Global rating agency Standard and Poor's Asia Pacific chief economist Subir Gokarn has been appointed as RBI deputy governor in place of Rakesh Mohan who quit months ahead of his retirement.
Addressing close to 700 employees and the leadership team across the Air India headquarters and Air India Training Academy in Gurugram, Chandrasekaran urged them to stay on course, terming the accident the most "heartbreaking" crisis of his career.
The Rakesh Mohan Committee in its report in 2001 said that Railways' financial situation was extremely difficult and suggested new strategy for revenue generation.
The government on Wednesday reconstituted the Economic Advisory Council to the Prime Minister (EAC-PM) under existing chairman Bibek Debroy, for a period of two years. V Anantha Nageswaran has been dropped, Rakesh Mohan (former deputy governor of RBI), Poonam Gupta (director general of NCAER) and TT Ram Mohan (professor, IIM Ahmedabad) have been appointed as part-time members of the reconstituted EAC-PM. The other part-time members of the Council include Sajid Chenoy, Neelkanth Mishra and Nilesh Shah.
Producer and well known trade analyst Vikas Mohan passed away on May 31.
The panel will include Economic Affairs Secretary Subhash Chandra Garg and RBI Deputy Governor N S Vishwanathan.
The central bank's decision to raise the repo rate is a signal to commercial banks either to increase their deposit base or improve credit quality appraisal, RBI Deputy Governor Rakesh Mohan said on Tuesday.
In this interview, Rakesh Mohan spoke on a range of issues about the challenges he faced during his stint at the central bank and the journey from handling the real economy sectors to monetary economics
The Reserve Bank of India Deputy Governor Rakesh Mohan urged housing finance companies on Sunday to look at designing home loan repayment structures which would suit individuals with irregular income flows and in need of affordable houses.
Bankers have requested RBI to keep interest rates stable this fiscal, in lieu of sufficient liquidity in the system.
In a bureaucratic reshuffle, economic affairs secretary Rakesh Mohan will look after the key budget division following the appointment of expenditure secretary D Swarup
Indian economy has the resilience to sustain high growth despite shocks like spiralling oil prices, economic affairs secretary Rakesh Mohan said on Wednesday.
A former Indian Administrative Service officer, who was an accused in a graft case along with four others, including a private firm, was on Tuesday acquitted by a Delhi court which said that 'fairness of investigation' by the Central Bureau of Investigation was not 'apparent' in the matter.
Sukanya Verma celebrates Hrithik Roshan's silver work anniversary with a playlist of 25 of his chartbusters.
The Indian insurance sector is lacking adequate specialised skilled professionals in areas like actuarial science and treasury management, the Rakesh Mohan Committee on Financial Sector Assessment has said.
The central bank will respond 'swiftly' and use monteary tools to contain runaway inflation, which could dampen the growth momentum, Reserve Bank of India deputy governor Rakesh Mohan said on Tuesday.
The government needs to improve its tax collections and rationalise user charges for services to generate resources for infrastructure investment even as the economy is showing signs of picking up.
Reserve Bank of India Deputy Governor Rakesh Mohan said on Friday that government revenues rather than expenditure were a fiscal concern.
The second post of deputy governor became vacant after V Leeladhar superannuated a few months ago. Punjab National Bank chairman and managing director K C Chakrabarty is to take over as deputy governor on Monday. Apart from monetary policy, Subbarao will also handle the department of economic analysis and policy, department of statistics and information management.
As banks improve their risk management systems, the intermediation cost as well as potential NPAs will come down.
Finance Minister P Chidambaram held informal consultations on Wednesday on possible candidates for the Reserve Bank deputy governor's post.
Reserve Bank of India Deputy Governor Rakesh Mohan said on Wednesday that the repo rate would not be cut right now.
Reserve Bank of India expects the average annual inflation to come down to 2 to 3 per cent in the coming years, its deputy governor Rakesh Mohan said on Monday.
Reserve Bank Deputy Governor Rakesh Mohan on Friday asked industry chambers not to clamour for tax rate cuts, saying the rates were already moderate by international standards.
Now for the first time, the top team in North Block has the predominance of IAS officers.
Reserve Bank of India Governor D Subbarao on Tuesday said that unwinding of excess liquidity would need to be carefully calibrated once the economy recovered.Comparing the RBI's steps with other central banks, Subbarao said the speed and scale of monetary response was more aggressive than many other countries.The RBI has lowered the repo rate, the rate at which it lends to banks, from a peak of 9 per cent to 5.5 per cent in less than five months.
Monetary measures by RBI, which last month hiked the percentage of depositors money that banks should park with it, have helped cool down credit offtake.
The current financial crisis originated in advanced economies, and therefore its impact is witnessed across the globe, a top Reserve Bank of India (RBI) official said on Friday.
RBI had also raised the time-limit for availing low-cost export (pre-shipment) credit from 180 days to 270 days to encourage exports and had promised to take more measures if necessary. In the last one month, RBI has injected liquidity to the tune of Rs 2,70,000 crore (Rs 2,700 billion) by cutting the Cash Reserve Ratio by 350 basis points and Statutory Liquidity Ratio by 100 basis points.
The post of deputy governor (for economist) in RBI has been lying vacant since mid-June after Rakesh Mohan quit months ahead of his retirement.
Bankers have suggested that the Reserve Bank of India lower the statutory liquidity ratio and the cash reserve ratio as the present liquidity crunch is affecting their business. During the mid-term resource management discussion with the RBI team led by Deputy Governor Rakesh Mohan, the country's top bankers said the tight liquidity condition was pushing up the cost of funds and putting further pressure on margins.
Punjab National Bank CMD K C Chakrabarty has quit his post after his appointment as RBI Deputy Governor. "K C Chakrabarty has demitted office on June 14, 2009 on his appointment as Deputy Governor, Reserve Bank of India," PNB said in a filing to the Bombay Stock Exchange.
Repo rates determine deposit, and hence, lending rates. If the RBI wants banks to start lending in earnest, it needs to lower these to realistic levels, says Surjit Bhalla.
