Several Congress leaders interpreted it as a dig at Prime Minister Modi who is yet to address a single press conference in his 54-month tenure.
'Who would want to be the man nominally in charge of driving the economy when your boss orders you to swerve it into a ditch of unknown depth?'
'Demonetisation demonstrates that this government is simply too amateurish in terms of economic policy-making to properly address India's deep, deep problems,' argues Mihir S Sharma.
RBI on Monday conducted an unprecedented level of liquidity infusion to the tune of Rs 3.3 lakh crore, in which banks bid for as much as Rs 4.5 lakh crore. The central bank said it would conduct a liquidity infusion auction of Rs 1 lakh crore on Tuesday as well, to help banks tide over the liquidity crisis.
'Poor home work, and a subsequent loss of nerve.' 'This sums up the Modi government's current travails, the stall in key sectors, fading momentum, irritability,' points out Shekhar Gupta.
Today, with growth having slowed and macro-economic challenges in every direction, would the government have benefited from the advice of 'Harvard' economists? asks T N Ninan.
'Modi remains the most popular politician in India; the BJP's organisational and fundraising prowess is considerable; and the Opposition, while newly collaborative, has no leader or clear economic messaging as of yet.'
'...Unless we muck up our policies.' 'We have to become a modernised economy.' 'Our institutions should be stronger. And that is most important.' 'The rule of law should prevail and contracts should be enforced.' 'Above all, we have to recognise the importance of globalisation.' 'It is in our favour at this stage. We should grow and become globally competitive.'
Piloting the Specified Bank Notes (Cessation of Liabilities) Bill, Finance Minister Arun Jaitley said it will extinguish the government's liability towards scrapped notes and also eliminate the possibility of their bring used as parallel currency.
A glance back at some important events that occurred in 2018.
'The Jalan Committee has now provided very clear guidelines on how the (RBI's) balance sheet should be looked at, what kind of disclosures should be made, what are the principles on which the Contingency Risk Buffer should be maintained, what should be the revaluation reserves, and the market risk to the Contingency Risk Buffer.'
'It is like bombing a building with 200 people to kill 5 terrorists.'
'There is no difference between the earlier government and the present government.' 'They are all following the economic policy based on the Chicago School of thought.' 'This school of thought says the government should have very little role in governing the country and the majority of the work should be handed over to the private sector.' 'This has not succeeded in the US.' 'Yet, it is being tried here by people like Arvind Subramaniam, Arvind Panagariya, Urjit Patel and Raghuram Rajan.'
James Wilson tracks down discrepancies in the much-hailed demonetisation policy and the subsequent statements of the government and the Reserve Bank of India.
Balance is needed in selecting members for the proposed monetary policy committee, says Abheek Barua.
SBI blamed poor coal prices for the decision to turn down the loan request.
The RBI governor has to convert the zero-sum game with the government from a non-cooperative one -- which his two predecessors had made it -- to a cooperative one, explains T C A Srinivasa Raghavan.
The year 2014-15 could well go as one of long-pending financial sector reforms, expected to have a lasting impact.
'There is merit in keeping the central bank's balance sheet strong if the government's fiscal balance sheet is weak.'
Rajan, as expected, furthered his predecessors' agenda and continued with the same resolution to make India's financial system safer, and direct the economy towards further liberalisation
'People always short-change the resilience of the economy.'
Given the pressure from India Inc and the banking fraternity, it is surmised that the portfolio rejig will take place before April.
Among the states due for election next year are AP, Haryana and Odisha, which have a fair share of agri credit. If these states individually announced debt relief, the combined waiver would be at least around Rs 600 bn to Rs 700 bn. Clearly, this will be a frightening challenge for Indian banks.
We need a change in mindset, says the RBI Governor.
This is the first time in the RBI's history that a governor is leaving without willing to renew his contract
Adani Mining is building a 300-km rail line for its about $16 billion Carmichael coal mine project in Australia.
'Rajan brought in a healthy air of competition in the banking sector.'
Sahil Kapoor of Edelweiss Retail Capital Market Research says that setting up a monetary policy committee should have been the first step. And the central bank could have moved towards a formal inflation targeting mechanism after the processes and data sets are in place.
Angry Congress members staged a walkout during Modi's address.
Although this may not be music to Raghuram Rajan and Viral Acharya's ears, the real reason in my estimation for their quitting is expatriate over-sensitivity, intolerance or arrogance, argues B S Raghavan, the distinguished civil servant.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
The friction with the political class is not only about interest rates and monetary policy. While the government often spoke freely about its discomfiture, the RBI had to be careful even in its response to the government as any loose statement would affect the markets.
RBI conducts interviews for first lateral hire for CGM post; deputy governors to head four distinct verticals.
'When I met the prime minister on November 15 there was no RBI report with the prime minister as to why this was done.' 'When I asked the PMO officer about this, he said the RBI did not bring this to the PM and did it independently.' 'When I asked how could the RBI ban DCCBs from accepting deposits from farmers in old notes when the government gazette released on November 9 allowed them to do so, this officer told me that not even senior PMO officials had any idea about this RBI ban.'
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
Prime Minister Narendra Modi on range of issues -- from Rafale deal to Ram temple and triple talaq.
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