D Subbarao

RBI Gov. Subbarao takes direct dig at P Chidambaram

RBI Gov. Subbarao takes direct dig at P ChidambaramOutgoing Reserve Bank of India (RBI) governor Subbarao has blamed the government's policies for constrained central bank's monetary policy as well as the rupee depreciation.

In his last public address, at the 10th Nani Palkhivala memorial lecture, Subbarao said the government adopted a very loose fiscal policy between 2009 and 2012 that constrained the central bank's monetary policy.

Committed to inflation control as RBI cares for growth: Subbarao

D-SubbaraoNew Delhi, Aug 17 : The Reserve Bank of India (RBI) is concerned about price stability as well as growth, and it would be “inaccurate and unfair” to conclude that the central bank is obsessed with inflation, Governor Duvvuri Subbarao said Saturday.

“The Reserve Bank’s monetary policy aims at three objectives - price stability, growth and financial stability. To contend that the Reserve Bank is obsessed with inflation, oblivious to growth concerns, I think, is both inaccurate and unfair,” Subbarao said.

Non-banking firms must be under RBI regulation: Subbarao

D-SubbaraoMumbai, August 13 : Banking as well as non-banking financial companies must be under a unified regulation of the central bank to prevent 2008 like crisis, Reserve Bank of India (RBI) Governor D Subbarao said Tuesday.

Subbarao said there are strong inter-linkages between banks and non-banking financial companies (NBFCs) and a “unified regulation by the same regulator” was essential for financial stability.

The RBI governor's comment assume significance in view of the government's plan to take away the regulation of non-banking financial companies from the central bank and put it under a unified financial authority.

RBI Governor Subbarao gets no offer for tenure extension

D-SubbaraoReserve Bank of India (RBI) Governor D. Subbarao is due to step down in less than seven weeks but the government is still struggling to decide on the next chief for the central bank.

Many analysts are of the view that the government may give an extension to Mr. Subbarao's tenure, but he recently declared that he had not been given any such offer.

Speaking to reporters in Moscow on Saturday, he said, "No offer has been made so far, so there is no question of accepting so far. It is a hypothetical question. As I said before, I must move on."

Inflation data will be factored in RBI policy: Subbarao

D-SubbaraoNew Delhi, July 15 : The Reserve Bank of India (RBI) will take into account the recent increase in inflation while formulating the policy later this month, Governor D. Subbarao said Monday.

“Of course, we will take into account the inflation numbers,” Subbarao told reporters after meeting Finance Minister P. Chidambaram at his North Block office here.

According to data released by the commerce ministry here, wholesale price based inflation snapped fourth months of easing trend and increased to 4.86 percent in June as compared to 4.7 percent in the previous month.

RBI Gov. Subbarao also wants banks to cut rates

RBI Gov. Subbarao also wants banks to cut ratesReserve bank of India (RBI) Governor D Subbarao on Thursday supported Finance Minister P Chidambaram's call to lender to cut interest rates to provide a much-needed boost to economic growth.

Mr. Subbarao said that the RBI was very conscious of the need to be supportive of the country's economic growth.

He noted that the central bank cut repo rate - the rate at which the central bank lends money to banks - several times this year, but many banks did not pass on the cuts to consumers and businesses.

RBI has no exchange rate target for rupee: Subbarao

D-SubbaraoChennai, July 4 : The Reserve Bank of India (RBI) does not have any target for rupee level but will use all the instruments it has to reduce volatility, Governor D. Subbarao said Thursday.

He also said the bank's monetary policy transmission is not agile as the commercial banks are reluctant to pass on the benefit of interest rate reduction to borrowers and not all the applicants for a banking licence will get one.

Speaking to reporters here, Subbarao said the bank has no exchange rate target but would use all the instruments it has to reduce the Indian rupee's volatility.

Monsoon to determine monetary actions, says RBI

Monsoon to determine monetary actions, says RBIIndia's central bank, the Reserve Bank of India (RBI) has said that the monsoons are likely to determine its monetary policy actions in the coming months.

Experts believe that the outlook on monsoon have an impact on the level of inflation in the country and the central bank has been trying to keep the inflation under control in the Asia's third largest economy by keeping interest rates high in recent years. RBI Governor D. Subbarao said in Hyderabad on Friday that monsoon outlook will be an important factor for determining the monetary policy in the coming months.

Monsoon an important factor in RBI policy: Subbarao

D-SubbaraoHyderabad, June 7 : Reserve Bank of India (RBI) Governor D. Subbarao Friday said the performance of monsoon would be an important factor in determining the central bank's policy in the next three months.

"We also chase monsoon like millions of farmers across the country. So, monsoon outlook and monsoon performance is going to be an important factor in determining the bank's policy in the next three months," he said.

Subbarao said this while delivering a lecture - 'India's Macroeconomic Challenges: Reserve bank Perspectives' - on the occasion of Institute of Public Enterprise's Golden Jubilee celebrations here.

Checking money laundering is govt.’s job: Subbarao

Checking money laundering is govt.’s job: SubbaraoIt is the responsibility of the government and tax authorities to check money laundering, the Reserve Bank of India (RBI) said.

RBI Governor D Subbarao said that banks neither the central bank nor individual banks were directly responsible to inquire about the source of income.

Speaking on the topic, Subbarao said, "RBI is not directly involved... Even banks are not directly responsible. They are not expected to inquire about the source of income. It is for government and tax authorities to check money laundering."

RBI expresses concerns over high CAD

RBI expresses concerns over high CADIndia’s central bank has said that the high Current Account Deficit (CAD) is the biggest risk to the Indian economy at present and hinted that if the worrying trend continues then the monetary policy might be reversed.

RBI Governor D Subbarao said, “The biggest risk to the economy stems from the CAD which, last year, was historically the highest... Monetary policy will also have to remain alert to the risks on the account of the CAD and its financing, which could warrant a swift reversal of the policy stance.”

Assam CM urges RBI Gov. to open several hundred more banks in the state

Assam CM urges RBI Gov. to open several hundred more banks in the stateAssam Chief Minister Tarun Gogoi has urged Reserve Bank of India (RBI) Governor D Subbarao to open several hundred more banks in the state meet the national figure of bank population ratio.

Mr. Gogoi said that 2,400 new bank branches should be opened in Assam to meet the national figure of bank population ratio of 13,147. He added that more villages with a population of 1000 to 2000 should be brought under the coverage of banks.

India's central bank cuts key rates, eases liquidity

India's central bank cuts key rates, eases liquidityMumbai, Jan 29 : India's central bank Tuesday cut key policy rates to infuse more money into the banking system and also trigger lower interest rates on loans taken by the commercial and household sectors.

The repurchase rate, the interest charged by the Reserve Bank of India (RBI) on short-term borrowings by commercial banks, has been cut by 25 basis points to 7.75 percent. This has the potential to lower the cost of borrowings for banks.

RBI expected to announce guidelines for setting up new banks this week

RBI expected to announce guidelines for setting up new banks this weekThe final guidelines for setting up new banks can be announced by the Reserve Bank of India (RBI) before the end of this week, a senior source involved in the ongoing process revealed.

Parliament has already approved the Banking Laws (Amendment) Bill, allowing the central bank to invite applications for setting up new banks, and the central bank is now busy in finalizing the guidelines.

RBI Governor D. Subbarao hints at rate cut

RBI Governor D. Subbarao hints at rate cutSteep fall in growth rate in the past quarters and the possibility of a further decline in inflation from the next quarter could prompt the Reserve Bank of India (RBI) to announce a rate cut in the coming days.

RBI Governor D. Subbarao on Thursday hinted that the central bank could ease the monetary regime as it expected inflation to fall from the fourth quarter.

RBI Governor D Subbarao rules out introduction of Islamic banking

Islamic-bankingReserve Bank of India (RBI) on Thursday ruled out the possibility of introducing Islamic banking in the country, saying such banking required a separate law.

RBI Governor D Subbarao said that they had studied the issue and appreciated the objectives behind the request for Islamic banking but there were some legal problems in introducing such banking.

Responding to a query on the issue, Subbarao said, "Islamic banking is not possible. We have studied the issue. We appreciate the objectives behind the request. But there are some legal problems."

RBI governor deposes in Delhi court in 2G spectrum case

RBI governor deposes in Delhi court in 2G spectrum caseD Subbarao, the Governor of the Reserve Bank of India (RBI) deposed in a Delhi court as a witness for prosecution the 2G case.

He said that he had raised questions over the spectrum fee of around Rs 1600 crore for a pan Indian license in the 2007 auction. Subbarao was working as Finance Secretary from April 2007 to September 2008 and is a key witness in the case.

There is urgent need to professionalise cooperatives’ governance: Subbarao

There is urgent need to professionalise cooperatives’ governance: Subbarao There is an urgent need to professionalise the governance of cooperative banks, Reserve Bank of India (RBI) Governor D Subbarao said.

Cooperatives are institutional establishments where people team up and pool their resources to achieve mutually gainful outcomes.

Speaking at international seminar on cooperatives in Pune, Subbarao said that various reasons, including financial and governance related, have eroded the credibility of cooperative banks.

BJP to boycott meeting on the 2G spectrum scam

BJP to boycott meeting on the 2G spectrum scamThe main opposition party at the centre, Bharatiya Janata Party (BJP) has indicated that it is planning to boycott the upcoming meeting on the 2G spectrum scam.

Opposition leader Yashwant Sinha has written a letter to the Joint Parliamentary Committee (JPC), PC Chacko informing him of the decision of the party to stay away from the meeting. BJP has demanded that both Prime Minister Manmohan Singh and Finance Minister P Chidambaram be called for deposition as witnesses in the case.

Third Indo-U.S. Economic & Financial Partnership meeting to take place on Tuesday

Third Indo-U.S. Economic & Financial Partnership meeting to take place on TuesdayA delegation of high-profile U. S. officials led by Treasury Secretary Timothy Geithner is coming to India to take part in third Indo-U. S. Economic & Financial Partnership meeting on Tuesday.

The two-day meeting is expected to set an agenda for economic partnership between the two countries over the next few years.




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