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The year-end should not be a time for any spectacular changes in the banking system and must pass smoothly, Rajan told reporters after announcing the bi-monthly monetary policy, which left key policy rates unchanged.
Australia's Reserve Bank Governor I J MacFarlane has said countries which can adapt to the emergence of the Asian tigers India and China, will thrive, while those which go into a defensive mode will stagnate.
Jammu and Kashmir Chief Minister Mufti Mohammad Sayeed met Reserve Bank of India Governor Bimal Jalan on Tuesday and discussed the issue of reviving nationalised banking operations in the state.\n\n\n\n
Monetary transmission has been an issue for the Indian banking sector.
Reserve Bank of India governor Bimal Jalan said on Monday there was no urgency to review the central bank's stance on the bank rate as announced in its October credit policy statement.\n\n
The solution to Manipur's problems lies in the government giving concessions to Meitis in jobs and education and to accept autonomy for the tribal dominated areas inhibited by the Kukis, suggests Colonel Anil A Athale (retd).
Rejecting its own Bank Rate as the benchmark for returns on small savings, budgeted at Rs 165,000 crore (Rs 1,650 billion) this year, an RBI panel has said the rate was administered and did not convey the right signals on the current interest rate.
Erstwhile RBI governors, including Raghuram Rajan never had cordial relations with the government.
The Reserve Bank's rate-setting panel began its three-day deliberations on Monday to decide the next monetary policy amid expectations that the central bank will maintain status quo on the benchmark interest rate in the backdrop of global scare due to the new coronavirus variant Omicron. Reserve Bank Governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) is scheduled to announce the policy resolution on Wednesday. If the RBI maintains status quo in policy rates on Wednesday, it would be the ninth consecutive time since the rate remains unchanged.
Several mutual funds (MFs) have recently approached the Reserve Bank of India (RBI) as they renew efforts to increase their overseas investment limit. In June 2022, the capital markets regulator Securities and Exchange Board of India (Sebi) permitted MFs to invest in foreign stocks within the aggregate mandated limit of $7 billion after a correction in stocks. One of the proposals shared with the RBI is to link MFs' foreign investment limit to the country's foreign exchange reserves.
Rajan said the RBI is working on upgrading the capabilities of its inspectors to undertake bank system audits as well as to detect vulnerabilities in them
The economy is slated to grow by 6.9 per cent in this fiscal backed by a robust 9.0 per cent growth in farm output, credit rating agency ICRA said on Monday.
