Reserve Bank of India (RBI)
IMF: Indian demonetisation to have ‘limited impact’ on Nepal
Some households have been affected, the IMF says, but holdings of Indian rupees were “small”; the Central Bank of Nepal is offering an exchange facility to those wanting to exchange cash
‘Humiliated’ RBI staff urge Patel to resist ‘unwarranted’ government interference
Reserve Bank of India staff send impassioned letter to governor to protect the central bank’s autonomy; finance ministry objects to claims, stating central bank is fully independent
RBI research arm tests blockchain for clearing, settlement
IDRBT releases white paper on the applications of blockchain, examining the benefits for the Indian financial sector; research group created proof-of-concept architecture to simulate clearing network
People: vice-governor appointed at PBoC; Bank of Canada creates new comms role
China’s State Council appoints Harvard graduate to replace Guo Qingping; Jill Vardy becomes adviser to Stephen Poloz; and more
People: RBI’s new deputy gains BIS scholarship; Mozambique names deputy
Reserve Bank of India appoints BIS scholarship winner to deputy post; Victor Gomes takes role at Bank of Mozambique; and more
RBI paper unpacks India’s non-performing loan troubles
Authors find bank risk-taking is procyclical and the level of non-performing loans responds to the interest rate environment and the overall growth of the economy
RBI moves to soak up liquidity generated by cash crisis
Deposits of old banknotes have led to surge in liquidity, which is now showing up as pressure on the bond market
RBI forms task force as cash crisis continues
Authorities find ATMs must be recalibrated to accept new notes, hampering efforts to respond to cash shortages
India scraps two banknotes overnight
The joint initiative by the central bank and government will replace two highest denominations with a new Rs500 and Rs2000, entering circulation tomorrow after an unscheduled bank holiday
People: BIS replaces Debelle as chair of markets committee; UK advertises for Shafik replacement
MAS’s Jacqueline Loh will chair the markets committee at the Bank for International Settlements; Bank of England advertises for deputy governor role
RBI to force banks to dispense low-denomination notes
Reserve Bank of India says banks must now set a proportion of ATMs to dispense only lower-value notes, after earlier efforts prove inadequate
RBI’s Gandhi hails ‘silent revolution’ in payments
Incremental growth has revolutionised payments, deputy says, with more initiatives such as unified mobile payments interface set to deliver further change
RBI’s new MPC cuts rate at first meeting
Debate was “frank, often intense, but always friendly” says governor Urjit Patel, after monetary policy committee votes unanimously for a cut
RBI’s Mundra: pinning down credit-GDP link is tricky
Deputy governor says a host of factors combine to make the link between credit and growth unclear, but the link may reinstate itself as the economy stabilises
Rajan debunks central banking myths in final address
Outgoing governor completes valedictory tour with a cross-examination of the contradictory demands on the RBI, restating the value of central bank independence
RBI annual report shows both income and expenditure on the rise
Staff costs and transaction fees drove rise in overall costs in 2015–16, although these were balanced by higher income; staff numbers on the decline
Rajan tells regulators: do not be afraid of innovation
Regulators should not ban innovation in order to be safer, outgoing RBI governor says; innovation needs support to encourage its “appealing features”
Economic outcomes will “vindicate” central bank – Malawi governor
Chuka asks the private sector to “trust” the central bank in its policy decisions; a reduced debt-to-GDP ratio and an end to drought should see inflation fall, he says
RBI launches bond market shake-up
Host of measures aim to develop markets, increase participation and improve liquidity in Indian capital markets, following review by former deputy governor Harun Khan
RBI’s Mundra hopes to boost credit to small businesses
Deputy governor outlines “ABCD” of issues affecting small businesses’ ability to access credit, including better access to information and new forms of collateral
Urjit Patel to take over from Rajan at RBI
Deputy governor led work on India’s new inflation-targeting framework; appointment seen as signal of government’s commitment to current policy
RBI’s Mundra says banks must evolve or face extinction
Deputy describes “dismal future” for banks, saying they must embrace a socially responsible approach if they are to avoid the threat posed by fintech firms and other non-banks
RBI should improve link between analysis and macro-prudential policy – FSB review
The Reserve Bank of India should consider regular financial stability meetings to set policy, and it needs to support its decisions with deeper analysis, a peer review finds
Indian train robbery sees nearly $1m in soiled banknotes snatched
Soiled banknotes destined for the RBI stolen from train on the way back from Salem; police investigating incident