He will look after the Department of Banking Operations and the Development and Urban Banks Department, which were held by Usha Thorat who retired in November last year.
Reserve Bank of India (RBI) Executive Director Anand Sinha is set to replace Usha Thorat as deputy governor. Finance Minister Pranab Mukherjee has recommended Sinha's candidature to the Appointments Committee of the Cabinet (ACC).
Reserve Bank deputy governor Anand Sinha on Wednesday said though bad loans are rising in the system, the central bank does not see it a systemic risk as yet.
The man who threw the petrol bomb was immediately overpowered, they said
The panel's report, made public on Thursday, has suggested stringent norms to make loan pricing more transparent.
The banking regulator, RBI, has come out with suggestions that would bring down the costs for the home loan borrowers in India and also bring in more transparency in the market.
Says consultations with the Ministry are nearing an end.
While RBI cut its policy rate by 50 basis points in April, none of the banks have delivered a BR cut of the same amount yet.
With banks led by the country's largest lender State Bank of India choosing to cut spreads on certain categories of loans instead of the base rate, deputy governor Anand Sinha said on Monday the Reserve Bank would like the banks to cut the minimum lending rate to better carry forward its monetary policy measures.
Move significant as new banking licences under his purview.
Basel-III norms, proposed to be implemented from the beginning of 2013 till 2017, require the equity capital of a bank to be not less than 5.5 percent of risk-weighted loans, as per the draft guidelines issued by Reserve Bank of India.
Following Anand Sinha's elevation as Reserve Bank of India (RBI) deputy governor, S Karuppasamy has been promoted an executive director (ED) to fill the vacancy. Prior to this, Karuppasamy was the regional director (Kolkata).
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A rule change may make Nachiket Mor, among others, eligible to replace Chakrabarty.
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.
The central bank is of the view that banks should be given more time to restructure defaulted loans, which could be implemented by lengthening the repayment cycle, RBI executive director Anand Sinha said. Further, Sinha said that interest rates would ease over a period of time, given that the system is rich with sufficient liquidity infused by the apex bank over a period of time, through several rate cuts and CRR reductions.
Dhoot stated that Value Industries has not withdrawn the application and has only sought clarifications from RBI on certain issues.
Gopalakrishna's name was in the reckoning for Deputy Governor in place of Anand Sinha who retired in January.
The Reserve Bank on Friday set up a three-member committee under former Governor Bimal Jalan to scrutinise applications for new bank licences, which are expected to be awarded by January.
Experts interviewed CMDs of nine public sector banks on Friday and Kamath is believed to be in the reckoning
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KC Chakrabarty who was appointed as RBI deputy governor in 2009, is considered frank with his views.
Twenty-six entities, including the Tatas, Aditya Birla Group, Anil Ambani-led Reliance Capital and Religare, apart from India Post, applied. Videocon Group, later on withdrew its application.
Other members of the high-level advisory committee are former RBI Deputy Governor Usha Thorat, former Securities and Exchange Board of India Chairman C B Bhave, and Nachiket M Mor, Director of the Central Board of Directors of RBI, Governor Raghuram Rajan said.
Arundhati Bhattacharya is a strong contender for chairperson post, after Pratip Chaudhuri retires in September.
After Chakrabarty's exit there will be two vacancies for deputy governors in the central bank.
The Jalan panel has recommended to the RBI to keep shady entities out of banking licence race.
A Reserve Bank panel has suggested a benchmark floating interest rate, especially or home loans, to bring greater transparency in the pricing of credit.
The Reserve Bank on Wednesday said it plans to issue new bank licences around January, "consistent with the highest standards of transparency and diligence."
Mundra fills the vacancy created by the retirement of KC Chakrabarty in April, two months before his five-year tenure was come to an end.
In the past few years, banks have been reducing the spread of retail loans for new customers while keeping the base rate unchanged.
Central bank sees action as discriminatory, unfair
The macro economic situation and currency depreciation might top the priority list of Reserve Bank of India (RBI) governor-designate Raghuram Rajan.
Raghuram Rajan has appointed him as head of several committees soon after taking charge.
After the screening, the shortlisted candidates will be vetted by an external committee, to be headed by former RBI governor, Bimal Jalan.
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