200 staffers, consisting of RBI officials and support teams, who are essential to perform critical functions, were isolated at a separate facility in a dedicated quarantined environment near all three RBI data centres.
'In plain simple English, these practices amount to a looting of our country's future by some in the business community, in cahoots with some lenders,' says RBI Governor Dr Urjit R Patel.
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.
Human resource, or HR, development is one of the key portfolios that K C Chakrabarty handles as the Reserve Bank of India (RBI) deputy governor.
Ahead of the slack season Credit Policy, Reserve Bank Governor Y V Reddy on Monday met Finance Minister P Chidambaram amidst expectation of monetary measures to contain prices and keep interest rates stable to sustain high economic growth.
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.
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.
Former Reserve Bank of India governor Dr Raghuram Rajan -- the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago -- walked with Congress leader Rahul Gandhi during the Bharat Jodo Yatra in Sawai Madhopur, Rajasthan, on Wednesday, December 14, 2022.
Raghuram Rajan has appointed him as head of several committees soon after taking charge.
India is better prepared to deal with any further US Fed tapering, but the country needs to remain vigilant to face eventualities, Reserve Bank Governor Raghuram Rajan said.
"Finance Ministry and RBI keep talking all the time," Rajan said.
The bank, however, maintained that the incremental benefit from the MCLR based lending rates introduced in April 2016 as an alternative to the earlier system of base rate, was positive.
Retail inflation dropped marginally to 7.01 per cent in June mainly due to slight easing in prices of vegetables and pulses, though it still remained above the Reserve Bank's comfort level for the sixth month in a row. The consumer price index (CPI) based inflation stood at 7.04 per cent in the preceding month of May and 6.26 per cent in June 2021. Inflation in the food basket in June 2022 was 7.75 per cent, compared to 7.97 per cent in the previous month, as per the National Statistical Office (NSO) data released on Tuesday.
Market participants attribute the stability to the Reserve Bank of India's timely intervention in the foreign exchange market, both in terms of selling and buying dollars.
Wholesale prices based inflation rate rose by 0.26 per cent to stand at 4.28 per cent during the week ended March 11
Most members of the Reserve Bank of India's monetary policy committee (MPC) decided to stick to the course on bringing retail inflation to the target of 4 per cent while voting for maintaining status quo in the April review, except external member Jayanth Varma who voted for a 25 bps cut in the repo rate. "I believe that the extant monetary policy setting is well positioned," RBI governor Shaktikanta Das said in the minutes of the policy review, which came out on Friday. "Monetary policy transmission is continuing and inflation expectations of households are also getting further anchored.
The Reserve Bank of India, which slashed the repurchase rate (repo) and savings bank rate by half a percentage point each on February 28, is certain to cut the bank rate in April.
Union Finance Minister P Chidambaram has asked public sector banks to go slow on disbursals of home and other consumption loans to help fight inflation.
The economy can grow by 8.0 per cent if the government improves the public administration and delivery systems, carry forward legal reforms and implement policies promptly
The Andhra Pradesh government, in a bid to provide succour to the depositors of the Charminar Coperative Urban Bank in Hyderabad, has decided to seek clarifications on the guidelines issued by Reserve Bank of India for the revival of the bank.\n\n\n\n
The Reserve Bank of India (RBI) on Friday hiked repo rate by 50 basis points to 5.90 per cent in order to control the rising inflation, keeping in line with the aggressive policies of central banks and the volatile markets prevalent across economies. RBI Governor Shaktikanta Das announced the rate hike today. In the meeting of the Monetary Policy Committee (MPC) that started on Wednesday, five of the members of the MPC voted to hike the key lending rate, repo rate, by 50-basis points (bps).
He doesn't expect banks to raise interest rates, as they'd not reduced these after the policy rate cuts in May and March.
A paper authored by Rajan said, state-linked banks can be a first step in altering the ownership structure of some PSBs, where the government brings down its stakes to below 50 per cent, creating distance from operations of banks, and improving governance along the way.
These cash shortages increase banks' funding costs, making it harder for them to lower lending rates
For India, Fitch Ratings has 'BBB-' rating.
Subbarao said he would be "ok" if a sovereign bond issue in foreign currency is done once just to test the waters, but cautioned against using the instrument regularly.
Dr Raghuram Rajan's departure holds lessons for all, be it sections of the media, politicians or the people themselves. We need to learn how to value and retain talent. At the same time the talented must realise that talent alone does not ensure the top job, says Sanjeev Nayyar.
Among the Sensex firms, Bajaj Finance emerged as the biggest gainer by climbing 2.95 per cent. Tata Motors, Bajaj Finserv, IndusInd Bank, Sun Pharma, Mahindra & Mahindra, State Bank of India, Larsen & Toubro, HDFC, HDFC Bank, Maruti, Reliance Industries and Bharti Airtel were the other major winners. HCL Technologies, Axis Bank, ICICI Bank, Tech Mahindra and Titan were among the laggards.
Retail inflation was at a 25-month low of 8.1 per cent in February.
India on Saturday favoured greater mobility of skilled labour
Amid a debate on the basis of a monetary policy stance, one may be curious enough to know how non-food retail inflation has behaved over the years in India. Let the eager souls catch a glimpse of facts. In the past 10 years, non-food inflation came down below 4 per cent on two occasions - pre-Covid period of 2019-20 and now in the first four months of the current financial year (FY25).
Retail inflation jumped to a 15-month high of 7.44 per cent in July as prices of vegetables and other food items spiked, according to official data released on Monday. The Consumer Price Index (CPI) based inflation was at 4.87 in June and 6.71 per cent in July 2022. Previously, high inflation was recorded at 7.79 per cent in April 2022.
Dhoot stated that Value Industries has not withdrawn the application and has only sought clarifications from RBI on certain issues.
Fintech companies believe that the impact of Reserve Bank of India's order last week on unsecured loans will be visible in six to 12 months and prompt them to diversify and strengthen their secured portfolio. Fintechs which source funds through banks or non-banking finance companies (NBFCs) are looking at quickly building their secured portfolio options to at least 40 per cent of their total portfolio. "Over the medium to long term, as part of our product strategy, we are evaluating secured products which can be enabled over a digital platform" said Yogi Sadana, the founder of Zype, a lending-focussed fintech.
Rajan said India's good economic fundamentals would allow it to overcome any 'sharp corrections' in global markets
RBI governor Raghuram Rajan said, banks may be soon allowed to increase stake above the current cap of 10 per cent in companies undergoing debt restructuring.
