A long crisis with a lack of sound short-term, long-term actions can result in sluggish growth in India, similar to that in Japan.
The Reserve Bank of India will be closed on Wednesday as Maharashtra holds the assembly elections.
According to sources, both the departments have already laid their claim on the proceeds from the sale of the property
History would not see the institution kindly if it continues to avoid, as appears to be the case, hearing and deciding some of the most pressing issues of our time, asserts Aakar Patel.
'Those who come from outside are surprised at the relatively small strength of the RBI supervisory cadre, relative to the needs of the country and the needs of the financial sector.'
Such minutes will be available within two weeks from the date of its confirmation in the next meeting of the central board and on being signed by the chairman in the same meeting, the RBI said in a statement on its website.
'Such big falls are quite frequent these days, so do not try to time this market.' 'Use big dips to accumulate quality stocks.'
Overall, the record of the second term reveals a contradiction between the image and the reality. The image, especially on media and social media, is one of the man at the height of his power, and unstoppable. The reality on governance is someone who has found it difficult to get things implemented and unsure of what to do next, points out Aakar Patel.
The prescription came through an application under the Rights to Information Act by an activist from down-south Kerala state.
The meeting will be attended by all heads and EDs of public sector banks
A lot of work is needed to be done on the part of the insurance sector behemoth, and the government, before it is ready for its market debut.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
The initiative could help a large number of the alleged FERA violators get away with just financial penalties instead of criminal charges. The government's advisory, informed sources said, will not apply to all the cases as the RBI will decide on a case-to-case basis.
Calling the present level of inflation unacceptably high, Reserve Bank of India Governor Y V Reddy on Monday said that the Central bank is ready to take steps to cool prices. "Any decision to act has to carefully assess this extremely complex situation... We have a range of instruments available with us to manage liquidity and we do not hesitate in using them. Liquidity management has to be consistent with monetary policy and with management of aggregate demand," Reddy said.
Pushed by rising prices of essential kitchen items, the retail inflation rose to an eight-month high of 7.34 per cent in September, making the RBI's task to push growth by reducing the interest rate even more difficult in coming the days. The Consumer Price Index (CPI)-based inflation was 6.69 per cent in August and 3.99 per cent in September 2019. Inflation has been hovering above 4 per cent since October 2019.
In a major ruling, the Supreme Court has held that the RBI cannot grant banking licence to cooperative societies registered under Multi-State Act without the NABARD declaring it as a state, central or primary cooperative bank.
Inflation dipped to a five-month low of 5.19 per cent in July mainly on account of decline in prices of some food articles, vegetables and protein rich items.
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.
The Reserve Bank of India (RBI) has advised the public not to succumb to the temptation of fictitious offers of large funds through e-mails from unknown entities.The RBI clarified that under FEMA restrictions on transfer of funds also apply to lottery-like schemes functioning in different names such as money circulation scheme or remittances for the purpose of securing prize money/awards etc.
'Overall, domestic demand has moderated significantly. 'The weakening of private consumption, which for long has been the bedrock of aggregate demand, in particular, is a matter of concern,' RBI Governor Shaktikanta Das said in the MPC meetings, in October.
The differences revolved around the two topics of how much reserves the RBI should carry and whether the finance ministry had precipitated matters by invoking Section 7 of the RBI Act, that allows it to give directions to the RBI in public interest.
The notice, under provisions of the Foreign Exchange Management Act, has been issued by the Mumbai office of the agency after its probe found that the group has 'contravened' the law as it failed to comply with Reserve Bank of India norms by not declaring funds generated by some wholly owned subsidiaries the group had raised overseas few years back, according to ED sources.
The cabinet also approved ordinance to amend the RBI Act to extinguish the liability on the old notes.
Alleging breach of contract and intended violation of the Foreign Exchange Act, the Indian Hockey Confederation (IHC) has requested the Reserve Bank of India to stop payment of US $500,000 by the 2010 World Hockey Cup organisers to the International Hockey Federation (FIH).
The Reserve Bank of India is expected to do a balancing act by further liberalising limits on the foreign exchange outflow to tackle the capital inflow and its impact on inflation. The central bank was likely to raise the limit on corporate investment abroad and the ceiling on individual remittances overseas. RBI has liberalised limits on the overseas investment by companies from 200% to 400% of their networth. Liberalisation is proposed since India has good forex situation.
If RBI has to replace the entire stock of Rs 1,000 and Rs 500 notes with Rs 100 ones, the cost would be more than Rs 10,000 crore.
The gross bad debt of the Indian banking system as of March was at Rs 7.11 lakh crore
As many as 641 customers across 19 banks have been duped of Rs 1.3 crore using stolen debit card data
Jaitley's Budget has the potential to change the face of Modi's Bharat
Members of the Monetary Policy Committee (MPC) felt that though the Indian economy was resilient in the third wave, it, however, lost some momentum and with inflation likely to soften, there is room to continue with the accommodative stance and support revival, the minutes of the MPC meeting released on Thursday revealed. The six-member MPC voted to keep the policy rate unchanged and continued with the accommodative stance at its meeting on February 10. However, external member Jayanth Verma voted against the stance because he felt a switch to neutral was long overdue and the current stance has become counterproductive and deflects focus away from addressing recessionary trends that date back to at least 2019.
The government today said the proposed Financial Stability and Development Council, an inter-regulatory agency headed by the finance minister, would not act as a super regulator.
If indeed the issues involved between the government and RBI are of immense public interest, why not make public the arguments of both the government and the RBI, irrespective of the outcome of the process, says Tamal Bandyopadhyay.However, the Act is silent on what happens if the governor's views differ from that of the government. If Patel does not want to budge from his stance the government can either see merit in the Governor's arguments and decide against going ahead with its plan or overrule him. My guess is that the issues raised by the government need to be sorted out not at the November 19 board meeting but between the Governor and the government, says Tamal Bandyopadhyay.
Barring stray references such as the 'dual control' of banks and shifting the goalposts during demonetisation, he is not in a fault-finding mode with the government, notes Tamal Bandyopadhyay.
The bond, which the Reserve Bank of India started issuing on behalf of the Union government in 2003, was considered one of the safest savings instruments for retail investors.
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