RBI Deputy Governor N S Vishwanathan has decided to step down by March 31 due to ill health, three months before the end of his extended one-year tenure.
RBI Governor Shaktikanta Das on Saturday said the central bank will have internal discussions in case there are any issues arising out of the Supreme Court order regarding adjusted gross revenue (AGR) dues to be paid by telecom companies.
RBI Governor Shaktikanta Das on Saturday said that the transmission of rate cuts is slowly and steadily improving and it is expected to improve further.
When the Narendra Modi government, stumped by the sudden resignation of Urjit Patel, parachuted retired bureaucrat Shaktikanta Das to RBI in December 2018, many expected a great lull in the public acrimony that marred the days of his academically more illustrious predecessors Patel and Raghuram Rajan.
"PMC Bank situation is being closely monitored. Forensic audit is underway in PMC Bank case," Das told reporters after a meeting of the Financial Stability and Development Council (FSDC) in New Delhi.
The bank was put under "directions" by the Reserve Bank of India (RBI) last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.
After the customary post-budget meeting with Finance Minister Nirmala Sitharaman, he said the system has sufficient liquidity and the Budget for 2019-20 has made provision for shadow banking (NBFC) sector.
Mumbai, July 4 (IANS) Former Reserve Bank of India Governor Urjit Patel has warned against the temptation to deploy public sector banks to kick-start growth via mass-scale lending without proper regulations, as it has the potential to flare up the non-performing asset (NPA) situation again.
The RBI held its 13th Annual Conference with the theme 'Statistics for the Future - Select Issues', on the eve of ‘Statistics Day’ -- designated by the Government of India on June 29 to commemorate the birth anniversary of renowned statistician Prasanta Chandra Mahalanobis.
Reserve Bank of India Governor Shaktikanta Das had, in the last Monetary Policy Committee (MPC) meeting, said that there is clear evidence of economic activity losing traction while giving the rationale for a rate cut.
In a lecture at the Lal Bahadur Shastri National Academy of Administration, Mussoorie, on the "evolving role of central banks", Das also said that financial stability is a major factor considered in the RBI's monetary policy.
In his speech titled 'Global Risks and Policy Challenges facing Emerging Market Economies', Das observed that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools.
Das' appointment came at a time when the government and the RBI are engaged in a tussle over several issues including transfer of the central bank's reserves.
Patel had joined the International Monetary Fund (IMF) in 1990 and worked on the USA, India, Bahamas and Myanmar desks at IMF till 1995.
"Rs 36,00,00,00,00,000. That's how much the PM needs from the RBI to fix the mess his genius economic theories have created. Stand up to him Mr Patel. Protect the nation," he tweeted.
The CIC has also asked the Prime Minister's Office, the Finance Ministry and the Reserve Bank of India (RBI) to make public the letter of former RBI governor Raghuram Rajan on bad loans.
According to sources, the panel headed by veteran Congress leader Veerappa Moily sought answers from Patel over bad loans, bank frauds, cash crunch and other issues during the meeting.
Although the real GDP growth was moderated to 6.6 per cent from 7.1 per cent a year ago, there was a strong rebound in the second half of the year on the back of a turnaround in investment demand, he said.
On November 8, 2016, the Centre banned Rs 500 and Rs 1,000 currency notes to curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activities and terrorism.
Economic history had shown repeatedly that only healthy banks lend to healthy firms and borrowers, creating a cycle of investment and job creation.
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