Governor also says two-stage verification for card transactions might go; RBI in process of setting up IT arm
This remark is in consonance with RBI Governor Raghuram Rajan's comment.
The appointment will be made by Prime Minister Narendra Modi in consultation with Finance Minister Arun Jaitley.
'The RBI is something like a seat belt. As a driver, the driver being the government, it has the possibility of not putting on a seat belt but of course if you do not put on your seat belt you get into an accident and the accident can be quite severe,' Raghuram Rajan told CNBC TV18. 'The aim of the board is to be Rahul Dravid -- sensible, thoughtful and not, with due respect, Navjot Sidhu,' he added.
A committee headed by Patel recommended retail inflation targeting and a monetary policy committee.
India's crony capitalists will have had their day in the sun.
Retail inflation measured by the consumer price index has risen sharply across food and non-food constituents, including services, keeping inflation expectations high, the Reserve Bank of India said in its Second Quarter Review of Monetary Policy 2013-14.
The rupee closed at 59.90 in Wednesday's trade, gaining just one paisa from its previous close.
The RBI announced its monetary policy on Tuesday.
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Currently, the cash reserve ratio is pegged at a low of 4 per cent, while statutory liquidity ratio that includes securities such as government bonds, stands at 23 per cent, down from 25 per cent in 2010.
RBI may hold rates in Apr; to go for 25 bps cut by June: DBS
The move to make the appointment process more robust comes after last month's arrest of S K Jain, chairman and managing director of Syndicate Bank last month, over graft charges.
Many officials had been talking of taking the baton of global growth.
India's foreign exchange reserves are at an all-time high.
He has had a productive first year at the RBI -- one which saw, also, India's economic imbalances improve and the unexpectedly strong general election outcome.
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The newly-appointed Governor Raghuram Rajan said on Wednesday Reserve Bank of India will offer a window to banks to swap the fresh FCNR-B dollar funds, mobilised for a minimum tenor of three years and over, at a fixed rate of 3.5 per cent per annum. According to Bank of America Merrill Lynch, "the move should fetch $8-10 billion", adding that the move would help in shifting rupee risks away from NRIs at a time of extreme volatility.
The three years at the Reserve Bank have mostly been a string of success stories for Rajan, gaining him common man's adulation even as the free-thinker in him made a few foes who matter more in the corridors of power
Experts said a future rate cut would depend on the inflation.
As inflation rate is near the upper limit of the comfort zone, experts rule out rate cuts anytime soon
The message to bankers from Raghuram Rajan was clear.
India builds up record FX after Fed hints rate hike in future.
The RBI, which has been keeping rates at an elevated level citing the high inflation, wants to bring it down to 6 per cent by January 2016.
Prices are likely to rise further as demand grows in coming months due to festivals
The finance minister has said that United Bank has managed to reduce its non-performing assets.
As Indians scrambled to exchange the banned notes for new currency, Paytm, Sharma's digital payments startup, went on a promotional spree, inviting Indians to start using Paytm's digital wallet to pay for everyday goods and services.
Rajan's exit will neither affect the RBI's de facto independence nor its working.
With crude and commodity prices ebbing and the twin deficits under check, the Reserve Bank should have cut the key policy rate to push investments and boost economic growth, India Inc said.
The Indian government will present the annual budget for 2016-17 on February 29.
The country's merchandise deficit narrowed to $9.2 billion in November, but exports growth eased to 5.9 percent from 13.5 percent in October, government data showed.
The proposed four per cent inflation target is onerous, considering India is currently battling near-double-digit increases in prices.
Traders suspect The Reserve Bank of India (RBI) bought bonds and actively intervened in the rupee to support sentiment.
The rupee had ended five paise lower at 61.92 on Tuesday.
Pulses cropping has jumped to 39.4 per cent above 2015 levels.
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In New York, the US dollar gained against most rivals on last Friday, as a week of data reassured investors that December's dismal employment report wasn't indicative of a broader shift in the economy.
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The rate cut, the industry chambers argued, could have given a positive signal to the manufacturing sector, which is undergoing difficult times.
Better supply management and check on hoarding should be able to prevent food price spikes
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A rule change may make Nachiket Mor, among others, eligible to replace Chakrabarty.
The rupee appreciated further on Thursday, adding 106 paise to 66.01 against the dollar, after steps taken by new Reserve Bank of India Governor Raghuram Rajan to attract US currency inflows boosted market sentiment.
Mergers to create at most six state banks
The Indian economy recovered from the Covid-induced downturn during 2022 and is poised for further improvement in the coming quarters though downside risks emanating from geopolitical tensions, strengthening dollar and elevated inflation will continue. The positive trajectory in the growth trend and improved fundamentals will help the nation in neutralising the impact of global headwinds which are expected to have a bearing on the country's exports in the months to come. The challenges before the government and the Reserve Bank in the new year would be to arrest inflation, check declining value of rupee against US dollar and promote private investment and growth, with a view to ensure that the country remains one the fastest growing major economies of the world.
