'It is sad for the country and it is sad for the government of the country too,' says the Nobel Laureate.
According to him, since India has a low fiscal deficit, a low current account deficit and lower inflation, there is no need for being too dependent on foreign money for growth.
RBI Governor has dismissed the notion that the rural employment guarantee programme is behind the massive spurt in wages in rural areas.
The policy will be presented in the backdrop of rising inflation.
SBI is the first major bank to cut its base lending rate this year.
There is little scope for significant monetary easing even in the next fiscal year.
On growth, the Governor said the prospects in the last few months have improved.
Head of state-run Indian Bank T M Bhasin had called for a CRR cut.
The central bank gave 11 entities licences to start payments banks.
Former Finance Minister P Chidambaram said he was "disappointed and profoundly saddened" by Rajan's decision against a second term, but was not surprised by the development
Macroeconomic factors under control, says Rajan
The government plans to inject a total Rs 70,000 crore into the lenders over four years
Policy with regard to the foreign banks is part of his five pillars of reforms, says RBI Governor.
Concerned over banks hiding their actual NPA numbers, RBI Governor Raghuram Rajan on Tuesday said the central bank is "increasingly turning towards taking action" on such divergences.
Raghuram Rajan will take over as RBI Governor on September 4 at a time when the country is facing a grave economic crisis.
Days ahead of the Budget, Reserve Bank Governor Raghuram Rajan on Wednesday pitched for increasing the tax exemption limit on financial investments by individuals from Rs 1.5 lakh a year.
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The country has enough forex reserves to meet the demand.
ICICI Bank and HDFC Bank have effected a cut of up to 0.50 per cent in term deposit rates following tepid credit growth and ease in money market rates.
Inflation has remained a major concern.
Rajan said that even though inflation has breached the 6 per cent mark as against the RBI target of getting it down to 5 per cent by March 2017, the price rise scenario will ebb in future
The three-year tenure of Raghuram Rajan saw the RBI adding a net of $92 billion to the kitty.
This is the second high profile resignation in the past six months at the Reserve Bank of India.
Rajan said RBI should pay as much dividend as possible to the government, which over the past two years has run into billions of dollars
The RBI chief was speaking to researchers at an analyst call.
'After a long time, we have a governor who is approachable. The RBI's interactions with us are now much better.'
Uber had run into trouble with the RBI over the two-payment process
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.
"Let people pay, but if they don't pay, go after them"
NPA issues in the banking sector, standoffs in Parliament denting the reform momentum and limited space on the fiscal side are among the major concerns for investors.
Unhedged exposure of the corporate poses a risk and overall percentage of hedging remains low.
Rajan said banks have typically become used to reasonably slow moving base rate which gives them time to adjust the deposit cost before they adjust lending.
Rajan said too many infra projects do not have forex earnings thus are unable to pay in dollars or yen
Twenty-six entities, including the Tatas, Aditya Birla Group, Anil Ambani-led Reliance Capital and Religare, apart from India Post, applied. Videocon Group, later on withdrew its application.
RBI governor Raghuram Rajan is clear about cleaning up the mess in the banking system.
The Reserve Bank of India hiked key interest rates by 0.25 per cent each in the last two reviews to tame inflation.
Rajan said there was full understanding between him and the Finance Minister Arun Jaitley on setting up of the PDMA
RBI aiming to bring down headline number to 8% by end of this year and to 6% by the end of next year.
Prime Minister Narendra Modi defended Mr Rajan, but it would be debated why he took so long to dub criticisms like those against the RBI governor as improper.
Raghuram Rajan rejected the argument that inflation has come down largely because of "good luck" stemming from low oil prices.
The year 2015 is likely to see lower rates to support growth and the Reserve Bank is expected to cut key policy rates by 0.25 per cent in February's monetary policy review meet, says a Bank of America Merrill Lynch report.
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