Although this may not be music to Raghuram Rajan and Viral Acharya's ears, the real reason in my estimation for their quitting is expatriate over-sensitivity, intolerance or arrogance, argues B S Raghavan, the distinguished civil servant.
Rajan will evolve a policy with the help of professional persons for a national consensus if we have to carry on with implementing social and economic changes in a complex economy.
Encouraged by foreign exchange reserves touching record levels, the Reserve Bank on Tuesday doubled the annual overseas investment ceiling for individuals to $2,50,000.
The Reserve Bank of India (RBI) booked massive gains on its foreign currency sales and needed to provide much lesser for its reserves in 2020-21 (FY21), helping it to carve out a significant Rs 99,122-crore dividend for the government, revealed the RBI's annual report for FY21. By doing so, the central bank's risk buffers have reduced to the bare minimum, which may restrict some of RBI's scale of operations, and would likely hamper dividend payout for financial year 2021-22, said analysts. The annual accounts are for nine months ended March 31, 2021 since the RBI changed its accounting year from July-June to April-March from FY21.
With decline in number of fresh COVID-19 cases and easing of restrictions, the country's gross domestic product (GDP) will grow at 8.5 per cent in FY2021-22, according to credit rating agency Icra Ratings. It expects the gross value added (GVA) at basic prices (at constant 2011-12 prices) to grow at 7.3 per cent in FY2022. "The impact of the second wave of COVID-19 and the ensuing state-wise restrictions was seen across a variety of high frequency indicators in April-May 2021.
Analysts expect banks with a strong deposit franchise to benefit from SBI's rate cut as they too are likely to follow the leader.
'India's economic fundamentals are much too strong to be affected by his resignation,' says B S Raghavan.
On reforms in pipeline, she said the government is for universal right to minimum wages and wants to remove regional disparity through a national floor wage.
'Banks have to be braver, willing to take more risks and give confidence to the customer,' observes Joydeep Ghosh.
ICICI Bank, HDFC Bank and Axis Bank reported healthy loan growth and asset quality.
A lack of adequate disclosures raises the financing costs of corporate firms, especially sub-investment grade ones, and keeps the capital markets small, believes RBI deputy governor Viral Acharya.
Siddhivinayak to deposit 44 kg gold ornaments with State Bank of India
The MPC states that the 4 external members will have a tenure of four years each.
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Gold prices on Tuesday rose by Rs 227 to Rs 28,418 per 10 gm in futures trade, largely on speculative positions created by participants amid a firming trend at the spot market.
India is Asia's other bad debt headache.
HDFC charges 9.85 per cent for women and 9.9 per cent for others.
President Pranab Mukherjee gave a touching farewell to 'gentleman' Manmohan Singh, recalling their four-decade-long association from Singh's bureaucracy days till he became the prime minister.
To help revive the economy battered by COVID-19, Finance Minister Nirmala Sitharaman on Monday announced a slew of measures, including Rs 1.1 lakh crore credit guarantee scheme for improving health infrastructure, and enhancing the limit under the ECLGS by 50 per cent to Rs 4.5 lakh crore for the MSME sector facing liquidity crunch. Sharing the details of stimulus package, the finance minister said this comprises eight relief measures and other eight measures to support the economic growth. She announced Rs 1.1 lakh crore loan guarantee scheme for COVID-affected sectors, including health sector, which includes guarantee cover for expansion or for new projects. Besides, she said, additional Rs 1.5 lakh crore limit enhancement done for Emergency Credit Line Guarantee Scheme (ECLGS) scheme.
Even if Modi had wanted Rajan out, the government could have done it with some finesse and tact.
144 companies will pay Rs 61,087 crore in equity dividends to their shareholders for FY16, an increase of 19.2 per cent year-on-year
New Delhi was reluctant to spook investors by clipping the bank's wings
With RBI likely to make credit costlier and banks to follow, some ideas on switching money to be able to do this.
Modi will also need to reconcile market demands with those from forces within his own administration
There's surplus liquidity and RBI, with plentiful forex reserves, is ready to pump whatever extra is needed
Across the board, demand would appear to be slacker than it should be if we are headed for a healthy recovery.
If the items and services such selected subsequently pass the test from the fitment committee and the GST Council, this would be the first of such rate hikes, after a series of cuts in the process of rate rationalisation that started in November 2017.
His tweets led to his followers proclaiming that he was backing Patel's appointment
Raghuram Rajan said the head of the central bank should have a fixed tenure of more than three years as the current term was too short.
There is a sharp difference between the total remuneration paid at the public sector and private sector entities
CJI Lalit concurred with the minority view of Justice S Ravindra Bhat who held the EWS quota as "unconstitutional" for excluding poor among SCs, STs and OBCs.
The government is ready to support Air India, but wants the airline to improve its performance.
Existing and new customers will find it easier to manage or raise loans as banks start cutting rates.
For non-callable deposits above Rs 1 crore, the interest rate is only five basis points more than the regular FD.
'The Chinese devalued the yuan initially but then stopped'.
The new governments will have to spend much more than Rs 220 billion in Rajasthan, more than Rs 160 billion in MP, and nearly Rs 30 billion in Chhattisgarh.
With Raghuram Rajan not 'really there', the FinMin has decided to keep a watch on market developments this week with all key officials on the job.
IDS-2 and raids to uncover black money stash keep receipts flowing
To minise wasteful administrative costs, number of enterprises in strategic sectors will ordinarily be only one to four; others will be privatised/merged/brought under holding companies, she said.
Keeps open the option to make payments in yen or yuan in the face of sanctions
'I would recommend two parts to fiscal support. One, support the lower end of the society by direct intervention through ways such as direct benefit cash transfer. Second, give fiscal support to the stressed sectors in line with the Rs 3-lakh crore (Rs 3 trillion) emergency credit line guarantee norms'
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