Though Anand Sinha, an executive director at the central bank, was late last month selected as the successor to Thorat, he is yet to get the orders from the finance ministry to assume office.
Ahead of the monetary policy review on May 3, Reserve Bank of India (RBI) Deputy Governor Shyamala Gopinath said inflation was a concern, mainly on account of the high prices of non-food manufacturing goods.
This will help significantly reduce the clearing time required for high-value transactions, besides minimising related risks, Gopinath said at a CII-organised seminar in Mumbai. On an average, India's central bank handles around 60,000 real time gross settlement and about 50-lakh (5-million) cheque clearing transactions per day, Gopinath said.
Headline inflation for November shot up to 4.8 per cent, mainly driven by food prices, as compared to 1.3 per cent in the previous month. Food inflation was 19.8 per cent in November.
The data will be released in coordination with the Reserve Bank, which has so far been the sole agency for compiling information on the outward FDI.
It is clear now that our policy to treat FCCBs as debt upfront turned out to be the right approach.
The Reserve Bank of India wants more and more banks to launch services on mobile, its Deputy Governor Shyamala Gopinath said in Bengaluru on Monday.
Khan would replace Shyamala Gopinath who retires on June 20, after a seven-year stint as deputy governor.
RBI Deputy Governor Shyamala Gopinath said India has been able to absorb capital inflows because it has a current account deficit.
Along with Subir Gokarn's appointment as the fourth deputy governor, the Reserve Bank of India on Wednesday reshuffled some of the key portfolios of its deputy governors and executive directors.
This will help bridge the revenue-expenditure gap, which has been ballooning on account of the stimulus packages and tax concessions announced to spur the economy. Economic Affairs Secretary Ashok Chawla said the government has provided a stimulus of Rs 1,50,000 crore (Rs 1,500 billion) by way of excess expenditure and about Rs 50,000 crore (Rs 500 billion) by way of tax concessions to the industry to battle the economic slowdown.
Deputy governors Subir Gokarn, Usha Thorat and Shyamala Gopinath will get additional portfolios, which were until now under K C Chakrabarty, RBI said in a statement today. The central bank did not give any reason for the reshuffle and said the changes will be effective tomorrow.
The Reserve Bank of India will soon initiate discussions with Indian banking entities to introduce Basel-II accord, prudential norms including risk management and capital adequacy guidelines, for smooth transition to the new regulatory framework.
The government on Thursday said it has stepped up its market borrowing to Rs 2.99 lakh crore for the first half of the current fiscal against Rs 2.41 lakh crore announced earlier.
HDFC Bank is on a global search to find a successor to the founding-chief executive Aditya Puri, as he would turn 70 next year.
A day ahead of Lok Sabha polls announcement, the government today decided to hike interest rates on fixed deposit schemes offered by post offices by up to 0.2 per cent.
Sources say given the complexity involved in the process of creating a holding company, which will ultimately be the parent company of banking and other businesses, banks are going slow in acquiring stakes in insurance arms or mutual funds of other lenders.
Getting locked into instruments before the new regime kicks in would be a good strategy.
High rates of such schemes deter banks from dropping borrowing rates - and thus lending rates
'Decide on an asset allocation you are comfortable with and stick to it for the long term.'
The Centre has to bear the maximum burden of borrowing NSSF loans to the tune of Rs 1 lakh crore.
When it comes to key hands-on management positions, India Inc is still largely run by men.
Government to pay disproportionately high interest for borrowings from savings, overturning a nearly two-decade-long process of reforms in the management of public debt.
Finance ministry maintains that all KYC requirements will be followed.
Investors must remember that only resident Indians can open a PPF account and a person can have only one PPF account.
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.
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