RBI is accountable to the government, says Bimal Jalan
6 years ago

RBI is accountable to the government, says Bimal Jalan

Live Mint  

New Delhi: The Reserve Bank of India is accountable to the government and should make policies within the framework set by the government, according to a former central bank chief now heading a panel tasked with framing guidelines for the transfer of the RBI’s surplus funds to the government. Bimal Jalan, the 77-year-old ex-bureaucrat, was appointed to chair the panel late last month, just weeks after a fierce row over RBI independence led to a change at the top of the central bank. “The RBI is accountable to the government for executing the kind of monetary policy that has been announced,” Jalan said in his first interview since being appointed chairman of the six-member expert committee on economic capital framework. “On the other hand, the autonomous institution has to deliver the services that the government has approved as part of policy framework.” Jalan went on to voice hope that differences with the government would be settled, now that the central bank was under new management.

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History of this topic

Raghuram Rajan recalls having ’plenty of cooperation’ with govt as RBI governor: ‘Whether BJP or Congress…’
3 weeks, 4 days ago

Raghuram Rajan recalls having ’plenty of cooperation’ with govt as RBI governor: ‘Whether BJP or Congress…’

Live Mint  

Former RBI governor Raghuram Rajan recalled having an amicable relationship with the government during his tenure as RBI governor — irrespective of the party in power. The former top official also recalled a conversation with then Finance Minister Arun Jaitley where he was given the green signal to “clean up” the system after bad loans “tumbled out” during an asset …

New Challenges for New RBI Governor
1 month ago

New Challenges for New RBI Governor

Deccan Chronicle  

The new year 2025 is going to see a new and very different MPC composition with three newly appointed external MPC members in October 2024, being now joined by the new governor and possibly a new deputy governor in January 2025 with deputy governor Michael Patra's tenure getting over. Entrenched state of India's stagflation, tricky timings and small window of …

RBI governor Shaktikanta Das's term likely to be extended further: Report
1 month, 3 weeks ago

RBI governor Shaktikanta Das's term likely to be extended further: Report

Hindustan Times  

The central government is likely to extend the term of RBI governor Shaktikanta Das, news agency Reuters reported, quoting sources aware of the development. Reuters said the Finance Ministry, the Prime Minister's Office, and the central bank did not immediately respond to emails seeking comment. Das has also served as India’s Alternate Governor in the World Bank, Asian Development Bank, …

What is good for another market need not be good for us: RBI Governor Shaktikanta Das
1 year ago

What is good for another market need not be good for us: RBI Governor Shaktikanta Das

India TV News  

Reserve Bank of India Governor Shaktikanta Das said that the central bank will not follow other countries in regulating cryptocurrencies, emphasising that decisions taken in other markets may not necessarily be suitable for India. "What is good for another market need not be good for us. Therefore our views—both that of the Reserve Bank and personally that of mine—remain the …

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 …

RBI Appoints New PMC Bank Administrator, Says Huge Losses Posing Challenges to Revival
4 years, 3 months ago

RBI Appoints New PMC Bank Administrator, Says Huge Losses Posing Challenges to Revival

News 18  

The Reserve Bank of India on Tuesday said factors like huge losses and erosion of deposits at Punjab and Maharashtra Co-operative Bank continue to cause hindrance in its revival, and appointed a new administrator. RBI appointed AK Dixit, ex-general manager of Union Bank of India, as the new administrator of the bank with effect from September 23, 2020. "While the …

Cabinet Secretary Led Panel Interviews Eight Candidates for RBI Deputy Governor's Post
4 years, 4 months ago

Cabinet Secretary Led Panel Interviews Eight Candidates for RBI Deputy Governor's Post

News 18  

The Cabinet Secretary-headed panel on Friday interviewed eight candidates for the post of RBI deputy governor which fell vacant in March after N S Vishwanathan demitted office on health grounds, three months ahead of the end of his extended tenure. The Financial Sector Regulatory Appointment Search Committee earlier had a preliminary meeting on August 7 with regard to selection of …

B P Kanungo gets one-year extension as RBI Deputy Governor
4 years, 9 months ago

B P Kanungo gets one-year extension as RBI Deputy Governor

India TV News  

The Centre has extended the tenure of Reserve Bank Deputy Governor B P Kanungo by a year with effect from April 3, 2020. "The central government has re-appointed B P Kanungo as deputy Governor, Reserve Bank of India for a further period of one year with effect from April 3, 2020, or until further orders, whichever is earlier, upon completion …

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 …

No decision yet on how to use RBI windfall: Sitharaman
5 years, 4 months ago

No decision yet on how to use RBI windfall: Sitharaman

Live Mint  

Finance minister Nirmala Sitharaman Tuesday strongly reacted to the Congress' allegation of "stealing RBI's reserves", saying she does not care about such charges and the opposition leader should have spoken to the finance ministers from his party before hurling such charges. Congress leader Rahul Gandhi earlier in the day hit out at the government over the record cash transfer from …

RBI to transfer surplus of Rs 1.76 lakh crore to the government as per Bimal Jalan Committee recommendation
5 years, 4 months ago

RBI to transfer surplus of Rs 1.76 lakh crore to the government as per Bimal Jalan Committee recommendation

Op India  

The Reserve Bank of India has decided to transfer an amount of ₹1,76,051 crore to the Government of India. The central bank took this decision by accepting the recommendations of Bimal Jalan Committee on surplus transfer to the government. The ₹1.76 lakh crore to be transferred consists of ₹1,23,414 crore of surplus for the year 2018-19 and ₹52,637 crore of …

RBI Board meet on Monday to mull over Jalan panel report
5 years, 4 months ago

RBI Board meet on Monday to mull over Jalan panel report

India TV News  

The RBI Board meeting on Monday to finalise its annual accounts is also likely to take up the Bimal Jalan panel's recommendations on Economic Capital Framework along with the dividend payment to the government, sources said. Sources had earlier told IANS that the RBI may start transferring the first tranche of the surplus this calendar, based on the Jalan panel …

RBI capital transfer: Bimal Jalan panel likely to get extension to finalise report; govt to replace its representative after SC Garg's transfer
5 years, 5 months ago

RBI capital transfer: Bimal Jalan panel likely to get extension to finalise report; govt to replace its representative after SC Garg's transfer

Firstpost  

The government and the RBI, during the tenure of the previous governor Urjit Patel, had been at loggerheads over the surplus capital with the central bank. New Delhi: The Bimal Jalan panel may get more time to finalise its report on excess capital transfer from the Reserve Bank of India to the government as Subhash Chandra Garg has been moved …

NS Vishwanathan re-appointed deputy governor of RBI for one year as appointments panel of Cabinet gives nod
5 years, 6 months ago

NS Vishwanathan re-appointed deputy governor of RBI for one year as appointments panel of Cabinet gives nod

Firstpost  

Vishwanathan is one of the three deputy governors, besides B P Kanungo and M K Jain, working at the central bank. New Delhi: NS Vishwanathan was on Monday re-appointed as the deputy governor of the Reserve Bank of India for one more year, an official order said. The appointments committee of the Cabinet has approved re-appointment of Vishwanathan as the …

Bimal Jalan panel on RBI's capital size again defers report submission deadline till Budget next month
5 years, 6 months ago

Bimal Jalan panel on RBI's capital size again defers report submission deadline till Budget next month

Firstpost  

The six-member panel, under former RBI governor Jalan, was appointed on 26 December, 2018, to review the Economic Capital Framework for the RBI New Delhi: The Bimal Jalan committee, which is looking into the size of capital reserves that the RBI should hold, Monday again deferred its report submission deadline till Budget next month. The six-member panel, under former RBI …

Jalan panel report on RBI’s capital size to be finalized by June-end: Guv Das
5 years, 6 months ago

Jalan panel report on RBI’s capital size to be finalized by June-end: Guv Das

Live Mint  

The Bimal Jalan committee, which is looking into the size of capital reserves that the RBI should hold, will have one more meeting before finalising its report to be submitted to the apex bank this month-end. The six-member panel, under former RBI Governor Jalan, was appointed on December 26, 2018, to review the economic capital framework for the Reserve Bank …

Jalan panel still working on report on RBI’s capital size, to meet 13 June: Garg
5 years, 7 months ago

Jalan panel still working on report on RBI’s capital size, to meet 13 June: Garg

Live Mint  

The Bimal Jalan panel, set up to determine the suitable capital reserves for the RBI, will maintain its subsequent assembly on 13 June, said Finance Secretary Subhash Chandra Garg on Thursday, IANS reported. The six-member Jalan panel was appointed on December 26, 2018 to review the Economic Capital Framework for the Reserve Bank of India. Garg, who is a member …

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 …

Bimal Jalan panel to hold at least 2 more meets before final report on RBI capital reserves size
5 years, 8 months ago

Bimal Jalan panel to hold at least 2 more meets before final report on RBI capital reserves size

Firstpost  

A high-level panel looking into appropriate capital reserves the RBI should maintain will hold at least two more meetings before finalising the report, former Reserve Bank governor Bimal Jalan, who is heading the committee, said New Delhi: A high-level panel looking into appropriate capital reserves the RBI should maintain will hold at least two more meetings before finalising the report, …

RBI governor Shaktikanta Das meets finance minister Arun Jaitley ahead of monetary policy meeting
5 years, 9 months ago

RBI governor Shaktikanta Das meets finance minister Arun Jaitley ahead of monetary policy meeting

Firstpost  

New Delhi: Reserve Bank of India Governor Shaktikanta Das Monday met Finance Minister Arun Jaitely, and is believed to have discussed the current economic situation, ahead of the first bi-monthly monetary policy for 2019-20. The meeting of the six-member Monetary Policy Committee to decide on the first bi-monthly policy statement for 2019-20 will be held from 2 to 4 April. …

RBI accountable to govt, differences must be resolved internally in country’s interest: Bimal Jalan
6 years ago

RBI accountable to govt, differences must be resolved internally in country’s interest: Bimal Jalan

Firstpost  

The government also wants the RBI to release more liquidity to the shadow banking sector and relax its provisioning norms for banks. New Delhi: The Reserve Bank of India is accountable to the government and should make policies within the framework set by the government, according to a former central bank chief now heading a panel tasked with framing guidelines …

Jalan panel was finalized when Patel was still RBI governor: FM
6 years ago

Jalan panel was finalized when Patel was still RBI governor: FM

Live Mint  

New Delhi: Finance minister Arun Jaitley on Monday said the composition of the expert committee to suggest how the central bank should handle its reserves, and whether it can transfer its surplus to the government, was finalised when Urjit Patel was still the Reserve Bank of India governor. This is contrary to the belief that the composition of the high-level …

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 …

Bimal Jalan to lead panel on RBI’s economic capital framework
6 years ago

Bimal Jalan to lead panel on RBI’s economic capital framework

Live Mint  

New Delhi: The Reserve Bank of India on Wednesday set up an expert committee, headed by its former governor Bimal Jalan, to suggest how the central bank should handle its reserves and whether it can transfer its surplus to the government. The committee, which has been formed to review the existing economic capital framework, will have former RBI deputy governor …

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 …

Opinion | Finding the right balance at the central bank
6 years ago

Opinion | Finding the right balance at the central bank

Live Mint  

The regrettable mechanics of the recent change of guard at the Reserve Bank of India raises some important questions, some long overdue, about the institution’s accountability, transparency and autonomy, and the relevance of having a governor with a strong backbone. The new approach internalised that the adoption of modern monetary management in India also favoured individuals with strong macroeconomics- or …

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. …

Amidst speculations over Govt-RBI stand off, Jaitley asks how a mere discussion be considered ‘destruction’ of an institution
6 years, 1 month ago

Amidst speculations over Govt-RBI stand off, Jaitley asks how a mere discussion be considered ‘destruction’ of an institution

Op India  

Finance Minister Arun Jaitley, while speaking at the Times Networks India Economic Conclave today, stated that though there are ‘two or three areas of differences’ between the RBI and the Government, how a mere discussion on its functioning could be considered “destruction” of an institution. Amidst allegations by the opposition that his government has created a situation wherein the Reserve …

Promise integrity, autonomy of RBI: New governor Shaktikanta Das takes charge
6 years, 1 month ago

Promise integrity, autonomy of RBI: New governor Shaktikanta Das takes charge

Hindustan Times  

New Reserve Bank of India governor Shaktikanta Das took charge on Wednesday, promising to uphold its autonomy and integrity, a day after the government moved swiftly to appoint him to the helm of the central bank to fill the vacancy left by Urjit Patel’s resignation. On Tuesday, he was appointed RBI’s 25th governor, replacing Patel, who resigned on Monday with …

'RBI is accountable': New Governor Shaktikanta Das promises to consult govt, all stakeholders on key policy issues
6 years, 1 month ago

'RBI is accountable': New Governor Shaktikanta Das promises to consult govt, all stakeholders on key policy issues

India TV News  

RBI’s newly-appointed Governor Shaktikanta Das on Wednesday vowed to uphold the "autonomy, integrity and credibility" of the RBI though he added that every institution must adhere to the principles of accountability. Das took charge as the RBI Governor a day after Urjit Patel resigned amidst a tiff with the Central government on the issue of RBI's autonomy. Health of public …

Arvind Subramanian says RBI's regulatory failure created IL&FS mess, calls upon central bank to step up ability of supervision
6 years, 1 month ago

Arvind Subramanian says RBI's regulatory failure created IL&FS mess, calls upon central bank to step up ability of supervision

Firstpost  

Mumbai: Terming the IL&FS crisis as a regulatory failure, former chief economic advisor to finance minister Arvind Subramanian has said the Reserve Bank should be held responsible for the crisis at one of the largest entities it has been regulating. But I think they are wrong” he says and quotes the late British prime minister Margaret Thatcher who used to …

RBI-govt spat: Uneasy calm prevails as both sides seek to cool down temperatures, but rift far from over
6 years, 1 month ago

RBI-govt spat: Uneasy calm prevails as both sides seek to cool down temperatures, but rift far from over

Firstpost  

At the RBI board meeting on that day, neither side actually blinked on the issue of transferring reserves from the RBI to the government’s accounts In the Cold War era, they called it détente : but 19 November was not for the first time that there was an easing in the strained relations between the Reserve Bank of India and …

Q&A with Bimal Jalan, former governor of the RBI
6 years, 1 month ago

Q&A with Bimal Jalan, former governor of the RBI

Deccan Chronicle  

Bimal Jalan is a former governor of the RBI and was a nominated member of the Rajya Sabha during 2003-09. You were RBI governor during Asian crisis in late 1990s and today we are facing somewhat similar situation where a strong American growth and prospects of further hike in interest rates in the United States is resulting in Indian currency …

Govt does not need money from RBI in next 6 months, says Arun Jaitley; 'respect autonomy' of central bank
6 years, 1 month ago

Govt does not need money from RBI in next 6 months, says Arun Jaitley; 'respect autonomy' of central bank

Firstpost  

Critics accuse the government of trying to undermine the RBI’s authority, but Finance Minister Arun Jaitley said his government respected the institution’s independence. Mumbai: The government does not need money from the Reserve Bank of India in the next six months,finance minister Arun Jaitley said in a TV interview telecast on Friday, rejecting Opposition charges the government was seeking access …

Arun Jaitley says government does not need RBI funds in next six months, Centre keen to gain control over bank reserves
6 years, 1 month ago

Arun Jaitley says government does not need RBI funds in next six months, Centre keen to gain control over bank reserves

Firstpost  

Critics accuse the government of trying to undermine the RBI’s authority, but Arun Jaitley said the BJP-led government respected the institution’s independence. Mumbai: India does not need money from the Reserve Bank of India in the next six months, Union finance minister Arun Jaitley said in a TV interview on Friday, rejecting opposition charges the government was seeking access to …

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 …

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 …

Opinion | Revisiting accountability at Reserve Bank of India
6 years, 2 months ago

Opinion | Revisiting accountability at Reserve Bank of India

Live Mint  

“The most independent central bank is not likely to be a socially optimal central bank,” economists Guy Debelle and Stanley Fischer wrote in a paper titled How independent should a central bank be?Fischer is a former vice chairman of the US Federal Reserve and was professor of economics at Massachusetts Institute of Technology when the paper was written in 1994. …

RBI deputy governor Viral Acharya in government crosshairs
6 years, 2 months ago

RBI deputy governor Viral Acharya in government crosshairs

Live Mint  

New Delhi: The government may train its guns on Reserve Bank of India deputy governor Viral Acharya if the confrontation with the central bank escalates at the RBI board meeting on 19 November, a person familiar with the deliberations within central bank’s board said. In case discussions between the government and RBI break down, the government may choose to invoke …

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 …

RBI autonomy: Bimal Jalan says it’s central bank’s job to implement govt policy, governor should quit if differences cannot be resolved
6 years, 2 months ago

RBI autonomy: Bimal Jalan says it’s central bank’s job to implement govt policy, governor should quit if differences cannot be resolved

Firstpost  

The sharply depreciating rupee amidst rising global oil prices and the massive foreign funds outflow from the capital market are not crises If there are irreconcilable differences of opinion between the government and the regulator, then ‘whoever is heading the agency should step down,’ said Bimal Jalan, former governor to RBI to Mint. The sharply depreciating rupee amidst rising global …

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, …

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 …

RBI responsible for mountain of bad loans, says Finance Minister Arun Jaitley
6 years, 2 months ago

RBI responsible for mountain of bad loans, says Finance Minister Arun Jaitley

India TV News  

Holding the central bank responsible for the mountain of bad loans, Finance Minister Arun Jaitley on Tuesday said Reserve Bank looked the other way when banks lent indiscriminately during 2008-14 to keep the economy humming. Jaitley's comments reflect a growing tension between the RBI and the government, days after the central bank Deputy Governor Viral Acharya made a bold pitch …

Why RBI is at loggerheads with the government
6 years, 2 months ago

Why RBI is at loggerheads with the government

Live Mint  

A growing rift between India’s central bank and the government has been many months in the making. In the latest move, the Reserve Bank of India made its disagreement with authorities public in a hard-hitting speech by Deputy Governor Viral Acharya on Friday — which he said had the backing of Governor Urjit Patel — defending the central bank’s independence. …

Opinion | Undercutting the RBI will not end well
6 years, 2 months ago

Opinion | Undercutting the RBI will not end well

Live Mint  

Time was when capital markets put a premium on “strong men”. Things must have got serious because RBI deputy governor Viral Acharya used two successive public speeches to communicate RBI’s discomfort with the government’s repeated attempts to undermine the central bank. It is true that the RBI’s ledger has many red marks and there are many things that the central …

RBI deputy governor bats for its independence
6 years, 2 months ago

RBI deputy governor bats for its independence

Live Mint  

Mumbai: Reserve Bank of India deputy governor Viral Acharya on Friday stressed the importance of a central bank’s independence and said direct intervention and interference by the government in the operational mandate of the central bank negates its functional autonomy. This way, the institutional arrangement of independence, transparency and accountability to the public not only balance but also strengthen the …

RBI against independent regulator for payment systems outside central bank
6 years, 2 months ago

RBI against independent regulator for payment systems outside central bank

Live Mint  

Mumbai/New Delhi: The Reserve Bank of India on Friday said there is no case for having a regulator for payment systems outside the central bank. The RBI has submitted a dissent note, released on Friday, against certain recommendations of the inter-ministerial committee for finalization of amendments to the Payment & Settlement Systems Act, 2007. An independent payments regulatory board needs …

RBI nominee on PSU boards create illusion of regulatory control: Raghuram Rajan
6 years, 4 months ago

RBI nominee on PSU boards create illusion of regulatory control: Raghuram Rajan

Live Mint  

New Delhi: Former Reserve Bank of India governor Raghuram Rajan is not in favour of having an RBI nominee on the boards of public sector banks, saying it creates an “illusion that the regulator is in control”. Its nominees on bank boards have no commercial lending experience and can only try and make sure that processes are followed,” he said …

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