Raghuram Rajan, a former chief economist at the International Monetary Fund, takes charge at the RBI as the country faces its worst economic crunch since a balance of payments crisis two decades ago.
The government's critics say that the Prime Minister failed to rein in vicious and unprecedented personal attacks on the central bank chief by the likes of Rajya Sabha MP Subramanian Swamy.
After the screening, the shortlisted candidates will be vetted by an external committee, to be headed by former RBI governor, Bimal Jalan.
The RBI governor says, Mahatma Gandhi is the only dignitary which can be featured on rupee notes.
NPA issues in the banking sector, standoffs in Parliament denting the reform momentum and limited space on the fiscal side are among the major concerns for investors.
RBI governor and new FM could hog all the limelight.
Rajan said in order to export, one needs to be able to import things that go into those exports as cheaply as it can.
In its quarterly macroeconomic review on Monday, the central bank said it expects inflation to remain near current elevated levels for the remainder of the fiscal year that ends in March.
While the RBI has been intervening heavily in both spot and forward markets to support the currency, especially when it nears its record lows, there are technical signs that the rupee is set for some near-term consolidation.
Also says PSU banks divestment to be considered after improvement in governance
RBI data show one-fifth of all the infrastructure loans are stressed and the share of such loans in overall stressed assets is nearly a third.
The decisive election victory for the Narendra Modi-led National Democratic Alliance has created a conducive environment for policy actions and should help in economic recovery, Reserve Bank of India Governor Raghuram Rajan said on Tuesday.
Twenty-six entities, including the Tatas, Aditya Birla Group, Anil Ambani-led Reliance Capital and Religare, apart from India Post, applied. Videocon Group, later on withdrew its application.
Subramanian, a senior fellow at the Peterson Institute for International Economics in Washington, attended a news conference in New Delhi at which his appointment was announced.
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.
Perhaps because the Modi government had some differences of opinion with two of the economist governors (one of whom was appointed by the Manmohan Singh government), there is a view that its political leadership prefers a civil servant to head the RBI, notes A K Bhattacharya.
The new pay scale will come into effect from January 1.
The aim of his visit was to explore how financial institutions can be co-opted in reviving the local economy.
The Reserve Bank of India kept interest rates on hold at 7.50 per cent.
Former RBI governors Urjit Patel and Raghuram Rajan have also expressed worry about the Mudra scheme, particularly government's target-setting practice and the rising bad loans.
There is nothing wrong with government and RBI having conflicting opinions.
Rajan has been facing continuous attacks by Bharatiya Janata Party MP Subramanian Swamy and some other sections, who have alleged that he has failed to lower interest rates and boost the economy
'I often see people try to put down China.'
'We will supply dollars in case of extreme volatility.'
Three members will be representatives from the government, and three from the RBI.
A committee headed by Patel recommended retail inflation targeting and a monetary policy committee.
This is the second high profile resignation in the past six months at the Reserve Bank of India.
Rajan said that even though inflation has breached the 6 per cent mark as against the RBI target of getting it down to 5 per cent by March 2017, the price rise scenario will ebb in future
RBI Governor Raghuram Rajan on February 2, left the key interest rate unchanged citing inflation.
Indian capital markets joined the global sell-off sparked by China growth concerns
In a recent article, Rajan has ridiculed critics of the exchange rate policy.
Vodafone Idea, the promoter of Aditya Bira Idea Payments Bank, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of India.
Second authentication for small value payments through credit cards can be reduced subject to conditions.
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The central bank was seen selling dollars consistently when the rupee would approach the record low of 68.86 hit on August 28.
According to report by Dun and Bradstreet, central bank expected to maintain status quo on policy rate.
The rupee had closed at 60.1550/1650 per dollar on Monday.
'We expect the Reserve Bank of India to deliver a 25 bps rate cut in April to support growth.'
ICICI Bank has the largest proportion of SDR loans as a percentage of its total, followed by state-run United Bank of India and Canara Bank.
Rajan said there was full understanding between him and the Finance Minister Arun Jaitley on setting up of the PDMA
The new government will face four big challenges -- subdued growth, the fiscal and current account deficits and sticky inflation, RBI Governor Raghuram Rajan said.
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