'Normally, the system is geared towards counting notes -- it is equipped to do x amount of work and one day you are asking them to do 20 x.' 'The processes involved are very complex.'
'There is a misconception that gold is a dead asset in India.' 'Around 30 per cent of agriculture loans are collateralised by gold, Soumya Kanti Ghosh and Saket Hishikar, economists at the SBI, point out.
Since end-May there has been volatility in the foreign exchange market.
The RBI is understood to be dithering since it would want more clarity on the cost of the fiscal policies the new government would undertake before it decides to cut rates, even though it has pencilled in a lower gross domestic product growth rate for this fiscal year.
Rajan's departure from the RBI is an end to 'outside interference' in policy making, government insiders feel.
An initial reading of the guidelines indicates two factors - potential rise in borrowing cost and lower returns on investment book - could hit the spread of NBFCs.
"I am an academic and I have always made it clear that my ultimate home is in the realm of ideas," Rajan said in a letter to staff.
We may now be experiencing the darker side of the massive monetary stimulus of past years, said Rajan.
Upcoming payment banks will lift lower income groups in distant villages.
Reserve Bank of India (RBI) governor Raghuram Rajan says global markets are at risk of a "crash" should investors start bailing out of risky assets created by the loose monetary policies of developed economies.
Going by its past experience of differences between the central bank and the finance ministry, the government might prefer a person who could bridge this gap.
Kingfisher Airlines owed Indian banks Rs 7,000 crore as of January.
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.
If banks cannot charge interest from borrowers during the moratorium, who will bear that cost? Should the depositors subsidise the borrowers by foregoing interest on deposits? In that case, we will turn banking on its head! notes Tamal Bandyopadhyay.
The board of Zee Telefilms Ltd has recommended 55 per cent dividend for the financial year 2002-03 involving a total payout of about Rs 23 crore (Rs 230 million).
'There are some castes that grab power, then pass on the benefits to those who belong to their own caste.'
Indications are that Reddy will take charge as RBI Governor after the annual meeting of the IMF slated in late September.\n\n
Announcing her appointment, IMF Managing Director Christine Lagarde hailed the Mysore-born Gopinath as "one of the world's outstanding economists with impeccable academic credentials, a proven track record of intellectual leadership and extensive international experience".
If Uddhav continues in this mode as a serious-minded, capable leader with his hands firmly on the steering wheel, and succeeds in enabling Maharashtra weather the current storm, there is every possibility of his emergence as a leader who will be seen as someone who is ready to play a larger role, observes Amulya Ganguli.
"Cash is still quite high in the system. There is also stocking of Rs 2,000 notes in evidence. The expansion of digital payments is taking place all over the world. It is happening in India as well. The pace is much slower," S C Garg, who took VRS from government service after he was abruptly shifted out of the finance ministry, said in a note.
Raghuram Rajan joked he wasn't expecting to win any votes or Facebook 'likes' in the position.
Concerned by GDP slowdown and unrealistic tax targets, the economists urged Finance Minister Nirmala Sitharaman to implement long-term structural steps like land and labour reforms. Warning against any off-Budget financing the economists said the government should prepare a statement of intent for its social, rural and welfare sector expenditure.
Banerjee supported 'Nyay' (poverty alleviation scheme of Congress) and people of India rejected his ideology, the BJP leader said.
The interest money which is not claimed by people due to religious obligations is kept in suspended bank accounts.
Gokarn was the first Indian central banker who regularised warnings to the government, through the monetary policy statement, on the need to reduce fiscal deficit.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
Nandan Nilekani complimented RBI on granting licenses to payments banks, calling it 'a great revolution'.
India's aggregate NPA as a percentage of GDP is far lower than that in Italy, Greece.
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.
Disagreeing with Reserve Bank's projection on the price situation, former RBI Governor and PM's Economic Advisory Council chairman C Rangarajan said WPI and CPI may not be as high as being projected by the central bank.
The finance ministry welcomed an inter-meeting rate cut by Reserve Bank of India (RBI) on Thursday, saying it reflected easing inflation concerns and vindicated the government's efforts to achieve economic growth without stoking inflation.
India will have to show more willingness to import, and since Biden will not encourage sale of oil and gas to bridge the gap, it means there has to be more meaningful duty reduction in other areas even if Delhi baulks at a Free Trade Agreement so soon after walking out of RCEP.
The government kept its nerve in the face of a massive shock. It chose not to resort to a massive fiscal stimulus. It focused instead on providing liquidity support and easing restrictions on movement in stages, observes T T Ram Mohan.
While the situation Sitharaman finds herself in may not be that good, how does it stack up against her three immediate predecessors Pranab Mukherjee, P Chidambaram and the late Arun Jaitley?
'We get to know secrets such as some of India's top-rated firms do not always make payments when due and many State-owned, listed, enterprises that borrow in bond markets default regularly.' 'Without naming the bank, he says that ever-greening of poor loans by a part of India's shadow banking lay at the doorstep of India's banking, notably 'one private bank'.' Viral Acharya's Quest for Restoring Financial Stability in India won't be music to many ears, observes Tamal Bandyopadhyay.
'Rajan brought in a healthy air of competition in the banking sector.'
Sonia Gandhi hit out at the BJP for being determined to destroy constitutional values.
Not only were Urjit and Rajan outsiders, they also hired laterally, bypassing the existing talent, especially in the field of economics
Byju's, India's most-valued startup, has decided to put two of its key assets -- Epic and Great Learning -- on the block to generate $800 million-$1 billion in cash, with an aim to meet the edtech firm's various commitments, including repaying the entire $1.2 billion term loan B (TLB) within six months, according to sources. The cash-strapped company has proposed repaying $300 million of the $1.2 billion loan in the next three months, depending on whether the lenders accept Byju's amendment proposal, said the people familiar with the development. "This loan repayment proposal has been submitted to the lenders and conversations are going in the right direction," said a person in the know.
