The rupee has fallen more than 2 per cent against the dollar since the yuan devaluation
Reserve Bank Governor Raghuram Rajan on Monday warned against compromising India's interest for the sake of attracting foreign investment and said the priority should be framing transparent policies as well as resolving contractual tax disputes quickly.
RBI data show one-fifth of all the infrastructure loans are stressed and the share of such loans in overall stressed assets is nearly a third.
'With his envious academic record, extraordinary research calibre and unparalleled work experience, we can trust him to become the first Indian -- fully Indian, not one of those Americans of Indian origin -- to win the Nobel Prize in Economics,' says Sudhir Bisht.
The government plans to inject a total Rs 70,000 crore into the lenders over four years
Rajan was speaking in Hyderabad at an interactive session at National Institute of Rural Development and Panchayati Raj.
Uber had run into trouble with the RBI over the two-payment process
The Reserve Bank on Tuesday nudged banks to cut lending rates.
Lauding the pro-reforms approach adopted by Reserve Bank of India Governor Raghuram Rajan, industry body Confederation of Indian Industry on Thursday expressed the hope that the central bank would shift towards an expansionary monetary policy by cutting interest rates to stimulate growth.
RBI has kept interest rate unchanged at 8 per cent since January
RBI unsure whether to cut rates or not in its next monetary policy.
'The RBI is something like a seat belt. As a driver, the driver being the government, it has the possibility of not putting on a seat belt but of course if you do not put on your seat belt you get into an accident and the accident can be quite severe,' Raghuram Rajan told CNBC TV18. 'The aim of the board is to be Rahul Dravid -- sensible, thoughtful and not, with due respect, Navjot Sidhu,' he added.
The government has retained Arvind Subramanian as its chief economic advisor, unlike other American professors Dr Raghuram Rajan and Arvind Panagariya, who quit their jobs as RBI governor and NITI deputy chairman respectively.
Free speech is the soul of a great university. By compromising on it, the founders have bartered away its soul, said Rajan.
RBI has, since January, cut its policy rate four times.
Rajan says, this is a time where countries should be focusing on getting the macro stability in order
Bajaj hit out at banks for not passing the entire benefits to consumers.
"Let people pay, but if they don't pay, go after them"
This compares with China at over $10 trillion and India $2 trillion.
Mallya, whose Kingfisher Airlines owes money to several banks, had on Thursday said he will challenge UBI's decision to declare him a willful defaulter.
RBI Governor Raghuram Rajan on Friday pitched for incentivisation of domestic savings to boost investments in the country.
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The year-end should not be a time for any spectacular changes in the banking system and must pass smoothly, Rajan told reporters after announcing the bi-monthly monetary policy, which left key policy rates unchanged.
RBI Governor Raghuram Rajan on Friday said keeping inflation low is the key task for sustainable economic growth of the country.
Anandabazar Patrika reported that Rajan would prefer to go back to the United States after his three-year term expires in early September
India is better prepared to deal with any further US Fed tapering, but the country needs to remain vigilant to face eventualities, Reserve Bank Governor Raghuram Rajan said.
Inheritance tax only helps the lawyers: Rajan
Some accounts can be revived by rescheduling loans, which the RBI envisages to do once the norms get finalised after the public discussion.
'It is sad for the country and it is sad for the government of the country too,' says the Nobel Laureate.
Rajan said too many infra projects do not have forex earnings thus are unable to pay in dollars or yen
The RBI governor says, Mahatma Gandhi is the only dignitary which can be featured on rupee notes.
He cautioned however that these are the early signs and one should not start celebrating.
RBI conducts interviews for first lateral hire for CGM post; deputy governors to head four distinct verticals.
He added that the risks can increase if the Chinese slowdown gathers more speed.
Rajan's first few measures include swap window facility for banks to lure in NRI funds.
In a recent article, Rajan has ridiculed critics of the exchange rate policy.
Rajan said that even though inflation has breached the 6 per cent mark as against the RBI target of getting it down to 5 per cent by March 2017, the price rise scenario will ebb in future
RBI aiming to bring down headline number to 8% by end of this year and to 6% by the end of next year.
'I would say restore the banks to health, get active board composed of professionals, then there will be an ideal situation for merger.'
"I am an academic and I have always made it clear that my ultimate home is in the realm of ideas," Rajan said in a letter to staff.
Of the seven members, four are proposed to be government nominees and the rest from RBI.
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