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| Reserve Bank of India (RBI) Governor Raghuram Rajan, in his short stay at the RBI, has decisively proved that he is a communicator nonpareil |
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Monday, November 18, 2013
RBI Governor: Wizard of Communication - Dr.S.S.Tarapore
Communication and the RBI
......And he has kept his word. He has already met the media five times in the two months that he has been Governor and that includes an exclusive interview with a television channel. That would be roughly equal to the number of times his predecessors met the press over a whole year. Central bankers, as a breed, are known to be reticent but Dr. Rajan’s communicative approach has been a refreshing change and the media is having an extended honeymoon with him...........
The state of the state - Dr.Subir Gokarn
.........India's transition out of the state domination of the economy until the 1980s can be viewed through this lens. Particularly in the 22 years since the defining change in trajectory in 1991, the general thrust and much of the focus have been on the state's disengagement from economic activity. However, the recent decline in economic performance and its attribution to some severe structural constraints have begun to raise concerns about ...........
Karur to be clean currency district
..............The RBI has ambitious plans to have in place 150 coin vending machines in Tamil Nadu by December end through commercial banks. At least 50 of them will be installed in Chennai city, according to RBI Regional Director J. Sadakkadullah. This follows apex bank’s prioritising of replacing and replenishing soiled or mutilated currency periodically in a systematic manner and to ease the prevailing coin shortage...........
Read - The Hindu
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Dear All
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Next time when I go to Pune I will try to visit CAB to thank Mangesh personally for doing such a useful work.
Next time when I go to Pune I will try to visit CAB to thank Mangesh personally for doing such a useful work.
- Subhash C. Wadhwa, Ex Chief General Manager, NABARD, M.D. AFC
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Raghuram Rajan may get RBI a Twitter handle
...........Unlike his other predecessors Bimal Jalan and Y V Reddy, who believed in hitting the market with a sledgehammer when they least expected it, Rajan appears to believe in articulating his approach. According to sources, this approach is likely to extend to social media as well. Although Rajan had earlier said that the stewardship of the central bank is not meant to win Facebook "likes", sources say that he is considering a twitter presence for RBI........
Thoughtful Pillars
My humble comments on a fantastic vision put forth by Gov. Dr. Raghuram in his 'Five Pillars' speech. I wish and pray that these thoughts should be converted into action by one and all , be it Reserve Bank, Babus in the Government system, Industry, our farmers, academicians and above all THE POLITICAL MASTERS. India has everything that will make it a model country to look to in the next decade or two as it was in the times of Geeta, upnishads, Vedas and all other scriptures. Best of luck to all stake holders and to Gov.
Amazing clarity of thought and crisp expression. In recent times, to my knowledge, no other speaker has opened up his mind to an august audience like this. Having read Rajan’s book Fault Lines, there is no surprise, though. Let us wish the four areas identified and the five pillars on which solutions can be built get the attention of policy makers outside Reserve Bank also.
- M G Warrier, Ex General Manager
Trickster dupes 2 by promising jobs in RBI
NAGPUR: Jaripatka police have on Saturday registered a case of cheating against 32-year-old Vikas Mankar, who allegedly posed as a senior official with Reserve Bank of India. Mankar is learnt to have taken Rs9 lakh from complainant Sushma Bansod to get jobs in RBI for her and her physically challenged sister Pratibha Sahare. However, he never kept the promise and disappeared...........
Lighter moments around 'serious' events
My View on "While at BANCON 2013...":
This is refreshing and welcome. I thought, this kind of media reporting (lighter moments around 'serious' events) had become a thing of the past. As electronic media always try to 'break' news and print media gets enough stuff to fill space even 'without going there' power of observing good things in life was waiting for a boost up. Thank you, Team BS, for contributing this, and VITALINFO for covering this.
- M G Warrier, Mumbai
Numismatics exhibition gives glimpse of history
........The exhibition has coins from the Mughal era, Punchmarks coins, commemorative coins made by Reserve Bank of India, coins having different pictures of political, religious, social leaders from across countries. There are unusual ‘leech shape’ coins from 12 inches long to as small as one inch in various metals. Moreover,.............
The outsider
The sudden exit of Yogesh Agarwal as the chairman of the Pension Fund Regulatory and Development Authority, or PFRDA, has once again brought the relationship between financial sector regulators and the finance ministry into sharp focus. The facts of the case are also a clear pointer to the need for a better system for appointing regulators as well as removing them if indeed such a step becomes necessary. Agarwal does not belong to the Indian Administrative Services (IAS), a powerful cadre of officers who have a virtual monopoly ove rregulatory jobs across sectors. He is a banker.........
‘Collaterals for rural women seeking bigger loans is a huge challenge’
..............I decided that this time I will not go alone. So, 17 women went with me to RBI’s office in Mumbai after seeking an appointment. Initially, we were not allowed to enter because of the way rural women dress (most of them belong to the shepherd community), but in RBI if you have an appointment, they are sure to meet you. The women told the RBI officer, “We may not be literate, but you ask us to calculate interest on any amount, if we fail, don’t give us the licence”. The entire debate engaged the officer and after a two-hour meeting we got the licence. This was in 1997..................
A test of nerves
..........Both central banks targeted interbank rates to control the supply of money, aiming for a more surgical monetary tool than orthodox bank reserves or policy interest rates. The People's Bank of China and the Reserve Bank of India were worried that sticking with traditional policy rates or bank reserves would have had a greater impact on the overall economy and slowed growth..........
Swinging on uncertainty
............Indian politicians are hypersensitive to inflation in election years so, the RBI could actually get tacit support from the government. Hiking rates probably won't work since food inflation is driving the indices up. Food is near 15 per cent despite a good monsoon and excellent agro performance. Rate hikes won't do much to pull food prices down in the absence of structural reforms in the distribution and procurement structure. But Rajan might pull out the sledgehammer anyhow. Higher treasury yields and the recent rate hikes by the State Bank of India and other banks indicate market expectations............
Uncanny parallels between Sachin and Indian economy
As Sachin Tendulkar retires after 24 years in international cricket, Business Today discovers some uncanny parallels between the maestro's career and the country's economy...................
Read - Business Today
RBI frowns on loan recast efforts
.......“We’ll tolerate a bit of restructuring, we will give the regulatory forbearance, offer more time — that is the loss or the sacrifice that we as regulators are willing to make. But you as bankers should also be willing to make more provisions...and the borrowers should also sacrifice, he should bring in more equity,” ....................
Chakrabarty lambasts ARCs for killing their own business
Mumbai: Senior-most Reserve Bank Deputy Governor K C Chakrabarty has blasted asset reconstruction companies (ARCs) for being "non-transparent" and squarely blamed them for the failure of the mechanism. "ARCs have failed in our country because their pricing is the most non-transparent. Bring more transparency in the pricing," he said while speaking at the annual Bancon over the weekend here........
Blunt instruments
......But RBI Governor Raghuram Rajan who talked of how the central bank had to ‘focus the laser light on inflation’ is also right since, once inflationary expectations run high, this gets factored into all contracts including wage agreements. Given that Rajan said monetary policy was a blunt instrument and had to be used carefully, the question is how inflationary expectations can be tempered. To some extent, Chidambaram answered the question when he said supplies had to be augmented and this required changes in the supply chain, the distribution logistics, the entire production chain......
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