India saw growth of around 213 per cent in the number of real-time payments processed over the past year.
'The governor does enjoy a certain amount of recognition in the public and if he is able to communicate on some of those larger issues using the gravitas of his office, I think his contribution to the larger public will be great'
Reliance Industries, the Tata group, Bharti Airtel and Aditya Birla are among Indian conglomerates that have hedged their revenue and costs linked to the US dollar, giving them financial cover as the rupee fell past 80 against the greenback on Tuesday.
He was the financial secretary when the 2G licences were allocated.
Tobin tax and a financial sector levy could be considered, says former RBI governor. India should manage its capital account irrespective of high or low inflows, Y V Reddy, former governor of the Reserve Bank of India (RBI), said.
This month, advertisements for managing directors and the senior management team for the National Bank for Financing Infrastructure and Development or NaBFID, should be out, signalling the start of a financial institution (FI) like no other the country has ever had. For this and other reasons government managers associated with the NaBFID project are convinced it should remain a 100 per cent government-owned entity. This is somewhat different from what former economic affairs secretary Tarun Bajaj said when the NaBFID Bill was being tabled in Parliament earlier this year: "To begin with, it will be 100 per cent government owned.
He warned low interest rates globally could distort markets and would be difficult to abandon
The MPC headed by RBI Governor Shaktikanta Das will announce the resolution of the meeting at around noon on Thursday.
Rakesh Mohan, one of India's former senior-most economic policy makers, says the public sector offers a challenging and fulfilling career and the country's young professionals must mull over joining such services rather than solely focused on lucrative jobs in non-government fields.
The offer is to close on April 26 and the price is fixed at Rs 1,440 a share.
Dr Mohan will be representing India along with Bangladesh, Bhutan and Sri Lanka on the 24-member Executive Board of the IMF.
Barring stray references such as the 'dual control' of banks and shifting the goalposts during demonetisation, he is not in a fault-finding mode with the government, notes Tamal Bandyopadhyay.
Given the pressure from India Inc and the banking fraternity, it is surmised that the portfolio rejig will take place before April.
The Bombay high court on Friday heard prosecution and defence arguments on the applications of former ICICI Bank CEO and MD Chanda Kochhar and her businessman-husband Deepak Kochhar, challenging their arrest by the Central Bureau of Investigation (CBI) in an alleged loan fraud case, and reserved its verdict which will be delivered on Monday. The Kochhars, along with Videocon group founder Venugopal Dhoot, were arrested by the CBI late last month for their alleged roles in the case and the trio is currently in jail under judicial custody. The Kochhar couple has termed their arrest as "illegal" on the ground that no sanction was obtained prior to the CBI action as required under provisions of the Prevention of Corruption Act (PCA).
'To simply let the rupee depreciate to any level according to market forces will not be in the country's interests.'
According to Subbarao, the pressure on the currency was inevitable.
Subbarao, who was the Finance Secretary from April 2007 to September 2008, is a key witness in the case in which former Telecom Minister A Raja and others are facing trial.
C Rangarajan, former governor of Reserve Bank of India, was speaking on the topic `the growth path and some concernson the way' at a function at Federation of Gujarat Industries on Monday.
Two women candidates; Lok Sabha Speakers; Chief Justices; A Chief Election Commissioner; drafters of the Constitution; the RBI's first Indian governor; a farm leader who unsuccessfully contested four times; an iconic Bharata Natyam dancer...
Such a course would require a Constitutional Amendment, requiring a two-thirds majority in both Houses of Parliament. Even assuming that the INDIA combine comes to power at the Centre next year, a two-thirds majority in the Lok Sabha could way off the mark for them, observes N Sathiya Moorthy.
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.
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.
As Madhya Pradesh goes to polls, all eyes will be on 29 key assembly seats, out of the total 230, where the contest will be keenly watched.
The Reserve Bank of India has admitted that security features introduced in the higher denomination notes in 2005 as an anti-counterfeiting measure have been breached!
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.
'Unless she joins one of the coalitions, she has a bleak future.' 'The NDA option is suicidal, but INDIA could help her.'
Rajan said in order to export, one needs to be able to import things that go into those exports as cheaply as it can.
India's forex reserves recently declined by $704 million to $354.517 billion.
Rajan said that while there were talks about Jan Dhan, it was difficult to target transfers to people through this tool. Jan Dhan, he said, does not really work as advertised.
History would not see the institution kindly if it continues to avoid, as appears to be the case, hearing and deciding some of the most pressing issues of our time, asserts Aakar Patel.
Mohan has been appointed as the Professor in the Practice of International Economics and Finance in the Yale School of Management, and as Senior Fellow in the Jackson Institute for Global Affairs at Yale University; Yale University President Richard C Levin said in a statement on Friday.
Governments that do not respect central banks' independence will sooner or later incur the wrath of the financial markets, ignite economic fires, and come to rue the day they undermined an important regulatory institution; their wiser counterparts who invest in central bank independence will enjoy lower costs of borrowing, the love of international investors, and longer life spans, said Acharya, who will return to the New York University's Stern Business School in August.
The Reserve Bank of India, which is scheduled to review the monetary policy on October 30, should not do anything that might make the economic fundamentals of the country uncomfortable, former RBI governor Bimal Jalan said on Tuesday. The central bank is facing a tough task of keeping the economic growth going while keeping inflationary pressures under control.
Ironically, bad loans and non-performing assets are on the rise in public sector banks in India, say sector watchers.
A gathering of top industry executives, government leaders and academics will explore critical topics such as India's emergence as a world power and how the next decade will define its place on the world stage.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
The Indian regulatory framework forced Citi to hibernate -- contrary to the claim that it never sleeps!
'For years, the RBI has been warning banks on probable frauds in bank guarantees and advised them to exercise due care.' 'PSB staffers feel their jobs are secured, hence there is no need to be vigilant and exercise financial prudence.'
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