Tag: RBI
-
Urjit Patel quits as RBI Governor, sets off a crisis
Mumbai : Reserve Bank of India (RBI) Governor Urjit Patel resigned on Monday with immediate effect, citing “personal reasons”, setting of a major crisis in India’s politico-economic sphere, even as his various predecessors hinted that the move was rooted in the recent controversy involving the government and the central bank. Patel’s resignation comes in the…
-
Equity indices end lower as RBI’s policy fails to cheer investors
Mumbai : Broadly negative global cues as well as disappointment over the Reserve Bank’s monetary policy announcement dragged the key Indian equity indices to end in the red for the second straight day on Wednesday. According to market observers, caution over initial signs on re-emergence of trade tension between the US and China subdued the…
-
RBI’s excess capital should be used to recapitalise banks: Arvind Subramanian
New Delhi : In the midst of a government-Reserve Bank of India (RBI) tussle over utilisation of capital reserves of the central bank, former Chief Economic Advisor Arvind Subramanian strongly supports the government’s view, saying the RBI is holding excess capital between Rs 4.5 and Rs 7 lakh crore which should be used to recapitalise…
-
Parliamentary panel asks Patel to respond on RBI autonomy, reserves
New Delhi : Appearing before the Parliamentary Standing Committee on Finance, RBI Governor Urjit Patel on Tuesday said that the effect of demonetisation was temporary while he will respond to issues related to the RBI’s autonomy and reserves in the next 10 to 15 days in the midst of differences with the government. He told…
-
Banks not funding infra projects, RBI adding to complications: Gadkari
Mumbai : Union Road Transport and Highway Minister Nitin Gadkari on Saturday lashed out at banks saying they are not making financial closures for infrastructure projects worth Rs 2 lakh crore despite a “golden opportunity” and blamed the Reserve Bank for creating “more complications”. “One problem presently I am facing is — We have at least…
-
Why are central bankers obsessed with inflation?
By Nikhil Arora, The battle between the Indian government and its central bank is neither new nor unique. Though the ongoing spat between the Reserve Bank of India (RBI) and the government can boast of multiple drivers, the most recent, and by all appearances a perennial bone of contention, is the former’s adoption of Flexible…
-
India’s current economic scenario not like 1991 crisis: Bimal Jalan
By Biswajit Choudhury, New Delhi : The sharply depreciating rupee amidst rising global oil prices and the massive foreign funds outflow from the capital market are not crises comparable to the likes of the balance of payments (BoP) emergency India experienced in 1991 because the country’s fundamentals are stronger than before, its BoP is strong…
-
Value buying pulls key indices higher by 2%; banking stocks surge
Mumbai : Despite negative global markets, the Indian stock indices surged by over two per cent on Monday, as value buying, along with an official announcement on fresh liquidity infusion in the debt market, uplifted investors’ sentiments. According to market observers, value buying emerged after a correction which dragged both the S&P BSE Sensex and…
-
Inflationary risks to be felt with calibrated tightening stance: RBI’s MPC minutes
Mumbai : Inflationary risks and uncertain global economic scenario led the RBI to adopt the new calibrated tightening stance on interest rates, according to the minutes of the central bank’s latest Monetary Policy Committee (MPC) meeting released on Friday. “Recognising that inflation risks have been persistent, and to reaffirm the commitment to securing the mandated…
-
RBI against certain amendments to PSS Act
Mumbai : The Reserve Bank of India (RBI) has expressed its dissent against certain amendments recommended by a government committee for the Payment and Settlement Systems (PSS) Act, 2007. An Inter-Ministerial Committee for finalization of amendments to the PSS Act was formed by the government under the chairmanship of Secretary, Department of Economic Affairs. The…