Twenty-six entities, including the Tatas, Aditya Birla Group, Anil Ambani-led Reliance Capital and Religare, apart from India Post, applied. Videocon Group, later on withdrew its application.
Defending the rate hike announced on Friday, he said short-term growth could be scarified for long-term growth. "Absolutely, we will raise rates even before the policy dates if inflation goes up. The RBI governor is continuously watching the situation. Unproductive demand has to be curtailed. It is up to banks to increase the rates, but RBI is giving the signal that there is a need for rates to go up if you have to anchor inflationary expectations," Chakrabarty said after an
The Financial Inclusion Advisory Committee under RBI Deputy Governor K C Chakrabarty is expected to suggest appropriate regulatory framework to ensure that financial inclusion and financial stability move in tandem, the RBI said in a statement.
A quarter of managers to retire in 3 years; new private banks also seen as threat.
Whistle-blowing website Cobrapost.com on Saturday slammed the clean chit given by the Reserve Bank of India to the money-laundering practices exposed by it in ICICI Bank, HDFC Bank and Axis Bank. The website had revealed how the top private banks in India helped encouraged money laundering by helping traders convert black money to white.
The Saradha Group had been raising deposits from the public with a promise to double the money invested within a short period.
Deputy Governor K C Chakrabarty says monetary policy to ease once inflation comes down.
Since taking over at RBI on September 4, Governor Raghuram Rajan has twice hiked the repo rate -- at which the central bank lends to banks -- to 7.75 per cent, seeking to tame inflation.
Aviation companies, led by flamboyant Vijay Mallya-promoted Kingfisher Airlines, have been witnessing stress and it has also impacted their debt servicing, with some accounts turning non-performing assets.
Now SLR has come down to 23 per cent, CRR is 4.5 per cent.
Plannning Commission projects economy to grow up to 7.9% in 12th Plan against earlier estimate of 8%.
A large number of public sector bank employees, as a matter of routine, do not "take" promotions so that they are not transferred out of their hometowns. The eastern region is famous for this, but it is a common practice everywhere, says Shyamal Majumdar.
In its quarterly monetary policy review, RBI had last month retained the CRR at 4.75 per cent and reduced the statutory liquidity ratio -- the amount of deposits banks park in government bonds -- by 1 per cent to 23 per cent, effective August 11.
These suggestions were made by Finance Minister Pranab Mukherjee in his address at a meeting with chief executives of the public sector banks, which among others, was also attended by RBI Deputy Governor K C Chakrabarty.
Excerpted from the inaugural address by Dr K C Chakrabarty, Deputy Governor, Reserve Bank of India, at the IBA-DSCI Conference on 'Security Framework in Indian Banks', in Mumbai on April 26.
He also said that unless inflation comes down interest rate cannot be reduced.
"Absolutely not," RBI told reporters when asked to comment on reports suggesting that SBI has agreed to pump more money into the airline. RBI does not oppose "professional decision" of the bank.
KC Chakrabarty, deputy governor of RBI, speaks to Business Standard on inflation and a host of other issues.
The gross NPAs of some public sector banks had crossed 4 per cent of their total assets at the end of September.
ICICI Bank Chairman K V Kamath on Thursday disagreed with the suggestion of SBI chief Pratip Chaudhuri that RBI should scrap CRR, saying it is part of the monetary policy and no issue can be made of it.
At a time when the Micro Finance Institutions (MFIs) have drawn flak due to steep interest rates charged by them, the Reserve Bank of India (RBI) Deputy Governor K C Chakrabarty has categorically stated that such institutions cannot play any role in financial inclusion.
The Reserve Bank and the government has contingency plans to deal with the situation if Greece exits the Eurozone, RBI Deputy Governor K C Chakrabarty said on Friday.
After having raised its key policy rates 10 times in a year-and-a-half to check inflation which remains stubborn, the Reserve Bank of India said on Friday it has no magic wand to bring down the rate of price rise.
Idea of 5.1 per cent fiscal deficit should not deprive credit needs of the society, said Chakrabarty.
Inflation may come down to RBIs projections, if it does not we will have to take steps, RBI deputy governor K C Chakrabarty said on the sidelines of an event organised by Confederation of Indian Industry and Suresh Neotia Centre of Excellence.
The RBI, which started exiting its easy money policy stance since October last, is widely expected to hike key short-term lending (repo) and borrowing rates (reverse repo) by 0.25 per cent at its quarterly policy review on July 27.
With inflation surging into double digits, the Reserve Bank of India on Tuesday said it may take monetary action to tame the rising prices ahead of the scheduled review of the policy on July 27.
Even as India's annual inflation rate touched 10.16 per cent in May, Finance Minister Pranab Mukherjee on Monday ruled out the possibility of interest rates rising in the short term. He said he expected inflation to be on the higher side till the middle of July.
The RBI's projection for WPI inflation for this fiscal is 5.5 per cent.
The wholesale price index-based inflation, which neared double-digit level in February, has probably peaked and was likely to decline as the country expected a good winter crop and drop in oil prices, RBI Deputy Governor K C Chakrabarty told reporters on the sidelines of a function in Bangalore on Monday.
The government in its budget for the current fiscal decided to borrow Rs 4.5 lakh crore (Rs 4.5 trillion) from the market, up from Rs 3.1 lakh crore (Rs 3.1 trillion) in the previous fiscal.
With food price inflation in double digits, the Reserve Bank is faced with the daunting task of keeping inflation in check, the bank K C Chakrabarty, deputy governor said.
"The expectation is that the erratic monsoon may put pressure on inflation," RBI Deputy Governor K C Chakrabarty told reporters on the sidelines of a meeting of regional rural bank chiefs with Finance Minister Pranab Mukherjee.
With inflation turning positive after 13 weeks, the Reserve Bank on Thursday said the wholesale price index may rise to six per cent by this fiscal end a development that may pose challenges to the central bank in maintaining a stable monetary policy.
The Reserve Bank could consider setting up of a Fraud Registry on the lines of Credit Information Bureau to check criminal activities in the financial sector.
'RBI and the economy will gain tremendously from Urjit Patel's experience in both private and public sectors'
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
RBI has already come out with a discussion paper on banking sector in India, on which the regulator has invited comments from stakeholders.
