..............I’ve cooling period of one year. I’ll be settling in Delhi and for some personal things I need two three months time. Once that is over, I would definitely like to do some social work in government schools. These schools teach maximum number of our people. If we are able to improve the conditions (physical and quality of education), it would be a very important building block......................
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Friday, September 20, 2013
Will leave bank in much better shape than what I inherited: Pratip Chaudhuri
..............I’ve cooling period of one year. I’ll be settling in Delhi and for some personal things I need two three months time. Once that is over, I would definitely like to do some social work in government schools. These schools teach maximum number of our people. If we are able to improve the conditions (physical and quality of education), it would be a very important building block......................
State Bank of Patiala opens all women branch in Chandigarh
.......The State Bank of Patiala has converted its branch in Sector 35-D of Chandigarh into an all women branch. RBI Regional Director, M.K.Singh inaugurated the all women branch in the presence of Managing Director of State Bank of Patiala, Achal Kumar Gupta.........
Oriental Bank opens branch at Rasulgarh
Bhubaneswar: The Oriental Bank of Commerce (OBC) opened its 48th branch at Rasulgarh here on Monday. The branch was inaugurated by Regional Director, Reserve Bank of India PK Jena in the presence of OBC DGM. This is 2050th branch of the bank in the country. Sinha Ray informed that three more branches and for ultra small branches in unbanked villages would be opened in the State this financial year.
The Pioneer
Here’s how banks can goof up with your post dated cheques
...This is no imaginary situation. The above example comes from the Reserve Bank of India’s banking ombudsman office. In this case, the aggrieved customer finally approached the banking ombudsman, which held both the banks at fault. The presenting bank was at fault for presenting the post dated cheque before the due date and the second bank for not scrutinising the date of the instrument before processing............
Air India, SBI Cards launch co-branded credit card
Air India has tied up with SBI Cards to launch a co-branded travel credit card that seeks to add value to the travel experience of Indian customers. The offering from this tie-up comprises Platinum as well as a Signature card. Given the value proposition offered by the new Air India SBI Credit Card, it is going to wipe out all other credit cards in the market and achieve a significant market share in the next few months, said Rohit Nandan, Chairman and Managing Director, Air India.............
RBI की ऑल इंडिया इंटर स्कूल क्विज में खेलेंगे 90 स्कूल
उदयपुर. भारतीय रिजर्व बैंक की ओर से शहर के विद्यार्थियों के लिए 20 सितंबर से ऑल इंडिया इंटर स्कूल आरबीआई क्विज का आयोजन सुखाडिय़ा विश्वविद्यालय के ऑडिटोरियम में सुबह 9.30 बजे से किया जा रहा है। आरबीआई के अधिकारियों के अनुसार राष्ट्रीय स्तर की क्विज के प्री क्वार्टर और क्वार्टर फाइनल राउंड के लिए शहर के 90 स्कूलों के विद्यार्थी भाग लेंगे और अपने दिमागी घौड़े दौड़ाएंगे।........
Read..........
Read..........
Fake Lottery Email from RBI
.....The Reserve Bank of India (RBI) Governor, Raghuram Rajan and Ban Ki-moon Secretary-General of the United Nations met with the Senate Tax Committee on Finance RBI Mumbai/Delhi branch. Regarding unclaimed funds which have been due for a long run, at the end of the meeting (RBI) Governor, Raghuram Rajan mandate all unclaimed funds to be release back to the beneficiary ...............
Three Circulars of SYNDICATE BANK PENSIONERS & RETIREES ASSOCIATION
All the three circulars are important as these deal with some of the important issues of retired bankers. We reproduce relevant extracts from all three circulars for the benefit of our retired bankers:...........
Thanks, Bernanke! But, no thanks!
.........But the cost of the tapering talk has been huge. The RBI has depleted its foreign-exchange reserves in trying to fight the flight of precious dollars from Indian shores. Indian stock- and bond-market investors lost heavily. Financial-planning models went for a toss as investors tried to salvage their losses and re-work plans. Nobody denies that the tapering has to come to an end. But everybody was forecasting that there would be slower bond purchases, reading into the statements of the US Fed chairman. Markets had started to factor in such slower bond purchases.............
Band, Baaja, Bernanke!
Ben
Bernanke blinked and markets across the world surged. Having plummeted
more than most when the US Federal Reserve warned about unwinding its
stimulus programme, Indian stocks soared and the rupee staged yet
another strong revival, reflecting the stunning turnaround in outlook
for foreign inflows into the country after the Fed’s surprise decision
not to call time on a yearlong monetary easing programme. Bank stocks
catapulted to new highs led by ICICI Bank and State Bank of India and
foreign investors streamed back into the market, buying equities worth
more than Rs. 3,500 crore on Thursday, one of the biggest single-day shopping sprees so far this year..............
Read - ET
Fed gives RBI handle to start unwinding July measures
Don’t be surprised if Reserve Bank of India (RBI) Governor Raghuram Rajan kicks off the process of unwinding of some of the July measures on Friday at the central bank’s mid-quarter review of monetary policy. The US Federal Reserve deciding to hold off tapering of the stimulus for the time being gives him the leeway to do that..............
Fed makes room for RBI
........ The more immediate impact of the Fed’s decision, however, is to give RBI more room to ease policy rates, certainly to start dismantling the ‘interest-rate defence’ wall put up on July 15 which boosted interest rates 300bps immediately—the wall comprised not just the hike in MSF rates but also changes in CRR balances and LAF limits among others. Many argue lowering rates is bad idea since the rupee hasn’t quite stabilised and inflationary expectations also need anchoring. Since the Fed’s action means the dollar will weaken, the rupee gets an automatic stabilizer; also..........
A big fat Fed surprise
In a development that stunned not just the U.S. markets, the U.S. Federal Reserve sprang a big surprise by keeping its $85 billion a month asset purchase programme intact for at least a few more months. The ultrasoft monetary policy, designed to keep interest rates in the U.S. abnormally low to aid recovery in the post-recession period, would continue most probably at least until the end of the year........
Suspense after sweet surprise
.....“He could bring down the spread over the repo rate by 100 basis points to 200 basis points,” said a senior official with a nationalised bank. The official added that the RBI could also do away with some of the higher CRR requirements and bring it down to below 90 per cent, a measure that would give some liquidity comfort to banks. Bankers, however, do not expect the RBI to make any changes with regard to banks’ access to the LAF........
We have Only Breathing Room, Not an Elixir
....So
what does all this mean for the RBI? It is tempting to believe that a
dovish Fed will induce a dovish RBI response, and the central bank could
dismantle the entire interest rate defence. But one thinks the RBI will
not be lulled into knee-jerk overreaction..........
Ahead of RBI policy review, SBI raises lending, deposit rates
Just a day ahead of the Reserve Bank of India’s second-quarter monetary policy review, State Bank of India raised deposit and lending rates. Competition to garner resources prompted India’s largest bank to increase retail term-deposit rates (below Rs 1 crore) by 25-100 basis points. One percentage point equals 100 basis points......
Finance ministry plays it cool but relief shows in North Block
......Former Reserve Bank of India (RBI) governor Bimal Jalan said the Fed decision had brought India time. "I am glad. It was a surprise. He (Fed chief Ben Bernanke) has done it. You can't keep on pumping money. No country can. Tapering will happen. But it gives us time to do what we want to do," Jalan, also an ex-chief economic advisor, told reporters after meeting some ministry officials in North Block. The economy would be better prepared for tapering, he said. "Now we are not dependent on what the Fed does, we are only dependent on what RBI does.".........
Lucky Rajan gets a breather, but it’s still about fundamentals, stupid
Lady luck has smiled at the ‘handsome’ Raghuram Rajan on the eve of his first monetary policy statement as RBI Governor. So what does it matter, if she happens to be in the guise of the bearded chairman of the US Federal Reserve, Ben Bernanke. America’s central bank surprised markets on September 18 by choosing to retain its huge monetary stimulus in the world’s largest economy contrary to its earlier hint in May that it would in fact begin to withdraw it soon...........
Conflicting demands ahead of Rajan's first monetary policy review
All eyes are on new Reserve Bank of India governor Raghuram Rajan, who will come out with his maiden monetary policy review on Friday amid conflicting demands for rate cut and an urgent need to contain inflation which soared to 6-month high of 6.1% in August........
Ideal Boy rides yet again
The enthusiasm with which markets reacted to the new Reserve Bank of India (RBI) governor's enthusiastic first day at the office made me realise that the Indian economy is entering a new phase - Raghuram Rajya, to coin a cute term. Wikipedia and my kids explained to me that the historic/mythological term, Ram Rajya, far from connoting any Hindu ascendancy (as has been often pushed recently), was, to quote Mahatma Gandhi, "undoubtedly one of true democracy … [that] ensures equal rights alike of prince and pauper"...............
A little less lazy pragmatism, please
.......How will Rajan set monetary policy? Going by his reaction to the Fed’s quantitative easing (see his book “Fault Lines” or his speech at the BIS this February), he remains concerned about the harmful and often irreparable effects easy monetary policy has on inflationary expectations. Thus, one should brace for a hawkish policy stance. But in any event the next policy review will not be decided by India’s inflation trajectory. Rather by what happens to the rupee. In contrast to Governor Subbarao, Rajan believes that the rupee has been oversold so an easier monetary stance will have to await the currency stabilising at an appreciated level.........
And Rajan may Just Press the Pedal Today
...........There
is a feeling within some sections of policymakers that capital
controls, such as reducing the automatic limit on corporate investments
oversees as well as the annual forex remittances by individuals, were
knee-jerk responses to the falling rupee. They now want to use the
breather provided by the Fed to reverse these decisions and take steps to bolster the rupee against the impact of a possible taper of the bond-buying.......
Clash of economic traditions
........But in this divide between the bank-led and market-led financial thought and practices, where does the Indian financial model stand? Indian policy makers Manmohan Singh, Montek Ahluwalia, P. Chidambaram and Raghuram Rajan are all admirers of, or trained in, the Anglo-Saxon economic theories and practices. In his study along with Zingales (2001) Raghuram Rajan faulted bank-based models and celebrated market-led models. It needs no seer to say that the Indian establishment’s economic thinking is undoubtedly Anglo-Saxon. But are the Indian economic players — the savers, the entrepreneurs and the rest — Anglo Saxon in their outlook?...............
Use rupee rally to build forex reserves, say experts
."In the past few years we have only seen negative movement of forex reserves, so Reserve Bank of India should rather target depreciation than appreciation," Sabnavis said. Rajiv Kumar said he had suggested building forex reserves to the RBI Governor YV Reddy in 2004-05 as well. "The rupee has overshot on the other side with the natural rate being about Rs 64-65," he said.........
After initial euphoria, eyes on Rajan’s debut test!
In my view, the need of the hour is to make changes that will give Indian industry the confidence to invest in big projects. Monetary stability will be only a small part of this issue, in which the Reserve Bank of India (RBI) may have to intervene from time-to-time to make sure that institutional investors stay put in India and don’t make a beeline to exit at the drop of a hat...........
Banks free to open branches in tier-1 centers: RBI
...........“Total number of branches in tier -1 center’s can’t exceed the number of branches opened in tier-2 to tier-6 centers during a year”, RBI said in a circular to the banks. As a incentive to open rural branches, the banks would be permitted to open equal number of branches in tier – 1 centers which they open in under-banked districts of under-banked states excluding the mandatory 25% branches. .............
China opens first direct bank
......A new mode that has proven popular in the European and U.S. markets, direct banking does not rely on entity outlets, instead offering financial products and services mainly via the Internet, telephones and ATMs, state-run Xinhua news agency reported.......
Capital Infusion to cover up NPAs of PSBs
......This approach of financing banks when the banks themselves finance the capital of corporates started by unscrupulous borrowers cannot be considered as good economics . The culprits should be penalized and discipline should be introduced among the borrowers and banks.
Thursday, September 19, 2013
Enabling Urban Microfinance - Dr Deepali Pant Joshi
(Keynote Address by Dr Deepali Pant Joshi, Executive Director, Reserve Bank of India at the Conference on The Challenges of Enabling Urban Finance organised by Minorities Development Department, Government of Maharashtra and MAVIM the State Womens’ Development Corporation on September 16, 2013 at Mumbai)
......We need financial inclusion for the urban areas to link people to mainstream financial service providers so that they can access the entire suite of financial products and services from the mainstream financial institutions. Till this happens, I do see an important role for microfinance. Conventional wisdom has it that access to microfinance services can enable the poor to smoothen their consumption, manage their risks better, build their assets, develop their microenterprises, enhance their income-earning capacity and enjoy an improved quality of life. The primary clientele of MFIs consists, almost by definition, of those who face severe barriers to access financial products from conventional financial institutions. These barriers comprise mainly high operational costs and risk factors..........
The financial tsunami of 2008 - A.Seshan
Financial inclusion fructifies
Financial Inclusion (FI) according to Reserve Bank of India (RBI) broadly means the provision of financial services, such as payments and remittance facilities, savings, loans and insurance services at affordable cost by the formal financial system to the low income families who tend to be excluded. The RBI set up the Khan Committee in 2004 to look into issues of financial inclusion. Its recommendations were incorporated into the mid-term review of the RBI policy (2005–06). The RBI directed all banks with a view to .................
Old guards in RBI junk govt proposal on exports
.............“We communicated to RBI and it has its own views on that because priority sector has a window. So there are arguments on both sides. If advances to exports are going to eat into the share of other priority sectors, then RBI has to take a considerate opinion,” he said. Officials said old team in RBI is not in favour of expanding the priority lending list. As such, all hopes now lie on new RBI Governor Raghuram Rajan to convince the team and deliver on this front as well, they added. With Rajan moving from the North Block to the Mint Road earlier this month, the finance ministry may expect a lenient view on the issue...................
Not safe yet
The afterglow of Raghuram Rajan’s appointment as the Reserve Bank of India Governor has helped the rupee’s value appreciate against other currencies rather substantially from the lows of just over Rs 68 to a dollar that it hit at the end of August; the big question is whether it will stay there. A look at some other factors throws a little light on possible answers.....
Banking on in uncertain times
.....They
say every adversity brings with it a concealed opportunity. And only on
dispassionate assessment can you see and seize the opportunity. At a
time when most corporations across sectors are struggling to make
reasonably good business, private sector banks are dealing with economic
slowdown with utmost focus of purpose and sense of business. These
banks are offering special services, which have high acceptance value in
terms of important transactions and they are leaving no stone unturned
in promoting these services in a better way. But the awareness of these
services is not as great as it should be. Hence, it is lucrative to
understand how special these services are as compared to the existing
services offered by the banks...............
Read - ET
Bhartiya Mahila Bank to recruit 115 probationary officers
NEW DELHI: Bhartiya Mahila Bank, the first nationalised bank for women expected to be operational from November, intends to recruit 115 officers initially. The bank has invited applications through online mode from female candidates for 115 posts. Candidates may apply online till September 30..........
Coin vending machine, a big relief for railway staff
.............The machine put up by Karur Vysya Bank, near the unreserved ticketing counter has been useful in ensuring a continuous supply of coins. The vending machine spews coins in the denominations of Rs. 5, Rs. 2 and Re 1 when currency notes are inserted. Passengers who are short of coins are advised by the counter staff to get coins from the vending machines...............
PIL seeks halt to circulation of coins with Mata Vaishno Devi's image
.......In his plea, the petitioner stated last month that he came to know that the RBI was to commemorate the silver jubilee of Mata Vaishno Devi Shrine Board and had in its two separate notifications earlier announced that it would circulate the coins. "The decision was taken without realising the fact that this could hurt sentiments of different religions...," the plea said, seeking an order restraining the RBI from doing so..............
Shortage of coins gets worse, causing frustration and loss
...... And the Reserve Bank of India (RBI) has confirmed the huge shortfall in supply of coins: in 2012-13, only 6,878 million coins were released though the indent was for 9,554 million, and the gap is likely to widen this year..........
Mad scramble for loose change
.........“There is always a steady demand for coins. We do not get any over-the-counter deposits that are made in coins and the lack of supply forces us to refuse customer requests on most occasions,” says the deputy general manager of a private sector bank, and adds that the only time the banks get coins from the customers is for Government Challan remittances which are still in odd denominations. Most banks receive coins in bulk during the festival season, especially Pongal and Diwali. Small packets with 100 coins of Rs. 5 denomination are kept handy and given to people who ask for change. “When temples have accounts with our banks, their deposits are one of the major sources of coins,” said P. Varsha, a bank employee............
FCNR scam?
.........This is a racket loathed by central banks in all developed markets and I hope the Reserve Bank of India will also prohibit banks explicitly from creating such fictitious deposits. Apart from ethical questions, there is no way the bank can earn 4 per cent on the dollar deposits in India - together with hedging costs when they lend the funds back in rupees, unless they raise rupee lending rates at the cost of the domestic borrower.
Gold loans: “Free-market” Rajan shows his true colours
........Despite my reservations on central banking, I was actually impressed with the contents of Rajan’s day zero speech. But in a very short span, the lofty standards of free markets and market regulation have descended to a situation of I-know-what’s-right. But as any Austrian school economist would say, “what else do you expect from a Chicago monetarist?”
'Without enough clarity do not jump in with very strong view'
......Will he roll back CRR? The answer would be probably not. But I think, he might give indications. If FOMC gives a positive indication, RBI might give an indication that it is looking to roll it back. May be not now but over the next 2-3 months. But at the same time he (RBI governor) would continue to stick to what he had said that these measures are temporary. That will be seen as a market positive............
RBI report raises red flag on NSEL crisis
.....According to top government sources, the report prepared under RBI Deputy Governor, KC Chakrabarty highlights key risks and also questions whether the FT Group led by Jignesh Shah is fit and proper to run such a business. Sources say the report also doesn't rule out the possibility of insider trading and manipulation in the NSEL set-up..........
Objectifying males
I'm just thinking, if openly admiring, drooly, nudge-nudge comments and words like ‘sexy’ and ‘hottie’, which are being used by many urban women commentators and press columnists about Raghuram Rajan — the new RBI governor, were used about an attractive woman who assumed some high-profile, high-visibility post, how much wailing and gnashing of teeth there would be!................
Banking on Rajan Raj
My View on "Why there is a need to put an end to 'Banana Banki...":
In India, almost all such cases of NPAs are relating to corporate loans. More often in these cases, one could find collusion between the bank management, the corporate entity and many a times a political heavyweight (Minister, MP, MLA etc). In the case of KFA, the beautiful combination of the corporate and the politician are very well structured with Mr Mallya himself a member of the honoured house of Rajya Sabha. The very fact that EDs of PSBs are chosen who had scored just one or two marks in their interviews with RBI also a member of the selection committee, it is evident that such officials when they become CMDs of PSBs are more keen to protect their posts and in the process help politicians and corporates to share the loot of PSBs (unpaid / restructured loans) and of course, they also take a cut in all these. While the PSBs are at the mercy of politicians and bureaucrats at the GOI level the Cooperative banks are at the mercy of the politicians and bureaucrats at the state level. It is a vicious cycle. RBI by its long silence and inaction also is responsible for this state of affairs in the country. Will Rajan Raj clean the stable and make the banking a real professionally run one? Very little hope for the common man as it is virtually impossible to break the nexus among the three (corporate, PSBs and politicians). Even God has moved away from the scene of action.
- S.Santhanam
RBI chief poised to ease predecessor’s crisis measures
...........Rajan needs to arrest India's worst economic slowdown in a decade even as exchange-rate volatility remains near a five-year high on United States Federal Reserve plans to taper stimulus policies. The rupee's 9 per cent rebound from a record low in August gives the RBI room to scale back steps taken since mid-July to tighten cash supply, Kotak Mahindra Asset Management said................
India Inc wants 'out-of-box' solution from RBI in Fri policy
............."Given that growth in the economy is at a low point, business confidence is weak and the investment cycle has come to a grinding halt, we expect the new RBI governor to initiate measures that would enthuse the market participants, boost investor sentiment and bring confidence back in the economy,"........................
Focus on India's Rajan at first central bank policy meeting
....The Reserve Bank of India (RBI) Governor has been lionised by India's media, with one top columnist calling him the "Poster Boy of Banking" whose "chiselled features are as sharp as his brain". But analysts say that Rajan, a former International Monetary Fund chief economist famed for forecasting the 2008 global financial meltdown, faces a Herculean task at the RBI's helm as he seeks to tackle what economists call a “trilemma”, or an "impossible trinity" of problems. With expectations of his abilities so high, "some are bound to be disappointed,"HSBC economist Leif Eskesen said................
Monetary policy: Raghuram Rajan's RBI likely to leave key policy rates unchanged
.......The majority of economists polled expect RBI's focus to remain on rupee stability with price stability coming a close second. Eighteen of 35 economists polled expect Rajan to retain his predecessor's stance, while 12 expect a more growth-oriented approach........
Games RBI can play
.........Most people know the governor as a bright economist; few know that he is also a mean squash player. Having lost to him several times on the MIT squash courts, I know that he appreciates an essential principle of the game: always get to the "T". The "T" is the point on the court that puts you in the best position to get to the ball, no matter where it might unexpectedly appear next, especially if one doesn't quite know the nature of the opponent or what kind of game might ensue. Indeed, who is the real opponent here, and what sort of game has the new governor signed up for? There are at least five scenarios..........
Policy conundrum at its best
......Finally, to me, this monetary policy would be more of a watch-and-go policy for the RBI. If the tightening by the Fed is more aggressive than the priced-in amount of $5-10 billion withdrawal a month, then there may be no option for the RBI but to hike the repo rate. Or else, the chosen strategy could be to narrow the interest rate corridor from the current 300 bps to say a 250 bps to start with—by reducing the MSF rate by 25 bps and also increasing the repo rate by 25 bps. These are interesting times and I consider it a privilege as a macro-economist to witness such a phase in my career span.
RBI, Don’t Hesitate to Innovate Policy
.......The
RBI, it has been reported, is thinking on these lines, to step up
demand for homes and automobiles. There is every reason for India’s
central bank to innovate, departing from the beaten track that has not
led us anywhere particularly productive...........
Read - ET
Reverse liquidity tightening
Reserve Bank of India took a number of steps to tighten liquidity and raise rates in mid-July. As a consequence of these steps interest rates today are up to 400 basis points higher than they were in the beginning of July. While this rate hike is reminiscent of the rate hike of 200 basis points by Bimal Jalan on January 16, 1998, when he stepped in to defend the rupee in the Asian crisis, such a steep policy rate hike has never been done before. Moreover, it was implemented through non-transparent and quantitative measures that have damaged the operating procedure of monetary policy..........
RBI includes more segments under infra definition for ECB
......Taking into account the harmonised master list of infrastructure sub-sectors, it has been decided to expand the existing definition for infrastructure sector for the purpose of availing ECBs, the RBI said ..........
Cheap home loans: Is RBI about to start asset price bubble?
........If Rajan is even thinking of this scheme, he is not the man who gave us a rousing free-market speech on 4 September. And he will be ignoring the exact warning he gave America on lower rates being used as a placebo to combat the more fundamental issue of unaffordability. Worse, he will be bailing out builders and realty sharks rather than the man who is struggling to buy a house in pricey urban areas..............
Panel of secretaries on NSEL to meet again on Sept 20
New Delhi: A panel of secretaries, headed by Economic Affairs Secretary Arvind Mayaram, will again meet on September 20 to discuss the two reports on crisis-hit NSEL............
No evidence, yet cheating case haunts this Manipuri woman
........“Inside jail, I felt very scared and secluded as Indian prisoners thought I was a foreigner,” she said. She wondered whether she had been subjected to this because she was from Manipur. “People here do not know that we are Indians too. They always look at us with suspicion.” However, the police say they have a strong case. Investigating officer Ankush Katkar told The Hindu that Mary used to help the main accused by calling the victims. “She spoke to the complainant, posing herself as an officer from the Reserve Bank of India.”........
Karnataka Bank bags Assocham award
West Bengal to assist banks on loan recovery
Under pressure from the Reserve Bank of India (RBI), the West Bengal government has finally agreed to extend administrative assistance for recovery of bad loans or non- performing assets (NPAs) from defaulters............
Wednesday, September 18, 2013
Rajan meets PM, FM ahead of monetary review
RBI’s monetary policy: A delicate balancing act
Never has a Reserve Bank of India (RBI) review met with as much anticipation as the one on 20 September. The new RBI Governor Raghuram Rajan has boosted sentiment and excited markets with a slew of financial reforms on his first day in office. Now, markets eagerly await a glimpse into the monetary policy framework of the new RBI leadership team.............
Can’t take a benign view of inflation - A.Seshan
..............As I had suggested about 15 years ago, it is time for the Government to appoint a high-powered commission to formulate a new law to replace the existing RBI Act. It could lay down a preamble giving a clear definition of monetary stability, besides incorporating other objectives such as growth. (The US Fed has triple objectives.) The Financial Sector Legislative Reforms Commission (FSLRC) missed a chance to recommend such a legislation. Next year will see the completion of 80 years of the RBI Act, 1934. It should be the occasion to start preparations for the enactment of a new law, after the Government takes decisions on various recommendations of the FSRLC............
Headaches for RBI Governor - Dr T.V..Gopalakrishnan
Why only Inflation? All problems that the economy face today add to the head ache of the governor and there is no magic wand to set right things. He has to build up confidence in the economy through ..........
Read......
Read......
Highly objectionable - P.P.Ramachandran
Ms Shobaa De's
write-up on Dr.Raghuram Rajan the new RBI Governor is in utterly
poor taste and I believe that the Economic Times has not covered itself
with glory in publishing this smutty piece. It is not as
if one lacks a sense of humour in noticing the comic aspect of Ms De
article. It is crude and reeks of the low humour associated with the
Bollywood film world --which is dear to Ms.De. The Towel dropping
incident is the lowest level to which one can sink.
- P.P.Ramachandran
Compliments, Shobhaa De
This
refers to ‘Raghu, With You As Bedfellow…’ (ET, Sep 13). The world is
indeed keeping a watch on the new RBI Governor in an uncertain economic
climate, but Shobhaa De’s piece is out of the box. The Governor has come
up with fresh ideas to help revive the Indian economy. While the world
is busy speculating on more strategic decisions from him, the article
looks at the lighter side. Ms De should be complimented as she has
expressed her views so confidently.
- SANDHYA TANEJA, Bikaner (ET)
- SANDHYA TANEJA, Bikaner (ET)
Raghuram Rajan: RBI's new face is also its hottest
New Delhi: 'Y is every1 going ga ga abt RBI gov Raghuram Rajan? Me thinks he looks a bit wily! N I mean it in a sweeeet nice way! Wink wink :)' reads a post which was put up on Twitter today. The fact that people continue to take to Twitter to discuss RBI governor Raghuram Rajan, even almost a week after everybody spoke at length about his jawline, tailored suits and his classy looks, speaks volumes about the indelible impact he has left on the minds of his supporters.............
Read.........
Read.........
Reserve Bank of India: एक चमत्कारी पुरुष की चाहत
Read........
Raghuram Rajan heralds the next generation of policy mandarins
.............There was a deep spring of talent within the central bank even after the initial economists left; there were men like M. Narasimham and V.G. Pendharkar. But the next big thrust came after C. Rangarajan left his academic career to become a central banker. Rangarajan was instrumental in encouraging a new generation of economists, so that the rethink of the very basics of monetary policy in the 1980s took place in tandem with the rethink on the other components of economic policy. Some names are worth mentioning: S.S.Tarapore, Anoop Singh, A.Vasudevan, S.L.Shetty and Narendra Jadhav, for instance...........
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