An excerpt from Somendranath Bandyopadhyay’s My Days with Ramkinkar Baij where the sculptor and painter shares with the author his experience of sculpting the Yaksha-Yakshi statues that stand outside the central bank in New Delhi.
When India was divided in 1947, the RBI also grappled with a number of tasks that “posed several delicate problems”.
In its mid-year economic survey, chief economic adviser Arvind Subramanian said there were downside risks to the official growth forecast of 6.75-7.5% for the fiscal year to March 2018.
An excerpt from Y.V. Reddy’s ‘Advice and Dissent: My Life in Public Service’ on his time as RBI governor.
The central bank, in the previous year, had paid a dividend of Rs 65,876 crore to the government.
Reserve Bank of India data shows that as of March 2016, the non-priority sector bad loans stood at Rs 4.1 lakh crore.
A weekly column on the sessions of parliament.
The consumer price index rose 1.54% in the 12 months through June, down from an increase of 2.18% in the previous month.
Unemployment has risen and the corporate sector has taken a hit, but the Modi government is relying on statistics to create an illusion of economic growth.
The RBI refused to make the list of loan defaulters public despite an order by the Supreme Court in 2015 to make this information public.
The RTI backlog at the central bank had risen to 38,884 applications at the end of 2015-16 – three times the number of applications received by it during the year.
While the State Bank of India in Arunachal’s capital has blamed the RBI for the shortage, the public and business establishments continue to bear the brunt of the cash crunch.
The ordinance to amend the Banking Regulation Act will give a big boost to the government’s efforts to cut down on non-performing assets in the banking sector.
The discourse around non-performing assets (NPAs) remains largely focused on private corporations, while NPA concentration in public sector undertakings flies under the radar of scrutiny.
The constant extension of a deadline to reduce promoter shareholding could net Uday Kotak and his family members a hefty sum.
The MPC claims that the decision to narrow the policy corridor is consistent with a neutral stance of of monetary policy.
All 60 economists polled by Reuters had predicted the RBI’s monetary policy committee (MPC) would keep the repo rate at the same level since October.
After February’s marginal cut in service headcount, the sector in March created jobs at the fastest pace in nearly two years.
The Nikkei Manufacturing Purchasing Managers’ Index rose to 52.5 in March, from 50.7 in February, the third month in a row that is has been above the 50 mark.
Will the Modi government’s digital push help it curb “excess cash” and print fewer notes than what was extinguished through demonetisation?
An earlier RTI query filed by Subhash Chandra Agrawal had also revealed that it costs Re 1.14 to print a Re 1 note.
Despite the strong mandate, Modi still faces a struggle to implement reforms to boost growth and jobs.
Recent events show that Babasaheb Ambedkar’s fears of democracy giving way to dictatorship if the authority of its leaders remains unchecked may not have been unfounded.
Post demonetisation, the government has been focusing on increasing digital payments and even incentivising people to move away from cash payments.
The Reserve Bank of India last month allowed banks to make AT1 coupon payments from statutory reserves, a move analysts said was aimed at easing pressure on banks to service coupons on the bonds.
The RBI official has proposed creating “bad bank”-type institutions to buy and restructure stressed loans, along with an approach to banks and defaulters that he called “tough love.”
Discussion on serious economic challenges currently faced by India is either absent or trivialised in this year’s Economic Survey.
Both the former and current RBI governors are surely acquainted with the Gujarati saying “Kona Baapni Diwali”. This cannot be the Centre’s stance when it comes to solving India’s NPA crisis.
The RBI’s statement, the first after the Budget, carries forward the Budget’s message of fiscal discipline and consolidation.
If the monetary policy committee waits until April, it will have a better idea of demonetisation’s negative impact and a firmer grasp of global commodity price trends.
Given the imperious attitude of new leaders to institutions of the old order, the questioning of central bank independence is a given.
The Budget appears to be pro-poor and pro-business, but it fails to address the reforms actually needed to structurally transform the economy.
Proposed amendments to the IT Act and the RBI Act will exempt political parties from keeping records of donations made through electoral bonds.
Proposed amendments to RBI Act, IT Act and RP Act would leave the RBI and IT department with no means to probe funding of political parties.
Improving export competitiveness depends on the government, through prudent fiscal policy, and the RBI, through appropriate monetary policy that maintains price stability.
The Reserve Bank also promised to review the weekly limit in the near future depending on the pace of remonetisation.
The RBI must now revisit its blanket refusal to answer an RTI query on demonetisation and provide a proper reply in a fortnight’s time.
In a letter to RBI governor Urjit Patel, the employee’s union says that the image of the central bank has been dented beyond repair.
Deputy governor R. Gandhi’s claims on the quantity of low-value notes pumped into circulation are false. The giant release of small change is just another attempt at spin.
The Modi government’s claim that the public supports demonetisation ignores the localised agitations and dissenting voices from across the country.