RBI governor Raghuram Rajan is clear about cleaning up the mess in the banking system.
Governor Rajan stressed on the benefits over a medium-term.
The methodology will be announced later this week.
Reserve Bank of India (RBI) governor Raghuram Rajan says global markets are at risk of a "crash" should investors start bailing out of risky assets created by the loose monetary policies of developed economies.
Free speech is the soul of a great university. By compromising on it, the founders have bartered away its soul, said Rajan.
The step followed Reserve Bank Governor Raghuram Rajan's hard talk.
Two successive reports, one by Percy Mistry in 2007 and the other by Raghuram Rajan in 2008 had provided the RBI and the finance ministry with blueprints of what to do next. Both reports, unfortunately, was put on ice. The global meltdown saved the RBI. It also saved the finance ministry from having to work on the two reports.
Rajan also said the outlook for agriculture is subdued, in view of both rabi and kharif prospects being hit by monsoon vagaries.
The Bharatiya Janata Party (BJP) on Tuesday welcomed the appointment of noted economist Raghuram Rajan as RBI governor but advised him not to compromise on the autonomy of the institution or get cowed down by the government.
'You have to be a total anti-national bozo to shut down the Nokia plant in Sriperumbudur, which was the first large manufacturing plant for mobile phones in India.' 'Why was the unit shut down? Because of somebody's ego.'
Rajan says, this is a time where countries should be focusing on getting the macro stability in order
India on Saturday favoured greater mobility of skilled labour
Gopalakrishna's name was in the reckoning for Deputy Governor in place of Anand Sinha who retired in January.
India was less directly affected by the Chinese stock market rout and yuan devaluation that battered currencies and markets in the region.
RBI Governor Raghuram Rajan wanted to improve training for staff, through initiatives such as sending them to other central banks for short stints.
The pay hike has been made effective from January 1, 2016.
RBI's current Deputy Governor Urjit Patel got 3-year extension in January.
"I think, this is something that all Indians should be concerned about because strength of our institutions is really important for our growth, sustainable growth and equity in the economy," said Rajan.
The mismatch between industrialists' demand and account holders is because of inflation, Rajan said.
After a delayed start, the monsoon is advancing steadily.
The government's foreign policy lacks coherence, clarity and consistency, they said.
'I often see people try to put down China.'
Rajan also said weak results from India's corporate suggested final demand is yet to pick up strongly.
RBI governor Raghuram Rajan, on Monday, said the current level of the rupee is "pretty reasonable" and any attempt to devalue it may lead to a surge in inflationary pressures and "offset any benefits"
In spite of Governor Raghuram Rajan's repeated concerns about inflation, many think there may still be a loosening of stance.
"I don't think this administrative subject should be an issue of interest to the media," Modi said.
Reserve Bank of India Governor Raghuram Rajan, in a hurriedly called press conference, said that the central bank has now routed back most of the dollar demand from oil companies to the market.
India needs to move towards full capital account convertibility to become a leading global economy.
Kotak announced a 0.15 per cent cut in base rate to 9.85 per cent.
The government's critics say that the Prime Minister failed to rein in vicious and unprecedented personal attacks on the central bank chief by the likes of Rajya Sabha MP Subramanian Swamy.
RBI Governor Raghuram Rajan in his maiden policy review, however, eased liquidity though a reduction in the marginal standing facility rate, at which banks borrow from the central bank, by 0.75 per cent to 9.5 per cent.
In an interaction with former Congress chief Rahul Gandhi on the impact of lockdown on India's economy, Rajiv Bajaj, MD, Bajaj Auto, said India tried to implement a hard lockdown which was still porous and ended up with the worst of both worlds.
India's foreign exchange reserves declined by $685.1 million to $274.81 billion in the week ended August 30 due to a dip in the foreign currency assets, the Reserve Bank said.
Bajaj hit out at banks for not passing the entire benefits to consumers.
'We expect the Reserve Bank of India to deliver a 25 bps rate cut in April to support growth.'
Rajan has ignored pressure to loosen policy.
Property buyers fund the project cost and the entire debt and entire equity servicing, and yet, have no locus standi in the IBC process, points out Debashis Basu.
The mood at the Indian Institute of Management, Ahmedabad (IIM-A) is festive, with one of its alumnii, Raghuram Rajan taking over as the next Reserve Bank of India (RBI) governor.
In December 2014, it was (-)0.50 per cent.
Traders suspect The Reserve Bank of India (RBI) bought bonds and actively intervened in the rupee to support sentiment.
