Posts in tag

RBI


The RBI decides independently on the quantum of interim dividend to be paid to the Centre and a central bank committee is presently examining the issue, the government said on Monday. Queried on the matter following the customary post-Budget Reserve Bank of India (RBI) board meeting here chaired by him, Finance Minister Arun Jaitley said …

Rejecting the central government’s role in the resignation of Reserve Bank of India Governor Urjit Patel, Finance Minister Arun Jaitley said Tuesday that the government did not ask him to step down from his post.  “The government never called for his resignation,” Jaitley said at an event, according to a PTI report. The finance minister …

Reserve Bank of India Governor Urjit Patel stepped back on Monday. His resignation will take effect consequently, Mr. Patel said in a statement. He took charge as chief of the central bank in September 2016, replacing Raghuram Rajan, who stepped down to return to academia after a single three-year term. Mr. Patel’s stepped down from …

Urjit Patel Briefs Parliamentary Panel On Notes Ban, Reforms In RBI

RBI Governor Urjit Patel Tuesday appeared before a parliamentary panel to talk on demonetization and NPA situation in the public sector banks, among other issues, sources said. Patel was before scheduled to appear before the panel on November 12. The source said matter related to November 2016 demonetization of old Rs. 500/1000 notes, reforms in …

Robust Credit Growth In Economy, Fundamentals Strong

Citing strong fundamentals, Reserve Bank of India (RBI) Governor Urjit Patel said a group of lawmakers on Tuesday that the impact of demonetization was “transient” and the economy had registered a robust credit growth of 15 percent this fiscal. The RBI chief, seen to be at odds with the government over a range of issues …

How does rbi repo rate affect home loan rate

The Monetary Policy Committee of the RBI increased the policy rate by 25 basis points on Wednesday and the repo rate currently stands at 6.50 percent. This increase in repo rate will grow the cost of funds and therefore lead to a rise in the MCLR (marginal cost of funds based lending rate), which banks …

RBI Meeting

By all accounts, today’s meeting of the central board of Reserve Bank of India (RBI) will be a charged and critical affair. The media is agog, markets are on edge, the government is apprehensive, and the nation wants to know! To lighten the national mood, an anecdote from the past may assist. The governor was …

urjit patel

RBI governor Urjit Patel is scheduled to come before a parliamentary panel on November 27 to brief it on various issues, comprising the stand-off with the government, status of the economy and demonetization, sources said. The 31-member Parliamentary Standing Committee on Finance, which comprise former Prime Minister Manmohan Singh, is headed by senior Congress leader Veerappa Moily. When asked, Moily …

Andhra finance minister

In a remark that could trigger a political row, Andhra Finance Minister Yanamala Ramakrishnudu on Saturday same as Prime Minister Narendra Modi to an ‘Anaconda’ who has been swallowing the national institutions. “Modi has been swallowing institutions like CBI, RBI, and others. How could he be a savior,” said Ramakrishnudu? He also said out at the opposition …

urjit patel

Early life and education Urjit Patel was born in Nairobi on 28 October 1963 to Manjula and Ravindra Patel. His grandfather had moved from Mahudha village in Kheda district, Gujarat to Kenya in the 20th century. His parents run Raxo Products Ltd, a chemical factory situated in Nairobi. He studied at Gujarati community run Visa …

IMF say monitoring the situation in India; bats for RBI's independence

The IMF has stated it was monitoring the reported rift between the RBI and the Centre in India and expressed its opposition to any move that compromises the independence of central banks anywhere in the globe. There were reports of creating tension between the Ministry of Finance and the Reserve Bank of India (RBI) over …

It costs the RBI more to print a ₹20 note than a ₹50 note

Rupees 20 may be lower in denomination than ₹50, but the cost of production of ₹20 note is greater than ₹50. According to information gathered by BusinessLine under Right to Information Act (RTI), the Reserve Bank of India stated the selling price of currency notes varies between ₹0.70 and ₹4.18 for several denominations. The selling …