Says impact of crisis in China won't be as big here as in some other countries
Rajan tells RBI colleagues he will be returning to academics
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 government has extended the term of Reserve Bank of India Governor Shaktikanta Das by another three years upto December 2024, according to an official order.
Raghuram Rajan speaks on the unscheduled rate cut.
The principal challenge for Rajan's successor is to work with the Bank Board Bureau and the finance ministry to complete these processes of banking reform.
Former RBI governors Urjit Patel and Raghuram Rajan have also expressed worry about the Mudra scheme, particularly government's target-setting practice and the rising bad loans.
Rajan strongly defends RBI's decision to hold the key rates in the absence of any new data points.
Most central banks across the world have around 5-7 years of tenure for the governor and deputy governors.
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.
FMC has been asked to go ahead with the appointment of 20 experts, which the commission had sought earlier.
As inflation rate is near the upper limit of the comfort zone, experts rule out rate cuts anytime soon
The message to bankers from Raghuram Rajan was clear.
The party is very much united and working together, the AICC general secretary organisation said.
The change from wholesale to retail inflation as an anchor means that the weightage of diesel in inflation has decreased
This is the second high profile resignation in the past six months at the Reserve Bank of India.
Unless Dr Urjit Patel starts clearing the balance sheets of banks, the investment cycle will not start. Unless the clog in the drain is cleared, further lending cannot happen. If further lending doesn't happen, the investment cycle also will not happen, writes M R Venkatesh.
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.
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.
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.
'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.'
Tomorrow's review could also turn out be the last policy anchored by Rajan if the proposed Monetary Policy Committee (MPC) is put in place before the next review due on August 9.
Two successive reports, one by Percy Mistry in 2007 and the other by Raghuram Rajan in 2008 had provided the RBI and the finance ministry with blueprints of what to do next. Both reports, unfortunately, was put on ice. The global meltdown saved the RBI. It also saved the finance ministry from having to work on the two reports.
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.
Haasan, addressing office bearers in Chennai, said he has been invited by Rahul Gandhi to participate in the Yatra.
Advice to the new finance minister from former RBI governor Raghuram Rajan: 1. Clean up banks by reviving projects that can be revived after restructuring debt. 2. Improve governance and management at public sector banks. 3. De-risk banking by encouraging risk transfers to non-banks and the market. 4. Reduce the number and weight of government mandates for public sector banks, and for banks more generally.
Experts interviewed CMDs of nine public sector banks on Friday and Kamath is believed to be in the reckoning
The Reserve Bank on Wednesday said it plans to issue new bank licences around January, "consistent with the highest standards of transparency and diligence."
The deputy chief minister and senior Bharatiya Janata Party leader Sushil Kumar Modi on Tuesday said the Central government was unlikely to deliver special status to Bihar before the general elections.
The Reserve Bank of India unexpectedly raised its policy interest rate on Tuesday by 25 basis points (bps) but said that if consumer price inflation eases as projected, it does not foresee further near-term tightening.
The high-level meeting comes against the backdrop of the rupee touching a record low of 58.98 to a dollar on Tuesday.
Shifting its stance of monetary policy towards targeting retail inflation as it is an "inequitable tax", RBI today said it may exceed 8 per cent by March end and efforts will continue to bring it down.
RBI Governor Raghuram Rajan has been pursuing hawkish monetary policy stance to keep inflation under check.
In policy review meet in June, RBI Governor Raghuram Rajan kept interest rates intact.
Rajan said it was important that the government and the RBI be vigilant to the growth scenario.
Raghuram Rajan called for purposeful and effective action to counter the atmosphere of cynicism, which has slowed down the decision making process.
Blowing the bugle for the 2014 Parliamentary elections, Bihar Chief Minister Nitish Kumar on Saturday hit out at the Congress-led United Progressive Alliance government for dilly dallying on granting special category status to the state.
Jaitley said if interest rates were lowered, the economy could grow faster than 7-7.5 per cent.
'The critics are getting carried away.' 'The challenge for the RBI is not any erosion of autonomy caused by demonetisation.' 'It's the whole attempt to reduce the RBI's stature and role that has been under way,' says T T Ram Mohan.
This is the first time in the RBI's history that a governor is leaving without willing to renew his contract
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