Posts in tag

reserve bank of India


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 …

The government will focus more on debt management compared to its present focus on fiscal deficit for the next few years, as there is a “huge overhang of public debt”, Economic Affairs Secretary Subhash Chandra Garg said on Saturday. Talking at the Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry …

Good Macroeconomic Data, Hopes Of Low-Interest Rates Fuel IndicesExpectation of lower interest rates with further liquidity infusion by the Reserve Bank of India (RBI) under its new chief, covering with healthy macroeconomic data points, drove the key equity indices forward. The domestic equity market opened on a dismal note, but a sharp bounce back after …

The Reserve Bank of India’s board deliberated on the central bank’s governance structure and has decided that the matter required further examination, the central bank said on Friday. The statement published after the central bank’s board meeting, which was headed by the new RBI Governor Shaktikanta Das, said they reviewed the present economic situation and …

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 …

Feud Not Over, Centre To Push Governance Changes In Next RBI Meet

The government needs to discuss changes to the Reserve Bank of India’s governance structure at a board meeting next month, comprising setting up some oversight panels, Economic Secretary Subhash Chandra Garg told ET Now. Garg, who is a government nominee for the RBI board, told another television channel, CNBC-TV18, that the administration will ask for …

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 …

RBI vs govtThe 18 wise men tasked with supervision of the Mint Street

As an unprecedented fight plays out between the RBI and the government, it is the central bank’s 18 board members who are being keenly seeks for their next course of action — they are not only central bankers and government officials but also business leaders, economists, and activists. The RBI board is scheduled to meet next on …

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 …

The government established turn up the heat on RBI governor Urjit Patel

The government intends to keep pressing demands for the country’s central bank to relax lending curbs and hand over high reserves even if it risks provoking a resignation by the bank’s governor, three sources similar with the government’s thinking told Reuters. While there appeared to be a partial truce last week when the government said …

Reserve Bank of India plans payments authority

The Reserve Bank of India is likely to set up an ombudsman for digital payments by March to take the load off the increasing number of complaints presently being handled by the banking ombudsman, said two senior bankers with knowledge of the matter. Given the rapid adoption of digital payments in the whole of the …

RBL Bank plans to go for a ‘selective’ approach to finance highway projects

At a time when big banks are shying away from the infrastructure sector, private-sector lender RBL Bank is eyeing highway projects with plans to make selective financing. “We are just about starting to take baby steps into some selective project financing. So, we are looking at roads where there is guaranteed by the National Highways …