A panel headed by Reserve Bank of India deputy governor Urjit Patel recommended in January moving to an inflation target.
The Reserve Bank is collecting information regarding the alleged acts of money laundering by the country's three largest private sector banks, its Deputy Governor Urjit Patel said.
He will be the first bureaucrat to head the central bank in almost five years.
The report said that "we believe, institutions are more important than individuals" and ultimately what is important is the credibility and the independence of any institution and nothing else.
Focus on inflation, higher CPI projection dampen bond market mood.
The committee set up under Urjit Patel to revise the policy framework needs to re-examine the Reserve Bank's approach to monetary stability.
For five consecutive policy reviews in 2023, the Reserve Bank of India (RBI) chose to hold rates, citing inflation threat. And when the prices did cool off a bit, it reminded all about the target to get the headline consumer price inflation at 4 per cent and the risks from food inflation. Heading into the new year, all eyes are on when RBI will cut the rates, especially after one of the Monetary Policy Committee (MPC) members stressed on the need for such an action in the face of the US Federal Reserve's guidance for easing rates.
The Financial Stability and Development Council meeting on Tuesday started with an air of tension in the room. An official present described the participants' body language as "tetchy". However, once presentations and discussions begun, the mood considerably eased.
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
Breaking his silence over the demonetisation issue, RBI Governor Urjit Patel on Sunday said the central bank is monitoring the situation on a daily basis and taking all necessary actions to "ease the genuine pain of citizens" with a clear intent to normalise the things as early as possible.
RBI staff tell Governor Urjit Patel that the central bank's image of efficiency and independence has 'gone into smithereens in no time.'
Former RBI governors Urjit Patel and Raghuram Rajan have also expressed worry about the Mudra scheme, particularly government's target-setting practice and the rising bad loans.
If appointed interim head, Vishwanathan would head the central board meeting scheduled this Friday
Rajan was expected to join the search committee to appoint three external members of a new six-member RBI Monetary Policy Committee
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
This is the second high profile resignation in the past six months at the Reserve Bank of India.
'It will be interesting to see how Dr Patel handles gadflies with the maturity of egregiously petulant three year olds.' 'That Dr Patel does not, in so far as we can tell, cause society matrons to gush like hormonal teenagers can only be a good thing for him.' 'Look where their febrile imaginations and breathless prose took his predecessor.'
The Reserve Bank (RBI) resisted a 'raid' planned by some in the government to extract Rs 2-3 lakh crore from its balance sheet in 2018 to meet populist spending in run-up to general elections, Viral Acharya, who was deputy governor at RBI at that time, has written.
Urjit Patel, Binny Bansal, Nirav Modi and Rahul Gandhi personify the big trends that defined 2018. Well, almost...
The RBI Governor received the email on February 23 in which the sender threatened to harm Patel and his family if he did not quit, a police official said.
Progress on the steps taken by Governor Shaktikanta Das' predecessor Urjit Patel to restore financial system integrity will be a key thing to assess any damage to the institution, Subramanian said.
The government wants the RBI to part with most of its profit as dividend.
Jaitley calls it unfair and false attack on a disciplined civil servant
US dollar was firm against global currencies in overseas markets on rising prospects for a rate hike by US Federal Bank, which hit the rupee sentiment
Moody's assumes that the RBI will continue to pursue price and financial stability and implement policies towards these goals.
Reserve Bank of India Governor Urjit Patel is learnt to have told the parliamentary panel on demonetisation that discussions between the central bank and the government on the process began early last year.
Here is some background on the candidates seen as potential successors to Rajan at the RBI
Subramanian Swamy has been critical of Rajan for not lowering interest rates earlier to boost growth.
Wednesday's hawkish and essentially courageous decision underscores that Governor Urjit Patel will largely represent continuity, rather than a break, with the policies and approach of his predecessor, says Richard Iley.
The panel may include or seek inputs from former RBI Governor Urjit Patel, former chief economic advisor Arvind Subramanian, Sajjid Chinoy of the PM-EAC, Rathin Roy, among others.
The repo rate, at which the central bank lends short-term money to other banks, will continue to stay at 6 per cent.
It's unfair to over-emphasise Urjit Patel's shy and reticent image.
In its Fifth Bi-monthly Monetary Policy Statement, 2017-18, RBI said the second quarter growth was lower than the one that was projected in the October review, and the recent increase in oil prices may have a negative impact on margins of firms and Gross Value Added (GVA) growth.
The rate of price rise in the vegetable segment almost doubled to 7.47 per cent as against 3.92 per cent in September.
The three-year tenure of Raghuram Rajan saw the RBI adding a net of $92 billion to the kitty.
Tension between the government, specially the finance ministry, and RBI is as old as the central bank itself.
'The finance minister has messed up the economy.'
As per the RBI Act, the central bank has to have four deputy governors.
'All that Mr Modi needed to do was to call Urjit Patel over for a cup of tea and ask him nicely, and this fuss would never have happened.'
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