As per the RBI Act, the central bank has to have four deputy governors.
The panel will include Economic Affairs Secretary Subhash Chandra Garg and RBI Deputy Governor N S Vishwanathan.
'It is nice that the banking system is in good shape.' 'It is a little early to call it too good because I think it was too bad in the past.'
Ending his 52-year-long association with the party, P V Balachandran, a member of the KPCC executive committee, said both majority and minority communities are moving away from the Congress and the people would not stand with a party which has lost its direction.
Given the pressure from India Inc and the banking fraternity, it is surmised that the portfolio rejig will take place before April.
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
The government on Wednesday appointed RBI's senior-most executive director M Rajeshwar Rao as the deputy governor of the central bank. Rao was appointed to the post vacated by N S Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds.
The finance ministry has received about 100 applications for the post, which have been sent to the high-level panel that will select a suitable candidate for the post, sources said.
This is the second high profile resignation in the past six months at the Reserve Bank of India.
Lenders to Kingfisher Airlines have been left in the lurch, with most hoping the airline resumes operations, as this would ensure at least some revenue flow.
Bankers concerned over Kingfisher losing licenceKingfisher lenders, including SBI, on Saturday expressed concerns over the airline losing its licence to fly, but said recovery of loans through sale of its assets is the last option."... we are concerned as we have no control on these developments.
Dentist Nupur Talwar will have to remain in jail at least for another month in the twin murder case of her daughter Aarushi and domestic help Hemraj with the Supreme Court on Monday deferring till September 17 hearing on her bail plea.
If appointed interim head, Vishwanathan would head the central board meeting scheduled this Friday
A government official in Lucknow said Uttar Pradesh Chief Minister Yogi Adityanath expressed grief over the incident and announced an ex gratia of Rs 2 lakh each to the families of the deceased migrants and Rs 50,000 to the seriously injured.
As per the RBI Act, the central bank should have four deputy governors - two from within the ranks and one commercial banker and the fourth one an economist to head the monetary policy department.
For willful defaulters, change in ownership accompanied by punitive action against the defaulting management is the way to go.
A high-level panel led by former RBI governor Bimal Jalan, set up to decide the appropriate capital reserves that the central bank should maintain, on Wednesday finalised its report.
RBI deputy governor N S Vishwanathan has said the new framework was in line with the Insolvency and Bankruptcy Code guidelines.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
As the government plans to take sector-specific steps to tackle the slump, Finance minister Nirmala Sitharaman will soon hold talks with representatives from various sectors to get and take steps so that the confidence of those sectors can be restored.
The main difference of opinion between RBI and FinMin is over the transfer of the RBI's 'excess' capital reserves. The Jalan panel seeks to convince finance secretary Subhash Garg to soften his dissent note language. The move is aimed at maintaining the now-cordial relations between the RBI and the finance ministry.
The central bank has nine executive directors, and one of them -- S Karuppasamy -- retired recently. R Gandhi, who was executive director, has now been promoted to the post of deputy governor.
The RBI has been critical of banks for using restructuring schemes to hide the stress.
The 42-year-old Acharya's appointment for a three-year tenure was cleared by the Appointments Committee of the Cabinet.
Since December 2018, monetary policy has been eased substantially by RBI with policy rates being cut by 75 bps and policy outlook being changed to 'accommodative'.
Governor Urjit Patel and his deputies spoke to the media about the central bank's decision to raise the repo rate.
Unless RBI temporarily relaxes the norms on recognising of bad loans, the pressure on this front could rise in the December quarter.
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.
There is as yet no clarity on how the process of consulting with the RBI Governor, initiated under Section 7 of the RBI Act, would unfold in the coming days. The government is keen that its suggestions made in the public interest should be heeded by the central bank, says A K Bhattacharya.
The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
In a proposal to FinMin, the Banks Board Bureau suggests asset sales to PSUs within a deadline to recover bad loans.
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