Opinion | Moving out of the shadow of failed demonetization
6 years, 4 months ago

Opinion | Moving out of the shadow of failed demonetization

Live Mint  

The Reserve Bank of India has reiterated in its new annual report what it said in the previous one released in September 2017—most of the bank notes that were pulled out of circulation in November 2016 have been returned to it. The latest figure is an update of the one released last year, when the central bank had said it would come up with a final number once the onerous task of counting the currency that had been returned was completed. The hope that demonetization would be an immense exogenous shock that would make Indians use less cash as well as the belief that the government would get a fiscal bonanza as the central bank cancelled a big chunk of its currency liabilities have been belied. The Indian central bank can now move out of the shadow of the failed demonetization experiment launched by the Narendra Modi government. The confusion in the bond markets earlier this year whether an inflation targeting central bank will also help banks minimise losses in their bond portfolios is another example.

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History of this topic

‘For our satisfaction’: SC orders Centre, RBI to produce demonatisation files
2 years, 1 month ago

‘For our satisfaction’: SC orders Centre, RBI to produce demonatisation files

Hindustan Times  

The Supreme Court on Wednesday directed the ministry of finance and the Reserve Bank of India to produce files pertaining to the government’s November 2016 decision to outlaw currency notes of ₹500 and ₹1,000. The bench also told the government’s top law officer Attorney General R Venkatramani that it wanted to examine the “relevant records” of RBI and Centre. Chidambaram …

Supreme Court directs Centre, RBI to submit records behind demonetisation decision
2 years, 1 month ago

Supreme Court directs Centre, RBI to submit records behind demonetisation decision

The Hindu  

The Supreme Court on December 7 directed the Centre and the RBI to place on record the “relevant records” relating to the government’s 2016 decision to demonetise currency notes of ₹1,000 and ₹500 denomination for its perusal. Reserving its verdict on a batch of pleas challenging the Centre’s decision, a five-judge Constitution Bench headed by Justice S.A. Nazeer heard the …

'No apology': Rahul Gandhi takes swipe at Modi govt on 5 years of demonetisation
3 years, 2 months ago

'No apology': Rahul Gandhi takes swipe at Modi govt on 5 years of demonetisation

India TV News  

Taking a swipe at BJP-led NDA government on 5-years of demonetisation, Congress leader Rahul Gandhi on Monday said that note-ban was a planned step by the government in the interests of its friends for which people there is no apology. "People would have forgiven the government had it been a mistake but demonetisation was intentionally a planned step by the …

Demonetisation helped curb black money: Narendra Modi
4 years, 2 months ago

Demonetisation helped curb black money: Narendra Modi

The Hindu  

On the fourth anniversary of demonetisation, Prime Minister Narendra Modi on Sunday said the move helped in reducing black money, increase tax compliance and formalisation of the economy. In a video, released as part of this campaign, Mr. Gandhi held demonetisation responsible for Bangladesh doing better than India in terms of economic growth and alleged that the move “destroyed” India’s …

Demonetisation ‘destroyed’ economy, helped few crony capitalists, alleges Rahul
4 years, 2 months ago

Demonetisation ‘destroyed’ economy, helped few crony capitalists, alleges Rahul

The Hindu  

Congress leader Rahul Gandhi on Sunday slammed the government over demonetisation, alleging that Prime Minister Narendra Modi’s move four years ago was aimed at helping a few of his “crony capitalist friends” and had “destroyed” the Indian economy. In a video released as part of the party’s online ‘SpeakUpAgainstDeMoDisaster’ campaign, Mr. Gandhi said the question is how the economy of …

SC Issues Notice On Plea To Allow Deposit Of Demonitised Currency Worth Rs 1.17 Crores
5 years, 4 months ago

SC Issues Notice On Plea To Allow Deposit Of Demonitised Currency Worth Rs 1.17 Crores

Live Law  

More than two and half years after ban of Rs 1000 and Rs 500 notes, a fresh petition was filed by a Madurai based businessman before the Supreme Court seeking direction to Reserve Bank of India to accept his money amounting to Rs 1, 17,00, 872 which is part of his textile business. A Bench comprising justices N V Ramana, …

Note Ban Would Not Have Material Impact, RBI Had Warned Govt
5 years, 10 months ago

Note Ban Would Not Have Material Impact, RBI Had Warned Govt

The Quint  

The minutes of the crucial board meeting, which approved the government's request for demonetisation, recorded the presence of the then RBI Governor Urjit Patel and the then economic Affairs Secretary Shaktikanta Das. Others at the board meeting included the then Financial Services Secretary Anjuli Chib Duggal, and RBI deputy governors R Gandhi and S S Mundra. "It is a commendable …

Opinion | An intruder undermines RBI
5 years, 10 months ago

Opinion | An intruder undermines RBI

Live Mint  

Bankruptcy proceedings usually involve protecting a firm’s assets from creditors. The ruling by the bankruptcy court, which is overseeing the government- Already India has lost two RBI governors because, among other things, they dared to ask banks to acknowledge problem loans in time, classify them correctly and make adequate provisions for losses. Already-delayed Indian tribunal proceedings will stretch forever, with …

Shaktikanta Das is Modi’s Man on RBI Hot Seat, But So Was Urjit Patel Before it Got Too Hot to Handle
6 years, 1 month ago

Shaktikanta Das is Modi’s Man on RBI Hot Seat, But So Was Urjit Patel Before it Got Too Hot to Handle

News 18  

New Delhi: The next Governor of the RBI, Shaktikanta Das, is no stranger to the ways the Modi government works. Not just a senior bureaucrat whom the Modi government seems quite comfortable with, Das has also previously served on the central bank’s board. Remember, among the reasons for the deep divide between the government and the RBI was the perceived …

Shaktikanta Das, Narendra Modi’s demonetisation man, has a fresh task at hand: Tame a rebellious central bank
6 years, 1 month ago

Shaktikanta Das, Narendra Modi’s demonetisation man, has a fresh task at hand: Tame a rebellious central bank

Firstpost  

Two years after note ban, Shaktikanta Das has been given another task by the Modi government–to douse the raging fire at Mint Road Shaktikanta Das, Narendra Modi’s demonetisation man has been given a fresh task—to tame a rebellious central bank, the top brass of which is on a warpath with the central government. It was Das, who as the former …

Shaktikanta Das, who oversaw demonetisation, is new RBI governor
6 years, 1 month ago

Shaktikanta Das, who oversaw demonetisation, is new RBI governor

Live Mint  

New Delhi/Mumbai: The government on Tuesday appointed Shaktikanta Das, member of the fifteenth finance commission, as the governor of the Reserve Bank of India, a day after Urjit Patel resigned at the end of a bruising tussle with the government over the regulator’s independence and the regulation of banks. Das, who was secretary in the department of economic affairs when …

Modi’s road to re-election gets bumpier: Balance of power
6 years, 1 month ago

Modi’s road to re-election gets bumpier: Balance of power

Hindustan Times  

In less than 24 hours, Indian Prime Minister Narendra Modi has lost his central bank governor and – with votes still being counted — his Hindu-nationalist Bharatiya Janata Party could cede its hold over several states.While Modi remains favoured to win re-election next year, things suddenly look less straightforward. Prime Minister Narendra Modi along with his Cabinet Ministers addresses the …

RBI governor Urjit Patel quits after weeks-long tussle with Narendra Modi-govt: A timeline of events
6 years, 1 month ago

RBI governor Urjit Patel quits after weeks-long tussle with Narendra Modi-govt: A timeline of events

Firstpost  

The Reserve Bank of India Governor Urjit Patel abruptly resigned on Monday, citing personal reasons, after a prolonged public spat between the institution and Prime Minister Narendra Modi’s government. New Delhi: The Reserver Bank of India Governor Urjit Patel abruptly resigned on Monday, citing personal reasons, after a prolonged public spat between the institution and Prime Minister Narendra Modi’s government. …

Urjit Patel resignation: An alarming challenge to the RBI
6 years, 1 month ago

Urjit Patel resignation: An alarming challenge to the RBI

Live Mint  

Government is conducting a dangerous experiment in economic management. This week, following renewed pressure to conform to the government’s thinking, the head of the Reserve Bank of India, Urjit Patel, resigned, citing “personal reasons.” Prime Minister Narendra Modi’s officials have challenged the RBI’s operational independence before, but their latest effort marks a significant escalation. It’s a pattern seen elsewhere as …

The evolution of Urjit Patel since demonetisation
6 years, 1 month ago

The evolution of Urjit Patel since demonetisation

Live Mint  

Mumbai: Outgoing Reserve Bank of India governor Urjit Patel has certainly put the government in a spot. While his resignation has not completely surprised the market that was closely watching the ongoing row between the central bank and the finance ministry, the timing has left people trying to connect the dots. Urjit Patel’s resignation seems to be the culmination of …

Opinion | Reserve Bank of India governor goes far too quietly
6 years, 1 month ago

Opinion | Reserve Bank of India governor goes far too quietly

Live Mint  

People who know Urjit Patel, the Reserve Bank of India governor, told me he would stay on and fight. But after a November meeting of the institution’s board, it looked like the central bank and the government had decided not to bring matters to a head and Patel, whose term expires in September 2019, would stick around. The terse resignation …

RBI chief Urjit Patel resigns: 6 areas of conflict with government
6 years, 1 month ago

RBI chief Urjit Patel resigns: 6 areas of conflict with government

Hindustan Times  

A protracted tiff between the Indian government and the Reserve Bank of India climaxed on Monday when central bank governor Urjit Patel resigned, days before a board meeting where he would have faced intense pressure. A protracted tiff between the Indian government and the Reserve Bank of India climaxed on Monday when central bank governor Urjit Patel resigned. Read: RBI …

RBI vs govt: At 19 November board meet, S Gurumurthy’s economic theories and other pain points await Urjit Patel
6 years, 1 month ago

RBI vs govt: At 19 November board meet, S Gurumurthy’s economic theories and other pain points await Urjit Patel

Firstpost  

Battle lines are drawn and fireworks are likely at the central bank’s board meet scheduled for 19 November. The 18-member central board of the RBI has five members from the central bank including the governor and the rest are government nominees. The signals are clear from the recent statements of Swaminathan Gurumurthy, the RBI’s board member who was recently appointed …

Reserve Bank of India, Centre tiff set to escalate
6 years, 2 months ago

Reserve Bank of India, Centre tiff set to escalate

Deccan Chronicle  

New Delhi: The ongoing stand-off between the Centre and the Reserve Bank of India could delay a high-profile parliamentary panel’s report on a legislation which provides for a mechanism to ban unregulated deposit schemes, as Central bank’s Governor Urjit Patel has expressed his inability to present himself before the committee, on November 12. Highly-placed sources told this newspaper that owing …

Urjit Patel vs govt: Did Nachiket Mor’s abrupt sacking from RBI's central board worsen the tension?
6 years, 2 months ago

Urjit Patel vs govt: Did Nachiket Mor’s abrupt sacking from RBI's central board worsen the tension?

Firstpost  

The removal of Nachiket Mor half-way through his tenure is a rare incident in the RBI and would certainly have not gone down well with the central bank’s top brass The RBI-government turf war that turned into an ugly public fight with threats of Section 7 being invoked has caught global attention. One issue that probably could have taken the …

The cast of characters in the Govt vs RBI fight
6 years, 2 months ago

The cast of characters in the Govt vs RBI fight

Live Mint  

A day after the two sides publicly and bitterly crossed each other, the Reserve Bank of India and the union government took a step back on Wednesday. Here’s a look at the key personalities involved in the public spat: Urjit Patel, governor of the Reserve Bank of India RBI governor Urjit Patel’s silence is also his biggest weapon: he has …

Govt vs RBI: Arun Jaitley, Urjit Patel settle for an uneasy truce, for now
6 years, 2 months ago

Govt vs RBI: Arun Jaitley, Urjit Patel settle for an uneasy truce, for now

Live Mint  

New Delhi/Mumbai: A day after the two sides publicly and bitterly crossed each other, the Reserve Bank of India and the union government took a step back on Wednesday. Conceding that differences can arise, the carefully-worded finance ministry release admonished RBI, saying, “ government of India has never made public the subject matter of those consultations. The first letter was …

₹ 3.4 trillion bank recap since Great Recession but no end in sight
6 years, 4 months ago

₹ 3.4 trillion bank recap since Great Recession but no end in sight

Live Mint  

Many believe that the 2008 financial crisis that forced the iconic US investment bank Lehman Brothers Holdings Inc. to file for bankruptcy was not a global financial crisis; it was just a Transatlantic financial crisis, perpetrated by the US subprime mortgage calamity. By sheer coincidence, on the day Lehman Brothers went under, chief executive officers of six large commercial banks …

Opinion | By a 99.3% verdict, India’s demonetisation was a farce
6 years, 4 months ago

Opinion | By a 99.3% verdict, India’s demonetisation was a farce

Live Mint  

In the chaotic final months of 2016, angry citizens were slamming the Reserve Bank of India by calling it the “Reverse Bank.” It’s taken governor Urjit Patel, who had only recently stepped into the top job, almost two years to reassert his authority and re-establish the institution’s credibility with a couple of notable successes just this week. The decision to …

Congress demands apology from Narendra Modi after RBI report says 99.3% of demonetised notes back in system
6 years, 4 months ago

Congress demands apology from Narendra Modi after RBI report says 99.3% of demonetised notes back in system

Firstpost  

Congress said the return of almost all the junked 500 and 1,000 currency notes meant that Modi government had failed to unearth any black money, eradicate fake currency as promised New Delhi: The Congress Wednesday demanded an apology from Prime Minister Narendra Modi, alleging he lied to the country over the demonetisation issue, after the reserve Bank of India said …

Demonetisation comes to haunt govt as RBI says 99.3% notes back
6 years, 4 months ago

Demonetisation comes to haunt govt as RBI says 99.3% notes back

Live Mint  

Mumbai: The central bank’s post-mortem of the invalidation of high-value currencies in November 2016 is in: All but ₹ 10,720 crore of the ₹ 15.4 trillion is back in the banking system, indicating that the government’s shock move to deal a body blow to black money hasn’t worked as desired. “I think demonetization has achieved its objectives quite substantially,” said …

Despite Jan Dhan push, financial inclusion is elusive
6 years, 5 months ago

Despite Jan Dhan push, financial inclusion is elusive

Live Mint  

New Delhi: A shortage of bank branches and ATMs across India’s hinterland is holding back Prime Minister Narendra Modi’s financial inclusion efforts and risks angering rural voters ahead of elections next year. After taking office in 2014, Modi set an ambitious target to open a bank account for every household to ensure welfare funds flow directly to India’s poor, while …

RBI Governor Urjit Patel likely to appear before parliamentary panel tomorrow
6 years, 7 months ago

RBI Governor Urjit Patel likely to appear before parliamentary panel tomorrow

Firstpost  

RBI governor Urjit Patel is likely to face tough questions from a parliamentary panel on Tuesday on a range of issues including the amount of cash returned post demonetisation, the PNB fraud and the mounting bad loans of banks New Delhi: RBI Governor Urjit Patel is likely to face tough questions from a parliamentary panel on Tuesday on a range …

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