An alumina of Delhi School of Economics, from where she secured a Master's in Economics, Thorat joined the central bank way back in 1972.
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A rule change may make Nachiket Mor, among others, eligible to replace Chakrabarty.
The committee headed by RBI's Deputy Governor Usha Thorat made a series of recommendations that include increasing banking penetration and strengthening of Regional Rural banks and Urban Co-operative banks in the region. It said post offices, traditional institutions and NGOs need to be co-opted by the banking industry so as to encourage economic activities.
However, the economy expanded by 7.9 per cent in the second quarter from 6.1 per cent in the previous quarter, giving hopes of durable economic rebound.
RBI on Tuesday took steps to discourage teaser loan rate schemes, which have a fixed component initially before becoming floating, in order to rein in 'loose practices in pricing of risks in the housing sector'.
"There is plenty of liquidity in the system and we want to assure that it will be maintained," RBI deputy governor Usha Thorat said, when asked by reporters if the central bank would change its monetary policy in view of the falling rates.
A high level group constituted by the Reserve Bank of India has recommended enhancing security features on currency notes and installation of notes-sorting machines among other steps to counter the rise in circulation of fake notes.
At 3.5 per cent per annum, interest on savings accounts is the only regulated rate in the banking system currently and a highly contentious one given its impact on the common man.
Acceding to the demand of banks, the Reserve Bank of India on Friday deferred the date of implementation of the proposed base rate model to July 1 and also exempted three category of loans from the new system.
The Reserve Bank of India on Friday said that the Budget 20010-11 presented by Finance Minister Pranab Mukherjee is in line with the path of fiscal consolidation and economic revival.
The Reserve Bank of India on Thursday asked banks to review their loan policy towards micro, small and medium enterprises (MSMEs), badly hit by the economic slowdown.
RBI in its monetary policy forecasts the economy would grow at 6 per cent with an upward bias this fiscal, a rate that's in tandem with the Prime Minister's Economic Advisory Council Chairman C Rangarajan's projection of 6 to 6.5 per cent.
According to RBI sources, the government -- which appoints deputy governors -- is of the view that it will do away with the practice of reappointment to important posts like chairman of the Securities and Exchange Board of India, RBI, National Bank for Agriculture and Rural Development.
RBI governor D Subbarao, in the second quarterly review of the monetary policy in October, had said there is need to increase provisioning against bad assets to not less than 70 per cent by September 2010.
Reserve Bank of India regional director J Sadakkadulla on Thursday said that a high-level committee headed by RBI Deputy Governor Usha Thorat had recommended installing of note sorting machines (NSMs) in all bank branches in a phased manner and has asked the banks to give a road map to the RBI to achieve this task.
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).
He will look after the Department of Banking Operations and the Development and Urban Banks Department, which were held by Usha Thorat who retired in November last year.
Deputy governors Subir Gokarn, Usha Thorat and Shyamala Gopinath will get additional portfolios, which were until now under K C Chakrabarty, RBI said in a statement today. The central bank did not give any reason for the reshuffle and said the changes will be effective tomorrow.
The long wait for a symbol of the rupee is expected to end by March next year. A committee headed by Reserve Bank of India Deputy Governor Usha Thorat has shortlisted five symbols from 4,000 entries for a public competition to select a design for the symbol.
The Jalan panel has recommended to the RBI to keep shady entities out of banking licence race.
"We did not abuse RBI governors," says Chidambaram.
Twenty-six entities, including the Tatas, Aditya Birla Group, Anil Ambani-led Reliance Capital and Religare, apart from India Post, applied. Videocon Group, later on withdrew its application.
Inordinate delays by the government in making appointments for crucial posts in Reserve Bank of India and State Bank of India have resulted in slower policy decision-making. For more than two months now, the deputy governor's position has been vacant in Reserve Bank of India. Usha Thorat, one of the four deputy governors of the central bank, retired on November 10.
Other members of the high-level advisory committee are former RBI Deputy Governor Usha Thorat, former Securities and Exchange Board of India Chairman C B Bhave, and Nachiket M Mor, Director of the Central Board of Directors of RBI, Governor Raghuram Rajan said.
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.
The Reserve Bank on Friday set up a three-member committee under former Governor Bimal Jalan to scrutinise applications for new bank licences, which are expected to be awarded by January.
The report contains names of entities eligible for bank licences. It was not immediately known how many applicants have been shortlisted by the high-level advisory panel.
A high-level panel led by former RBI governor Bimal Jalan, set up to decide the appropriate capital reserves that the central bank should maintain, on Wednesday finalised its report.
RBI staff tell Governor Urjit Patel that the central bank's image of efficiency and independence has 'gone into smithereens in no time.'
India's forex reserves recently declined by $704 million to $354.517 billion.
RBI had received 72 applications for small finance bank licences.
Based on this screening, the committee may weed out applications that do not meet the eligibility yardstick or the 'fit and proper' criteria for securing a licence.
The friction with the political class is not only about interest rates and monetary policy. While the government often spoke freely about its discomfiture, the RBI had to be careful even in its response to the government as any loose statement would affect the markets.
New-generation private sector banks such as ICICI, HDFC, Axis, Kotak etcetera owe their existence to the recommendations of the first Narasimham Committee.
Duvvuri Subbarao recounts how his tensions with P Chidambaram and Pranab Mukherjee, then finance ministers, over monetary policy spilled over into other issues in the central bank in this excerpt from Who Moved My Interest Rate?, his memoir of his term as Reserve Bank of India governor.
DFS writes to departments that haven't responded to RBI's request for information.
Move to shift powers from RBI without discussions baffles many
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Reliance, Birla Group, Airtel eye small finance banks.
The scrutiny is expected to be over this month itself.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
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