Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said the central bank of India would provide necessary liquidity to cash-strapped Yes Bank if such a need arises. He added the money of the depositors was safe at Yes Bank, and that they should not withdraw it in panic.

"A swift action has been taken by the RBI and the government of India. The moratorium on Yes Bank will be lifted on March 18 at 6 pm. And the new board of the Yes Bank will take over on March 26. Also, the bank's identity will be retained as a private sector entity," Shaktikanta Das said, while addressing the media in New Delhi.

<a href="https://www.wionews.com/india-news/federal-bank-to-invest-rs-300-crore-in-yes-bank-286414">Also Read: Federal Bank to invest Rs 300 crore in Yes Bank</a>

He added, "I would like to convey to the depositors of Yes Bank, through you, that their money is completely safe and there is nothing to worry about. There is no reason for any undue worry," adding, "RBI will provide the necessary liquidity to the Yes Bank if need arises."

The RBI governor also said the Yes Bank is being credibly and sustainably restructured.

Das added that the Indian banking sector, including that of private banks, was sound and safe, and that State governments need not withdraw their money from private banks.

Finance Minister Sitharaman Nirmala Sitharaman had last week asked the RBI to report on the irregularities at the Yes Bank and the role of its leadership indicating a probe is on the way. The minister also assured that the employees' salaries would be protected for a year.

<a href="https://www.wionews.com/business-economy/yes-bank-crisis-anil-ambani-asked-to-appear-before-enforcement-directorate-today-286599">Also Read: Yes Bank crisis — Anil Ambani asked to appear before Enforcement Directorate</a>

Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said the central bank of India would provide necessary liquidity to cash-strapped Yes Bank if such a need arises.

Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said the central bank of India would provide necessary liquidity to cash-strapped Yes Bank if such a need arises. He added the money of the depositors was safe at Yes Bank, and that they should not withdraw it in panic. "A swift action has been taken by the RBI and the government of India. The moratorium on Yes Bank will be lifted on March 18 at 6 pm. And the new board of the Yes Bank will take over on March 26. Also, the bank's identity will be retained as a private sector entity," Shaktikanta Das said, while addressing the media in New Delhi. Also Read: Federal Bank to invest Rs 300 crore in Yes Bank He added, "I would like to convey to the depositors of Yes Bank, through you, that their money is completely safe and there is nothing to worry about. There is no reason for any undue worry," adding, "RBI will provide the necessary liquidity to the Yes Bank if need arises." The RBI governor also said the Yes Bank is being credibly and sustainably restructured. Das added that the Indian banking sector, including that of private banks, was sound and safe, and that State governments need not withdraw their money from private banks. Finance Minister Sitharaman Nirmala Sitharaman had last week asked the RBI to report on the irregularities at the Yes Bank and the role of its leadership indicating a probe is on the way. The minister also assured that the employees' salaries would be protected for a year. Also Read: Yes Bank crisis — Anil Ambani asked to appear before Enforcement Directorate

RBI will support Yes Bank by providing necessary liquidity if need arises: Shaktikanta Das

RBI Governor Shaktikanta Das said that RBI&nbsp;will have internal discussions in case there are any issues arising out of the <a href="https://www.wionews.com/business-economy/dot-asks-telcos-to-clear-dues-by-midnight-withdraws-no-coercive-action-against-defaulting-telcos-280710">Supreme Court</a>'s order regarding <a href="https://www.wionews.com/business-economy/dot-asks-telcos-to-clear-dues-by-midnight-withdraws-no-coercive-action-against-defaulting-telcos-280710">Adjusted Gross Revenue</a> (AGR) dues.

In a judgement on Friday, the apex court&nbsp;had threatened contempt proceedings against <a href="https://www.wionews.com/business-economy/dot-asks-telcos-to-clear-dues-by-midnight-withdraws-no-coercive-action-against-defaulting-telcos-280710">Bharti Airtel</a>, <a href="https://www.wionews.com/business-economy/dot-asks-telcos-to-clear-dues-by-midnight-withdraws-no-coercive-action-against-defaulting-telcos-280710">Vodafone Idea </a>and other telecom firms for failing to comply with its order to pay an estimated Rs 1.47 lakh crore in past dues.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/dot-asks-telcos-to-clear-dues-by-midnight-withdraws-no-coercive-action-against-defaulting-telcos-280710">DoT asks telcos to clear dues by midnight, withdraws 'no coercive action against defaulters'&nbsp;</a>

Das did not offer any specific comments about the order, which might have ramifications on banks in terms of their exposure to the financially-stressed telecom companies.

When asked about the order, Das said it would be internally deliberated upon, if at all there are issues arising out of it.

On Friday, <a href="https://www.wionews.com/business-economy/state-bank-of-india-gets-sealed-bid-for-jet-airways-from-etihad-217565">State Bank of India</a> (SBI) Chairman Rajnish Kumar said it was incumbent on telecom companies to find money and that it would be safe to presume that they would have made some arrangements for it by now.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/in-major-setback-telecom-operators-to-pay-rs-92000-crore-as-dues-to-telecom-department-as-supreme-court-rejects-review-plea-274701">Telecom operators to pay Rs 92,000 crore as dues to telecom department, SC rejects review plea&nbsp;</a>

His remarks came hours after the apex court order on the <a href="https://www.wionews.com/business-economy/dot-asks-telcos-to-clear-dues-by-midnight-withdraws-no-coercive-action-against-defaulting-telcos-280710">AGR&nbsp;</a>dues matter.

On January 16, the Supreme Court of India had&nbsp;dismissed review petitions filed by&nbsp;Bharti Airtel, Vodafone Idea and Reliance Communications (RCom)&nbsp;challenging its judgement in the <a href="https://www.wionews.com/business-economy/in-major-setback-telecom-operators-to-pay-rs-92000-crore-as-dues-to-telecom-department-as-supreme-court-rejects-review-plea-274701">Adjusted Gross Revenue</a> (AGR) case.&nbsp;

RBI Governor Shaktikanta Das said that RBI will have internal discussions in case there are any issues arising out of the Supreme Court's order regarding Adjusted Gross Revenue (AGR) dues.

RBI Governor Shaktikanta Das said that RBI will have internal discussions in case there are any issues arising out of the Supreme Court's order regarding Adjusted Gross Revenue (AGR) dues. In a judgement on Friday, the apex court had threatened contempt proceedings against Bharti Airtel, Vodafone Idea and other telecom firms for failing to comply with its order to pay an estimated Rs 1.47 lakh crore in past dues. Also read: DoT asks telcos to clear dues by midnight, withdraws 'no coercive action against defaulters' Das did not offer any specific comments about the order, which might have ramifications on banks in terms of their exposure to the financially-stressed telecom companies. When asked about the order, Das said it would be internally deliberated upon, if at all there are issues arising out of it. On Friday, State Bank of India (SBI) Chairman Rajnish Kumar said it was incumbent on telecom companies to find money and that it would be safe to presume that they would have made some arrangements for it by now. Also read: Telecom operators to pay Rs 92,000 crore as dues to telecom department, SC rejects review plea His remarks came hours after the apex court order on the AGR dues matter. On January 16, the Supreme Court of India had dismissed review petitions filed by Bharti Airtel, Vodafone Idea and Reliance Communications (RCom) challenging its judgement in the Adjusted Gross Revenue (AGR) case.

'Will discuss internally if any issues arise out of it': RBI governor on Supreme Court's order on AGR case

The <a href="https://www.wionews.com/business-economy/rbi-cuts-repo-rate-by-35-basis-points-to-540-loans-to-get-cheaper-241299">Reserve Bank of India</a>, for the second straight time, on Thursday kept its key policy rate unchanged at 5.15 per cent, maintaining its accommodative policy stance as long as it was necessary to revive growth.

<a href="https://www.wionews.com/business-economy/reserve-bank-of-india-cuts-repo-rate-by-25-bps-from-540-per-cent-to-515-per-cent-253649">Also Read: Reserve Bank of India cuts repo rate by 25 bps, &nbsp;from 5.40 per cent to 5.15 per cent</a>

The central bank retained GDP growth at 5 per cent for 2019-20 and pegged it at 6 per cent for the next fiscal.

"Economic activity remains subdued and the few indicators that have moved up recently are yet to gain traction in a more broad-based manner. Given the evolving growth-inflation dynamics, the MPC felt it appropriate to maintain status quo,"&nbsp;the Monetary Policy Committee (MPC) said.

The six-member committee voted unanimously to hold rates, but also said that there is ?policy space available for further action?. 
Between February and October 2019, the RBI had reduced repo rate by 135 basis points.

After leaving benchmark interest rates rates unchanged in the second consecutive policy review, RBI governor Shaktikanta Das said the central bank has many other instruments to address the sluggishness the economy, not just interest rates.

The Reserve Bank of India (RBI) in its sixth bi-monthly monetary policy pegged GDP growth for FY21 at 6 per cent, but guided towards an uncertain inflation outlook.

In a January 31 release, the National Statistical Office (NSO) had revised down real GDP growth for FY19 to 6.1 per cent from 6.8 per cent provided in the provisional estimates of May 2019. Given this, the central bank noted that the economy is still plagued by deep output gaps.

"The RBI has several instruments to address the sluggishness in the growth momentum," Das told reporters at the customary post-policy conference. The monetary policy committee (MPC) kept the policy repo rate unchanged at 5.15 per cent, continuing with the accommodative stance to revive growth.

The governor said the continuity in policy from last pause should not be read as a pointer to future actions. "While the decision is as per expectations, it is important not to discount RBI," he said.

The Reserve Bank of India, for the second straight time, on Thursday kept its key policy rate unchanged at 5.15 per cent, maintaining its accommodative policy stance as long as it was necessary to revive growth.

The Reserve Bank of India, for the second straight time, on Thursday kept its key policy rate unchanged at 5.15 per cent, maintaining its accommodative policy stance as long as it was necessary to revive growth. Also Read: Reserve Bank of India cuts repo rate by 25 bps, from 5.40 per cent to 5.15 per cent The central bank retained GDP growth at 5 per cent for 2019-20 and pegged it at 6 per cent for the next fiscal. "Economic activity remains subdued and the few indicators that have moved up recently are yet to gain traction in a more broad-based manner. Given the evolving growth-inflation dynamics, the MPC felt it appropriate to maintain status quo," the Monetary Policy Committee (MPC) said. The six-member committee voted unanimously to hold rates, but also said that there is ?policy space available for further action?. Between February and October 2019, the RBI had reduced repo rate by 135 basis points. After leaving benchmark interest rates rates unchanged in the second consecutive policy review, RBI governor Shaktikanta Das said the central bank has many other instruments to address the sluggishness the economy, not just interest rates. The Reserve Bank of India (RBI) in its sixth bi-monthly monetary policy pegged GDP growth for FY21 at 6 per cent, but guided towards an uncertain inflation outlook. In a January 31 release, the National Statistical Office (NSO) had revised down real GDP growth for FY19 to 6.1 per cent from 6.8 per cent provided in the provisional estimates of May 2019. Given this, the central bank noted that the economy is still plagued by deep output gaps. "The RBI has several instruments to address the sluggishness in the growth momentum," Das told reporters at the customary post-policy conference. The monetary policy committee (MPC) kept the policy repo rate unchanged at 5.15 per cent, continuing with the accommodative stance to revive growth. The governor said the continuity in policy from last pause should not be read as a pointer to future actions. "While the decision is as per expectations, it is important not to discount RBI," he said.

Reserve Bank of India keeps repo rate unchanged; predicts 6% GDP growth in next fiscal

Monetary policy has its limits and the Indian government will have to use fiscal measures and structural reforms to revive demand and support the sagging economy, Reserve Bank of India governor Shaktikanta Das said in a speech on Friday.

The economy is projected to grow 5% in the fiscal year due to end in March, its lowest growth rate in 11 years.

Das said the RBI had used the space that was opened up by the moderation in inflation early last year and started loosening monetary policy after having recognised the imminent slowdown in growth even before it was confirmed by data.

"Monetary policy, however, has its own limits," he said.

"Structural reforms and fiscal measures may have to be continued and further activated to provide a durable push to demand and boost growth".

Also read: <a href="https://www.wionews.com/business-economy/government-must-continue-reforms-announce-fiscal-measures-rbi-chief-shaktikanta-das-276417">Global economy seems to be moving into 'new, unsettling phase' - RBI Governor Shaktikanta Das</a>

Das was speaking at a college event in New Delhi ahead of the federal budget that is due to be presented on February&nbsp;1.

He said potential drivers of growth like prioritising food processing industries, tourism, e-commerce, start-ups and efforts to become a part of the global value chain could give a significant push to the economy.

"The government is also focusing on infrastructure spending which will augment the growth potential of the economy. States should also play an important role by enhancing capital expenditure which has a high multiplier effect," Das added.

Finance Minister Nirmala Sitharaman, who will announce the budget, is widely expected to include stimulus measures for small businesses and non-banking finance companies as a cut in corporate tax rates and rate cuts by the central bank have failed to revive growth.

The central bank, which has cut interest rates by a combined 135 basis points in five moves since February last year, kept rates on hold at its last review in December. It is expected to maintain sit tight on February&nbsp;6 as well.

Monetary policy has its limits and the Indian government will have to use fiscal measures and structural reforms to revive demand and support the sagging economy, Reserve Bank of India governor Shaktikanta Das said in a speech on Friday.

Monetary policy has its limits and the Indian government will have to use fiscal measures and structural reforms to revive demand and support the sagging economy, Reserve Bank of India governor Shaktikanta Das said in a speech on Friday. The economy is projected to grow 5% in the fiscal year due to end in March, its lowest growth rate in 11 years. Das said the RBI had used the space that was opened up by the moderation in inflation early last year and started loosening monetary policy after having recognised the imminent slowdown in growth even before it was confirmed by data. "Monetary policy, however, has its own limits," he said. "Structural reforms and fiscal measures may have to be continued and further activated to provide a durable push to demand and boost growth". Also read: Global economy seems to be moving into 'new, unsettling phase' - RBI Governor Shaktikanta Das Das was speaking at a college event in New Delhi ahead of the federal budget that is due to be presented on February 1. He said potential drivers of growth like prioritising food processing industries, tourism, e-commerce, start-ups and efforts to become a part of the global value chain could give a significant push to the economy. "The government is also focusing on infrastructure spending which will augment the growth potential of the economy. States should also play an important role by enhancing capital expenditure which has a high multiplier effect," Das added. Finance Minister Nirmala Sitharaman, who will announce the budget, is widely expected to include stimulus measures for small businesses and non-banking finance companies as a cut in corporate tax rates and rate cuts by the central bank have failed to revive growth. The central bank, which has cut interest rates by a combined 135 basis points in five moves since February last year, kept rates on hold at its last review in December. It is expected to maintain sit tight on February 6 as well.

Government must continue reforms, announce fiscal measures: RBI chief Shaktikanta Das

The Indian government appointed career central banker Michael Patra as one of the <a href="https://www.wionews.com/business-economy/owing-to-rising-food-prices-indias-december-retail-inflation-surges-to-735-274063">Reserve Bank of India's</a> four deputy governors for a three-year term, it said in a statement on Tuesday.

He will fill a vacancy left by former deputy governor Viral Acharya, who resigned last June, six months before the scheduled end of his term in office.

Acharya cited personal reasons for his departure but had previously clashed with Prime Minister <a href="https://www.wionews.com/india-news/p-chidambaram-attacks-modi-govt-over-sliding-economy-and-unemployment-274135">Narendra Modi's</a> government over an erosion of the central bank's independence.

He was the third key senior central bank official under the Modi government to resign, following the departures of former RBI governors Raghuram Rajan in 2016 and Urjit Patel in December 2018.

Patra, currently an executive director at the RBI, had applied for a deputy governor's post in 2017.

He has been a part of the central bank's monetary policy committee since its inception and has long been viewed as a monetary policy hawk.

However, since Governor Shaktikanta Das took office in December, Patra has voted for three successive rate cuts and has said the economy needs fiscal support in the current environment.

"It's an excellent decision. He is an accomplished monetary economist with not just strong academic credentials but also has a rich understanding of ground-level economic realities of India. This is the best choice in my opinion," said <a href="https://www.wionews.com/business-economy/indias-october-retail-inflation-rises-to-462-per-cent-261864">Rupa Rege Nitsure</a>, chief economist at L&amp;T Financial Holdings.

The Indian government appointed career central banker Michael Patra as one of the Reserve Bank of India's four deputy governors for a three-year term, it said in a statement on Tuesday.

The Indian government appointed career central banker Michael Patra as one of the Reserve Bank of India's four deputy governors for a three-year term, it said in a statement on Tuesday. He will fill a vacancy left by former deputy governor Viral Acharya, who resigned last June, six months before the scheduled end of his term in office. Acharya cited personal reasons for his departure but had previously clashed with Prime Minister Narendra Modi's government over an erosion of the central bank's independence. He was the third key senior central bank official under the Modi government to resign, following the departures of former RBI governors Raghuram Rajan in 2016 and Urjit Patel in December 2018. Patra, currently an executive director at the RBI, had applied for a deputy governor's post in 2017. He has been a part of the central bank's monetary policy committee since its inception and has long been viewed as a monetary policy hawk. However, since Governor Shaktikanta Das took office in December, Patra has voted for three successive rate cuts and has said the economy needs fiscal support in the current environment. "It's an excellent decision. He is an accomplished monetary economist with not just strong academic credentials but also has a rich understanding of ground-level economic realities of India. This is the best choice in my opinion," said Rupa Rege Nitsure, chief economist at L&T Financial Holdings.

Government appoints Michael Patra as RBI Deputy Governor

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that there was no recession as of today in the global economy but there was a hostile environment to which India's external sector had shown great resilience and viability.

"India's external sector has exhibited resilience and viability. The current account deficit has averaged 1.4 per cent of GDP over the last 5 years and remains comfortably financed in spite of global spillovers imparting risk-on-risk-off volatility to portfolio flows," Das said in his keynote address at the Bloomberg India Economic Forum 2019 here.

"The level of foreign exchange reserves was at $429 billion on September 13, sufficient to cover close to 10 months of imports or 21 months of debt of residual maturity up to 1 year," added Das.

"The Indian economy remains a preferred habitat for foreign direct investment (FDI) and is among the top 10 destinations for greenfield projects," said Das.

Praising India's service exports, Das said, "In line with the expanding share of services in domestic output, India's services exports have grown rapidly over the past two decades."

He said that in fact, India's services exports have shown a higher degree of resilience to global shocks than merchandise exports.

"At $81.9 billion, net services exports financed 45 per cent of India's trade deficit in 2018-19," he said.

He also said that India still was the world leader in software exports and information technology (IT) enabled services, accounting for around 12 per cent of world software exports.

"The global environment is challenging, but it offers opportunities as well. By the IMF's assessment, India will account for a sixth of global growth in 2020," said the RBI chief.

"Trade wars are presenting new business relocation avenues that seem to be favorable to India from the point of view of the economies of scale and scope. Indian entrepreneurship, the rupee, and our people are progressively but inexorably internationalising," added Das.&nbsp;

 
&nbsp;

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that there was no recession as of today in the global economy but there was a hostile environment to which India's external sector had shown great resilience and viability.

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that there was no recession as of today in the global economy but there was a hostile environment to which India's external sector had shown great resilience and viability. "India's external sector has exhibited resilience and viability. The current account deficit has averaged 1.4 per cent of GDP over the last 5 years and remains comfortably financed in spite of global spillovers imparting risk-on-risk-off volatility to portfolio flows," Das said in his keynote address at the Bloomberg India Economic Forum 2019 here. "The level of foreign exchange reserves was at $429 billion on September 13, sufficient to cover close to 10 months of imports or 21 months of debt of residual maturity up to 1 year," added Das. "The Indian economy remains a preferred habitat for foreign direct investment (FDI) and is among the top 10 destinations for greenfield projects," said Das. Praising India's service exports, Das said, "In line with the expanding share of services in domestic output, India's services exports have grown rapidly over the past two decades." He said that in fact, India's services exports have shown a higher degree of resilience to global shocks than merchandise exports. "At $81.9 billion, net services exports financed 45 per cent of India's trade deficit in 2018-19," he said. He also said that India still was the world leader in software exports and information technology (IT) enabled services, accounting for around 12 per cent of world software exports. "The global environment is challenging, but it offers opportunities as well. By the IMF's assessment, India will account for a sixth of global growth in 2020," said the RBI chief. "Trade wars are presenting new business relocation avenues that seem to be favorable to India from the point of view of the economies of scale and scope. Indian entrepreneurship, the rupee, and our people are progressively but inexorably internationalising," added Das.

No recession in global economy, India's external sector shows great resilience, viability: RBI governor

The Reserve Bank of India (RBI) is looking to get banks to link some new loans to its key policy rate or other external benchmarks, <a href="https://www.wionews.com/india-news/global-economy-seems-to-be-moving-into-new-unsettling-phase-rbi-governor-shaktikanta-das-238764">Governor Shaktikanta Das</a> said on Monday, as he pushes them to cut rates faster to stimulate a flagging economy.

Since February, the RBI has cut the repo rate by 110 basis points (bps), but most Indian banks - which rely on an opaque rate-setting mechanism, have not come close to the following suit.

The State Bank of India (SBI), the largest lender by assets, has cut its benchmark lending rate by 30 bps.

Commercial banks cite high deposit rates for their inability to cut loan ones.&nbsp;

Marginal reductions restrict how much borrowers benefit from the repo cuts.

"Today, the economy requires a certain amount of push not just from the monetary policy but also from its transmission," Das said. "I think the time has now come to formalise this linking of new loans to external benchmarks like the repo rate."

"We'd kept the external benchmarks in abeyance earlier because we wanted to see how the market evolves," the governor told a banking conference in Mumbai.

SBI, the largest lender by assets, earlier this year linked its savings bank deposits and short-term loans to the repo rate, becoming the first Indian bank to do so.

"I expect more initiatives and this process to become faster," Das said, adding that the RBI has been in talks with banks ensure "faster and greater" adjustment of rates.

Das also said the central bank was in talks with non-bank housing finance companies (NBFCs) to ensure that none collapse amid a debt crisis in the sector that has contributed to a broader economic slowdown.

The RBI is closely monitoring the 50 biggest NBFCs and housing finance companies, including their capital adequacy, stability and cash flows, Das said.

The collapse of Infrastructure Leasing &amp; Financial Services (IL&amp;FS) late last year created contagion fears that hit many other Indian NBFCs and dented credit growth, which has severely stung the auto and real estate sectors.

However, Das said there was no proposal at the moment for any asset quality review for NBFCs. 
&nbsp;

The Reserve Bank of India (RBI) is looking to get banks to link some new loans to its key policy rate or other external benchmarks, Governor Shaktikanta Das said on Monday, as he pushes them to cut rates faster to stimulate a flagging economy.

The Reserve Bank of India (RBI) is looking to get banks to link some new loans to its key policy rate or other external benchmarks, Governor Shaktikanta Das said on Monday, as he pushes them to cut rates faster to stimulate a flagging economy. Since February, the RBI has cut the repo rate by 110 basis points (bps), but most Indian banks - which rely on an opaque rate-setting mechanism, have not come close to the following suit. The State Bank of India (SBI), the largest lender by assets, has cut its benchmark lending rate by 30 bps. Commercial banks cite high deposit rates for their inability to cut loan ones. Marginal reductions restrict how much borrowers benefit from the repo cuts. "Today, the economy requires a certain amount of push not just from the monetary policy but also from its transmission," Das said. "I think the time has now come to formalise this linking of new loans to external benchmarks like the repo rate." "We'd kept the external benchmarks in abeyance earlier because we wanted to see how the market evolves," the governor told a banking conference in Mumbai. SBI, the largest lender by assets, earlier this year linked its savings bank deposits and short-term loans to the repo rate, becoming the first Indian bank to do so. "I expect more initiatives and this process to become faster," Das said, adding that the RBI has been in talks with banks ensure "faster and greater" adjustment of rates. Das also said the central bank was in talks with non-bank housing finance companies (NBFCs) to ensure that none collapse amid a debt crisis in the sector that has contributed to a broader economic slowdown. The RBI is closely monitoring the 50 biggest NBFCs and housing finance companies, including their capital adequacy, stability and cash flows, Das said. The collapse of Infrastructure Leasing & Financial Services (IL&FS) late last year created contagion fears that hit many other Indian NBFCs and dented credit growth, which has severely stung the auto and real estate sectors. However, Das said there was no proposal at the moment for any asset quality review for NBFCs.

Reserve Bank of India weighs linking some new bank loans to the policy rate

Reserve Bank of India (RBI) Governor Shaktikanta Das has listed out a set of challenges for the global economy, which, he said, is moving towards a new and unsettling phase.

"Solutions are turning difficult to come by as global economy seems to be moving into a new and unsettling phase in an environment of stressed trade negotiations, rising geopolitical confrontation and limited policy space, and high debt levels in several economies," Das said at an event here on Friday.

"General government debt of advanced economies as a group has surpassed 100 per cent of GDP. Fiscal space is also constrained in many of the advanced economies," he added.

In light of the challenges that lie ahead for the economy, Das said monetary and fiscal policies need to be well-calibrated to support growth.

"It is important, in the backdrop of slowing global growth, that policies of monetary and fiscal authorities are well-calibrated so they support growth without further build-up of leverage and asset price bubbles. Prudent policies are critical to growth with macroeconomic stability," he said.

Das also said globally, there is a need to focus on policy space, judiciously use it and simultaneously take structural reforms to undertake productivity, innovation and job creation.

The central bank governor also said how the International Monetary Fund (IMF) and central banks provide guidance will be the key to sustaining global economic growth while maintaining financial stability.

"The coming year will test the IMF for its policy advice on these areas," he added.

Das was speaking at the launch of a book titled 'India's Relations with International Monetary Fund' authored by V Srinivas.

Reserve Bank of India (RBI) Governor Shaktikanta Das has listed out a set of challenges for the global economy, which, he said, is moving towards a new and unsettling phase.

Reserve Bank of India (RBI) Governor Shaktikanta Das has listed out a set of challenges for the global economy, which, he said, is moving towards a new and unsettling phase. "Solutions are turning difficult to come by as global economy seems to be moving into a new and unsettling phase in an environment of stressed trade negotiations, rising geopolitical confrontation and limited policy space, and high debt levels in several economies," Das said at an event here on Friday. "General government debt of advanced economies as a group has surpassed 100 per cent of GDP. Fiscal space is also constrained in many of the advanced economies," he added. In light of the challenges that lie ahead for the economy, Das said monetary and fiscal policies need to be well-calibrated to support growth. "It is important, in the backdrop of slowing global growth, that policies of monetary and fiscal authorities are well-calibrated so they support growth without further build-up of leverage and asset price bubbles. Prudent policies are critical to growth with macroeconomic stability," he said. Das also said globally, there is a need to focus on policy space, judiciously use it and simultaneously take structural reforms to undertake productivity, innovation and job creation. The central bank governor also said how the International Monetary Fund (IMF) and central banks provide guidance will be the key to sustaining global economic growth while maintaining financial stability. "The coming year will test the IMF for its policy advice on these areas," he added. Das was speaking at the launch of a book titled 'India's Relations with International Monetary Fund' authored by V Srinivas.

Global economy seems to be moving into 'new, unsettling phase': RBI Governor Shaktikanta Das

The <a href="https://www.wionews.com/business-economy/governments-outstanding-loans-from-rbi-at-78943-billion-rupees-in-july-12-week-237181">Reserve Bank of India</a> is set to cut interest rates in August for the fourth meeting in a row, according to a Reuters poll of economists, a majority of whom said risks to their already-modest growth forecasts were skewed more to the downside.

If the RBI does cut rates next month, it will be the most aggressive amongst dovish central banks in Asia. The last time the RBI delivered so many back-to-back cuts was after the global financial crisis over a decade ago when most major central banks went on a cutting spree to revive economic growth.

Almost 80 per cent of 66 economists in the July 17-24 poll expected the RBI to cut its benchmark repo rate by 25 basis points to 5.50 per cent at the Aug. 7 meeting. Three respondents predicted 50 basis points cut and the remaining 10 forecast policy on hold.

"It is baked in the cake. They are going to cut rates in August and again later, mainly due to low growth and weak inflation," said Gareth Leather, senior Asia economist at Capital Economics.

India's inflation has remained below the central bank's medium-term target of 4 per cent for almost a year and is not expected to rise significantly above that until at least 2021.&nbsp;

The poll's findings support <a href="https://www.wionews.com/business-economy/economic-activity-clearly-losing-traction-rbi-governor-shaktikanta-das-at-mpc-meet-229011">RBI Governor Shaktikanta Das</a>' recent comments about the central bank's accommodative stance and suggest further easing.

Indeed, following next month's expected move, the next rate cut is seen in early 2020, after which the RBI is forecast to keep rates on hold at 5.25 per cent through to end-2020.

Yet despite three interest rate cuts, this year and expectations for more, India's growth outlook was downgraded in the latest poll compared to the previous quarterly economic survey in April.

Asia's third-largest economy expanded at 5.8 per cent year-on-year in the January-March quarter, its slowest pace in five years and losing its title to China as the fastest-growing economy. India is now forecast to grow in the range of 6.3 per cent to 7.2 per cent each quarter through to end-March 2021.

The risks to the more modest growth forecasts for this fiscal year were skewed more to the downside, said a majority of economists who answered an additional question.

Annual growth forecasts were lowered to 6.8 per cent for this fiscal year from 7.2 per cent in the previous poll. That is a tad slower than the International Monetary Fund's latest growth projection of 7.0 per cent for this year.

"India's economy continues to show weak growth momentum. We believe that while recovery is nascent, maturity is still a far way off," said Rini Sen, India economist at ANZ.

"The impact of easy liquidity and dovish monetary policy is gradually flowing through. In the absence of a substantial fiscal push, however, more is needed on the monetary side."

When asked whether the RBI should consider core inflation instead of retail inflation as the main measure for its monetary policy framework, a majority of economists said no, although nearly 30 per cent of respondents said it should be.

"Core inflation is a better measure for underlying price pressures than the headline rate is. So, it should give a better indication of where the economy is in terms of the economic cycle," said Shilan Shah, senior India economist at Capital Economics.

"Food and fuel prices are very volatile and they don't say much about the demand on the ground."

The Reserve Bank of India is set to cut interest rates in August for the fourth meeting in a row, according to a Reuters poll of economists, a majority of whom said risks to their already-modest growth forecasts were skewed more to the downside.

The Reserve Bank of India is set to cut interest rates in August for the fourth meeting in a row, according to a Reuters poll of economists, a majority of whom said risks to their already-modest growth forecasts were skewed more to the downside. If the RBI does cut rates next month, it will be the most aggressive amongst dovish central banks in Asia. The last time the RBI delivered so many back-to-back cuts was after the global financial crisis over a decade ago when most major central banks went on a cutting spree to revive economic growth. Almost 80 per cent of 66 economists in the July 17-24 poll expected the RBI to cut its benchmark repo rate by 25 basis points to 5.50 per cent at the Aug. 7 meeting. Three respondents predicted 50 basis points cut and the remaining 10 forecast policy on hold. "It is baked in the cake. They are going to cut rates in August and again later, mainly due to low growth and weak inflation," said Gareth Leather, senior Asia economist at Capital Economics. India's inflation has remained below the central bank's medium-term target of 4 per cent for almost a year and is not expected to rise significantly above that until at least 2021. The poll's findings support RBI Governor Shaktikanta Das' recent comments about the central bank's accommodative stance and suggest further easing. Indeed, following next month's expected move, the next rate cut is seen in early 2020, after which the RBI is forecast to keep rates on hold at 5.25 per cent through to end-2020. Yet despite three interest rate cuts, this year and expectations for more, India's growth outlook was downgraded in the latest poll compared to the previous quarterly economic survey in April. Asia's third-largest economy expanded at 5.8 per cent year-on-year in the January-March quarter, its slowest pace in five years and losing its title to China as the fastest-growing economy. India is now forecast to grow in the range of 6.3 per cent to 7.2 per cent each quarter through to end-March 2021. The risks to the more modest growth forecasts for this fiscal year were skewed more to the downside, said a majority of economists who answered an additional question. Annual growth forecasts were lowered to 6.8 per cent for this fiscal year from 7.2 per cent in the previous poll. That is a tad slower than the International Monetary Fund's latest growth projection of 7.0 per cent for this year. "India's economy continues to show weak growth momentum. We believe that while recovery is nascent, maturity is still a far way off," said Rini Sen, India economist at ANZ. "The impact of easy liquidity and dovish monetary policy is gradually flowing through. In the absence of a substantial fiscal push, however, more is needed on the monetary side." When asked whether the RBI should consider core inflation instead of retail inflation as the main measure for its monetary policy framework, a majority of economists said no, although nearly 30 per cent of respondents said it should be. "Core inflation is a better measure for underlying price pressures than the headline rate is. So, it should give a better indication of where the economy is in terms of the economic cycle," said Shilan Shah, senior India economist at Capital Economics. "Food and fuel prices are very volatile and they don't say much about the demand on the ground."

Reserve Bank of India to cut rates again in August as doves prevail: Report

The Indian economy has been clearly losing traction and needs a decisive monetary policy to promote growth, said Reserve Bank of India Governor Shaktikanta Das while voting for a 25 basis points (bps) rate cut along with other five members at the MPC meet earlier this month.

Das, as per the minutes of the June 3-6 Monetary Policy Committee, said that since the last meeting of the rate-setting panel in April 2019, greater clarity has emerged about the evolving macroeconomic situation.

The RBI released the minutes of the meeting Thursday.

Overall, there is clear evidence of economic activity "losing traction" with the GDP growth in the fourth quarter of the last financial year slowing to 5.8 per cent, he said.

"In sum, growth impulses have clearly weakened, while the headline inflation trajectory is projected to remain below 4.0 per cent throughout 2019-20 even after considering the expected transmission of the past two policy rate cuts.

"Keeping in view the evolving growth inflation dynamics, there is a need for decisive monetary policy action. Hence, my vote is to reduce the policy repo rate by 25 basis points," he said.

He also favoured shifting the stance of monetary policy from neutral to accommodative to send a clear signal, indicating that more measures could be taken in the near future to boost growth.

It was for the third time in a row that the RBI cut the key lending rate (repo) by 25 bps.

MPC member and RBI Deputy Governor Viral Acharya said the mixed picture on economic growth has morphed into one where at least some aspects have weakened considerably over the past two quarters. He also flagged some upside risks, including deficiency in monsoon and volatality in crude oil prices, to inflation.

"In spite of my dilemma, I vote 'albeit with some hesitation'&nbsp;to frontload the policy rate cut from 6 per cent to 5.75 per cent..." the minutes quoted him as saying.

Another member and Executive Director Michael Debabrata Patra said the risks to the primary target of monetary policy are distinctly on the ebb.

Inflation expectations, he said, are also better anchored than before.

"In fact, if one were to step back a little in time, it is evident that if the 2019-20 projections materialise, the MPC would have steered inflation at or below target on average for four years in a row in its five-year term of office," he said.

Other three members of the MPC -- Ravindra H Dholakia, Pami Dua, and Chetan Ghate -- also voted in favour of reducing the key lending rate.

Das also said quite a sizable part of loan portfolio of banks continues at the base rate, which impedes monetary transmission.

Interest rates on small savings are also higher than the prescribed formula, he said.

The transmission of the cumulative reduction of 50 basis points in the policy repo rate in February and April 2019 to fresh rupee loans has been 21 basis points.

However, the weighted average lending rate on outstanding loans has increased by 4 basis points.

"Going forward, the transmission is expected to improve, given the lags with which banks adjust their deposit and lending rates in response to changes in the policy rate," the RBI governor said.

The Indian economy has been clearly losing traction and needs a decisive monetary policy to promote growth, said Reserve Bank of India Governor Shaktikanta Das while voting for a 25 basis points (bps) rate cut along with other five members at the MPC meet earlier this month.

The Indian economy has been clearly losing traction and needs a decisive monetary policy to promote growth, said Reserve Bank of India Governor Shaktikanta Das while voting for a 25 basis points (bps) rate cut along with other five members at the MPC meet earlier this month. Das, as per the minutes of the June 3-6 Monetary Policy Committee, said that since the last meeting of the rate-setting panel in April 2019, greater clarity has emerged about the evolving macroeconomic situation. The RBI released the minutes of the meeting Thursday. Overall, there is clear evidence of economic activity "losing traction" with the GDP growth in the fourth quarter of the last financial year slowing to 5.8 per cent, he said. "In sum, growth impulses have clearly weakened, while the headline inflation trajectory is projected to remain below 4.0 per cent throughout 2019-20 even after considering the expected transmission of the past two policy rate cuts. "Keeping in view the evolving growth inflation dynamics, there is a need for decisive monetary policy action. Hence, my vote is to reduce the policy repo rate by 25 basis points," he said. He also favoured shifting the stance of monetary policy from neutral to accommodative to send a clear signal, indicating that more measures could be taken in the near future to boost growth. It was for the third time in a row that the RBI cut the key lending rate (repo) by 25 bps. MPC member and RBI Deputy Governor Viral Acharya said the mixed picture on economic growth has morphed into one where at least some aspects have weakened considerably over the past two quarters. He also flagged some upside risks, including deficiency in monsoon and volatality in crude oil prices, to inflation. "In spite of my dilemma, I vote 'albeit with some hesitation' to frontload the policy rate cut from 6 per cent to 5.75 per cent..." the minutes quoted him as saying. Another member and Executive Director Michael Debabrata Patra said the risks to the primary target of monetary policy are distinctly on the ebb. Inflation expectations, he said, are also better anchored than before. "In fact, if one were to step back a little in time, it is evident that if the 2019-20 projections materialise, the MPC would have steered inflation at or below target on average for four years in a row in its five-year term of office," he said. Other three members of the MPC -- Ravindra H Dholakia, Pami Dua, and Chetan Ghate -- also voted in favour of reducing the key lending rate. Das also said quite a sizable part of loan portfolio of banks continues at the base rate, which impedes monetary transmission. Interest rates on small savings are also higher than the prescribed formula, he said. The transmission of the cumulative reduction of 50 basis points in the policy repo rate in February and April 2019 to fresh rupee loans has been 21 basis points. However, the weighted average lending rate on outstanding loans has increased by 4 basis points. "Going forward, the transmission is expected to improve, given the lags with which banks adjust their deposit and lending rates in response to changes in the policy rate," the RBI governor said.

Economic activity clearly losing traction: RBI Governor Shaktikanta Das at MPC meet

Finance Minister Nirmala Sitharaman on Wednesday held a preparatory meeting for the upcoming G20 summit slated to be held in Osaka and Japan on June 28 and 29.

Commerce Minister Piyush Goyal, Telecom Minister Ravi Shankar Prasad, External Affairs Minister S Jaishankar and RBI Governor Shaktikanta Das attended the meeting.

Speaking to media persons after the meeting, Das said,&nbsp;"It was a Financial Stability and Development Council (FSDC) meeting.

We reviewed the current state of the economy, the overall macro-economic situation and global development.

"The RBI Governor further said that various budget-related suggestions and proposals were also discussed.

"Regulators and concerned secretaries of the government were present during the meeting," said Das.

Finance Minister Nirmala Sitharaman on Wednesday held a preparatory meeting for the upcoming G20 summit slated to be held in Osaka and Japan on June 28 and 29. Commerce Minister Piyush Goyal, Telecom Minister Ravi Shankar Prasad, External Affairs Minister S Jaishankar and RBI Governor Shaktikanta Das attended the meeting.

Finance Minister Nirmala Sitharaman on Wednesday held a preparatory meeting for the upcoming G20 summit slated to be held in Osaka and Japan on June 28 and 29. Commerce Minister Piyush Goyal, Telecom Minister Ravi Shankar Prasad, External Affairs Minister S Jaishankar and RBI Governor Shaktikanta Das attended the meeting. Speaking to media persons after the meeting, Das said, "It was a Financial Stability and Development Council (FSDC) meeting. We reviewed the current state of the economy, the overall macro-economic situation and global development. "The RBI Governor further said that various budget-related suggestions and proposals were also discussed. "Regulators and concerned secretaries of the government were present during the meeting," said Das.

Nirmala Sitharaman holds preparatory meeting for upcoming G20 summit

<a href="https://www.wionews.com/business-economy/avoiding-temptation-rbi-likely-to-cut-key-rate-by-just-25-basis-points-207455">Reserve Bank of India</a> Governor Shaktikanta Das said the central bank would closely monitor the health of non-banking financial companies and it would not hesitate to take corrective measures, if needed, to address issues in the shadow banking sector.

"We will not hesitate to take any required steps to maintain financial stability in the short-, medium- and long-term," Das said in a speech on Saturday at a convocation ceremony in the western Indian city of Pune.

The comment comes at a time when there are fears that India may be facing a major crisis in its shadow banking sector after shares of Indian mortgage lender Dewan Housing Finance Corp Ltd (DHFL) plunged this week after two credit-rating firms cut their view of DHFL debt to "default" levels.

The looming trouble at DHFL comes nine months after a series of downgrades and defaults at another major NBFC, Infrastructure Leasing and Financial Services (IL&amp;FS), shook stock markets and stoked concerns of a malaise in the sector.

"<a href="https://www.wionews.com/business-economy/reserve-bank-of-indias-interest-rate-cut-in-monetary-policy-unlikely-to-stimulate-growth-report-224711">The Reserve Bank</a> will continue to monitor the activity and performance of this sector with a focus on major entities and their inter-linkages with other sectors," he said, in a speech that was published on the RBI's website late on Saturday.

The regulator will soon issue final guidelines for liquidity risk management and will put in place a comprehensive information technology framework to strengthen surveillance of NBFCs, the governor said.

Given the importance of NBFCs for the Indian economy, the governor stressed the need for a higher level of supervision of such companies to ensure solid credit growth and asset liability management.

Das said as part of initiatives to enhance supervision of NBFCs, the central bank is putting in place a system to ensure regular interaction with all stakeholders in the shadow banking value chain such as auditors, credit-rating agencies and banks.

The central bank on Friday issued new guidelines around the resolution of stressed assets after India's Supreme Court in April struck down its earlier guidelines saying it had acted beyond its powers.

The new rules "will sustain the improvements in credit culture" and help in making India's financial system strong and resilient, Das said on Saturday.

Das also urged Indian public sector banks (PSBs) to not depend solely on government capital infusions to solidify their balance sheets.

"Depending upon individual situations, PSBs should access the capital market for mobilisation of capital," he said.

Reserve Bank of India Governor Shaktikanta Das said the central bank would closely monitor the health of non-banking financial companies and it would not hesitate to take corrective measures, if needed, to address issues in the shadow banking sector.

Reserve Bank of India Governor Shaktikanta Das said the central bank would closely monitor the health of non-banking financial companies and it would not hesitate to take corrective measures, if needed, to address issues in the shadow banking sector. "We will not hesitate to take any required steps to maintain financial stability in the short-, medium- and long-term," Das said in a speech on Saturday at a convocation ceremony in the western Indian city of Pune. The comment comes at a time when there are fears that India may be facing a major crisis in its shadow banking sector after shares of Indian mortgage lender Dewan Housing Finance Corp Ltd (DHFL) plunged this week after two credit-rating firms cut their view of DHFL debt to "default" levels. The looming trouble at DHFL comes nine months after a series of downgrades and defaults at another major NBFC, Infrastructure Leasing and Financial Services (IL&FS), shook stock markets and stoked concerns of a malaise in the sector. "The Reserve Bank will continue to monitor the activity and performance of this sector with a focus on major entities and their inter-linkages with other sectors," he said, in a speech that was published on the RBI's website late on Saturday. The regulator will soon issue final guidelines for liquidity risk management and will put in place a comprehensive information technology framework to strengthen surveillance of NBFCs, the governor said. Given the importance of NBFCs for the Indian economy, the governor stressed the need for a higher level of supervision of such companies to ensure solid credit growth and asset liability management. Das said as part of initiatives to enhance supervision of NBFCs, the central bank is putting in place a system to ensure regular interaction with all stakeholders in the shadow banking value chain such as auditors, credit-rating agencies and banks. The central bank on Friday issued new guidelines around the resolution of stressed assets after India's Supreme Court in April struck down its earlier guidelines saying it had acted beyond its powers. The new rules "will sustain the improvements in credit culture" and help in making India's financial system strong and resilient, Das said on Saturday. Das also urged Indian public sector banks (PSBs) to not depend solely on government capital infusions to solidify their balance sheets. "Depending upon individual situations, PSBs should access the capital market for mobilisation of capital," he said.

Reserve Bank of India to enhance monitoring of shadow banking firms: governor

The Reserve Bank of India is likely to cement its position as Asia’s most dovish central bank with a third straight interest-rate cut Thursday. The six-member monetary policy committee led by Governor Shaktikanta Das will reduce the repurchase rate by 25 basis points to 5.75 per cent on Thursday, say 31 of 43 economists

WION Wallet: RBI cuts repo rate by 25 bps to 5.75%, Changes policy as GDP slows to 5-year lowv

The Reserve Bank will issue a revised circular on bad loan recognition within the next three-four days, replacing the February 12 circular that was struck down by the apex court.

On April 2, the Supreme Court had declared as "ultra vires" the February 12 circular that mandated banks to label even a day's default as NPA.

"The revised circular on February 12 on NPA classification will be issued very shortly, in three to four days," Das told reporters at the customary post-policy announcement.

The RBI on February 12, 2018, issued a framework on resolution of stressed assets under which banks were asked to disclose defaults even of a day and have to find a resolution plan within 180 days in case of large account of Rs 2,000 crore and above failing which it would send for bankruptcy.

The Reserve Bank will issue a revised circular on bad loan recognition within the next three-four days, replacing the February 12 circular that was struck down by the apex court.

The Reserve Bank will issue a revised circular on bad loan recognition within the next three-four days, replacing the February 12 circular that was struck down by the apex court. On April 2, the Supreme Court had declared as "ultra vires" the February 12 circular that mandated banks to label even a day's default as NPA. "The revised circular on February 12 on NPA classification will be issued very shortly, in three to four days," Das told reporters at the customary post-policy announcement. The RBI on February 12, 2018, issued a framework on resolution of stressed assets under which banks were asked to disclose defaults even of a day and have to find a resolution plan within 180 days in case of large account of Rs 2,000 crore and above failing which it would send for bankruptcy.

New NPA resolution norms in 3-4 days: RBI Governor Shaktikanta Das

The <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/reserve-bank-of-india-sells-entire-stake-in-national-housing-bank-nabard-to-govt-for-rs-1470-cr-213344&amp;sa=U&amp;ved=2ahUKEwiW_vSLtu_hAhVEPI8KHd4xDdkQFjABegQIDxAC&amp;usg=AOvVaw0NJPzoSw6w8AIY5EPzqTTO">Reserve Bank of India</a> (RBI) has announced that it will shortly issue Rs 20 denomination banknotes, in the Mahatma Gandhi (New) series, bearing the signature of the central bank`s governor Shaktikanta Das.

"The Rs 20 note will be greenish-yellow in colour. The new banknote has a motif of Ellora Caves on the reverse, depicting the country`s cultural heritage," a statement by the RBI said.

All the banknotes in the denomination of Rs 20 issued by the RBI in the earlier series will continue to be legal tender, it clarified.

The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.

The dimension of the new Rs 20 note will be 63 mm x 129 mm, the statement said. The obverse (front) side of the note contains a see-through register with denominational numeral 100, a latent image with the numeral and also a Devanagari version of the same.

It also contains a portrait of Mahatma Gandhi at the centre, with micro letters `RBI`, `Bharat`, `India` and `20`, along with with a guarantee clause, Governor`s signature with Promise Clause and RBI emblem towards the right of Gandhi`s portrait.

On the right side of the portrait are -- an Ashoka Pillar emblem and electrotype (20) watermarks.&nbsp;

The Reserve Bank of India (RBI) has announced that it will shortly issue Rs 20 denomination banknotes, in the Mahatma Gandhi (New) series, bearing the signature of the central bank`s governor Shaktikanta Das.

The Reserve Bank of India (RBI) has announced that it will shortly issue Rs 20 denomination banknotes, in the Mahatma Gandhi (New) series, bearing the signature of the central bank`s governor Shaktikanta Das. "The Rs 20 note will be greenish-yellow in colour. The new banknote has a motif of Ellora Caves on the reverse, depicting the country`s cultural heritage," a statement by the RBI said. All the banknotes in the denomination of Rs 20 issued by the RBI in the earlier series will continue to be legal tender, it clarified. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse. The dimension of the new Rs 20 note will be 63 mm x 129 mm, the statement said. The obverse (front) side of the note contains a see-through register with denominational numeral 100, a latent image with the numeral and also a Devanagari version of the same. It also contains a portrait of Mahatma Gandhi at the centre, with micro letters `RBI`, `Bharat`, `India` and `20`, along with with a guarantee clause, Governor`s signature with Promise Clause and RBI emblem towards the right of Gandhi`s portrait. On the right side of the portrait are -- an Ashoka Pillar emblem and electrotype (20) watermarks.

RBI to issue new Rs 20 denomination banknotes

The biggest risk facing emerging market economies is growing evidence that global growth and trade is weakening, Reserve Bank of India (RBI) Governor Shaktikanta Das has said.

At the same time, emerging markets face a wave of global spillover risks leading to capital outflows, currency and asset price volatility besides tightened financial conditions, posing risks to growth and inflation.

Unsettled trade tensions and developments around Brexit are imparting further downside risks to the outlook, said Das.

"There is considerable uncertainty as to whether this weakness is temporary or the beginning of a recession in advanced economies," he said while addressing the event 'Governor Talks' on the sidelines of International Monetary Fund-World Bank Spring Meetings.

The risk of sudden stops and reversals of capital flows can aggravate existing stress in the balance sheets of lending institutions in some emerging markets and stretch their capital requirements, said Das on Friday.

"For net energy importers like India, the recent firming up of oil prices on production cuts by major suppliers presents risks to current account deficit and inflation. Emerging economies also need to explore alternatives to reduce dependence on conventional energy sources, and give greater focus on renewables and energy efficiency."

India is expected to clock a real GDP growth of 7.2 per cent during 2019-20 and continue to rank as the fastest among large economies of the world.

Inflation has been averaging 3.6 per cent and current account deficit is expected to be about 2.5 per cent of GDP.

Looking ahead, said Das, the priority should be to remain watchful and take coordinated action to revive growth and maintain macroeconomic, financial and price stability.

The biggest risk facing emerging market economies is growing evidence that global growth and trade is weakening, Reserve Bank of India (RBI) Governor Shaktikanta Das has said.

The biggest risk facing emerging market economies is growing evidence that global growth and trade is weakening, Reserve Bank of India (RBI) Governor Shaktikanta Das has said. At the same time, emerging markets face a wave of global spillover risks leading to capital outflows, currency and asset price volatility besides tightened financial conditions, posing risks to growth and inflation. Unsettled trade tensions and developments around Brexit are imparting further downside risks to the outlook, said Das. "There is considerable uncertainty as to whether this weakness is temporary or the beginning of a recession in advanced economies," he said while addressing the event 'Governor Talks' on the sidelines of International Monetary Fund-World Bank Spring Meetings. The risk of sudden stops and reversals of capital flows can aggravate existing stress in the balance sheets of lending institutions in some emerging markets and stretch their capital requirements, said Das on Friday. "For net energy importers like India, the recent firming up of oil prices on production cuts by major suppliers presents risks to current account deficit and inflation. Emerging economies also need to explore alternatives to reduce dependence on conventional energy sources, and give greater focus on renewables and energy efficiency." India is expected to clock a real GDP growth of 7.2 per cent during 2019-20 and continue to rank as the fastest among large economies of the world. Inflation has been averaging 3.6 per cent and current account deficit is expected to be about 2.5 per cent of GDP. Looking ahead, said Das, the priority should be to remain watchful and take coordinated action to revive growth and maintain macroeconomic, financial and price stability.

Slowdown in global growth, trade to hit emerging market economies: RBI Governor

Observing that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said monetary economics in emerging markets needs a rethink.

This includes challenging the conventional wisdom of modern central banks to hike or reduce their interest rates by 25 basis points or multiples thereof, Das said in a special address delivered on the sidelines of the annual Spring Meetings of the International Monetary Fund and World Bank.

Highly appreciated by the audience for his call for out-of-the-box thinking to address monetary policy challenges of the 21st century, Das said the unconventional monetary policies of advanced economies have resulted in "risks and spillovers" for the emerging markets.

In his speech titled 'Global Risks and Policy Challenges facing Emerging Market Economies', Das observed that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools.&nbsp;

In despair, some have turned to the heterodox evolution of ideas that are being practised as modern monetary theory, he noted.

In the end, monetary policy must touch the real economy, spur investments, and maintain monetary and financial stability, he asserted.&nbsp;

The time has come to think out of the box, including by challenging the conventional wisdom, he told the packed auditorium.&nbsp;

Typically, modern central banks with interest rates as their main instrument move in baby steps -- 25 basis points or multiples thereof -- and announce a stance of tightening, neutrality or accommodation to guide the markets and the public on the likely future course of policy, he said.&nbsp;

"One thought that comes to my mind is that if the unit of 25 basis points is not sacrosanct and just a convention, monetary policy can be well served by calibrating the size of the policy rate to the dynamics of the situation and the size of the change itself can convey the stance of policy," the RBI Governor said.&nbsp;

For instance, if easing of monetary policy is required but the central bank prefers to be cautious in its accommodation, a 10 basis points reduction in the policy rate would perhaps communicate the intent of authorities more clearly than two separate moves -- one on the policy rate, wasting 15 basis points of valuable rate action to rounding off, and the other on the stance, which in a sense binds future policy action to a pre-committed direction, he said.&nbsp;

Likewise, in a situation in which the central bank prefers to be accommodative but not overly so, it could announce a cut in the policy rate by 35 basis points if it has judged that the standard 25 basis points is too little, but its multiple, that is 50 basis points, is too much.&nbsp;

"This approach can also be useful when the central bank is on a tightening mode and potentially help avoid policy turnaround from forward guidance via stance too far into the future, which in a highly volatile global scenario, may not even be a year," Das said.&nbsp;

Stating that management of global spillovers poses a formidable challenge to emerging market economies, Das told the audience that a truly global financial safety net remains elusive as in this age of mobile capital flows, consequences of their arrivals, sudden stops and reversals are to be borne nationally.&nbsp;

As a result, emerging market economies (EMEs) are typically at the receiving end when global spillovers flare up, he said, adding that they have no recourse but to build their own forex reserve buffers.&nbsp;

Paradoxically, the accumulation of reserves has become stigmatised, including with labels such as "currency manipulation", he rued.&nbsp; 
"As I see it, we may be unintentionally setting the stage for several EME currencies to break out and challenge the hegemony of the dominant reserve currencies.&nbsp;

"There is a need for greater understanding on both sides. In the meantime, so far as the Reserve Bank of India is concerned, we will continue to play by the extant rules of the game," Das said in his special address.

Das also said central banks have to interact closely with financial markets for transmission of monetary policy impulses.&nbsp;

"In this context, ensuring a sound and efficient payment and settlement system is a pre-requisite," he noted.&nbsp;

Observing that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said monetary economics in emerging markets needs a rethink.

Observing that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said monetary economics in emerging markets needs a rethink. This includes challenging the conventional wisdom of modern central banks to hike or reduce their interest rates by 25 basis points or multiples thereof, Das said in a special address delivered on the sidelines of the annual Spring Meetings of the International Monetary Fund and World Bank. Highly appreciated by the audience for his call for out-of-the-box thinking to address monetary policy challenges of the 21st century, Das said the unconventional monetary policies of advanced economies have resulted in "risks and spillovers" for the emerging markets. In his speech titled 'Global Risks and Policy Challenges facing Emerging Market Economies', Das observed that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools. In despair, some have turned to the heterodox evolution of ideas that are being practised as modern monetary theory, he noted. In the end, monetary policy must touch the real economy, spur investments, and maintain monetary and financial stability, he asserted. The time has come to think out of the box, including by challenging the conventional wisdom, he told the packed auditorium. Typically, modern central banks with interest rates as their main instrument move in baby steps -- 25 basis points or multiples thereof -- and announce a stance of tightening, neutrality or accommodation to guide the markets and the public on the likely future course of policy, he said. "One thought that comes to my mind is that if the unit of 25 basis points is not sacrosanct and just a convention, monetary policy can be well served by calibrating the size of the policy rate to the dynamics of the situation and the size of the change itself can convey the stance of policy," the RBI Governor said. For instance, if easing of monetary policy is required but the central bank prefers to be cautious in its accommodation, a 10 basis points reduction in the policy rate would perhaps communicate the intent of authorities more clearly than two separate moves -- one on the policy rate, wasting 15 basis points of valuable rate action to rounding off, and the other on the stance, which in a sense binds future policy action to a pre-committed direction, he said. Likewise, in a situation in which the central bank prefers to be accommodative but not overly so, it could announce a cut in the policy rate by 35 basis points if it has judged that the standard 25 basis points is too little, but its multiple, that is 50 basis points, is too much. "This approach can also be useful when the central bank is on a tightening mode and potentially help avoid policy turnaround from forward guidance via stance too far into the future, which in a highly volatile global scenario, may not even be a year," Das said. Stating that management of global spillovers poses a formidable challenge to emerging market economies, Das told the audience that a truly global financial safety net remains elusive as in this age of mobile capital flows, consequences of their arrivals, sudden stops and reversals are to be borne nationally. As a result, emerging market economies (EMEs) are typically at the receiving end when global spillovers flare up, he said, adding that they have no recourse but to build their own forex reserve buffers. Paradoxically, the accumulation of reserves has become stigmatised, including with labels such as "currency manipulation", he rued. "As I see it, we may be unintentionally setting the stage for several EME currencies to break out and challenge the hegemony of the dominant reserve currencies. "There is a need for greater understanding on both sides. In the meantime, so far as the Reserve Bank of India is concerned, we will continue to play by the extant rules of the game," Das said in his special address. Das also said central banks have to interact closely with financial markets for transmission of monetary policy impulses. "In this context, ensuring a sound and efficient payment and settlement system is a pre-requisite," he noted.

Monetary economics in emerging markets needs a rethink, says RBI Governor

<a href="http://www.wionews.com/business-economy/rbi-will-not-allow-loose-money-situation-shaktikanta-das-188778">Reserve Bank of India (RBI) Governor Shaktikanta Das</a> Monday said any generalised farm loan waiver adversely impacts the credit culture and the behaviour of borrowers, amid various state governments announcing waivers.

The statement assumes significance in view of three newly elected state governments implementing farm loan waivers in their states in pursuance of poll promises.

When asked about his views on loan write-off for farmers by state governments, he said farm loan waiver is related to the fiscal space that a particular state government has.

"Elected governments have the constitutional mandate to take decisions with regard to their finance but every state government, before taking decisions on any kind of farm loan waivers, has to very carefully examine its fiscal space," he said.

"It's also for the individual governments to examine whether they have the fiscal space to meet the requirements and release the money to the banks immediately. Any generalised kind of write-off obviously has an adverse effect on the credit culture and the future credit behaviour of the borrowers," he said.

About Rs 1.47 lakh crore of agricultural loans are outstanding in Madhya Pradesh, Rajasthan, and Chhattisgarh, which announced waivers recently.

 
In 2017, Uttar Pradesh, Maharashtra, and Punjab announced to write off unpaid loans. Earlier this year, the coalition government in Karnataka also announced a farm loan waiver.

Asked about phasing out of Rs 2,000 notes, Das said the economic affairs department has clarified on the issue and there is nothing more to add to that.

Last week, the government had indicated that printing of Rs 2,000 bank notes, introduced after demonetisation in November 2016, has been stopped for now as there is enough stock in circulation.

Economic Affairs Secretary Subhash Chandra Garg had said printing of notes is planned as per the projected requirement.

"We have more than adequate notes of Rs 2,000 in the system with over 35 per cent of notes by value in circulation being of Rs 2,000. There has been no decision regarding 2,000 rupee note production recently," the secretary had said.

On the interim dividend, Das said, "as and when the RBI takes any decision on any matter, you will come to know about it."

The government has requested the RBI to give interim dividend as was done in the past. In the previous financial year, the central bank gave Rs 10,000 crore as interim dividend to the government.

"Lot of correspondence goes on between the government and the Reserve Bank. A lot of discussions do take place, whether there is an individual letter or not, that is not really relevant. As and when any decision (on interim dividend) is taken the Reserve Bank will not delay in announcing the decision," he said.

Asked if banks being given a target to come out of the non-performing asset problem, he said there is no such target given by the RBI.

"Reserve Bank takes the final decision on matters which are in its own domain, after considering all the aspects. So, Reserve Bank will listen to everybody. (It) will interact with everybody including the government but the final decision will be taken by the Reserve Bank in an objective manner to the best of its judgement," he said.

About Rs 1.47 lakh crore of agricultural loans are outstanding in Madhya Pradesh, Rajasthan, and Chhattisgarh, which announced waivers recently.

Reserve Bank of India (RBI) Governor Shaktikanta Das Monday said any generalised farm loan waiver adversely impacts the credit culture and the behaviour of borrowers, amid various state governments announcing waivers. The statement assumes significance in view of three newly elected state governments implementing farm loan waivers in their states in pursuance of poll promises. When asked about his views on loan write-off for farmers by state governments, he said farm loan waiver is related to the fiscal space that a particular state government has. "Elected governments have the constitutional mandate to take decisions with regard to their finance but every state government, before taking decisions on any kind of farm loan waivers, has to very carefully examine its fiscal space," he said. "It's also for the individual governments to examine whether they have the fiscal space to meet the requirements and release the money to the banks immediately. Any generalised kind of write-off obviously has an adverse effect on the credit culture and the future credit behaviour of the borrowers," he said. About Rs 1.47 lakh crore of agricultural loans are outstanding in Madhya Pradesh, Rajasthan, and Chhattisgarh, which announced waivers recently. In 2017, Uttar Pradesh, Maharashtra, and Punjab announced to write off unpaid loans. Earlier this year, the coalition government in Karnataka also announced a farm loan waiver. Asked about phasing out of Rs 2,000 notes, Das said the economic affairs department has clarified on the issue and there is nothing more to add to that. Last week, the government had indicated that printing of Rs 2,000 bank notes, introduced after demonetisation in November 2016, has been stopped for now as there is enough stock in circulation. Economic Affairs Secretary Subhash Chandra Garg had said printing of notes is planned as per the projected requirement. "We have more than adequate notes of Rs 2,000 in the system with over 35 per cent of notes by value in circulation being of Rs 2,000. There has been no decision regarding 2,000 rupee note production recently," the secretary had said. On the interim dividend, Das said, "as and when the RBI takes any decision on any matter, you will come to know about it." The government has requested the RBI to give interim dividend as was done in the past. In the previous financial year, the central bank gave Rs 10,000 crore as interim dividend to the government. "Lot of correspondence goes on between the government and the Reserve Bank. A lot of discussions do take place, whether there is an individual letter or not, that is not really relevant. As and when any decision (on interim dividend) is taken the Reserve Bank will not delay in announcing the decision," he said. Asked if banks being given a target to come out of the non-performing asset problem, he said there is no such target given by the RBI. "Reserve Bank takes the final decision on matters which are in its own domain, after considering all the aspects. So, Reserve Bank will listen to everybody. (It) will interact with everybody including the government but the final decision will be taken by the Reserve Bank in an objective manner to the best of its judgement," he said.

Generalised farm loan waiver impacts credit culture, says RBI Governor Shaktikanta Das

British Prime Minister Rishi Sunak, who is currently dealing with an economic crisis before the general elections, is in the news for a private jet he took last year that was apparently funded by an entrepreneur named Akhil Tripath who is also a minor Tory donor.

British Prime Minister Rishi Sunak, who is currently dealing with an economic crisis before the general elections, is in the news for a private jet he took last year that was apparently funded by an entrepreneur named Akhil Tripath who is also a minor Tory donor. British media was awash with headlines Thursday (Feb 29) about how Sunak attended two Conservative conferences in Wales and Scotland last year and took a private jet to travel there. The private jet was funded by Tripathi, a report by the Financial Times on Thursday said. Tripathi is the co-founder of Signifier Medical Technologies, a start-up that deals in anti-snoring devices and is facing losses. Questions are now being raised about how Tripathi gained access to Prime Minister Sunak and the due diligence done by the Conservative Party before accepting his money. Following Sunak's trip in April 2023, he sent a thank-you note to Tripathi for arranging the flight. However, the private jet did not belong to Tripathi and was rented. So who is Akhil Tripathi? Entrepreneur, minor Tony donor Tripathi's startup Signifier Medical Technologies focuses on the development and commercialisation of innovative and non-invasive solutions for patients with snoring and sleep disorder-related breathing conditions. The company is hoping to sell its anti-snoring device to the National Health Service (NHS). Also read | Rishi Sunak calls out threats to MPs, warns of 'toxic' culture in UK politics The Financial Times report said that Tripathi is a minor Tory donor. Months after he arranged the private jet for Prime Minister Sunak, Tripathi was embroiled in a civil fraud case involving his start-up. He rented the Embraer Legacy 500 to Sunak, which the PM recorded as a $48,619 (around £38,500) gift. Sunak's trips led to questions about the due diligence that he and the Conservative party did on Tripathi, the report added. Tripathi made his first donation worth $63,142 to the Conservatives in July 2021. In total, he has given nearly $194,000 to the party. Since developing a relationship with Sunak, Tripathi has been pursued in the courts by investors in his startup. As per the report, one investor said that Tripathi committed a “fraud” in relation to the company. Also watch | Rishi Sunak's asylum laws trapping 55,000 people in perma-backlog: Report × Meanwhile, the entrepreneur has held meetings with several politicians, including former health secretary Sajid Javid and Chancellor of the Exchequer Jeremy Hunt. Not much is known about Tripathi's early background. As per Companies House, he is an Indian national born in 1985. He has been the co-founder of many other startups apart from Signifier. At the time Tripathi arranged for the flight for Sunak, Signifier reported losses of $42.3 million on revenue of just $3.1 million for the year to March 31, 2022, the report said. But despite the losses, Tripathi lived a glamorous lifestyle. 'How did Sunak end up on that plane?' The Labour Party demanded that Sunak and the Conservative Party should give an account of how the prime minister ended up on that private jet. “They must explain on what basis Mr Tripathi gained access to the highest levels of government, and what checks were made on his background before he did so,” Emily Thornberry, Labour’s shadow attorney-general, told the publication. Tripathi is currently facing two civil actions in the High Court of Justice in London. A Conservative party official said that on reflection, PM Sunak should have “maybe thought twice” before getting on the private jet arranged by the entrepreneur. (With inputs from agencies)

RBI likely to give government bumper interim dividend: Sources

The Reserve Bank of India (RBI) will not like the banking system to be in a situation of "loose money", Governor Shaktikanta Das said on Monday after a meeting with representatives of small- and medium-sized businesses.

The RBI is also looking at new governance reforms for state-owned banks but will not "throttle" their functioning, Das told reporters.

The Reserve Bank of India (RBI) will not like the banking system to be in a situation of "loose money", Governor Shaktikanta Das said on Monday after a meeting with representatives of small- and medium-sized businesses.

The Reserve Bank of India (RBI) will not like the banking system to be in a situation of "loose money", Governor Shaktikanta Das said on Monday after a meeting with representatives of small- and medium-sized businesses. The RBI is also looking at new governance reforms for state-owned banks but will not "throttle" their functioning, Das told reporters.

RBI will not allow 'loose money' situation: Shaktikanta Das

The outgoing year marks a watershed in the annals of the country’s apex bank as the Reserve Bank of India (RBI) turned out to be a tussling ground for its governor and the government.

The denouement came when the soft, scholarly and self-effacing twenty-fourth governor of the central bank, Urjit Patel, called it quits on December 10 and the government lost little time in filling the vacancy with a retired career bureaucrat and Member Fifteenth Finance Commission, Shaktikanta Das.

In a written reply to a query, Minister of State for Finance Shiv Pratap Shukla, conceded in the Lok Sabha on December 14 that the “government asked RBI for a review of its Economic Capital Framework (ECF) adopted in 2016… the board has decided to constitute an Expert Committee to examine the ECF, the membership of the terms of reference of which will be jointly determined by the government and the RBI”.&nbsp;

It needs to be noted that the erstwhile governor Patel stuck to his guns in not yielding an inch in the governing structure and economic policy framework that would translate into more access to the government to RBI’s surplus reserves of Rs 9.3 lakh crore.

This is all the more so when the RBI has the big mandate to keep inflation at four per cent within a band of plus/minus one per cent. So any leeway or access to the surplus funds parked with the banking regulator being extended to the government especially at a time when the nation is going to the mega polls in 2019, is bound to goad it to splurge on goodies and other populist schemes that would only stoke and fuel inflationary fires before long. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;

Though other weighty issues such as credit and liquidity being made reasonably available to the real sectors of the economy and at an affordable cost, the central bank is seized of the problems and is taking steps to ensure that credit delivery to the vital sectors is ensured through various ongoing measures it had kept unveiling from time to time.&nbsp;

RBI data reveals that the banking system’s non-food credit growth, which touched a nadir to 7-8 per cent in the three years to October 2017 (when the RBI cracked the whip to cleanse the stable of sore NPAs), returned to double-digit growth between October 2017 to October 2018 at 13 per cent.

The arrival of a bureaucrat to the RBI as its top man is coterminous with the efforts of the BJP-led NDA government to revive the fortunes of the slowing economy. For Shaktikanta Das, who was instrumental in altering the industrial landscape of Tamil Nadu as the Industries Secretary in two spells, his elevation to the corner office of the central bank is bound to be keenly watched by wonks. He had worked in the Finance Ministry at various levels and was representing the government side in framing the inflation-targeting as the supreme remit of the RBI, besides being a vocal supporter of the controversial demonetisation policy of the government.

He has plates full of priority issues that range from RBI governance, transfer of RBI reserves to the government, systemic liquidity encompassing a window for distressed finance companies, relaxation of the February 12 circular, which hardened the norms for non-performing loans to allowing banks that are in the Prompt Corrective Action (PCA) category, to resume lending.&nbsp;

The first board meeting he presided over on December 14 was shorn of drama/trauma, confined to less than an hour by resolving to examine the issues further, review liquidity, credit delivery and economic situation.

As its next board meeting is in January 2019, Das must perforce have to balance his new avatar as a central banker with his quondam position as one from the other side of the ring, so that he is seen not abandoning the quest of his predecessor bureaucrat-turned RBI governors such as YV Reddy and D Subba Rao, who strove to ensure the autonomy, credibility and independence of the RBI even by demurring with their Finance Ministers in their own unobtrusive ways.

(This article was originally published on DNA. Read the <a href="https://www.dnaindia.com/analysis/column-shaktikanta-das-has-a-job-cut-out-for-himself-at-rbi-2699553">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

The outgoing year marks a watershed in the annals of the country’s apex bank as the Reserve Bank of India (RBI) turned out to be a tussling ground for its governor and the government.

The outgoing year marks a watershed in the annals of the country’s apex bank as the Reserve Bank of India (RBI) turned out to be a tussling ground for its governor and the government. The denouement came when the soft, scholarly and self-effacing twenty-fourth governor of the central bank, Urjit Patel, called it quits on December 10 and the government lost little time in filling the vacancy with a retired career bureaucrat and Member Fifteenth Finance Commission, Shaktikanta Das. In a written reply to a query, Minister of State for Finance Shiv Pratap Shukla, conceded in the Lok Sabha on December 14 that the “government asked RBI for a review of its Economic Capital Framework (ECF) adopted in 2016… the board has decided to constitute an Expert Committee to examine the ECF, the membership of the terms of reference of which will be jointly determined by the government and the RBI”. It needs to be noted that the erstwhile governor Patel stuck to his guns in not yielding an inch in the governing structure and economic policy framework that would translate into more access to the government to RBI’s surplus reserves of Rs 9.3 lakh crore. This is all the more so when the RBI has the big mandate to keep inflation at four per cent within a band of plus/minus one per cent. So any leeway or access to the surplus funds parked with the banking regulator being extended to the government especially at a time when the nation is going to the mega polls in 2019, is bound to goad it to splurge on goodies and other populist schemes that would only stoke and fuel inflationary fires before long. Though other weighty issues such as credit and liquidity being made reasonably available to the real sectors of the economy and at an affordable cost, the central bank is seized of the problems and is taking steps to ensure that credit delivery to the vital sectors is ensured through various ongoing measures it had kept unveiling from time to time. RBI data reveals that the banking system’s non-food credit growth, which touched a nadir to 7-8 per cent in the three years to October 2017 (when the RBI cracked the whip to cleanse the stable of sore NPAs), returned to double-digit growth between October 2017 to October 2018 at 13 per cent. The arrival of a bureaucrat to the RBI as its top man is coterminous with the efforts of the BJP-led NDA government to revive the fortunes of the slowing economy. For Shaktikanta Das, who was instrumental in altering the industrial landscape of Tamil Nadu as the Industries Secretary in two spells, his elevation to the corner office of the central bank is bound to be keenly watched by wonks. He had worked in the Finance Ministry at various levels and was representing the government side in framing the inflation-targeting as the supreme remit of the RBI, besides being a vocal supporter of the controversial demonetisation policy of the government. He has plates full of priority issues that range from RBI governance, transfer of RBI reserves to the government, systemic liquidity encompassing a window for distressed finance companies, relaxation of the February 12 circular, which hardened the norms for non-performing loans to allowing banks that are in the Prompt Corrective Action (PCA) category, to resume lending. The first board meeting he presided over on December 14 was shorn of drama/trauma, confined to less than an hour by resolving to examine the issues further, review liquidity, credit delivery and economic situation. As its next board meeting is in January 2019, Das must perforce have to balance his new avatar as a central banker with his quondam position as one from the other side of the ring, so that he is seen not abandoning the quest of his predecessor bureaucrat-turned RBI governors such as YV Reddy and D Subba Rao, who strove to ensure the autonomy, credibility and independence of the RBI even by demurring with their Finance Ministers in their own unobtrusive ways. (This article was originally published on DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Shaktikanta Das has a job cut out for himself at RBI

&nbsp;The crucial central board meeting of the Reserve Bank is underway Friday morning to discuss contentious issues including a new economic capital framework (ECF) for the central bank and relaxation in the prompt corrective action norms for at least some of 12 state-run banks.

This is the first board meet chaired by the <a href="http://www.wionews.com/india-news/will-uphold-autonomy-of-rbi-new-governor-shaktikanta-das-183476">newly- appointed Shaktikanta Das</a>, who took over as the <a href="http://www.wionews.com/business-economy/shaktikanta-das-assumes-charge-as-rbi-governor-183416">25th governor</a> on Wednesday.

In the previous board meeting, held on November 19, the board had decided to constitute a committee of experts to fix the appropriate level of economic capital framework (ECF) that the central bank should hold at any given time and the membership and terms of reference of which will be jointly determined by government and RBI.

The issue of transfer of RBI's excess reserves, which stood at Rs 9.43 lakh crore as of June 2018, to the government has been one of the contentious issues between the government and the central bank for a long time and also one of the key reasons for the sudden <a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-resigns-cites-personal-reasons-182915">resignation of Urjit Patel</a> Monday.

The 18-member RBI board will also deliberate on the relaxation of prompt corrective action norms. Of the 21 state-owned banks, 11 are under the PCA framework, which imposes lending and other restrictions on weak lenders.

These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra.

On Thursday, Das met the chiefs of a few state-run banks to discuss their concerns. Lenders requested the governor to ease the PCA norms and also sought relaxation in the one-day default norm announced in the February 12 RBI circular on the reclassification of NPAs.

At the November 19 meeting, the RBI board had also decided to refer the issue of relaxing PCA framework to the Board of Financial Supervision (BFS) of the central bank.

Unlike the last meet, which lasted for 10 hours, Friday's meeting is likely to get over by afternoon.&nbsp;

The crucial central board meeting of the Reserve Bank is underway Friday morning to discuss contentious issues including a new economic capital framework (ECF) for the central bank and relaxation in the prompt corrective action norms for at least some of 12 state-run banks.

The crucial central board meeting of the Reserve Bank is underway Friday morning to discuss contentious issues including a new economic capital framework (ECF) for the central bank and relaxation in the prompt corrective action norms for at least some of 12 state-run banks. This is the first board meet chaired by the newly- appointed Shaktikanta Das, who took over as the 25th governor on Wednesday. In the previous board meeting, held on November 19, the board had decided to constitute a committee of experts to fix the appropriate level of economic capital framework (ECF) that the central bank should hold at any given time and the membership and terms of reference of which will be jointly determined by government and RBI. The issue of transfer of RBI's excess reserves, which stood at Rs 9.43 lakh crore as of June 2018, to the government has been one of the contentious issues between the government and the central bank for a long time and also one of the key reasons for the sudden resignation of Urjit Patel Monday. The 18-member RBI board will also deliberate on the relaxation of prompt corrective action norms. Of the 21 state-owned banks, 11 are under the PCA framework, which imposes lending and other restrictions on weak lenders. These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra. On Thursday, Das met the chiefs of a few state-run banks to discuss their concerns. Lenders requested the governor to ease the PCA norms and also sought relaxation in the one-day default norm announced in the February 12 RBI circular on the reclassification of NPAs. At the November 19 meeting, the RBI board had also decided to refer the issue of relaxing PCA framework to the Board of Financial Supervision (BFS) of the central bank. Unlike the last meet, which lasted for 10 hours, Friday's meeting is likely to get over by afternoon.

RBI board meeting gets underway

The board of the Reserve Bank of India said on Friday it had deliberated on the governance framework of the central bank and decided the matter requires "further examination".

The governance issue was a key part of the board meeting's agenda as the government wanted to have a greater say in the crucial regulatory decisions of the central bank through its board nominees.

The meeting, which wrapped up in less than four hours on Friday compared with the previous two meetings that lasted nine hours, indicated a likely smoother ride ahead for the central bank and the government under new RBI Governor Shaktikanta Das.

"The board deliberated on the governance framework of the Reserve Bank and it was decided that the matter required further examination," the RBI said in a statement.

The governance agenda included re-constituting or reviewing the sub-committees of the board which make regulatory decisions, in a bid to curb the RBI's unilateral decision-making powers. Currently, the RBI decides the regulatory and operational issues of banks and the board is informed later.

Das' bureaucratic links are expected to mend a rift between the government and the central bank that had widened sharply under his predecessor Urjit Patel, but the pressure to have greater control over the RBI's regulatory power through the board is likely to continue.

OTHER ISSUES

The board also reviewed global and domestic challenges, liquidity and credit delivery and currency management, the RBI said in the release without giving further details.

There were some expectations that the RBI might come up with measures to ease liquidity further following the government's demands.

Prime Minister Narendra Modi's government is keen to boost the economy ahead of general elections that must be held by May. Modi's ruling Hindu nationalist Bharatiya Janata Party's need for support from the RBI has become more imperative after the government lost all five crucial states and relinquished power in three of them this week.

Defending the government's demands, Finance Minister Arun Jaitley told ET Now on Thursday there was a need to boost credit and liquidity, and bringing up these issues with the central bank did not mean it was infringing upon the RBI's autonomy.

"RBI and government's difference has to be respected," Jaitley told ET Now on Thursday.

The government has been persistent with its demands for more liquidity, relaxation of lending curbs to help indebted state banks and a greater share of the RBI's excess capital reserves.

The continuous pressure deepened the rift between the RBI and government, which eventually led to Patel's shocking resignation earlier this week.

However, Das, who has been a bureaucrat for nearly four decades, is deft at building consensus and has promised to be more consultative, in contrast to Patel's taciturn nature and his unwillingness to engage often with stakeholders.

The board of the Reserve Bank of India said on Friday it had deliberated on the governance framework of the central bank and decided the matter requires "further examination".

The board of the Reserve Bank of India said on Friday it had deliberated on the governance framework of the central bank and decided the matter requires "further examination". The governance issue was a key part of the board meeting's agenda as the government wanted to have a greater say in the crucial regulatory decisions of the central bank through its board nominees. The meeting, which wrapped up in less than four hours on Friday compared with the previous two meetings that lasted nine hours, indicated a likely smoother ride ahead for the central bank and the government under new RBI Governor Shaktikanta Das. "The board deliberated on the governance framework of the Reserve Bank and it was decided that the matter required further examination," the RBI said in a statement. The governance agenda included re-constituting or reviewing the sub-committees of the board which make regulatory decisions, in a bid to curb the RBI's unilateral decision-making powers. Currently, the RBI decides the regulatory and operational issues of banks and the board is informed later. Das' bureaucratic links are expected to mend a rift between the government and the central bank that had widened sharply under his predecessor Urjit Patel, but the pressure to have greater control over the RBI's regulatory power through the board is likely to continue. OTHER ISSUES The board also reviewed global and domestic challenges, liquidity and credit delivery and currency management, the RBI said in the release without giving further details. There were some expectations that the RBI might come up with measures to ease liquidity further following the government's demands. Prime Minister Narendra Modi's government is keen to boost the economy ahead of general elections that must be held by May. Modi's ruling Hindu nationalist Bharatiya Janata Party's need for support from the RBI has become more imperative after the government lost all five crucial states and relinquished power in three of them this week. Defending the government's demands, Finance Minister Arun Jaitley told ET Now on Thursday there was a need to boost credit and liquidity, and bringing up these issues with the central bank did not mean it was infringing upon the RBI's autonomy. "RBI and government's difference has to be respected," Jaitley told ET Now on Thursday. The government has been persistent with its demands for more liquidity, relaxation of lending curbs to help indebted state banks and a greater share of the RBI's excess capital reserves. The continuous pressure deepened the rift between the RBI and government, which eventually led to Patel's shocking resignation earlier this week. However, Das, who has been a bureaucrat for nearly four decades, is deft at building consensus and has promised to be more consultative, in contrast to Patel's taciturn nature and his unwillingness to engage often with stakeholders.

RBI board seeks more discussion on governance under new boss

The central board of the Reserve Bank of India (RBI) under new Governor Shaktikanta Das will meet on Friday where the directors are likely to push for a greater say in the decision making of the central bank.

The meeting will review the progress with respect to some of the decisions taken in the last meet on November 19. Among other things, the crucial board meeting is expected to take a stock of Micro, Small &amp; Medium Enterprises (MSMEs), which is under stress due to demonetisation and implementation of the Goods and Services Tax (GST).

This scheduled meeting comes in the backdrop of surprise resignation by Urjit Patel earlier this week citing personal reasons. However, the tussle between the Finance Ministry and RBI was attributed as a reason for the sudden exit of Patel, who would have completed his 3-year term in September 2019.

According to sources, one of the key agenda for the upcoming board meeting will be governance issue -- the role of the central board in the decision making of the RBI.

Given the current structure, the central board plays an advisery role but there is growing clamour to make it operational and have greater participation in key decisions of the central bank.

The government as one of the important stakeholders also wants greater involvement in the RBI's decision making as it feels the current practice leaves it out on many critical issues like single-day default turning a loan into an NPA, sources said.

However, former governors and other experts have pitched for the independence and autonomy of the RBI and want the board to play advisery role with given composition.

The central board of the RBI is headed by the governor and includes two government nominee directors and 11 independent directors. Currently, the central board has 18 members, with the provision of going up to 21.

Soon after taking reins of the RBI, Das said, he will try to uphold the autonomy, credibility and the integrity of the "great institution" and take every stakeholder, including the government, along in a consultative manner.

The former Economic Affairs Secretary, who took over as the 25th Governor Wednesday said, he will take measures which the economy requires in a timely manner.

On the second day, he held consultation with heads of the Mumbai-based public sector bankers to discuss issues faced by them.

It is expected that relaxation of the Prompt Corrective Action (PCA) framework for weak banks would also come up for the discussion under the new the governor.

Of the 21 state-owned banks, 11 are under the PCA framework. These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra.

The PCA framework kicks in when banks breach any of the three key regulatory trigger points -- namely capital to risk-weighted assets ratio, net non-performing assets (NPA) and return on assets (RoA).

With regard to economic capital framework, the new governor said as decided in the board meeting an expert committee in consultation with the government will be constituted soon to examine the issue.&nbsp;

The central board of the Reserve Bank of India (RBI) under new Governor Shaktikanta Das will meet on Friday where the directors are likely to push for a greater say in the decision making of the central bank.

The central board of the Reserve Bank of India (RBI) under new Governor Shaktikanta Das will meet on Friday where the directors are likely to push for a greater say in the decision making of the central bank. The meeting will review the progress with respect to some of the decisions taken in the last meet on November 19. Among other things, the crucial board meeting is expected to take a stock of Micro, Small & Medium Enterprises (MSMEs), which is under stress due to demonetisation and implementation of the Goods and Services Tax (GST). This scheduled meeting comes in the backdrop of surprise resignation by Urjit Patel earlier this week citing personal reasons. However, the tussle between the Finance Ministry and RBI was attributed as a reason for the sudden exit of Patel, who would have completed his 3-year term in September 2019. According to sources, one of the key agenda for the upcoming board meeting will be governance issue -- the role of the central board in the decision making of the RBI. Given the current structure, the central board plays an advisery role but there is growing clamour to make it operational and have greater participation in key decisions of the central bank. The government as one of the important stakeholders also wants greater involvement in the RBI's decision making as it feels the current practice leaves it out on many critical issues like single-day default turning a loan into an NPA, sources said. However, former governors and other experts have pitched for the independence and autonomy of the RBI and want the board to play advisery role with given composition. The central board of the RBI is headed by the governor and includes two government nominee directors and 11 independent directors. Currently, the central board has 18 members, with the provision of going up to 21. Soon after taking reins of the RBI, Das said, he will try to uphold the autonomy, credibility and the integrity of the "great institution" and take every stakeholder, including the government, along in a consultative manner. The former Economic Affairs Secretary, who took over as the 25th Governor Wednesday said, he will take measures which the economy requires in a timely manner. On the second day, he held consultation with heads of the Mumbai-based public sector bankers to discuss issues faced by them. It is expected that relaxation of the Prompt Corrective Action (PCA) framework for weak banks would also come up for the discussion under the new the governor. Of the 21 state-owned banks, 11 are under the PCA framework. These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra. The PCA framework kicks in when banks breach any of the three key regulatory trigger points -- namely capital to risk-weighted assets ratio, net non-performing assets (NPA) and return on assets (RoA). With regard to economic capital framework, the new governor said as decided in the board meeting an expert committee in consultation with the government will be constituted soon to examine the issue.

New RBI Governor Das to steer first central board meet Friday

Social media question Shaktikanta Das, new RBI Governor qualification

Former Economic Affairs Secretary Shaktikanta Das Wednesday assumed charge as the RBI Governor.

He replaces Urjit Patel who abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank.

"Assumed charge as Governor, Reserve Bank of India. Thank you each and everyone for your good wishes," Das said in a tweet.

Finance Minister Arun Jaitley termed Das as a person with "right credentials" for the RBI top job.

"Das has been a very senior and an experienced civil servant. He has almost his entire career in the management of finances and economic management of the country both, when he was in the state government of Tamil Nadu and also when he was in the Government of India in the Ministry of Finance," Jaitley said.

Das, who becomes 25th governor of the RBI, is a former IAS officer of Tamil Nadu cadre.

Jaitley said his appointment was necessitated by the resignation of Urjit Patel as Governor of the RBI on Monday.

"I think, he (Das) has the right credentials. He has been extremely professional, has worked under various governments and has excelled himself. I am sure, in meeting the challenges before India's economy as Governor of Reserve Bank, he will certainly act," the finance minister said.&nbsp;

Former Economic Affairs Secretary Shaktikanta Das Wednesday assumed charge as the RBI Governor. He replaces Urjit Patel who abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank.

Former Economic Affairs Secretary Shaktikanta Das Wednesday assumed charge as the RBI Governor. He replaces Urjit Patel who abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank. "Assumed charge as Governor, Reserve Bank of India. Thank you each and everyone for your good wishes," Das said in a tweet. Finance Minister Arun Jaitley termed Das as a person with "right credentials" for the RBI top job. "Das has been a very senior and an experienced civil servant. He has almost his entire career in the management of finances and economic management of the country both, when he was in the state government of Tamil Nadu and also when he was in the Government of India in the Ministry of Finance," Jaitley said. Das, who becomes 25th governor of the RBI, is a former IAS officer of Tamil Nadu cadre. Jaitley said his appointment was necessitated by the resignation of Urjit Patel as Governor of the RBI on Monday. "I think, he (Das) has the right credentials. He has been extremely professional, has worked under various governments and has excelled himself. I am sure, in meeting the challenges before India's economy as Governor of Reserve Bank, he will certainly act," the finance minister said.

Shaktikanta Das assumes charge as 25th RBI governor

New RBI Governor Shaktikanta Das said Wednesday that he would protect the autonomy of the country's central bank.&nbsp;

Das was appointed RBI &nbsp;governor on Tuesday after <a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-resigns-cites-personal-reasons-182915">former governor Urjit Patel's sudden resignation on Monday</a>. Patel and the government had been tussling for months over the issue of the bank's independence.&nbsp;

The main points of contention between them had been the bank's surplus cash reserves. The government was of the opinion that more of them should be handed over to the government.&nbsp;

The government was also keen that the central bank free up credit — by loosening its curbs on the non-banking financial sector — for small and medium enterprises.&nbsp;

"I will try and uphold professionalism, core values, credibility and autonomy of this institution. It’s an honour and great opportunity to serve RBI. I will try my best to work with everyone and work in the interest of Indian economy," Das said on Wednesday.&nbsp;

"I have convened a meeting with CEOs and MDs of public sector banks tomorrow morning. Banking is an important segment in our economy and it’s facing several challenges that need to be dealt with. It's the banking sector on which I’d like to focus immediately," he added.&nbsp;

Das was on Wednesday asked, he made his comments at a press conference, about the strife between his predecessor and the government.&nbsp;

"I don't know if the relationship is good or not but we have to have stakeholders'&nbsp;consultation," Das answered.

"Government is not just a stakeholder but also runs the country, economy and manages major policy decisions. So there has to be discussion between government and RBI," he added.&nbsp;

Das is a former top&nbsp;bureaucrat. He retired from the government as Secretary of the Economic Affairs Department. He has also been a secretary of the Revenue Department.&nbsp;

Das was also <a href="http://www.wionews.com/india-news/new-rbi-governor-shaktikanta-dass-journey-from-north-block-to-mint-street-183339">the Modi government's point man during demonetisation</a>, briefing the media on changes in rules — there had been several&nbsp;— after the government junked the old 500 and 1,000-rupee notes.&nbsp;

One of his ideas had been to mark people's fingers with indelible ink — like is done during elections — after they had withdrawn cash from their bank accounts, so as to stop them from withdrawing more cash than the allowed limit.&nbsp;

The move was withdrawn after widespread outrage.&nbsp;&nbsp;

Das has MA in history from Delhi's St Stephen's College.&nbsp;

New RBI Governor Shaktikanta Das said Wednesday that he would protect the autonomy of the country's central bank. Das was appointed RBI governor on Tuesday after former governor Urjit Patel's sudden resignation on Monday.

New RBI Governor Shaktikanta Das said Wednesday that he would protect the autonomy of the country's central bank. Das was appointed RBI governor on Tuesday after former governor Urjit Patel's sudden resignation on Monday. Patel and the government had been tussling for months over the issue of the bank's independence. The main points of contention between them had been the bank's surplus cash reserves. The government was of the opinion that more of them should be handed over to the government. The government was also keen that the central bank free up credit — by loosening its curbs on the non-banking financial sector — for small and medium enterprises. "I will try and uphold professionalism, core values, credibility and autonomy of this institution. It’s an honour and great opportunity to serve RBI. I will try my best to work with everyone and work in the interest of Indian economy," Das said on Wednesday. "I have convened a meeting with CEOs and MDs of public sector banks tomorrow morning. Banking is an important segment in our economy and it’s facing several challenges that need to be dealt with. It's the banking sector on which I’d like to focus immediately," he added. Das was on Wednesday asked, he made his comments at a press conference, about the strife between his predecessor and the government. "I don't know if the relationship is good or not but we have to have stakeholders' consultation," Das answered. "Government is not just a stakeholder but also runs the country, economy and manages major policy decisions. So there has to be discussion between government and RBI," he added. Das is a former top bureaucrat. He retired from the government as Secretary of the Economic Affairs Department. He has also been a secretary of the Revenue Department. Das was also the Modi government's point man during demonetisation, briefing the media on changes in rules — there had been several — after the government junked the old 500 and 1,000-rupee notes. One of his ideas had been to mark people's fingers with indelible ink — like is done during elections — after they had withdrawn cash from their bank accounts, so as to stop them from withdrawing more cash than the allowed limit. The move was withdrawn after widespread outrage. Das has MA in history from Delhi's St Stephen's College.

Will protect RBI's autonomy: New Governor Shaktikanta Das

Social media users question RBI governor Shaktikanta Das's qualification

<a href="http://www.wionews.com/india-news/will-uphold-autonomy-of-rbi-new-governor-shaktikanta-das-183476">Will protect RBI's autonomy: New Governor Shaktikanta Das</a>

New RBI Governor Shaktikanta Das said Wednesday that he would protect the autonomy of the country's central bank. Das was appointed RBI governor on Tuesday after former governor Urjit Patel's sudden resignation on Monday. Patel and the government had been tussling for months over the issue of the bank's independence.

<a href="http://www.wionews.com/india-news/all-eyes-now-on-whom-rahul-gandhi-will-choose-as-his-chief-ministers-183485">All eyes now on whom Rahul Gandhi will choose as his chief ministers​​​​​​​</a>

The Congress was poised on Wednesday to form governments in Rajasthan, Madhya Pradesh and Chattisgarh, signalling a newfound energy in the party ranks and energising opposition efforts to stop the BJP juggernaut before general elections next year.&nbsp;​​​​​​​

<a href="http://www.wionews.com/india-news/all-eyes-now-on-whom-rahul-gandhi-will-choose-as-his-chief-ministers-183485">UK PM May says will fight no-confidence motion, her ouster will delay Brexit</a>

The British prime minister said on Wednesday that she would fight a motion of no confidence lodged by a right-wing faction of her own Conservative Party and warned that a change in leadership now would only serve to delay the United Kingdom's withdrawal from the European Union.​​​​​​​

<a href="http://www.wionews.com/world/sundar-pichai-explains-why-google-results-for-idiot-shows-trump-183473">Google 'idiot' and image of Trump shows up. Sundar Pichai explains why​​​​​​​</a>

In a public address to a group of mostly tech novices, Google CEO Sundar Pichai on Tuesday explained the company's algorithm that works behind curating data for its search results.​​​​​​​

<a href="http://www.wionews.com/world/sundar-pichai-explains-why-google-results-for-idiot-shows-trump-183473">NRC coordinator tells SC semi-literate people cannot fill out objection forms</a>

Supreme Court on Wednesday extended the deadline for filing claims and objections on the inclusion of names in the draft National Register of Citizen (NRC) from December 15 to December 31, 2018.​​​​​​​ 
&nbsp;

Will protect RBI's autonomy: New Governor Shaktikanta Das New RBI Governor Shaktikanta Das said Wednesday that he would protect the autonomy of the country's central bank.

Will protect RBI's autonomy: New Governor Shaktikanta Das New RBI Governor Shaktikanta Das said Wednesday that he would protect the autonomy of the country's central bank. Das was appointed RBI governor on Tuesday after former governor Urjit Patel's sudden resignation on Monday. Patel and the government had been tussling for months over the issue of the bank's independence. All eyes now on whom Rahul Gandhi will choose as his chief ministers The Congress was poised on Wednesday to form governments in Rajasthan, Madhya Pradesh and Chattisgarh, signalling a newfound energy in the party ranks and energising opposition efforts to stop the BJP juggernaut before general elections next year. UK PM May says will fight no-confidence motion, her ouster will delay Brexit The British prime minister said on Wednesday that she would fight a motion of no confidence lodged by a right-wing faction of her own Conservative Party and warned that a change in leadership now would only serve to delay the United Kingdom's withdrawal from the European Union. Google 'idiot' and image of Trump shows up. Sundar Pichai explains why In a public address to a group of mostly tech novices, Google CEO Sundar Pichai on Tuesday explained the company's algorithm that works behind curating data for its search results. NRC coordinator tells SC semi-literate people cannot fill out objection forms Supreme Court on Wednesday extended the deadline for filing claims and objections on the inclusion of names in the draft National Register of Citizen (NRC) from December 15 to December 31, 2018.

News brief: Big stories of the day

'Will work in best interest of economy': RBI governor Shaktikanta Das

BJP lawmaker Subramanian Swamy here on Wednesday said that the appointment of Shaktikanta Das as the new Governor of the Reserve Bank of India (RBI) is wrong.&nbsp;

Swamy alleged that Das was involved in corrupt activities with former Finance Minister and Congress leader P Chidambaram and even tried to save him in the court cases.&nbsp;

"I don`t know why this was done. I have written a letter to Prime Minister Narendra Modi against this decision," Swamy said.

Shaktikanta Das, a member of the 15th Finance Commission and former Economic Affairs Secretary, was on Tuesday appointed as RBI Governor, a day after Urjit Patel quit abruptly. Das retired as Economic Affairs secretary last year and was subsequently made a member of the 15th Finance Commission.&nbsp;

 
&nbsp;

BJP lawmaker Subramanian Swamy here on Wednesday said that the appointment of Shaktikanta Das as the new Governor of the Reserve Bank of India (RBI) is wrong. Swamy alleged that Das was involved in corrupt activities with former Finance Minister and Congress leader P Chidambaram and even tried to save him in the court cases.

BJP lawmaker Subramanian Swamy here on Wednesday said that the appointment of Shaktikanta Das as the new Governor of the Reserve Bank of India (RBI) is wrong. Swamy alleged that Das was involved in corrupt activities with former Finance Minister and Congress leader P Chidambaram and even tried to save him in the court cases. "I don`t know why this was done. I have written a letter to Prime Minister Narendra Modi against this decision," Swamy said. Shaktikanta Das, a member of the 15th Finance Commission and former Economic Affairs Secretary, was on Tuesday appointed as RBI Governor, a day after Urjit Patel quit abruptly. Das retired as Economic Affairs secretary last year and was subsequently made a member of the 15th Finance Commission.

Appointment of Shaktikanta Das as RBI Governor is wrong: Subramanian Swamy

shaktikanta-das

Shaktikanta Das, News on Shaktikanta Das, stories on Shaktikanta Das, articles on Shaktikanta Das, Shaktikanta Das stories at Wion, Shaktikanta Das news, Shaktikanta Das latest news

shaktikanta das