Ahead of the first quarterly review of credit policy on Tuesday, RBI Governor D Subbarao on Friday met Prime Minister Manmohan Singh and Finance Minister Pranab Mukherjee to review the macro economic situation.
The Indian government has extended the Reserve Bank of India's (RBI) mandate to maintain retail inflation at 4 per cent, with a tolerance band of 2 per cent on either side, for another five years until March 2031.
RBI Governor D Subbarao explains the rationale for the moves announced in the second quarter review of the monetary policy in an interview with Sidhartha. Excerpts:
Summer blockbusters spill on to June, as theatres line-up delayed releases at the box office. The month has a good mix of movies, and Joginder Tuteja lists your options.
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.
A day after Chidambaram asked RBI to speed up the process of issuing new bank licences, Subbarao said last Friday that it would not be possible without fulfilling the enabling conditions for the same.
The Reserve Bank of India (RBI) has introduced stricter timelines for banks to process inward cross-border remittances, aiming to reduce delays in crediting funds to beneficiaries by mandating immediate customer intimation and more frequent nostro account reconciliation.
After a 25 basis point rate cut in December, the RBI on Friday decided to pause on the policy rate front amid geopolitical uncertainties.
Considering the economic downturn, the banking sector should help strengthen the cooperative sector to encourage small and medium industries and create jobs, Chavan said.
He will be the first bureaucrat to head the central bank in almost five years.
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After the e-mail was received, the RBI officials alerted the police.
Dr Raghuram Rajan's departure holds lessons for all, be it sections of the media, politicians or the people themselves. We need to learn how to value and retain talent. At the same time the talented must realise that talent alone does not ensure the top job, says Sanjeev Nayyar.
Shaktikanta Das is a master of the finest balancing act who listens to all but takes his own decisions, discovers Tamal Bandyopadhyay.
'People who come from IMF-World Bank backgrounds have no dynamism at all,' Subramanian Swamy said.
The Indian rupee weakened against the US dollar due to geopolitical tensions surrounding the Strait of Hormuz and ahead of the Reserve Bank of India's monetary policy review.
The governor made it clear that the RBI is aware of what's happening and acts accordingly, but doesn't make a noise about that, points out Tamal Bandyopadhyay.
Tension between the government, specially the finance ministry, and RBI is as old as the central bank itself.
Making light of his critics, he also said there are people who send him 'anonymous thank you notes' even when he on a plane.
Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.
The RBI Governor, however, added it was 'difficult to say when that will take place and in what shape it will roll out'.
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.
Hyderabad Police Commissioner V C Sajjanar has proposed a Joint Working Group with the RBI and banks to address the issue of mule bank accounts used in cyber fraud. The proposal follows 'Operation Octopus,' which exposed vulnerabilities in KYC verification. Sajjanar also recommended strict directives for banks to fix accountability and adopt advanced technology to detect suspicious transactions.
Growth is coming from sectors which are interest rate-sensitive, says D Subbarao.
Reserve Bank Governor Sanjay Malhotra on Friday said the key policy rates will remain at low levels for a long period and may go down even further.
Scenes from polling stations in Mumbai which voted in the Lok Sabha election on Monday, May 20, 2024.
Hailing the announcement of Raghuram G Rajan as the new RBI Governor, India Inc on Tuesday said the appointment of the former IMF Chief Economist will help bring the economy back on growth path.
Vijay Mallya owes several banks thousands of crores of rupees which he had taken as loans for his businesses including the now defunct Kingfisher Airlines.
The Indian banking system's net liquidity surplus has reached a four-year high of Rs 4.57 trillion, driven by maturing government securities, with further maturities expected to push the surplus to around 5 trillion.
There's no point in having a brilliant RBI governor if politicians do not listen to him.
It is because dealing with a regulatory system that is largely headed by retired IAS officers then becomes relatively easy, points out A K Bhattacharya.
After Raghuram Rajan leaves, the world for the succeeding RBI governors will be distinctly different.
Rediff.com did a word cloud analysis of the governor's speech.
The government has extended the term of Reserve Bank of India Governor Shaktikanta Das by another three years upto December 2024, according to an official order.
Shrugging off concerns over the depreciation of rupee, the RBI has cut interest rate by 25 basis points to 5.25 per cent in a bid to further bolster economic growth, which rose to a six-quarter high of 8.2 per cent in the second quarter of the current financial year.
Markets will look for clear guidance on how the MPC interprets the uncertainty and what it implies for the future course of monetary policy, points out Rajeswari Sengupta.
Although the rupee has recovered after Thursday's announcement by Subbarao on the possibility of selling dollars directly to oil companies, it had fallen to 56.07 to a dollar in the morning trade, after Thursday's close of 55.65.
Will Arundhati Bhattacharya be the RBI's first woman governor? Or will Urjit Patel succeed Raghuram Rajanas RBI governor when his term ends on September 4?
While the economy seems to be on a firm growth path, the fight against inflation is not over yet. Shaktikanta Das seems to be in no hurry. After playing well through a five-year Test match, he doesn't want to get out hit wicket, observes Tamal Bandyopadhyay.
Benchmark lending rates unchanged with repo rate at 5.25%
