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 quality review in 2015. Raghuram Rajan served as Reserve Bank of India Governor between 2013 and 2016 — spanning both the Congress-led UPA and the subsequent BJP-led NDA Central governments. Then Finance Minister Arun Jaitley had told the former RBI governor to “go ahead” and overhaul the system as necessary.

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History of this topic

Manmohan Singh was a visionary economist with integrity: Raghuram Rajan
2 weeks, 5 days ago

Manmohan Singh was a visionary economist with integrity: Raghuram Rajan

Live Mint  

New Delhi, Dec 27 Former Prime Minister Manmohan Singh was a brilliant economist with a visionary outlook on India's potential, combined with a fine sense of political feasibility, former RBI Governor Raghuram Rajan said on Friday. Rajan described Singh as understated and soft-spoken, qualities that enabled him to attract some of the brightest minds to his team, including Montek Singh …

Ex RBI Chief Meets Telangana CM Revanth Reddy
1 year ago

Ex RBI Chief Meets Telangana CM Revanth Reddy

Deccan Chronicle  

Hyderabad: Former Reserve Bank of India governor Raghuram Rajan on Sunday suggested to Chief Minister A. Revanth Reddy that the government explore ways of increasing revenues without burdening the people to pay for the welfare schemes. In an informal meeting with the Chief Minister and Deputy Chief Minister Mallu Bhatti Vikramarka, who also holds the finance portfolio, at the CM’s …

Raghuram Rajan's ‘shadow-boxing not fair', became a politician: Union minister on ex-RBI governor
1 year, 4 months ago

Raghuram Rajan's ‘shadow-boxing not fair', became a politician: Union minister on ex-RBI governor

Hindustan Times  

Union minister Ashwini Vaishnaw on Saturday hit out at former Reserve Bank of India governor Raghuram Rajan over his reported statement on mobile manufacturing in India, calling him a “politician who is doing shadow-boxing on someone else's behalf”, news agency PTI reported. Former RBI governor Raghuram Rajan “India is not manufacturing mobile phones under the Production Linked Incentive scheme but …

‘We would be lucky if…’: Raghuram Rajan to Rahul Gandhi on Indian economy
2 years, 1 month ago

‘We would be lucky if…’: Raghuram Rajan to Rahul Gandhi on Indian economy

Hindustan Times  

Former Reserve Bank of India governor Raghuram Rajan, who joined Rahul Gandhi-led Bharat Jodo Yatra on Wednesday, said next year will be difficult for the Indian economy as also for the rest of the world. In a conversation with Rahul Gandhi, Rajan said the Indian economy will struggle to achieve a 5% growth rate next year as key interest rates …

Raghuram Rajan joining Bharat Jodo Yatra no surprise: BJP
2 years, 1 month ago

Raghuram Rajan joining Bharat Jodo Yatra no surprise: BJP

Deccan Chronicle  

NEW DELHI: The BJP on Wednesday took a swipe at former RBI governor Raghuram Rajan after he joined the Congress' 'Bharat Jodo Yatra' and said his commentary on India's economy should be discarded with "disdain" as it is "coloured and opportunistic". BJP's foreign affairs department head Vijay Chauthaiwale tweeted, "One former RBI governor became head of govt and country lost …

India sought probe into ex-RBI gov Rajan for helping ‘white man’
2 years, 9 months ago

India sought probe into ex-RBI gov Rajan for helping ‘white man’

Al Jazeera  

Indian government accused its RBI of setting interest rates to favour developed nations, pushing it to slash the rates. New Delhi, India – A year after the government led by Narendra Modi’s BJP came to power in 2014, the top finance ministry official accused the Reserve Bank of India of setting interest rates to benefit developed countries and sought a …

‘Dangerous’: Chidambaram on RBI Proposal on Corporates in Banking
4 years, 1 month ago

‘Dangerous’: Chidambaram on RBI Proposal on Corporates in Banking

The Quint  

He also added that “it is no secret which politically connected business houses will get the first licences and increase their monopolistic power” if the proposal is administered. Speaking for the importance of neutrality of banks, which is maintained even in developed economies, Chidambaram said “It is shocking that such an idea should have been presented to the people as …

Rajan, Viral call for a major overhaul of banking system
4 years, 3 months ago

Rajan, Viral call for a major overhaul of banking system

Live Mint  

Former Reserve Bank of India governor Raghuram Rajan and former deputy governor Viral Acharya have called for winding down of the department of financial services, privatization of state-owned banks and creation of a bad bank as part of the reforms for India’s banking industry. The current status quo is untenable and there is a need for reforming the banking industry …

Instead of gigantic statues, India should build modern schools and universities: Raghuram Rajan
5 years, 1 month ago

Instead of gigantic statues, India should build modern schools and universities: Raghuram Rajan

India Today  

Former Reserve Bank of India Governor Raghuram Rajan has said Hindu nationalism does not just foment social tensions but also detracts India from its economic growth. Reflecting on the socio-political agenda of the Modi government, Raghuram Rajan said, "Instead of building gigantic statues to national or religious heroes, India should build more modern schools and universities that will open its …

Rajan reminds Sitharaman: Two-third of his tenure as RBI Guv was under BJP
5 years, 2 months ago

Rajan reminds Sitharaman: Two-third of his tenure as RBI Guv was under BJP

India TV News  

Former RBI Governor Raghuram Rajan, who faced a stinging attack from Finance Minister Nirmala Sitharaman for presiding over the "worst phase" of the Indian banking sector, on Thursday reminded her that two-third of his tenure as the head of the central bank was under the BJP government. Rajan, who was Governor of the Reserve Bank of India from September 5, …

Nirmala Sitharaman says govt. cleaning up banking mess from Raghuram Rajan-Manmohan Singh days
5 years, 2 months ago

Nirmala Sitharaman says govt. cleaning up banking mess from Raghuram Rajan-Manmohan Singh days

The Hindu  

It was Finance Minister Nirmala Sitharaman’s turn in the nearly week-long critical exchange that has unfolded between former Reserve Bank of India Governor Raghuram Rajan and former Prime Minister Manmohan Singh on one end and Ms. Sitharaman at the other. Mr. Singh’s comments were in response to Ms. Sitharaman saying at the Columbia University on Thursday that public sector banks …

Raghuram Rajan expresses concern over India's economic slowdown
5 years, 3 months ago

Raghuram Rajan expresses concern over India's economic slowdown

India Today  

Former Reserve Bank of India Governor Raghuram Rajan has expressed concern over India's fiscal deficit figures, stating that it is the likely reason behind the slowdown in Indian economy. Addressing an audience during his OP Jindal lecture at Brown University, Rajan said the uncertainty surrounding the overall economic vision of government is one of the reasons behind India's slowing economy. …

How Arun Jaitley steered landmark economic reforms
5 years, 4 months ago

How Arun Jaitley steered landmark economic reforms

Live Mint  

New Delhi: Two of India’s biggest reforms—replacing 17 central and state taxes with a nationwide goods and services tax and putting in place a sophisticated ecosystem for dealing with industrial sickness—highlight Arun Jaitley’s tenure as Union finance and corporate affairs minister during the previous term of the Narendra Modi government. In rolling out GST in July 2017, Jaitley had to …

’I’m an outsider’: Why Raghuram Rajan didn’t apply for top job at Bank of England
5 years, 5 months ago

’I’m an outsider’: Why Raghuram Rajan didn’t apply for top job at Bank of England

Live Mint  

Former Reserve Bank of India governor Raghuram Rajan has indicated the political challenges posed by Brexit were the reasons he didn’t apply to head up the Bank of England. In an interview with the BBC, Rajan confirmed he hadn’t sought the position and cited the fact that central banking “has become much more political in recent times” as an explanation …

State-run banks should be freed of constraints, says Raghuram Rajan
5 years, 6 months ago

State-run banks should be freed of constraints, says Raghuram Rajan

Live Mint  

Public sector banks might perform better if they are freed from some of the constraints they operate under but such freedom typically requires distance from the government, says former Reserve Bank of India governor Raghuram Rajan. "Certainly, if public sector banks are freed from some of the constraints they operate under they might perform far better," he says. There certainly …

Raghuram Rajan says he will return if there is an opportunity to be of use; says country needs new set of reforms
5 years, 9 months ago

Raghuram Rajan says he will return if there is an opportunity to be of use; says country needs new set of reforms

Firstpost  

Raghuram Rajan said it was “premature” to discuss if he was approached by any of the parties to take up a policy-making position if they were to win. New Delhi: Amid speculation that he may be the finance minister if an Opposition alliance wins the ensuing general elections, the former Reserve Bank of India governor Raghuram Rajan has said he …

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 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 …

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 …

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 …

Arun Jaitley admits to issues with RBI on credit flow, liquidity as govt under fire for Urjit Patel's sudden exit
6 years, 1 month ago

Arun Jaitley admits to issues with RBI on credit flow, liquidity as govt under fire for Urjit Patel's sudden exit

Firstpost  

Though Jaitley did not explicitly mention it, the discussions he was alluding to were under Section 7 of the RBI Act, through which the government of the day can force down certain policies for the central bank to implement, citing national interest Mumbai: Under fire for the surprise resignation of governor Urjit Patel, senior Union ministers went on an offensive …

Make sure private banks stay in Indian hands: RSS affiliate to new RBI governor
6 years, 1 month ago

Make sure private banks stay in Indian hands: RSS affiliate to new RBI governor

Firstpost  

“There is a need for the new RBI Governor to rethink the regulatory framework for private bank ownership. None of us wants India homegrown banks to be allowed in the hands of foreign players.” RSS affiliate, Swadeshi Jagran Manch said New Delhi: Days after new RBI governor Shaktikanta Das assumed charge, an RSS-affiliated outfit on Thursday said he should “rethink” …

‘Talk to me’, says RBI governor Shaktikanta Das in relief to markets
6 years, 1 month ago

‘Talk to me’, says RBI governor Shaktikanta Das in relief to markets

Live Mint  

Central bank communication is a double-edged sword. On his first day as governor of the central bank, veteran civil servant Shaktikanta Das made it clear that he is willing to talk to everyone. Bond yields dropped 10 basis points on Wednesday on hopes that Das would turn monetary policy accommodative, helping the government fire up growth ahead of the general …

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 …

Jaitley has restored the equilibrium between the government and RBI
6 years, 1 month ago

Jaitley has restored the equilibrium between the government and RBI

Hindustan Times  

Success, as the saying goes, has a thousand fathers and failure languishes as an orphan. Finance Minister Arun Jaitley and RBI governor Urjit Patel at 569th central board meeting, New Delhi, February 10 The deft, cool and coordinated manner in which finance minister Arun Jaitley finessed and then defused what could have blown up into the crisis of this winter, …

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 …

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 …

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 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 …

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 …

Arun Jaitley hits back at RBI, says it allowed lending excesses
6 years, 2 months ago

Arun Jaitley hits back at RBI, says it allowed lending excesses

Live Mint  

New Delhi/Mumbai: Finance Minister Arun Jaitley blamed the Reserve Bank of India on Tuesday for failing to stop a lending spree between 2008-2014 that left banks with huge bad debts, inflaming a row that recently erupted between the government and the central bank. On Friday, RBI Deputy Governor Viral Acharya warned that undermining a central bank’s independence could be “potentially …

RBI chief Urjit Patel set to meet Arun Jaitley today amid growing rift
6 years, 2 months ago

RBI chief Urjit Patel set to meet Arun Jaitley today amid growing rift

Live Mint  

Mumbai: India’s finance minister and its central bank governor are set to meet face-to-face in New Delhi on Tuesday amid mounting tension between them over the autonomy of monetary policy makers. Finance Minister Arun Jaitley will chair a meeting of the Financial Stability and Development Council, which Governor Urjit Patel is scheduled to attend. The tension prompted former Finance Minister …

Raghuram Rajan note to parliamentary panel slams UPA mistakes; Congress blaming Modi for NPAs is bunkum
6 years, 4 months ago

Raghuram Rajan note to parliamentary panel slams UPA mistakes; Congress blaming Modi for NPAs is bunkum

Firstpost  

The political controversy over Raghuram Rajan’s note to Parliament committee chaired by Murli Manohar Joshi on the bank NPA problem is designed to divert the attention from the very problem itself to a useless mud-slinging show. Looking at the facts, there is a big irony in the Congress blaming Prime Minister Narendra Modi for the NPA mess and inaction over …

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 …

Raghuram Rajan blames over-optimistic bankers, slowdown in govt decision-making for rising bad loans
6 years, 4 months ago

Raghuram Rajan blames over-optimistic bankers, slowdown in govt decision-making for rising bad loans

The Hindu  

Former RBI Governor Raghuram Rajan has cautioned that the next crisis in India’s banking sector could come from loans given to the unorganised micro and small businesses, called MUDRA loans, and credit extended through the Kisan credit card. In a note on bank non-performing assets prepared at the request of Murli Manohar Joshi, Chairman of the Parliament Estimates Committee, Dr. …

Raghuram Rajan’s prescription to avoid NPAs: Distance PSU banks from govt
6 years, 4 months ago

Raghuram Rajan’s prescription to avoid NPAs: Distance PSU banks from govt

Live Mint  

New Delhi: Distancing state-run banks from the government, timely appointment of top executives and improving governance at these institutions through initiatives including the establishment of stronger boards are some of the policy measures prescribed by former Reserve Bank of India governor Raghuram Rajan to prevent a build-up of non-performing assets in future. Rajan, who submitted a note on non-performing assets …

Raghuram Rajan says bankers’ optimism led to bad loans
6 years, 4 months ago

Raghuram Rajan says bankers’ optimism led to bad loans

Live Mint  

New Delhi: Over optimistic bankers, slowdown in the government’s decision making process and moderation in economic growth contributed to mounting bad loans, former Reserve Bank of India Governor Raghuram Rajan said in a note to a Parliamentary panel. In a note to Chairman of Estimates Committee Murli Manohar Joshi, Rajan said: “A variety of governance problems such as the suspect …

Raghuram Rajan blames scams and ‘policy paralysis’ under UPA government for NPA mess
6 years, 4 months ago

Raghuram Rajan blames scams and ‘policy paralysis’ under UPA government for NPA mess

Op India  

In response to a letter that sought his inputs over the issue of the accumulated Non-Performing-Assets of Indian banks, former RBI governor Raghuram Rajan has written a letter to the head of the Lok Sabha panel set to look into the matter. According to reports, in his letter addressed to MP Murli Manohar Joshi, the former RBI governor has written …

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