The Bharatiya Janata Party (BJP) on Tuesday welcomed the appointment of noted economist Raghuram Rajan as RBI governor but advised him not to compromise on the autonomy of the institution or get cowed down by the government.
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The NPAs of banks stood at over Rs 3 lakh crore as on December 2014.
The ratings agency currently rates India at Baa3
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.
Today, with growth having slowed and macro-economic challenges in every direction, would the government have benefited from the advice of 'Harvard' economists? asks T N Ninan.
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.
'Lower rates are only part of the solution and sometimes not the right solution at all.'
The first signs of growing bonhomie between Modi and Rajan came early last year, when Modi called Rajan the "best teacher" for explaining complex economic issues to him.
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.
New Reserve Bank of India chief makes his first monetary policy statement on Friday with expectations he may scale back some of the emergency measures that have helped the rupee bounce from a record low.
There is nothing wrong with government and RBI having conflicting opinions.
RBI Governor Raghuram Rajan will also participate in the meet.
Most central banks across the world have around 5-7 years of tenure for the governor and deputy governors.
A chat with investment expert Feroze Azeez on what impact will the hike in RBI rate have on the consumers.
A committee headed by Patel recommended retail inflation targeting and a monetary policy committee.
Jaitley was reacting to a question by CNBC TV18 on Rajan's remarks last week.
RBI's exercise will take into account standards of governance, the viability of the payment bank (PB) business model, and changes, if any, if needed.
The bank's base rate currently stands at 10 per cent and the last movement in it was in November last year, when it was hiked by 0.20 per cent.
Three members will be representatives from the government, and three from the RBI.
Over to the government how they manage the uncertainty of monsoon and revive spending in order to entice RBI for another round of rate cuts
"I am an economist. He is a lawyer. How can he be better than me," Swamy, whose antagonism for Jaitley is open, said at an event in New Delhi on Saturday.
Reserve Bank of India Governor Raghuram Rajan had said recently that there was "no need" to set up a separate bad bank to deal with stressed assets of public sector lenders.
RBI Governor Raghuram Rajan expressed anguish at the banks' reluctance to pass on benefits of the earlier rate cuts.
As inflation rate is near the upper limit of the comfort zone, experts rule out rate cuts anytime soon
'From where prime ministers sit, it makes no difference at all who occupies the governor's post.' 'Literally anyone with a decent education or work experience can be appointed to the job, which is basically a managerial one with little room for manoeuvre,' says T C A Srinivasa-Raghavan.
Finance Minister expects rate cut by RBI.
'80% of the rural and urban population don't have enough purchasing power.'
An early choice will also allow Mr Rajan to do some hand-holding.
Arun Jaitley had proposed to set up a Public Debt and Management Agency.
For 2015-16, IMF pegged India's growth rate at 7.5 per cent.
As deputy governor, Patel headed the RBI panel to draft the monetary policy report, which became the basis of the ongoing reforms at the apex bank
It has been decided to reduce home loan rate by 20 basis points.
Monetary transmission has been an issue for the Indian banking sector.
"We did not abuse RBI governors," says Chidambaram.
Addressing a rally in Suratgarh town of Ganganagar district, a day after declaring his party would roll out the scheme if voted to power, Gandhi alleged that Prime Minster Narendra Modi gave money to the rich and top industrialists of the country, but the Congress would serve the poor.
The message to bankers from Raghuram Rajan was clear.
Despite no change in interest rates, India's largest lender, State Bank of India, last week became among the latest to lower deposit rates, often a precursor to lower lending rates, something some banks have already done for certain consumer loans.
Top bankers on Wednesday exuded confidence that Raghuram Govind Rajan, who today took over as the 23rd Governor of the Reserve Bank, has the intellectual prowess to wade through the present difficulties facing the economy and wished him all success for the stint at Mint Road.
CPI inflation has declined by almost a percentage point from July, from close to eight per cent to just above seven per cent.
