PM has asked the Reserve Bank to prepare a 20-year road map for financial inclusion
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 local currency had gained 10 paise to close at 63.51.
Rajan said it is hard to offer an objective self-assessment but the RBI should probably have raised more flags about the quality of lending in the early days of banking exuberance.
A day after its bigger rival ICICI Bank cut its lending rate, the third-largest private lender, Axis Bank, on Friday lowered its base rate by 0.10 per cent to 9.85 per cent, effective June 30.
'Slowing down of the economy was mainly due to the demonetisation shock...' 'If you cut off the oxygen supply to a patient in the ICU and the patient dies, the patient does not come alive again when you restore the oxygen supply.'
Among the states due for election next year are AP, Haryana and Odisha, which have a fair share of agri credit. If these states individually announced debt relief, the combined waiver would be at least around Rs 600 bn to Rs 700 bn. Clearly, this will be a frightening challenge for Indian banks.
Banks may reduce their interest rates.
Rajesh Vardhan, managing director, Vardhman Group, will chat on home loans on Wednesday, September 25, at 3 pm.
India was less directly affected by the Chinese stock market rout and yuan devaluation that battered currencies and markets in the region.
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The central bank was seen selling dollars consistently when the rupee would approach the record low of 68.86 hit on August 28.
Finance Minister P Chidambaram held informal consultations on Wednesday on possible candidates for the Reserve Bank deputy governor's post.
India on Saturday favoured greater mobility of skilled labour
The committee on financial sector reforms headed by Raghuram Rajan has recommended that provident funds and insurance companies should be allowed to invest abroad, a move that will require legislative changes.The panel's draft report has also called for the introduction of "true auctions" in securities, reduction in the auction and trading period, unified disclosure norms for multiple securities, use of call options for opening and closing price on exchanges.
'We first need to acknowledge the truth.' 'We are trying to diminish the problem and say, everything is okay and green shoots are emerging.' 'Imagine you are a doctor and not getting accurate medical reports, how do you diagnose and treat the illness?' 'We are not dealing with a terminal illness here, we are dealing with BP and cholesterol, which are imminently curable.'
To provide exporters/importers greater flexibility in risk management, RBI enhanced the limit available to exporters to 50 per cent
A group of high-powered individuals led by Anand Mahindra have come together to set up Krea university. The campus is expected to be ready by 2019 and the first batch of 100 to 125 students will commence classes in August next year.
'We expect the Reserve Bank of India to deliver a 25 bps rate cut in April to support growth.'
The step followed Reserve Bank Governor Raghuram Rajan's hard talk.
The three years at the Reserve Bank have mostly been a string of success stories for Rajan, gaining him common man's adulation even as the free-thinker in him made a few foes who matter more in the corridors of power
Rajan said the RBI is working on upgrading the capabilities of its inspectors to undertake bank system audits as well as to detect vulnerabilities in them
Fraudulent emails exhorting people to deposit cash for reward are on the rise.
Rupee, he said, is not in shambles and "we should not be overtly pessimistic".
Credible fiscal consolidation has been a consistent pre-condition to easing the monetary policy stance as far as the RBI is concerned.
In policy review meet in June, RBI Governor Raghuram Rajan kept interest rates intact.
The right policy response to global price increases is not straightforward. The draft report is wide-ranging in its scope, and it attempts to provide a coherent, integrated view of financial sector reforms that would equip India's financial sector to support growth, widen financial access and maintain stability over the next decades. The report is being released for public discussion at a critical juncture in both the domestic and global economy.
RBI governor Raghuram Rajan is clear about cleaning up the mess in the banking system.
The hardening of the Wholesale Price Index follows an uptick in retail inflation.
'When bankers are hounded by investigative agencies for credit decisions going wrong and defaulters are treated like outcasts, who will borrow money and who will lend?' asks Tamal Bandyopadhyay.
In December 2014, it was (-)0.50 per cent.
The device supports a host of India-specific apps and the more you use it, the better it gets.
A reading above 50 represents expansion while one below means contraction.
A strong currency helps in fighting some of the import-led inflation.
Rajan also said weak results from India's corporate suggested final demand is yet to pick up strongly.
'The true fruits of the attack on black money, what Raghuram Rajan did for the banking system, and what technology is doing for us will come in FY19, which, not surprisingly, is the year running up to the next Lok Sabha elections.'
The appointment will be made by Prime Minister Narendra Modi in consultation with Finance Minister Arun Jaitley.
The report also described the RBI as an "extremely visionary, pragmatic and fairly independent" organisation throughout its history
Rajan said there will be some volatility, but once the initial bout or wave abates, people will look for good fundamentals
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The Reserve Bank released a report on 'Banking Structure in India -- The Way Forward' in August 2013, which covered issues such as consolidation of large-sized banks with a view to have a few global-sized banks and the desirability and practicality of having small, localised banks as preferred vehicles for financial inclusion.
The High Commissioner upon seeing Mallya walk in actually at the mid of the event, got up and left
