recruitment, among others, are addressed.
By tightening or loosening money supply and tinkering with interest rates, central banks try to nudge economies in the right direction.
The Central African Republic (CAR) said on Tuesday that a diplomatic passport that tennis star Boris Becker claims entitles him to immunity in bankruptcy proceedings in Britain "is a fake."
A professional banker, Salman Butt, was on Tuesday named managing director of the 2011 World Cup central organising secretariat amid rising concerns over the slow pace of preparations for the mega-event in South Asia. The Pakistan Cricket Board confirmed Butt's selection had been approved by the International Cricket Council.
India has been assigned the lowest investment grade rating with a high risk profile by various global agencies.
In the quarterly review of its annual monetary policy on Tuesday, the central bank is also likely to lay out a more clear roadmap to conduct the government borrowing programme in a smooth manner and may hike the GDP and inflation forecast for FY'10, they said. To arrest the slowdown in the economy by stimulating demand the apex bank has trimmed its CRR to 5 per cent, repo and reverse repo rates to 4.75 per cent and 3.25 per cent respectively since October last year.
Gokarn probably became the fall guy for resisting calls for interest rate cuts by the government and industry lobby groups, despite uncomfortably high inflation and/or for depreciation of rupee.
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A rule change may make Nachiket Mor, among others, eligible to replace Chakrabarty.
'We are in a sweet spot.' 'Equity, on a standalone basis, will continue to remain the asset class to stay invested in.'
Uncertainty is emerging as the only certainty, said RBI Governor Shaktikanta Das as he emphasised on continued policy support at the December MPC meet during which members expressed concerns over spread of the Omicron variant of coronavirus, as per the minutes of the rate-setting panel released on Wednesday. After three days of deliberations, the six members of the Monetary Policy Committee (MPC) on December 8 unanimously voted for status quo on policy rates for the ninth consecutive time. At the meeting, the RBI Governor said risks stalking the global economy have amplified with rapid spread of the virus mutations, including the Omicron variant, leading to countries scrambling for restrictions.
Christine Lagarde warned of a repeat of high market volatility.
