Subir Gokarn, Executive Director and Chief Economist at Standard & Poor's Asia Pacific, is heading the shortlist of candidates for the Reserve Bank of India Deputy Governor's post. Gokarn is also a Business Standard columnist.
RBI Governor D Subbarao explains the rationale for the moves announced in the second quarter review of the monetary policy in an interview with Sidhartha. Excerpts:
Reserve Bank of India (RBI) Executive Director Anand Sinha is set to replace Usha Thorat as deputy governor. Finance Minister Pranab Mukherjee has recommended Sinha's candidature to the Appointments Committee of the Cabinet (ACC).
State Bank Chairman Pratip Chaudhuri's call last week for abolishing the mandatory cash reserve ratio had attracted a sharp reaction from RBI Deputy Governor K C Chakrabarty. CRR is the amount of deposits that banks park with the RBI as a prudential measure without earning interest on it.
RBI's current Deputy Governor Urjit Patel got 3-year extension in January.
He will be the first bureaucrat to head the central bank in almost five years.
The government is likely to appoint a deputy governor of the RBI by this month end despite disruption in the selection process following the resignation of former Satyam Computer independent director M Rammohan Rao from the selection committee. The government has appointed a Search Committee headed by RBI Governor D Subbarao to shortlist candidates for the post of deputy governor following superannuation of V Leeladhar last month.
The probability of a global recession is low, even though the United States is growing slowly and Europe is experiencing negative growth, Reserve Bank of India Governor D Subbarao said on Friday.
Even as the deficits on fiscal and current account fronts have been building up, it is highly unlikely that the country could witness the repeat of the 1991 economic crisis that was caused by similar factors, said Duvvuri Subbarao, Governor of the Reserve Bank of India (RBI) on Thursday.
Raghuram Rajan will take over as RBI Governor on September 4 at a time when the country is facing a grave economic crisis.
A selection committee, headed by Reserve Bank of India (RBI) Governor D Subbarao, is scheduled to meet next week to shortlist candidates for the post of the deputy governor of the central bank.
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.
Growth is coming from sectors which are interest rate-sensitive, says D Subbarao.
To stamp on inflation, RBI raised its key short-term lending and borrowing rates by 0.25 per cent and 0.50 per cent respectively.
While there are certainly more hawks perched on monetary policy committees of central banks around the world now than a couple of months ago, the doves still have the upper hand.
Punjab National Bank Chairman and Managing Director K C Chakraborty has emerged as the frontrunner for the post of the fourth deputy governor of the Reserve Bank of India (RBI).
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
His comments poured cold water on hopes that the central bank may have a rethink on rates after the wholesale price index, the main inflation gauge, rose a lower-than-expected annual 7.25 per cent in June, its slowest rise since January, helped by moderation in fuel prices.
Interview with former Reserve Bank of India governor by Duvvuri Subbarao.
Amidst bankers and industry crying foul over RBI's move to squeeze liquidity, Reserve Bank Governor D Subbarao on Friday met Finance Minister P Chidambaram ahead of first quarter policy review next week.
As inflation rate is near the upper limit of the comfort zone, experts rule out rate cuts anytime soon
Central banking is a science, not an art, Tamal Bandyopadhyay tells RBI Governor Shaktikanta Das.
'People trust India and Indians a lot more than they trust China and the Chinese.'
From a national point of view, inflation is the biggest threat posed by finance ministers.
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The RBI has bought Rs 124.62 billion worth of bonds since its announcement on Aug. 20 that it would occasionally buy bonds to relieve some of the cash tightness in the banking system.
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.
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.
India's chief economic adviser, Raghuram Rajan has been appointed as the governor of the Reserve Bank of India.
New notes bearing signature of former Governor D Subbarao are legal tender and the process of changing signature is underway
When it comes to running between the wickets -- which is exactly what an FM and a governor do -- Jadeja always defers to Dhoni's larger judgement of the situation and the needs of the team, observes T C A Srinivasa-Raghavan.
Slowdown in growth is the most worrisome factor and volatile capital flows have made the country vulnerable to "stops and reversals", RBI Governor D Subbarao said.
Regardless of who is right, Rajan has to quickly come to grips with a number of obvious challenges, ranging from the immediate to the medium term.
This was the first meeting between the RBI Governor and Chidambaram following his taking over the charge of the Finance Ministry last week.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
Principal Advisor in the Planning Commission and former Chief Statistician of India Pronab Sen did not share RBI's views.
Traditionally, Prime Minister picks the RBI Governor after consultation with the finance minister.
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Subbarao was appointed as the central bank chief on September 5, 2008 for three years and was later given an extension for another two years.
RBI Governor Raghuram Rajan plans to write on 'academic issues' after leaving the Reserve Bank.
Identity of next central bank chief remains a matter of speculation.
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Tata Sons, India's biggest business group, and firms controlled by billionaires Anil Ambani and Kumar Mangalam Birla are among the 26 companies that have applied for licences to open banks.
