His tweets led to his followers proclaiming that he was backing Patel's appointment
Terming the RBI action on Wednesday as a "pleasant surprise", analysts today cautioned that possibility of a rate hike in the future cannot be ruled out. Urijit Patel committee's report on monetary policy would clear the air on RBI's future stand, they added.
He will be the first bureaucrat to head the central bank in almost five years.
After opting for status quo in policy rates, Reserve Bank Governor Raghuram Rajan on Tuesday said any more cut will depend on further transmission of previous rate cuts by banks, softening in inflation and progress of monsoon.
RBI Governor Raghuram Rajan, who today surprised markets with a rate hike, defended the move saying a rate cut would not have impacted either banks or borrowers and that bringing down retail prices is the key to sustainable growth.
If El Nino condition affects the monsoons, as is being forecast by foreign agencies, it can slow down the economy to 5.2 per cent next fiscal from a projected 6 per cent.
DBS called Rajan's decision not to seek an extension as a 'negative surprise'.
Ban on high-value currency sends advertising industry into a tailspin.
The RBI governor most famous oneliners -- 'I am Raghuram Rajan and I do what I do' -- that eventually summed up the year 2015 for the central bank
He also affirmed that over time, as the government finances improve, the SLR will be brought down further.
'The Chinese devalued the yuan initially but then stopped'.
Rajan strongly defends RBI's decision to hold the key rates in the absence of any new data points.
'Post Independence, it is for the first time that people have Rs 500 in their pocket, but the family is sleeping without food.'
The sector needs to move away from such concepts.
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