'When there is such an elaborate and a strong process, one would have expected anyone to either place the issues so that they can be addressed or go to the regulator and probably tell them rather than creating a kind of uncertainty for the stakeholders.
Only bona fide victims would be compensated by banks within five days of receiving the complaint.
The best way for India to prepare is by preserving and strengthening the RBI's hard-won credibility, point out Rajeswari Sengupta and Vaishali Garga.
'We never waste a crisis. There will be learning and the supervisory tools will get better with each episode.'
The IMF Board of Governors have approved a general allocation of special drawing rights equivalent to $250 billion to provide liquidity to global economic system by supplementing its member countries' foreign exchange reserves.
Dr Mohan will be representing India along with Bangladesh, Bhutan and Sri Lanka on the 24-member Executive Board of the IMF.
Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.
As deputy governor, Patel headed the RBI panel to draft the monetary policy report, which became the basis of the ongoing reforms at the apex bank
User protection and a proposal for a licensing framework for companies seeking to operate in the cryptocurrency area will be part of an upcoming consultation paper on the sector, said a senior industry executive. Even as specific regulations around crypto are yet to take shape, companies are setting up baseline user protection processes, including a redressal mechanism, fraud detection, regular filing of suspicious transaction reports (STRs), among others.
Patra, as executive director of the central bank, was the principal advisor to the Monetary Policy Department since July 2012.
Brazil, Russia, India & China (known collectively as BRIC) on Sunday sought a re-balancing of representation on the executive board and the International Monetary and Financial Committee of the International Monetary Fund (IMF). The committee is the policy-making arm of the IMF.
He will be the first bureaucrat to head the central bank in almost five years.
The Financial Intelligence Unit-India (FIU-India), the national agency responsible for analysing suspicious financial transactions, has received requests from four more offshore crypto exchanges to operate in India again, said a senior government official familiar with the matter. In the beginning of 2024, India had banned nine crypto exchanges - Binance, Kucoin, Huobi, Kraken, Gate.io, Bitstamp, MEXC Global, Bittrex, and Bitfenix - for non-compliance with anti-laundering law in the country.
French Finance Minister Christine Lagarde on Tuesday became the first woman to head the International Monetary Fund after its executive board chose her over Mexican central bank governor Agustin Carstens.
Will Arundhati Bhattacharya be the RBI's first woman governor? Or will Urjit Patel succeed Raghuram Rajanas RBI governor when his term ends on September 4?
Governments that did not respect the central bank's independence would sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined the regulatory institution, Deputy Governor Viral Acharya warned.
The securities regulator's approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suffered cyberattacks or implosion.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
Bhalla will succeed former RBI deputy governor Subir Gokarn, who died in the US on July 30 after a brief illness.
13 eminent economists, including former RBI governor Raghuram Rajan and current International Monetary Fund Chief Economist Gita Gopinath, in a report have asked the political establishment not to resort to populist tricks.
If indeed we want the board to manage the RBI, probably the government should take a close look at the US Federal Reserve system which has a two-part structure - a central authority in Washington, DC, and a decentralised network of 12 Federal Reserve Banks located throughout the country, says Tamal Bandyopadhyay.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
Ahead of the 2023-24 Union Budget, the thinking at the top level of the central government is clear: Gross domestic product (GDP) growth of 6-6.5 per cent is a comfortable enough target for FY24 and the focus should be on fiscal consolidation to ensure that the sovereign cost of borrowing does not become prohibitively expensive in a high-interest rate environment, according to people in the know. Those aware of deliberations between the Prime Minister's Office (PMO) and the Ministry of Finance said while the Budget would look to strike a balance between infrastructure investment and welfare schemes, it is unlikely to be populist, though it will be the last full-year Budget before the 2024 Lok Sabha election. Incidentally, 6-6.5 per cent GDP growth is what the upcoming 2022-23 Economic Survey is expected to project for FY24.
Reserve Bank Governor Shaktikanta Das on Wednesday said the country is at the doorstep of economic revival on the back of accommodative monetary and fiscal policies being pursued by the central bank and the government.
The task force will look at emerging markets, technology, regulatory and monetary policies, loss of trust in financial services, and financial inclusion.
The first task before him is to get used to the idea of working with the Monetary Policy Committee
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
The agreement is subject to approval by the IMF management and consideration by its executive board, which is expected in early April.
When he didn't respond (Mr Saver has lost count of how many relationship managers he has had in the past few years!), the gentleman landed up at his doorstep and started pleading with him to open fixed deposits with the bank, observes Tamal Bandyopadhyay.
There was no word on whether or when Patel would be talking to the media about his priorities and plan of action as head of Mint Street
Will RBI chief have the final say, in the form of a veto
The BRICS stressed on resolution of conflicts in a declaration issued after a virtual meeting of foreign ministers of the member nations of the grouping. The meeting was attended by External Affairs Minister S Jaishankar and his Chinese counterpart Wang Yi.
Hectic preparations are on at the newly-formed Niti Aayog to welcome the first Vice-Chairman Arvind Panagariya and other members whose appointments were approved by Prime Minister Narendra Modi on Monday.
Chinese Premier Premier Li Keqiang said world economic recovery should not be driven by mainly China, but in concert with many countries.
New Delhi was reluctant to spook investors by clipping the bank's wings
IMF members will also be examining whether China's heavy intervention in the yuan market was befitting of a freely convertible reserve currency
Reserve Bank of India Deputy Governor Viral Acharya is the eighth economist to quit since the Modi government took office.
World Bank's wrongful depiction of Indian territories as part of Pakistan and China in a map has prompted an Indian lawmaker to lodge a strong protest.
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