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The Indian currency had hit record low of 57.32 against a dollar in June last year.
New notes bearing signature of former Governor D Subbarao are legal tender and the process of changing signature is underway
Slowdown in growth is the most worrisome factor and volatile capital flows have made the country vulnerable to "stops and reversals", RBI Governor D Subbarao said.
Identity of next central bank chief remains a matter of speculation.
Regardless of who is right, Rajan has to quickly come to grips with a number of obvious challenges, ranging from the immediate to the medium term.
With RBI governor Duvvuri Subbarao retiring in September, 2013, the government is on the look out for the most eligible person to head the Reserve Bank of India.
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Tata Sons, India's biggest business group, and firms controlled by billionaires Anil Ambani and Kumar Mangalam Birla are among the 26 companies that have applied for licences to open banks.
Is unhappy about banks' reluctance to pass on lower interest rates.
Due to a spike in crude oil prices and the govt's high fiscal deficit
The central bank, however, would prefer money supply in deficit mode.
It's affecting deposits, too.
According to Subbarao, the lower your reserves dip, the more vulnerable you become.
In a meeting hosted by US India Business Council on Thursday night, the American industry leaders also discussed with Subbarao the need for maintaining 100 per cent foreign ownership of wholly-owned subsidiaries, and transparent priority sector lending norms.
Reserve Bank of India Governor D Subbarao on Tuesday said the central bank needed more powers before it could firm up the final guidelines on new bank licences.
The Reserve Bank in its Mid-Term Review of Annual Policy Statement for 2008-09, the Reserve Bank has said that inflation continues to be a matter of concern.
This was the first meeting between the RBI Governor and Chidambaram following his taking over the charge of the Finance Ministry last week.
The majority votes came at a time when Subbarao had been holding the repo rate in the last four monetary policy reviews.
The RBI chief further said the state Chief Minister Oommen Chandy had told him that there were several NRIs in Kerala who wanted to contribute to the development of the state and that there should be a mechanism for channelising their funds.
Accepting that inflation had increased in past few years, the RBI governor said that though they had somewhat succeeded in containing it in past two years, it is still there.
"Now I get credit for the idea which actually I neither invented nor actually believed in," he said.
As India seeks to control high inflation, RBI Governor D Subbarao has said a little sacrifice in growth is "inevitable" amid efforts to bring down prices to acceptable levels.
Inflation as measured by the Wholesale Price Index stood at 6.87 per cent in July, down from 7.25 per cent in June. It is still much above RBI's comfort level of 5-6 per cent.
Although the rupee has recovered after Thursday's announcement by Subbarao on the possibility of selling dollars directly to oil companies, it had fallen to 56.07 to a dollar in the morning trade, after Thursday's close of 55.65.
The RBI has shelved its plan for polymer notes more than a decade after it invited interest from global manufacturers for one billion pieces of Rs 10 denomination polymer banknotes, reveals Tamal Bandyopadhyay.
Our economic climate since the spring of 2007, when foodgrain prices started their journey northwards, has created an imbalance in market power between buyers and sellers, to the great disadvantage of the former.
With RBI rate cut, loans are likely to be cheaper.
The RBI Governor, however, added it was 'difficult to say when that will take place and in what shape it will roll out'.
Telecom Minister Kapil Sibal on Thursday contested the claims of former Telecom Secretary Siddhartha Behura over a December, 2007, meeting held regarding entry fees for 2G licences, in which he had said the then Finance Minister P Chidambaram and former Finance Secretary D Subbarao were present.
RBI is scheduled to announce the annual credit policy on May 3.
The move will to a large extent speed up the monetary transmission process--which is banks passing on the rate cuts that the Reserve Bank announces to their borrowers without much delays--something that has been missing all these while and something that the RBI has been unhappy with.
Subbarao said the flight of dollar being witnessed following the euro zone crisis is a 'natural reaction' when there is an uncertainty.
Subbarao said in terms of the risk to growth inflation outlook, the first would depend on global recovery and if it fails, could have an impact for India.
Reserve bank of India governor Duvvuri Subbarao has said that India is not contemplating imposing Tobin Tax on capital inflows, but did not rule out introducing it later.
Continuing the upward march, inflation crossed 11 per cent in March in the final data, while this was only 9.9 in provisionally.
'I am sure Dr Patra will get the fullest cooperation from the finance minister who needs workhorses, not prima donnas constantly looking to improve their CVs,' says T C A Srinivasa-Raghavan.
RBI Governor Raghuram Rajan plans to write on 'academic issues' after leaving the Reserve Bank.
A top Finance Ministry source, however, said no discussion has taken place in the government so far on whether to extend Rajan's tenure or not.
Duvvuri Subbarao the new Reserve Bank of India governor said on Tuesday that the central bank will review GDP growth forecast for this fiscal during its October review of monetary policy.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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