Former RBI Governor Subbarao blamed Chidambaram for undermining the autonomy of RBI and putting pressure on him to cut interest rates.
India needs foreign exchange buffer reserves to insulate itself from exchange rate volatility as we have "no friends" for swap lines and Japan was the only country that helped during the taper tantrum in 2013, former RBI Governor Raghuram Rajan said on Tuesday. Participating in a virtual event organised by economic think tank NCAER, Rajan said during the taper tantrum in 2013, India asked for swap lines, and only country who helped was Japan. "We need this (foreign exchange) reserve buffer to insulate ourselves because we have no friends.
Rajan said the central bank has used up all its "space available" to cut interest rates
"We did not abuse RBI governors," says Chidambaram.
Rajan said there will be some volatility, but once the initial bout or wave abates, people will look for good fundamentals
In 2013, India suffered its worst currency crisis in more than two decades but has regained the confidence of foreign investors in part after its current account deficit has narrowed sharply and its foreign exchange reserves hit a record high
'Too many things happen in India... that is the root of the problem, not Raghuram Rajan'
The Reserve Bank on Tuesday nudged banks to cut lending rates.
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.
Rajan addressed a group of investors in Boston on Thursday.
He called on developed countries to play their part in restoring international monetary cooperation.
Raghuram Rajan on February 2 left the key interest rate unchanged.
RBI unsure whether to cut rates or not in its next monetary policy.
Reserve Bank Governor Shaktikanta Das on Tuesday said the fiscal-monetary coordination was at its best during the last six years even as he thanked Prime Minister Narendra Modi for giving the opportunity to head the monetary authority of the country. Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues at the central bank.
Raghuram Rajan is said to have informally written to select policymakers and experts, to curb 'unnecessary' speculation over his future at RBI.
Even as money floods into India, the Reserve Bank is bracing for the worst, building up currency reserves and drafting a game plan to protect the rupee against the sort of rout that alarmed policymakers and investors last year.
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.
'Helicopter drop' was first proposed as an alternative to quantitative easing.
Reserve Bank of India Governor Raghuram Rajan, who will present his maiden policy on September 20, held discussions on Tuesday with Prime Minister Manmohan Singh and Finance Minister P Chidambaram on the macro-economic situation.
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.
The S&P BSE Sensex was up 241 points at 26,867 and the Nifty50 gained 68 points at 8,239.
Investors will see that India story actually continues to be a good one, he said.
The new Guv needs to focus on structural inflation problems.
Swamy had also claimed that Rajan was "mentally not fully Indian" and alleged that he has "wilfully" wrecked the economy
Rajan is an acknowledged academic, author and intellectual. He spoke on issues which are in the public domain, said Chidambaram
Everything seems to be falling in place for the new RBI governor but there is a need to prepare for the imminent tapering by the Fed.
A RBI constituted panel on financial inclusion headed by Nachiket Mor had recommended the setting up of the payments banks in order to deepen access to finance.
Reserve Bank of India (RBI) Governor Raghuram Rajan on Tuesday cautioned against extrapolating the issue of alleged graft charges in a public-sector bank to the entire public sector banking system.
In the mid-quarter review on December 18, the Reserve Bank left key policy rates unchanged but said it will hike interest rates if inflation does not subside.
'Rajan brought in a healthy air of competition in the banking sector.'
There are however, enough dovish signals in the governor's statement to indicate a pro-growth policy going forward.
RBI Governor Raghuram Rajan wanted to improve training for staff, through initiatives such as sending them to other central banks for short stints.
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RBI is scheduled to unveil its credit policy on June 3.
Finance Minister Arun Jaitley said the Reserve Bank and the Finance Ministry have "very mature level of consultation" and it wasn't fair to comment on them.
Providing access to unbanked areas in the country has been high on the agenda of RBI, as almost 40 per cent of the population doesn't have a bank account.
Raghuram Rajan, who was Chief Economic Advisor in the Finance Ministry before taking over as RBI Governor on September 4, is scheduled to announce the next mid-quarter policy review on December 18.
The step followed Reserve Bank Governor Raghuram Rajan's hard talk.
India is gearing up to introduce a six-member monetary policy committee that would vote on interest rates.
The ratings agency currently rates India at Baa3
Reserve Bank of India (RBI) governor Raghuram Rajan says global markets are at risk of a "crash" should investors start bailing out of risky assets created by the loose monetary policies of developed economies.
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