Govt wants to discuss RBI ‘governance issues’ with it
6 years, 1 month ago

Govt wants to discuss RBI ‘governance issues’ with it

Hindustan Times  

The Centre wants to discuss changes to the Reserve Bank of India’s governance structure at a board meeting next month, including setting up some oversight panels, economic secretary Subhash Chandra Garg told a news channel. The proposals to discuss governance at the RBI’s December 14 board meeting may further inflame tensions between the finance ministry and central bank. Worsening tensions Tensions between the government and the RBI worsened last month when central bank Deputy Governor Viral Acharya delivered a defense of the institution’s autonomy during a lecture. At the previous RBI board meeting last week, the central bank said it would set up a committee to look into its capital framework.

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History of this topic

To-do list for RBI’s new boss
1 month ago

To-do list for RBI’s new boss

Times of India  

It is as the world is weighing what Trumponomics will mean this time around, that Sanjay Malhotra becomes the 26th man to helm India’s central bank. A further context is how RBI’s role is evolving to meet its target to become the model central bank across the Global South. The new governor also takes charge as monetary policy across the …

Indian bankers aren’t always frank about RBI regulations, are they?
2 months ago

Indian bankers aren’t always frank about RBI regulations, are they?

Live Mint  

The ‘world’s banker’ Jamie Dimon, CEO of JPMorgan Chase, speaks his mind even if it means taking swipes at US regulators. Kamath and HDFC’s chairman Deepak Parekh would air their views publicly on important banking issues, including what the Reserve bank of India should be doing on interest rates. Cut to now, it’s extremely rare for bankers to talk about …

RBI governor red-flags governance gaps in banking sector
1 year, 7 months ago

RBI governor red-flags governance gaps in banking sector

Live Mint  

The Reserve Bank Monday asked banking sector in the country to further strengthen the governance and assurance functions to identify and mitigate risks at an early stage. "The governor acknowledged the role played by the banks in supporting the economy and maintaining resilience along with improved financial performance in the face of several adverse shocks in recent times," the RBI …

Uday Kotak’s board term likely under RBI's scrutiny
1 year, 8 months ago

Uday Kotak’s board term likely under RBI's scrutiny

Live Mint  

The Reserve Bank of India may be examining the proposal to re-appoint billionaire banker Uday Kotak as a non-executive director on the board of Kotak Mahindra Bank after his term ends in December, a person familiar with the matter said. According to a person familiar with the development, the RBI guidelines talk about a cooling period for managing directors and …

Reimagining how the Reserve Bank functions
2 years ago

Reimagining how the Reserve Bank functions

Hindustan Times  

The Supreme Court judgment on demonetisation last week appears to have reignited the debate on the relationship between the Reserve Bank of India and the Union government. The parliamentary committee wants to ensure that financial regulators such as RBI are adequately prepared to support India’s growth journey, the chair of the committee, Jayant Sinha, said in an interview to Mint …

Finance minister Nirmala Sitharaman to address RBI board on February 14
2 years, 11 months ago

Finance minister Nirmala Sitharaman to address RBI board on February 14

India TV News  

Highlights Nirmala Sitharaman will address the post-budget meeting of the RBI's central board on Monday. Finance Minister Nirmala Sitharaman is scheduled to address the post-budget meeting of the RBI's central board on Monday and highlight key points of the Union Budget 2022-23, including the fiscal consolidation roadmap and high capex plan. It has been a custom that the finance minister …

RBI appoints advisory panel to assist R-Cap administrator
3 years, 1 month ago

RBI appoints advisory panel to assist R-Cap administrator

Deccan Chronicle  

Mumbai: A day after it superseded the board of Anil Ambani group’s Reliance Capital, the Reserve Bank of India on Tuesday appointed a three-member advisory committee to assist the administrator of Reliance Capital. The members of the committee are Sanjeev Nautiyal, ex-deputy managing director, State Bank of India; Srini-vasan Varadarajan, ex-deputy MD, Axis Bank; and Praveen P. Kadle, ex-MD & …

Needed: A new relationship contract between RBI and govt
4 years, 4 months ago

Needed: A new relationship contract between RBI and govt

Live Mint  

Two recent books, one by former Reserve Bank of India governor, Urjit Patel, and the other by former RBI deputy governor, Viral Acharya, have reignited the debate on central bank autonomy in India. Section 30 of the RBI Act for instance, allows the government to “supersede” the RBI central board. The third lever of government control lies in the composition …

RBI panel to review ownership of private banks
4 years, 7 months ago

RBI panel to review ownership of private banks

Live Mint  

The Reserve Bank of India on Friday said it has constituted an internal working group to review the existing guidelines on ownership and corporate structure of private sector banks. “Though the overarching principles that the ownership and control of private sector banks should be well diversified and that the major shareholders are ‘fit and proper’ have remained unchanged, the specific …

RBI sees corporate governance ’fault lines’ at some private banks
5 years ago

RBI sees corporate governance ’fault lines’ at some private banks

Live Mint  

Mumbai: Growing problems of corporate governance are emerging at India's private banks and all lenders are at risk of rising default rates even though asset quality has improved overall, the Reserve Bank of India said on Tuesday. "Over the last couple of years, the space vacated by risk-averse public sector banks was taken up by the private banks; more recently, …

RBI rejigs internal setup to monitor banks better
5 years, 2 months ago

RBI rejigs internal setup to monitor banks better

Deccan Chronicle  

Mumbai: Facing public ire for not being able to detect scams and frauds on time, the Reserve Bank of India has created two separate departments for supervisory and regulatory function to improve the oversight for banks, non-banking finance companies and co-operative banks. “With a view to having a holistic approach to supervision and regulation of the regulated entities so as …

Opinion | An easy surrender of the country’s economic defences
5 years, 4 months ago

Opinion | An easy surrender of the country’s economic defences

Live Mint  

The global economy is admittedly in a strange place and even the usually reliable experts are struggling to decode an evolving economy and the central bank’s place in it. To address this new normal, we are conducting a public review of our monetary policy strategy, tools, and communications.” Coincidentally, the same day Lawrence Summers and Anna Stansbury published a Project …

RBI Financial Stability Report: There is good news and bad news, but where is the plan of action?
5 years, 6 months ago

RBI Financial Stability Report: There is good news and bad news, but where is the plan of action?

Firstpost  

The Financial Stability Report is a very important document on the financial sector as it analyses threadbare the overall state of the various segments as well as highlights the risk-related issues that have been identified which can cause potential challenges. The FSR is happy with the state of the banking system as the gross non performing asset ratio is 9.3 …

RBI to create specialised cadre for regulation of banks, NBFCs
5 years, 7 months ago

RBI to create specialised cadre for regulation of banks, NBFCs

India TV News  

A specialised cadre will be created within the Reserve Bank for supervision and regulation of financial institutions, including banks and NBFCs, the RBI Tuesday said. The decision to create a specialised supervisory and regulatory cadre within the RBI was taken at the meeting of the Central Board of the apex bank headed by Governor Shaktikanta Das. "With a view to …

Former governor Bimal Jalan panel on RBI's Economic Capital Framework to submit report next month
5 years, 8 months ago

Former governor Bimal Jalan panel on RBI's Economic Capital Framework to submit report next month

Firstpost  

The six-member Jalan panel was appointed on December 26, 2018 to review the Economic Capital Framework for the RBI New Delhi: A high-level panel led by former RBI governor Bimal Jalan, set up to decide the appropriate capital reserves that the central bank should maintain, is likely to submit its report next month. The six-member Jalan panel was appointed on …

RBI’s revised debt resolution rules likely post-election
5 years, 9 months ago

RBI’s revised debt resolution rules likely post-election

Live Mint  

New Delhi: The RBI's revised stress assets resolution circular is likely to be out after the elections to clear the model code of conduct, and also the regulator may need time to have consultations with legal experts, industry and government before bringing the framework out, official sources said. As per the circular, banks were told to start the resolution process …

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 …

Bimal Jalan to head panel to decide on RBI cash reserves: Former central bank governor enjoys govt support, but committee to have final say
6 years ago

Bimal Jalan to head panel to decide on RBI cash reserves: Former central bank governor enjoys govt support, but committee to have final say

Firstpost  

Jalan will lead a six-member committee which will review the status, need and justification of various provisions, reserves and buffers presently provided for by the RBI The Reserve Bank of India on Wednesday formed an expert committee on economic capital framework led by former RBI governor Bimal Jalan to determine the amount of reserves it needs to keep and the …

RBI constitutes committee on Economic Capital Framework, appoints former governor Bimal Jalan as chairman
6 years ago

RBI constitutes committee on Economic Capital Framework, appoints former governor Bimal Jalan as chairman

Firstpost  

Former deputy governor Rakesh Mohan has been appointed as vice chairman of the committee, the RBI said The Reserve Bank of India has constituted the Expert Committee on Economic Capital Framework with former governor Bimal Jalan as its chairman. Former deputy governor Rakesh Mohan has been appointed as vice chairman of the committee, the RBI said in a statement on …

Much ado about nothing: Demystifying the needless hue and cry over the RBI
6 years ago

Much ado about nothing: Demystifying the needless hue and cry over the RBI

Op India  

“The only function of economic forecasting is to make astrology look respectable,” remarked the legendary Economist John Kenneth Galbraith. Whoever in Congress thought of RBI autonomy and role in influencing election outcome doesn’t have enough knowledge to even make credible sounding arguments. According to the RBI Act’s Section 7, “the central government may from time to time give such directions …

Facts, No Fiction: There’s a new sheriff in RBI
6 years, 1 month ago

Facts, No Fiction: There’s a new sheriff in RBI

Op India  

This week has been a roller coaster ride, from high profile extradition cases, the resignation of the RBI governor and the results of recent assembly elections. That being said, it is well acknowledged that India has one of the tightest of monetary policies and that too at a time where inflation seems to be significantly lower than even RBI’s estimates. …

RBI Board discusses governance
6 years, 1 month ago

RBI Board discusses governance

The Hindu  

The board of the Reserve Bank of India, which met here on Friday, agreed to examine the issue of governance further. “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. This was the first board meeting under the chairmanship of the new …

RBI board meeting with new governor Shaktikanta Das gets under way; to discuss contentious issues
6 years, 1 month ago

RBI board meeting with new governor Shaktikanta Das gets under way; to discuss contentious issues

Firstpost  

Unlike the last meet, which lasted for 10 hours, Friday’s meeting is likely to get over by afternoon. Mumbai: The crucial central board meeting of the Reserve Bank is underway Friday morning to discuss contentious issues including a new economic capital framework for the central bank and relaxation in the prompt corrective action norms for at least some of 12 …

New RBI governor Shaktikanta Das to steer first central board meet today
6 years, 1 month ago

New RBI governor Shaktikanta Das to steer first central board meet today

Firstpost  

The RBI board meeting will review the progress with respect of some of the decisions taken in the last meet on 19 November New Delhi: The central board of the Reserve Bank of India under new Governor Shaktikanta Das will meet today where the directors are likely to push for greater say in the decision making of the central bank. …

Shaktikanta Das’s 1st board meet as RBI chief to pose new worries about autonomy
6 years, 1 month ago

Shaktikanta Das’s 1st board meet as RBI chief to pose new worries about autonomy

Hindustan Times  

The central bank board will meet on Friday with much of the hostility of the past two months with the government having eased, and new worries emerging about the institution’s independence. Prime Minister Narendra Modi has a new ally at the Reserve Bank of India in Governor Shaktikanta Das, who may be more amenable to the government’s requests to ease …

RBI board meeting of 14 December stands as of now, says Economic Affairs Secretary Subhash Chandra Garg
6 years, 1 month ago

RBI board meeting of 14 December stands as of now, says Economic Affairs Secretary Subhash Chandra Garg

Firstpost  

New Delhi: Economic Affairs Secretary Subhash Chandra Garg on Tuesday said the 14 December RBI board meeting stands and there has been no change in the schedule so far. There was confusion over the fate of 14 December central board meeting of the RBI following the abrupt resignation of Urjit Patel as Governor of the central bank on Monday. Acting …

Who is Shaktikanta Das? The New RBI Governor on the Block
6 years, 1 month ago

Who is Shaktikanta Das? The New RBI Governor on the Block

The Quint  

The new governor takes charge at a time a number of contentious issues persist between the central bank and the government. At the last board meeting of the RBI’s central board in November, it had been decided to set up a committee to re-look at the economic capital framework adopted by the RBI. The board is scheduled to meet next …

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 …

Government to run power play at next RBI board meeting on 14 December; tensions likely to re-surface
6 years, 1 month ago

Government to run power play at next RBI board meeting on 14 December; tensions likely to re-surface

Firstpost  

Like the government, most board members feel that RBI should be “more transparent and accountable” for its decisions Mumbai/ New Delhi: For all the cordiality on show at the end of Reserve Bank of India’s last board meeting, tensions could re-surface when it next gathers on 14 December as the government aims to ramp up pressure for changes in the …

Govt slugfest with RBI finally ends in a draw
6 years, 1 month ago

Govt slugfest with RBI finally ends in a draw

Deccan Chronicle  

It was an unequal fight to begin with. Raghuram Rajan, arguably the most flamboyant RBI governor in recent times, who set in motion the deep reforms of banks by tightening prudential oversight, was fond of citing the god of the bond market as the final arbiter of the central bank’s performance. An ugly public spat with the RBI could rake …

Opinion | RBI vs govt: This truce is a defeat for central bank
6 years, 1 month ago

Opinion | RBI vs govt: This truce is a defeat for central bank

Live Mint  

Many of us will have breathed a sigh of relief as, after a marathon eight-hour meeting on Monday, it looked like India’s government and its central bank had finally made peace with each other after weeks of very public sniping. The RBI’s board, which contains several government nominees, agreed to set up a committee to examine the bank’s reserves, one …

Expert panel to examine Reserve Bank of India's economic capital framework to be formed within a week
6 years, 1 month ago

Expert panel to examine Reserve Bank of India's economic capital framework to be formed within a week

Firstpost  

The government and the central bank will jointly decide on the members of the panel and the scope of the panel, the RBI said in a statement late on Monday. The committee for Reserve Bank of India’s economic capital framework will be formed with a week, government sources said. Detailed guidelines to be issued shortly: Govt Sources — ANI November …

Expert committee to look into issues concerning capital surplus: RBI
6 years, 1 month ago

Expert committee to look into issues concerning capital surplus: RBI

India TV News  

Signalling a temporary truce, the Reserve Bank and the government Monday agreed to refer to an expert committee the contentious issue of appropriate size of reserves that the RBI must hold, while restructuring of stressed loans of small businesses would be considered by the central bank. The setting up of the committee, whose members will be decided by the government …

RBI board agrees to improve liquidity, up credit to SMEs
6 years, 1 month ago

RBI board agrees to improve liquidity, up credit to SMEs

Live Mint  

Mumbai/New Delhi: The board of the Reserve Bank of India on Monday agreed to ease liquidity for the financial sector and increase credit to small businesses, two people present at the meeting said. The move comes in response to pressure from Prime Minister Narendra Modi’s government which faces a general election by next May and is concerned that low farm …

'Govt stacking up Reserve Bank of India board with allies to turn heat up on governor Urjit Patel'
6 years, 1 month ago

'Govt stacking up Reserve Bank of India board with allies to turn heat up on governor Urjit Patel'

Firstpost  

Now stacked with government nominees who can be counted on to support the administration, the Reserve Bank of India board is being transformed from having a passive advisory role into a body that can exert pressure for policy change New Delhi/Mumbai: As Prime Minister Narendra Modi’s government turns up the heat on the Reserve Bank of India governor to do …

RBI board meet today: Amid tiff with government, central bank likely to debate liquidity crisis
6 years, 1 month ago

RBI board meet today: Amid tiff with government, central bank likely to debate liquidity crisis

Firstpost  

The RBI board is also expected to discuss issues related to making relaxations to its Prompt Corrective Action framework to clean up the balance sheet of banks burdened with NPAs. Mumbai: The RBI’s crucial board meeting on Monday is expected to take up the liquidity crisis that initially triggered a tiff between the government and the central bank, according to …

Expect the best & the worst at RBI board meeting today
6 years, 1 month ago

Expect the best & the worst at RBI board meeting today

Live Mint  

Mumbai: If the acrimonious run-up to a key board meeting of the Reserve Bank of India is any indication, investors should brace for a period of uncertainty. Eventually, it will depend on the stance RBI adopts, rather what its reclusive governor Urjit Patel chooses to do at the central bank’s board meeting on Monday; so far, Patel has not signalled …

Money matters: Big day for RBI, Centre ties
6 years, 1 month ago

Money matters: Big day for RBI, Centre ties

Deccan Chronicle  

New Delhi: All eyes will be on the RBI board meeting on Monday in Mumbai to see how the intense public battle erupted out between the Narendra Modi government and the central bank plays out. Earlier this month, economic affairs secretary Subhash Chandra Garg had said that the government has not asked the RBI to transfer '3.6 lakh crore to …

Government, RBI must work together, end turf war
6 years, 1 month ago

Government, RBI must work together, end turf war

Deccan Chronicle  

The ostentatious turf battle between the Union finance ministry and the Reserve Bank of India is not the real issue. As India still reels under the socialist module of controlling economic activities, which the present government perpetuates, the public sector banks are pushed and prodded to finance government schemes, whether it be infrastructure projects, agriculture loans and loan waivers, start-up …

Govt wants RBI to set up committees to oversee different functions
6 years, 1 month ago

Govt wants RBI to set up committees to oversee different functions

Live Mint  

Mumbai: The government has proposed changing rules that will enable closer supervision of the central bank, people with knowledge of the matter said. The government has recommended that the board of the Reserve Bank of India draft regulations to enable setting up of panels to oversee functions including financial stability, monetary policy transmission and foreign exchange management, the people said, …

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 …

RBI vs govt: The 18 'wise men' tasked with supervision of Mint Street watched for next course of action
6 years, 2 months ago

RBI vs govt: The 18 'wise men' tasked with supervision of Mint Street watched for next course of action

Firstpost  

The entire board is appointed by the government under the RBI Act, which mandates the central board with “general superintendence and direction of the Reserve Bank’s affairs”. Mumbai: As an unprecedented fight plays out between the Reserve Bank of India and the government, it is the central bank’s 18 board members who are being keenly watched for their next course …

Stage set for another RBI-govt showdown
6 years, 2 months ago

Stage set for another RBI-govt showdown

Live Mint  

New Delhi: The stage is set for another showdown between the Reserve Bank of India and the Union government with the Centre sticking to its ground on Friday. Discussions are underway with the RBI to decide the appropriate economic capital framework of the central bank, Subhash Chandra Garg, secretary of the department of economic affairs, said on Twitter. In a …

Govt to continue pressing Reserve Bank of India for relaxing norms, funds to boost lending
6 years, 2 months ago

Govt to continue pressing Reserve Bank of India for relaxing norms, funds to boost lending

Firstpost  

The reports of rift between the central bank and the government surfaced last month following which the finance ministry reportedly started discussion with the RBI under the never-used before Section 7 of the RBI Act. New Delhi: Keeping up the heat on the Reserve Bank of India, the government will continue to press the central bank to relax norms to …

Opinion | RBI is from Mars, finance ministry is from Venus
6 years, 2 months ago

Opinion | RBI is from Mars, finance ministry is from Venus

Live Mint  

India’s worst kept secret is that the Reserve Bank of India and the finance ministry do not get along. If the government has to walk alone to face the challenge of growth, we will walk alone.” Part of the reason for the excessive blood letting this time was the strategic leaks of hostile communications between the finance ministry and RBI, …

Finance Ministry baits RBI afresh, two days after declaring truce
6 years, 2 months ago

Finance Ministry baits RBI afresh, two days after declaring truce

Live Mint  

New Delhi: Two days after declaring a truce with the Reserve Bank of India, the ministry of finance has baited the central bank again, pointing out that the financial markets remain resilient and there are no signs of the wrath of the market. Garg’s comments are seen as a response to a speech by RBI deputy governor Viral Acharya last …

Amid Spat Between Govt & Central Bank, Focus Returns on RBI Board
6 years, 2 months ago

Amid Spat Between Govt & Central Bank, Focus Returns on RBI Board

The Quint  

But the role of the central board, in theory, is very different from what it has been in practice. The board has been a consultative body rather than a decision making one, said the person quoted above while adding that the board, if it chooses, is fully empowered to make decisions. Issues ranging from the flow of credit to small …

Why #RBIvsGovt is a viral storm in a tea cup
6 years, 2 months ago

Why #RBIvsGovt is a viral storm in a tea cup

Live Mint  

New Delhi: Central bank deputy governor Viral Acharya’s speech on the issues between the Reserve Bank of India and the government has brought the rift between the two into public domain more visibly than perhaps ever before. A question arising from Acharya’s speech is whether a discussion by board members in the RBI board constitutes interference in the job of …

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 …

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