'Too many things happen in India... that is the root of the problem, not Raghuram Rajan'
Raghuram Rajan panel report has made a case for ending the 'special category' criteria.
'Raghuram Rajan is a wonderful economist, but he is not a wonderful Indian economist.' 'He doesn't understand India in the granular form.' 'India exists only from Delhi to Nariman Point for him.' 'India is much, much bigger and complex.' 'The new RBI governor shouldn't get ready to open his umbrella when it rains in America'
Raghuram Rajan, Governor of the Reserve Bank of India, has scoffed at the contention that BJP's Prime Ministerial nominee, Gujarat Chief Minister Narendra Modi will be the knight in shining armour who will root out corruption in India.
If we persist in talk and little action, I think we will slip. I fear the consequences of sustained slow growth. We need strong, sustained, clever action today, Rajan said.
"This is not an easy time as economy faces challenges. Our actions will be at measured pace given the current market turmoil," Raghuram Rajan said after he took charge as the new RBI Governor.
Raghuram Rajan says he's not beholden to the Finance Ministry nor does he go around with the fear of being fired.
Vodafone Idea, the promoter of Aditya Bira Idea Payments Bank, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of India.
"I'm taking a minute to respond... I do respect Raghuram Rajan as a great scholar who chose to be in the central bank in India at a time when the Indian economy was all buoyant," Sitharaman said during the lecture organised by the Deepak and Neera Raj Centre on Indian Economic Policies of the Columbia University.
Hinting that the Centre might provide special status to Bihar, Finance Minister P Chidambaram on Saturday declared to set up a committee to determine the new criteria for backwardness.
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.
RBI Governor Raghuram Rajan stressed that trade, immigration and capital flows must not be hindered.
The three-year tenure of Raghuram Rajan saw the RBI adding a net of $92 billion to the kitty.
For India, Fitch Ratings has 'BBB-' rating.
Graphic representation of lending rate cut by RBI.
Free speech is the soul of a great university. By compromising on it, the founders have bartered away its soul, said Rajan.
The S&P BSE Sensex was up 241 points at 26,867 and the Nifty50 gained 68 points at 8,239.
India's macroeconomic indicators are improving and inflation has been coming down consistent with the central bank's forecast, but Asia's third-largest economy needs investment growth to pick up, he added.
This is the second high profile resignation in the past six months at the Reserve Bank of India.
The RBI on Tuesday announced start of year-long public awareness and consumer protection campaign.
Rajan warned against waiting to act until inflation expectations become entrenched, but also said the Reserve Bank of India would overlook temporary spikes in inflation.
Of the seven members, four are proposed to be government nominees and the rest from RBI.
The decision assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the Reserve Bank of India.
The 42-year-old Acharya's appointment for a three-year tenure was cleared by the Appointments Committee of the Cabinet.
Traditionally, food prices have been seasonal in nature.
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.
To a question related to RBI's policy rate, Rajan said no amount of interest rate cut is going to help if credit growth is weak.
Rajan said in order to export, one needs to be able to import things that go into those exports as cheaply as it can.
Continuing his tirade against Raghuram Rajan, BJP MP Subramanian Swamy on Friday said RBI Governor's policies have finished small industries and are anti-agriculture.
The 557th meeting of the Central Board was chaired by RBI Governor Raghuram Rajan, and attended by the four deputy governors among others
Nationalisation has served its purpose. It's time to move ahead, keeping majority ownership of the government in a few banks to serve the people, argues Tamal Bandyopadhyay.
Finance Minister Arun Jaitley said in a Twitter post that the government appreciated all of Rajan's good work and respected his decision
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The central bank will come out with two measures on restructuring to tackle financial stress, Rajan said.
Former RBI governor Raghuram Rajan, who faced a stinging attack from Finance Minister Nirmala Sitharaman for presiding over the "worst phase" of the Indian banking sector, on Thursday reminded her that two-third of his tenure as the head of the central bank was under the Bharatiya Janata Party government.
Observing that it is not yet clear to him what the government means by 'Atmanirbhar Bharat', Rajan said if it is about creating an environment for production, then it is a re-branding of the Make in India initiative.
'Raghuram Rajan's contribution to the country's economy is "exemplary" and he would always be remembered for his outstanding work.'
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RBI is scheduled to unveil its credit policy on June 3.
Raghuram Rajan will take over as RBI Governor on September 4 at a time when the country is facing a grave economic crisis.
She would be the first Indian to be occupying the coveted post at IMF after former RBI governor Raghuram Rajan
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