'Russia has got inherent military strength, they have a very good military equipment manufacturing infrastructure and by and large they are self-sufficient in their production capabilities'
Barry Eichengreen, professor of economics and political science, University of California, Berkeley, analyzes the transparency of the Reserve Bank of India, the growth rate of the Indian economy and why he feels globalisation can never be rolled back.
Many from this small lender have made it to other bank boards over the past 5 years
With organisations like the Bharatiya Mazdoor Sangh, which is a front of the Rashtriya Swayamsevak Sangh, telling Finance Minister Nirmala Sitharaman they want OPS back, the government is in a bind, report Shiva Rajora and Aditi Phadnis.
'At the first board meeting I chaired, I sensed that corporate governance is an issue in this company.' 'I started taking steps that may have aggrieved a few.' 'This has now become a mission I intend to accomplish before I step down.'
The Reserve Bank of India-constituted committee on procedures and performance audit on public services (CPPAPS) has recommended early introduction of coins of Rs 10 denomination.
He will be the first bureaucrat to head the central bank in almost five years.
Refusing to link his seeking voluntary retirement, a year before his superannuation, to his transfer to the relatively low profile power ministry, he said that he had conveyed his decision to the Prime Minister's Office on July 18.
Former central bank deputy governor S S Tarapore today said the Reserve Bank of India's monetary measures to contain inflation have been "appropriate" as of today
The Supreme Court (SC) on Monday slapped a fine of Rs 2000 ($25) and a four-month jail sentence on fugitive businessman Vijay Mallya. In addition, the former liquor baron has been asked to deposit $40 million with 8 per cent interest within a month, failing which his properties would be attached to recover the amount. The court held Mallya guilty of contempt after it was brought to its notice that he had transferred $40 million to his children in the US.
Despite ideological differences, the former RBI governor gives credit to political management by Delhi for protecting India from the full impact of the trans-Atlantic financial crisis.
The poor and unbanked can take their rightful place as consumers of financial services only if the Modi government encourages different entities to advance the financial inclusion agenda, say Vikram Gandhi & Chandni Ohri.
As the global economy sways into uncertain territories and domestic prices almost certain to rise, Raghuram Rajan's ideas would have come in handy.
The RBI cut the rate several times last year to reduce it by 125 basis points to the current 6.75 percent.
Companies owned by fugitive diamantaire Mehul Choksi have allegedly siphoned off over Rs 6,344.96 crore from the Punjab National Bank (PNB) using fraudulent letters of undertaking and foreign letters of credit, a CBI investigation into the scam has detected. The findings were submitted by the CBI in a supplementary chargesheet filed before a special court in Mumbai last week, where the agency said the PNB was conned by its employees who were allegedly hand in gloves with Choksi and his company executives and who facilitated the scam as part of a criminal conspiracy. The PNB officials at the bank's Brady House branch in Mumbai issued 165 letters of undertaking (LoUs) and 58 foreign letters of credit (FLCs) during March-April 2017, against which 311 bills were discounted.
The ever-astute Ravi Matthai, Director of Indian Institute of Management, Ahmedabad in 1971, offered me a basic salary of Rs 1,000 per month on my return from the United States. I doubt if IIMA could hire a faculty member at Rs 55,000 per month today! points out Dr Shreekant Sambrani.
NITI Aayog's Rajiv Kumar accused former prime minister Manmohan Singh and senior Congress leader P Chidambaram of creating a 'false narrative'
Rajan said in order to export, one needs to be able to import things that go into those exports as cheaply as it can.
Terming the 23.9 per cent fall in economic growth in the June quarter alarming, former Reserve Bank Governor Raghuram Rajan has said bureaucracy should come out of complacency and take meaningful action. The current crisis requires a more thoughtful and active government, he said, adding, "Unfortunately, after an initial burst of activity, it seems to have retreated into a shell."
The BJP said that since the payment made by Amar Singh was in US dollars and was a substantial amount, RBI clearance should have been sought as per the legal guidelines.
Chidambaram has been magnanimous in endorsing my book, says the former RBI Governor D Subbarao.
While experts' views are divided, the move is aimed at improving the coordination between the government and the regulator.
R H Patil was on Thursday appointed chairman of UTI Asset Management Company, the country's largest mutual fund.\n\n
Move to increase 90-day window to 120 days to give more time to borrowers to service loans.
After assuming office, the Narendra Modi government on Monday constituted a Special Investigative Team to unearth black money.
Inflation targeting has worked well and the government must stay with it, and the framework is going to work well in the period ahead also, former RBI Governor D Subbarao said on Thursday. He also said low inflation contributes to sustainable growth. Addressing the 'Times Network India Economic Conclave' virtually, Subbarao said the government's proposal to privatise some public sector units is not akin to selling family silver but it is a route for putting India on a sustainable growth path.
About 200,000 ATMs can dispense the new series of Rs 500 notes
The judgment was reserved after a marathon hearing which went on for 38 days spanning four months.
'The book captures Rana Kapoor's hunger for real estate leading to bungalows in Delhi, Mumbai, London and other cities; the multiple companies -- over 100 -- to fund his family's various ventures; the attempt to game the system by showing lower non-performing assets,' notes Joydeep Ghosh.
In a soon to be published book, 'Of Counsel: The Challenges of the Modi-Jaitley Economy,' former chief economic advisor Arvind Subramanian says though RBI has a good reputation, it does not mean it's always right, as for years, the RBI was unable to grasp the seriousness of the loan repayment problems or identify the prolonged frauds of Nirav Modi and the likes.
The BJP had not filed till May the expenses statement for the Karnataka Assembly elections held last year in July.
'The day-to-day control of banks is in the hands of political bosses and bureaucrats who are not answerable.' 'The political system uses the banks as a helicopter to throw money to the sector they want to patronise in order to win the next election.'
This amount will include Rs 13,100 crore that Economic Affairs Secretary Subhash Garg has been publicly seeking from the central bank's contingency reserve fund since 2017-18 (FY18).
Two issues dog the sale of the national carrier. One is the $2 billion bank guarantee the winning bidder will need to furnish. The other is the nearly 5000 lawsuits filed against Air India, many of them overseas. Anjuli Bhargava reports.
Although this may not be music to Raghuram Rajan and Viral Acharya's ears, the real reason in my estimation for their quitting is expatriate over-sensitivity, intolerance or arrogance, argues B S Raghavan, the distinguished civil servant.
The ministry sought to allay the rating agency's concerns and said economic growth was on an upward swing.
Apart from cotton, copper, petroleum and industrial machinery, India does not export much to China. This means that India buys six times the merchandise it sells to China, points out Abhishek Waghmare.
He speaking in New Delhi on the occasion of release of a copy of India's Rurural Infrastructure Report prepared by National Council for Applied Economic Research (NCAER).
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