RBI's current Deputy Governor Urjit Patel got 3-year extension in January.
The Commission told RBI Governor Urjit Patel that it has been apprised of the problems candidates are facing due to withdrawal limits imposed after note ban.
The fifth meeting of Monetary Policy Committee maintained the repo rate, at which it lends to the banks, at 6.25 per cent and the reverse repo, at which it borrows, will be 6 per cent.
Pressure has been mounting on the Reserve Bank of India to cut interest rates in the wake of declining retail inflation and the need to fuel growth momentum. However, the RBI will have to do a tightrope walk as globally interest rates are inching upwards.
The mismatch between industrialists' demand and account holders is because of inflation, Rajan said.
The former bureaucrat said he will take measures which the economy requires in a timely manner and as the first step, will meet the heads of public sector banks.
Voting for the 2014 general elections will begin in April and it is expected Budget 2014-15 will be presented in June.
The finance minister chided the central bank on Tuesday over its focus on fighting inflation, saying the Reserve Bank of India (RBI) also needed to abide by the government policy to promote economic growth.
Both the new designs, Rs 500 and Rs 2,000, will be very friendly towards the visually-impaired by having features which make it accessible for all sections
They alleged that the central bank has "failed miserably" in handling the situation post-demonetisation.
Some banks are disbursing only Rs 5,000 per person while those having better cash availability are offering Rs 10,000 or Rs 12,000 per withdrawal
Reserve Bank of India Governor Urjit Patel on Saturday exhorted banks to reduce their lending rates to push credit demand in laggard segments, saying banks have benefited from influx of low-cost deposits and its previous repo rate cuts.
"We want a drop in interest rate. This (interest rate) is a huge problem now for us. Real interest rate in India today is touching six percent," Ficci chief Pankaj Patel said, arguing that there should be balance between growth, inflation, and interest rates.
Between Friday's and Monday's close: Yields on 10-year bonds up 6 basis points, rupee slides 13 paise against dollar, Sensex ends flat
After Urjit Patel's appointment as RBI governor-designate, the bond market witnessed a sell-off, as it became evident that there won't be any significant change in stance
Firm Asian cues and a higher opening of European markets reflecting a rally on Wall Street, where all three US indices hit new records following strong economic data, bolstered trading sentiments here
This is the 14th consecutive month that the manufacturing PMI remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
Reserve Bank of India (RBI) Governor Raghuram Rajan has set himself a target of lowering consumer inflation and is even ready to raise rates to achieve it, risking friction with the new government, if he is seen as overstepping.
As a result, the forecast of eight per cent retail inflation by January next year looks achievable.
The imported inflation component is also expected to ebb on lower oil prices and softer US dollar, it said.
The headline seasonally adjusted Nikkei India Composite PMI Output Index, that maps both the manufacturing and services sectors, rose from 53.3 in June to 54.1 in July.
For the baning sector, 2018 was a 'Year of Exits' - borrowers fled from the country as loans went kaput and many bank CEOs were forced to leave
The career bureaucrat-turned-central banker walked into the 19th floor corner room of the Reserve Bank on December 12, 2018. Since February 2019, the Das-led RBI has cut the repo rate by a whopping 135 basis points to support the sagging growth, including an unprecedented 35 bps reduction in August. As he completes one year at the helm, woes in the NBFC sector, overall health of the banking sector and steeply falling economic growth are among the major challenges that needs to be tackled sooner than later.
Traditionally, Prime Minister picks the RBI Governor after consultation with the finance minister.
The Reserve Bank of India unexpectedly raised its policy interest rate on Tuesday by 25 basis points (bps) but said that if consumer price inflation eases as projected, it does not foresee further near-term tightening.
Emerging nations have discussed delinking the quotas from the governance reforms to facilitate its passage.
Economic Affairs Secretary Subhash Garg is the finance ministry's primary liaison with the RBI.
Potato, a daily consumable vegetable, witnessed maximum inflationary pressure at 60.58 per cent
Acharya was one of the youngest deputy governors in the central bank's history and was in charge of the critical monetary policy department which also made him a part of the rate-setting panel.
The trade gap was $11.66 billion in December 2015 while in September 2015 it stood at $10.16 billion
RBI has kept interest rate unchanged at 8 per cent since January
Zzungry said it had introduced limited edition of 'Ulundu kozhukattai' and 'Kova kozhukattai' that are inspired from the cuisines of two states that hold great relevance in the life of Raghuram Rajan.
'The committee has all the right to call anybody involved in the matter. But that will depend on the outcome of the January 20 meeting. We can call the PM on demonetisation if the members unanimously decide so.'
RBI Governor Raghuram Rajan has been pursuing hawkish monetary policy stance to keep inflation under check.
'If there is an RBI majority in the committee, there is no question of a veto.'
The appointment will be made by Prime Minister Narendra Modi in consultation with Finance Minister Arun Jaitley.
The RBI is understood to be dithering since it would want more clarity on the cost of the fiscal policies the new government would undertake before it decides to cut rates, even though it has pencilled in a lower gross domestic product growth rate for this fiscal year.
Anticipating panic and rush at bank counters, the Reserve Bank of India as well as the government has set up control rooms in Mumbai and the national capital to avoid any crisis, Department of Economic Affairs Secretary Shaktikanta Das said.
If indeed the issues involved between the government and RBI are of immense public interest, why not make public the arguments of both the government and the RBI, irrespective of the outcome of the process, says Tamal Bandyopadhyay.However, the Act is silent on what happens if the governor's views differ from that of the government. If Patel does not want to budge from his stance the government can either see merit in the Governor's arguments and decide against going ahead with its plan or overrule him. My guess is that the issues raised by the government need to be sorted out not at the November 19 board meeting but between the Governor and the government, says Tamal Bandyopadhyay.
The board deliberated on the governance framework of the RBI and it was decided that the matter needs further examination
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