The friction with the political class is not only about interest rates and monetary policy. While the government often spoke freely about its discomfiture, the RBI had to be careful even in its response to the government as any loose statement would affect the markets.
Former Prime Minister Manmohan Singh's 1991 budget unshackled India's economy, significantly enhancing the economic prospects for hundreds of millions of Indians, first deputy managing director of the International Monetary Fund (IMF) Gita Gopinath said on Friday.
Managing recovery is a bigger challenge than managing crisis, says the Reserve Bank of India governor D Subbarao
Chidambaram has been magnanimous in endorsing my book, says the former RBI Governor D Subbarao.
Regardless of who is right, Rajan has to quickly come to grips with a number of obvious challenges, ranging from the immediate to the medium term.
Duvvuri Subbarao recounts how his tensions with P Chidambaram and Pranab Mukherjee, then finance ministers, over monetary policy spilled over into other issues in the central bank in this excerpt from Who Moved My Interest Rate?, his memoir of his term as Reserve Bank of India governor.
Political funding of elections has led to the rise in black money in the economy.
Finance minister Pranab Mukherjee said on Tuesday the Reserve Bank of India's move to keep almost all rates unchanged is line with the discussions he had with the apex bank's governor and the government's thinking on fiscal and monetary policies.
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.
Rau's felt the need to be where the action was.
The institute that once drew largely elite students also decided to expand its base and cater to a wider pool.
RBI's current Deputy Governor Urjit Patel got 3-year extension in January.
The word 'balancing' seems to be a favourite of Reserve Bank of India Governor D Subbarao.
Subbarao's annual statement will be of unusual interest this year
He will be the first bureaucrat to head the central bank in almost five years.
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
As the global economy sways into uncertain territories and domestic prices almost certain to rise, Raghuram Rajan's ideas would have come in handy.
'We get to know secrets such as some of India's top-rated firms do not always make payments when due and many State-owned, listed, enterprises that borrow in bond markets default regularly.' 'Without naming the bank, he says that ever-greening of poor loans by a part of India's shadow banking lay at the doorstep of India's banking, notably 'one private bank'.' Viral Acharya's Quest for Restoring Financial Stability in India won't be music to many ears, observes Tamal Bandyopadhyay.
Traditionally, Prime Minister picks the RBI Governor after consultation with the finance minister.
US Commerce Secretary Gary Locke's robust meetings in Mumbai, includes a bilateral with the Governor of the RBIndia Dr D Subbarao and senior officials at the Department of Atomic Energy and the Nuclear Power Corporation of India, in addition to speeches to the Federation of the Indian Chambers of Commerce and Industry and the National Association of Software and Service Companies, will also be punctuated with an interaction with the dabbawallahs or tiffin caterers.
Except for the change in the inset letter, the design of these notes to be issued now is similar in all respects to the banknotes in Mahatma Gandhi Series -- 2005, with additional or new security features issued on October 21,2005.
'I am sure Dr Patra will get the fullest cooperation from the finance minister who needs workhorses, not prima donnas constantly looking to improve their CVs,' says T C A Srinivasa-Raghavan.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
If the new governor can think out of the box even as he signals that he can bat for the RBI cadre and respect its institutional memory, that will go a long way in getting out of the current impasse.
According to fund managers, expectations of a 25-basis-point increase in the cash reserve ratio of banks have heightened in the wake of RBI's surprise twin moves to make short-term money dearer as part of its attempts to curb the rupee's volatility.
Manmohan Singh, reveals the former President, was keen that either P Chidambaram or Montek Singh Ahluwalia be the finance minister.
'There are deeper, underlying, forces at work and we need institutional arrangements to guard against them.'
T C A Srinivasa-Raghavan recalls a tussle between the government and RBI when Rajiv Gandhi was prime minister and how it was resolved.
Issuance of new bank licences proves that the apex bank wants the financial sector to flourish.
The 30-share Sensex ended down 90 points at 19,429 after hitting an intra-day low of 19,398 and the 50-share Nifty ended down 40 points at 5,881 after touching an intra-day low of 5,871.
Bukkapuram Nadella Yugandhar's 'formidable legacy will survive through a generation of civil servants whom he trained, nurtured, mentored and inspired with a rare combination of energy, enthusiasm and passion,' says former RBI govenor Dr Duvvuri Subbarao.
Angry Congress members staged a walkout during Modi's address.
Kolkata's creme de la creme turned up at the launch of Bandhan, The Making of a Bank, but the evening nevertheless had an informal touch typical of the young bank with CMD Chandra Shekhar Ghosh personally welcoming the dignitaries, reports Indrani Roy/Rediff.com.
What Shekhar Gupta would have really liked to know from Pranabda: Why did Sonia prefer Dr Singh to him as PM? Why did he deny finance first, why did he accept it 5 years later, and why did he make such a mess of it? How did he force Sonia to nominate him for President and not Hamid Ansari? And how does he justify that most toxic legacy -- the Vodafone tax amendment?
I-T lens on current account deposits over Rs 12.5 lakh. All the news and more post demonetisation.
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