P K Mishra, a retired IAS officer of the Gujarat cadre, is currently serving as the principal secretary to the prime minister.
The average bank customer does not know about the Customer Charter because it was designed - under Mr Rajan's regime - to be a lame duck initiative from the start: violating the charter has no consequences, points out, Debashis Basu.
The Reserve Bank is collecting information regarding the alleged acts of money laundering by the country's three largest private sector banks, its Deputy Governor Urjit Patel said.
Urjit Patel panel wanted all members to be appointed by RBI
Raghuram Rajan called for purposeful and effective action to counter the atmosphere of cynicism, which has slowed down the decision making process.
Not only were Urjit and Rajan outsiders, they also hired laterally, bypassing the existing talent, especially in the field of economics
Urjit Patel said said the process of remonetisation was on and estimation of costs was a complex exercise.
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.
The repo rate, at which the central bank lends short-term money to other banks, will continue to stay at 6 per cent.
Gandhi was the executive director at the Reserve Bank of India before being promoted to deputy governor post.
RBI Governor Shaktikanta Das on Wednesday replied to the 'history major central bank governor' taunt faced by him, questioning if Argentinian football legend Lionel Messi is also a post-graduate in history. An interviewer anchoring a fireside chat at a summit organised by Business Standard compared his position to an opponent facing Messi at a football arena in Qatar, to which Das replied with wit. "Don't mind it, but was Messi also a post-graduate in history? Not often, but I am sometimes reminded by people that I am supposed to have done history," Das said.
The government has proposed "drastic changes" in the rules framed to retune the composition of three committees of the RBI: Board for Financial Supervision, the Board for Payment and Settlement Systems and the Committee of the Central Board.
Pressure has been mounting on the Reserve Bank of India to cut interest rates in the wake of declining retail inflation and the need to fuel growth momentum. However, the RBI will have to do a tightrope walk as globally interest rates are inching upwards.
He will be the eighth Deputy Governor to be made Governor at RBI
'If there is an RBI majority in the committee, there is no question of a veto.'
Acharya was one of the youngest deputy governors in the central bank's history and was in charge of the critical monetary policy department which also made him a part of the rate-setting panel.
The fifth meeting of Monetary Policy Committee maintained the repo rate, at which it lends to the banks, at 6.25 per cent and the reverse repo, at which it borrows, will be 6 per cent.
'The no-rate cut policy and preference to wait for the Budget and clarity on the fiscal front demonstrate RBI Governor Shaktikanta Das is maturing in his new role,' notes Tamal Bandyopadhyay.
Here is some background on the candidates seen as potential successors to Rajan at the RBI
The RBI was not party to the decision to demonetize 500 and 1,000-rupee notes, which was taken at the highest level of India's political leadership.
Traditionally, Prime Minister picks the RBI Governor after consultation with the finance minister.
Modi will also need to reconcile market demands with those from forces within his own administration
Given the pressure from India Inc and the banking fraternity, it is surmised that the portfolio rejig will take place before April.
They alleged that the central bank has "failed miserably" in handling the situation post-demonetisation.
Relations between the Mint Road and North Block have often been frosty, with the former's calls for lowering rates being the biggest point of difference
When did Urjit Patel really resign? When did Shaktikanta Das get the mandate to take over as RBI governor?
The days of anti-reform, anti-growth advisers that undermined our economy in the UPA-II years will now be strictly behind us: Bhagwati
The report said that "we believe, institutions are more important than individuals" and ultimately what is important is the credibility and the independence of any institution and nothing else.
The 42-year-old Acharya's appointment for a three-year tenure was cleared by the Appointments Committee of the Cabinet.
Breaking his silence over the demonetisation issue, RBI Governor Urjit Patel on Sunday said the central bank is monitoring the situation on a daily basis and taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible.
Events proved that on every count the RBI had accurately predicted both the damage and the lack of benefit. What the RBI was hiding was the fact that Modi had ignored its concerns -- all of which turned out to be true -- and gone ahead anyway, asserts Aakar Patel.
The imported inflation component is also expected to ebb on lower oil prices and softer US dollar, it said.
RBI deputy governor N S Vishwanathan has said the new framework was in line with the Insolvency and Bankruptcy Code guidelines.
Wednesday's hawkish and essentially courageous decision underscores that Governor Urjit Patel will largely represent continuity, rather than a break, with the policies and approach of his predecessor, says Richard Iley.
Subramanian Swamy has been critical of Rajan for not lowering interest rates earlier to boost growth.
Economic Affairs Secretary Subhash Garg is the finance ministry's primary liaison with the RBI.
November 8 marks 6 years after demonetisation. A K Bhattacharya reveals how the prime minister and the RBI worked together for months before Modi's 8 pm speech. A riveting excerpt from The Rise Of Goliath: Twelve Disruptions That Changed India.
Lower inflation, FCNR(B) outflows likely to influence central bank decision
The finance minister chided the central bank on Tuesday over its focus on fighting inflation, saying the Reserve Bank of India (RBI) also needed to abide by the government policy to promote economic growth.
The Centre's proposal to call for governance reform in the RBI could, however, take a back seat, a source privy to the development said.
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