In a surprise move, Reserve Bank Deputy Governor K C Chakrabarty has resigned three months before his term was to end.
Gandhi was the executive director at the Reserve Bank of India before being promoted to deputy governor post.
Green signal from Jaitley; CVC okays Hemant Contractor for head of PFRDA
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A rule change may make Nachiket Mor, among others, eligible to replace Chakrabarty.
Mundra fills the vacancy created by the retirement of KC Chakrabarty in April, two months before his five-year tenure was come to an end.
After Chakrabarty's exit there will be two vacancies for deputy governors in the central bank.
Ahead of the mid-quarter review of the monetary policy on September 17, senior-most Reserve Bank deputy governor Keshab Chandra Chakrabarty on said their top priority is to keep inflation under control.
In his first interaction with the media after taking charge, former PNB chairman and managing director K C Chakrabarty said, "When the government is giving a certain interest rate on small savings, it is not logically correct for banks to provide a lower rate of interest. When we are saying that interest rates are coming down, that means the small savings rate should also come down."
Punjab National Bank CMD K C Chakrabarty has quit his post after his appointment as RBI Deputy Governor. "K C Chakrabarty has demitted office on June 14, 2009 on his appointment as Deputy Governor, Reserve Bank of India," PNB said in a filing to the Bombay Stock Exchange.
Experts interviewed CMDs of nine public sector banks on Friday and Kamath is believed to be in the reckoning
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KC Chakrabarty who was appointed as RBI deputy governor in 2009, is considered frank with his views.
Deputy governors Subir Gokarn, Usha Thorat and Shyamala Gopinath will get additional portfolios, which were until now under K C Chakrabarty, RBI said in a statement today. The central bank did not give any reason for the reshuffle and said the changes will be effective tomorrow.
Chakrabarty would succeed V Leeladhar as the deputy governor in charge of banking in the apex bank. The official notification is expected soon and Chakrabarty is likely to assume office on Monday, banking sources said.
Chakrabarty was asked whether the RBI is contemplating a change in the Know Your Customer norms in the wake of news portal Cobrapost in a sting operation allegedly showing readiness by some officials of ICICI Bank, HDFC Bank and Axis Bank to put unaccounted money into investment products.
It feels there is enough liquidity to take care of the lending activities of the banking system.
Amidst rising demand from banks that they be allowed to increase user fees and limit free ATMs, RBI Deputy Governor K C Chakrabarty said it is "ridiculous" for a bank to charge its own customers for these services.
State Bank Chairman Pratip Chaudhuri's call last week for abolishing the mandatory cash reserve ratio had attracted a sharp reaction from RBI Deputy Governor K C Chakrabarty. CRR is the amount of deposits that banks park with the RBI as a prudential measure without earning interest on it.
In the first two quarters of 2012-13, banks referred a record number of 74 CDR cases, involving a total debt amount of Rs 40,000 crore.
A day after the storm, it was apparently business as usual for Reserve Bank of India Deputy Governor K C Chakrabarty.
Raghuram Rajan has appointed him as head of several committees soon after taking charge.
Financial inclusion has two parameters- access and use of banking services.
Financial inclusion has two aspects- access and use of banking services.
The central bank has nine executive directors, and one of them -- S Karuppasamy -- retired recently. R Gandhi, who was executive director, has now been promoted to the post of deputy governor.
RBI slams public sector banks for the strange phenomenon of profits dipping when a new chairman takes over.
Reserve Bank deputy governor KC Chakrabarty on Monday said the chances of interest rate hikes by the central bank is always there as policy measures depend on the changing economic scenario.
Discounting the argument that gold is a hedge against inflation, the senior-most Deputy Governor wondered how a hedge instrument can offer as high as 37 per cent return year after year.
Reserve Bank of India Deputy Governor K C Chakrabarty has called for changes in the rating and reporting standards of banks, saying a bank should not be rated just on the basis of its net interest margin and net profit, but from a non-financial angle too.
The wholesale price-based inflation had shot passed 10 per cent in May putting more pressure on the Central Bank to hike the policy rates.
Human resource, or HR, development is one of the key portfolios that K C Chakrabarty handles as the Reserve Bank of India (RBI) deputy governor.
Explaining the rationale behind the regulatory mandate, the deputy governor, who looks after banking supervision, apart from a host of other departments at the central bank, said the CRR is charged on banks because only they can create money.
Sustained dollar demand from importers and banks amid weakness in the equity market and the firming dollar overseas mainly affected the rupee value against the dollar, a forex dealer said.
A day after RBI deputy governor's comment, Chaudhuri says his idea on cash reserve ratio was meant to ignite public debate
Banks generally lend to potential customers, primarily corporate clients, at much lower rates below their benchmark prime lending rate, which is often termed as sub-PLR rates.
The Reserve Bank on Friday said the option of going for another round of rate hike at its next mid-quarterly policy review in September do exist as inflationary pressure continues in the economy.
Addressing the industry's concerns that banks were not lending to the MSME sector, he said credit flow to MSMEs had doubled from Rs 1,27,000 crore (Rs 1,270 billion) in 2006-07 to Rs 2,57,000 crore (Rs 2,570 billion) in 2008-09. In 2007-08, credit flow to the sector was Rs 2,13,000 crore (Rs 2,130 billion).
Reserve Bank of India Deputy Governor K C Chakrabarty has said that there is plan to cover all the villages through mobile banks by 2015.
RBI deputy governor KC Chakrabarty said the central bank was exploring all options to tackle inflation, including an action even before its April policy review, if the situation demanded so.
The Reserve Bank on Monday ruled out full rupee convertibility as of now and said the failure of Bharti-MTN deal cannot hasten it.
The government had announced a waiver of over Rs 60,000 crore (Rs 600 billion) in advances to farm sector as a one time measure in the budget of 2008 following stress in the rural sector.
RBI's exercise will take into account standards of governance, the viability of the payment bank (PB) business model, and changes, if any, if needed.
