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.
Rehana Sultan was all set to be a path-breaker. The time was right. Hindi cinema had emerged from the 1960s musicals era. But somehow, leading film-makers of the time did not believe Rehana had that cachet. It was Zeenat Aman who ended up being the definitive taboo-trasher of the era. Dinesh Raheja salutes the trendsetter of the 1970s, Rehana Sultan.
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.
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.
Reserve Bank of India Deputy Governor Rakesh Mohan said on Friday that government revenues rather than expenditure were a fiscal concern.
As banks improve their risk management systems, the intermediation cost as well as potential NPAs will come down.
As many as 28 legislators, including former Union minister Prahlad Patel and Bharatiya Janata Party national general secretary Kailash Vijayvargiya, were on Monday inducted into the Madhya Pradesh cabinet led by Chief Minister Mohan Yadav.
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 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.
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.
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.
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.
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.
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.
The BSP has not entered into any alliances and has also been keen to shed the tag of being a 'B-team' of the BJP.
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.
Bank chiefs told the RBI said they needed to mobilise deposits as they were facing additional demand for funds with other sources drying up. "When government schemes are offering 8 per cent rate, banks cannot go below that. If we cut rates further, we will not be able to attract fresh funds and will also face the prospects of depositors exiting in favour of small savings instruments," said a banker who attended the meeting.
Reserve Bank Governor Y V Reddy met Finance Minister P Chidambaram in New Delhi on Tuesday and is understood to have discussed measures to tackle the rupee appreciation.
High inflation not only hurts the common man but also deters fresh investments that are key to faster economic expansion, which makes containing prices an express requirement, the Reserve Bank of India said on Wednesday.
Reserve Bank of India said on Thursday it is looking at liquidity, inflation and credit growth to see if it will have to take more steps to tighten monetary conditions.
Has there been a resurgence of the manufacturing sector in India? Shankar Acharya has his doubts.
The elevated realty prices along with non-transparency in the real estate sector may lead to an 'asset bubble' and pose risks to the banking system, according to Reserve Bank of India Deputy Governor Rakesh Mohan.
India's telecoms regulator must guard against overly aggressive price-cutting in the nation's fast-growing telephone industry, a key policy maker said on Thursday.\n\n
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