Highly-placed sources in the government say that none of the senior ministers had any inkling of Patel's resignation
India's captains of industry said they were disappointed at the exit of Reserve Bank of India Governor Raghuram Rajan.
Most central banks across the world have around 5-7 years of tenure for the governor and deputy governors.
Over the last two weeks, the RBI has lifted short-term rates to help support the currency
'India's economic fundamentals are much too strong to be affected by his resignation,' says B S Raghavan.
The answer to the problems of high inflation and slowing growth, and low farm incomes, would lie in addressing the basic reforms that India is still to attempt -- like labour laws, says T N Ninan.
Deepak Parekh, HDFC Bank Chairman, M S Verma, former SBI Chairman, Raghuram, Professor IIM, Ahmedabad, Rajiv Lal, IDFC MD and Vinayak Chatterjee, Feedback, Infrastructure Services Chairman are members of the committee.
The mood at the Indian Institute of Management, Ahmedabad (IIM-A) is festive, with one of its alumnii, Raghuram Rajan taking over as the next Reserve Bank of India (RBI) governor.
The inflation target of the RBI would be reviewed once every five years.
'There are deeper, underlying, forces at work and we need institutional arrangements to guard against them.'
RBI governor Raghuram Rajan says a cut in cash reserve ration will not at all impact lending rates.
'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.
IMF chief said the G20 leaders need to respond to the calls for creating jobs.
There is nothing wrong with government and RBI having conflicting opinions.
A committee headed by Patel recommended retail inflation targeting and a monetary policy committee.
The total distance covered by the train will be 534 kilometres.
RBI's previous monetary policy was announced on September 29.
India's fiscal policy is not supportive of monetary measures that the country's central bank is employing to fight rampant inflation, the prime minister's honorary economic advisor and former International Monetary Fund chief economist Raghuram Rajan said, while singling out the proposed Food Security Bill as a particular cause for concern.
"Finance Ministry and RBI keep talking all the time," Rajan said.
India is gearing up to introduce a six-member monetary policy committee that would vote on interest rates.
"The world is in general equilibrium. A small change in one parameter effects changes in all variables. So Krishna advised: Sukh Dukhe...," Subramanian Swamy tweeted.
Vijay Mallya owes several banks thousands of crores of rupees which he had taken as loans for his businesses including the now defunct Kingfisher Airlines.
According to the global financial services major, FIIs have recouped around 25 per cent of the outflows seen over the June-August period, when the country witnessed its sharpest bout of FII outflows since the global financial crisis.
RBI Governor Raghuram Rajan expressed anguish at the banks' reluctance to pass on benefits of the earlier rate cuts.
Dr Raghuram Rajan's departure holds lessons for all, be it sections of the media, politicians or the people themselves. We need to learn how to value and retain talent. At the same time the talented must realise that talent alone does not ensure the top job, says Sanjeev Nayyar.
Subbarao said he would be "ok" if a sovereign bond issue in foreign currency is done once just to test the waters, but cautioned against using the instrument regularly.
An official said that people in the government were aware of the benefits as well as the drawbacks of issuing overseas sovereign bonds, and there will be consultations with all stakeholders.
Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.
Hailing the announcement of Raghuram G Rajan as the new RBI Governor, India Inc on Tuesday said the appointment of the former IMF Chief Economist will help bring the economy back on growth path.
RBI governor does not want to move in haste for achieving financial inclusion.
CPI inflation has declined by almost a percentage point from July, from close to eight per cent to just above seven per cent.
The Reserve Bank of India had taken steps to tighten liquidity in a bid to curb volatility in the forex market after the rupee fell to a record low of 61.21 to the dollar on July 8.
Finance Minister Arun Jaitley said the Reserve Bank and the Finance Ministry have "very mature level of consultation" and it wasn't fair to comment on them.
The banknotes would be bearing the signature of RBI governor Raghuram G Rajan and the year of printing '2013' printed on the reverse of the banknote, it said.
Three members will be representatives from the government, and three from the RBI.
'This is not Ahmedabad Gymkhana but people's house'
RBI to ensure loans rate fall
Rediff.com spoke to Raghuram Rajan about his book, what enthuses him about the Indian economy, and what are the concerns he has with India's chaotic progress . . .
The RBI announced its monetary policy on Tuesday.
When he ended his Test career, he held the following Test records: Most Tests (125). Most consecutive Tests (106). Most runs (10,122). Most hundreds (34). Most scores of 50 or more (79). Most hundred partnerships (58).
