With the Iran war escalating sharply and crisis deepening in the global energy market, India on Monday unveiled a coordinated plan to support exporters and shippers caught in the fallout.
The central bank has nine executive directors, and one of them -- S Karuppasamy -- retired recently. R Gandhi, who was executive director, has now been promoted to the post of deputy governor.
The new hire, Gangadhar Darbha, joined as a consultant
Mundra fills the vacancy created by the retirement of KC Chakrabarty in April, two months before his five-year tenure was come to an end.
Green signal from Jaitley; CVC okays Hemant Contractor for head of PFRDA
India's forex reserves recently declined by $704 million to $354.517 billion.
India's banking sector, dominated by more than two-dozen state-run lenders, has been hobbled by its highest bad-loan ratio.
If true then it would be a major disruption in the industry
To deepen the financial inclusion process, and help get more people under the formal financial system, the RBI has mooted the idea of small banks and payments banks.
Reserve Bank Deputy Governor S S Mundra on Friday said that he expects banks to cut interest rates
The RBI may grant licences for setting up small finance and payment banks by April 2015.
As per the RBI Act, the central bank has to have four deputy governors.
The country's two biggest state-run lenders on Saturday pitched for treating a portion of their gold deposits as part of the mandatory cash reserve ratio (CRR) or statutory liquidity ratio (SLR), both of which banks consider as non-productive.
Outward flows totalled $12.27 billion in June 2010.
The central bank says that PSU banks need to generate more internal capital and that the government should cut stake.
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.
Prime Minister Narendra Modi wants the Reserve Bank to use Indian paper and ink to print currency notes.
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The Reserve Bank on Monday warned lenders against outsourcing their credit processing activities to third-party entities.
October shipments to India, the world's No.2 gold consumer behind China, jumped to about 150 tonnes from less than 25 tonnes a year earlier and 143 tonnes in September, a finance ministry official said last week.
The committee's suggestion that existing commercial banks be allowed to hold payment banks as subsidiaries is also seen as unviable by RBI and the finance ministry.
India's state banks are under pressure to improve profitability.
After hiking interest rates thrice between September 2013 and January 2014, the central bank has maintained status quo, amid slowing economic growth.
The senior RBI official, who assumed office on July 31, a day before he was to retire from the state-run Bank of Baroda as its chairman, said developments in construction technologies should make it possible for developers to bring down home prices.
In its letter, finance ministry has pointed to sections 35, 35A and 36 of the Banking Regulation Act, 1949, to highlight the powers and functions of the RBI as regulator
Unless RBI temporarily relaxes the norms on recognising of bad loans, the pressure on this front could rise in the December quarter.
The Reserve Bank on Thursdaysaid it is keeping a close watch on global banking major HSBC.
'The reform agenda is progressing in the right direction'.
"The window (for NRIs) is open till June 30 in which people can deposit cash. And after adding all these, we will give out the number," Mundra said.
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.
Banks will need more funds, as they have to provide more capital.
Quarterly results of many of these banks show significant losses.
B Sriram, the senior-most managing director at SBI, along with fellow MDs Rajnish Kumar, P K Gupta, and Dinesh Kumar Khara had been interviewed for the post
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Experts interviewed CMDs of nine public sector banks on Friday and Kamath is believed to be in the reckoning
Sensex, Nifty end the day in red on unfavourable cues from global markets.
Arun Jaitley had proposed to set up a Public Debt and Management Agency.
Inflation based on the Wholesale Price Index cooled to a 5-year low of 1.77 per cent in October driven by softening prices of fuel and food items.
Rajan retained the short-term lending rate at 6.5 and the cash reserve requirement of banks at 4 per cent.
India is the largest importer of gold after China.
Analysts have started talking about at least a 25 bps cut immediately.
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