Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
ICICI Bank chief Chanda Kochhar on Wednesday said the country has many positives like high forex reserves, and low current account and fiscal gaps, which can help it weather the ongoing volatilities.
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.
The financial crisis has challenged the intellectual assumptions on which previous regulatory approaches were largely built, and in particular the theory of rational and self-correcting markets.
Polling for the 288-seat Assembly is being held in a single-phase on Wednesday.
According to Japanese financial services major Nomura, despite slowing external demand, the domestic growth cycle is improving.
Emphasising that revival of growth should be the number one priority of the RBI at this time, industry groups said apprehensions about inflation rearing its head again may prove to be misplaced.
The HSBC Manufacturing Purchasing Managers' Index, compiled by Markit, fell to 52.4 in August from 53.0 in July but chalked up its tenth month above the 50 mark that divides growth from contraction.
If they are made accountable, bad loan cases will shrink dramatically, recoveries will rise, and the NCLT process will be more manageable, asserts Debashis Basu.
In spite of Governor Raghuram Rajan's repeated concerns about inflation, many think there may still be a loosening of stance.
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The document said potential growth, which hovered at 8-8.5 per cent levels in the period from the second quarter of 2005-06 to the second quarter of 2008-09, has gone down to 6 per cent.
Market participants are impressed that Rajan has set the ball rolling on his first day at RBI with a series of announcements, raising expectations that more are in store.
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After scrapping the selection of six UPA-appointed bank chiefs, the government has now decided to make significant changes to the selection process.
If companies get into trouble, the loan becomes a non-performing asset and "we very much want these assets to be back on track," Raghuram Rajan said.
The Prime Minister stressed on achieving financial inclusion.
Regarding employment, the manufacturing sector hiring remained broadly unchanged.
India Inc is borrowing from global firms as interest rates sky rocket in India.
The Reserve Bank of India's ongoing inspection of the book of accounts of Syndicate Bank is unconnected with last week's arrest of S K Jain, its chairman and managing director.
These sectors have underperformed the wider market over the past year and are seen having far more upside potential if the economy picks up thanks to Modi's reformist agenda.
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Raghuram Rajan, who took over as RBI Governor on September 4, is scheduled to unveil on Friday mid-quarter monetary policy review, an event keenly awaited by industry and banks.
Today, with growth having slowed and macro-economic challenges in every direction, would the government have benefited from the advice of 'Harvard' economists? asks T N Ninan.
India will witness good growth under the present government.
'It will be interesting to see how Dr Patel handles gadflies with the maturity of egregiously petulant three year olds.' 'That Dr Patel does not, in so far as we can tell, cause society matrons to gush like hormonal teenagers can only be a good thing for him.' 'Look where their febrile imaginations and breathless prose took his predecessor.'
The RBI is not statutorily independent from the government but has long enjoyed wide latitude
The broader markets were marginally higher with mid-caps and small-caps gaining 0.1-0.4 per cent on the BSE.
For the fortnight ended September 5, annual credit growth in the banking system fell to 9.68 per cent, data released by the Reserve Bank of India showed.
He will be the first bureaucrat to head the central bank in almost five years.
Terming the 23.9 per cent fall in economic growth in the June quarter alarming, former Reserve Bank Governor Raghuram Rajan has said bureaucracy should come out of complacency and take meaningful action. The current crisis requires a more thoughtful and active government, he said, adding, "Unfortunately, after an initial burst of activity, it seems to have retreated into a shell."
'The critics are getting carried away.' 'The challenge for the RBI is not any erosion of autonomy caused by demonetisation.' 'It's the whole attempt to reduce the RBI's stature and role that has been under way,' says T T Ram Mohan.
Private sector output in India expanded for the first time in 8 months in February as slump in the services sector moderated and manufacturing grew at a stronger pace, an HSBC survey said.
One of the major contributors for the decline in growth will be the monsoon deficiency, which also affects non- agricultural sectors through demand effects, RBI report said.
Top bankers on Wednesday exuded confidence that Raghuram Govind Rajan, who today took over as the 23rd Governor of the Reserve Bank, has the intellectual prowess to wade through the present difficulties facing the economy and wished him all success for the stint at Mint Road.
The partially convertible rupee closed at 61.2350/2450 per dollar compared with 61.31/32 on Tuesday.
Recently, United Bank of India declared Kingfisher Airlines as well as some three of its directors as wilful defaulters.
New Delhi was reluctant to spook investors by clipping the bank's wings
Reserve Bank of India (RBI) Governor Raghuram Rajan's decision to cut rates last week surprised even top officials.
As the clean-up has taken hold, loan growth slipped to 10.7 per cent in the last fiscal
After months of denying there was a liquidity problem, Governor Raghuram Rajan has reversed course.
Stock selection in India remain relatively low-beta given the lack of any conviction here on any near-term upturn in the investment cycle
To cut interest rates, the central bank head has to open up a debate on inflation target revision.
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