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URJIT PATEL


The government will likely improvise its demand for Rs. 13,140 crore ($1.9 billion) in additional dividend from the central bank helmed by newly-appointed governor Shaktikanta Das, two sources in the government told Reuters. The government believes the value has been pending since 2016-17, when an internal formula called staggered surplus dividend distribution method was used …

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 …

Economic growth may become affected by the tug-of-war between the government and the central bank. Fitch Ratings lowered its 2018 growth forecast for Asia’s third-largest economy to 7.2 percent from 7.8 percent seen previously. The financial year runs from April to March. The forecast cut comes in the midst of a power struggle among the …

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 …

Hope Urjit Patel and team ‘have a spine’, show PM Modi his place Rahul Gandhi on RBI Board meet

After the RBI Central Board meeting in Mumbai on Monday, Congress president Rahul Gandhi hoped RBI Governor Urjit Patel and his team “have a spine” and resist Prime Minister Narendra Modi’s alleged trial to “destroy” every independent institution in the country. Tweeting, Gandhi said: “Mr. Modi and his coterie of cronies, continue to destroy every …

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 …

Govt for greater involvement in the decision making of RBI

The government wants greater involvement in the Reserve Bank of India (RBI‘s) decision making as it feels the current practice leaves it out on many critical matters like single-day default turning a loan into an NPA, sources said ahead of the crucial board meeting of the central bank. The government feels that as the representative of the people, …

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 …