India
3,491 opt for early retirement at RBI
The Reserve Bank of India's early retirement scheme, which was introduced recently, has attracted 3,491 applications, according to a Rediff report. The scheme closes at the end of December with official sources saying the "RBI introduced the early…
RBI to set up new payment board
The Reserve Bank of India is to set up a board for payment and settlement systems to provide efficient governance and best practices in risk management, reports the Business Standard. This would ensure that all payments and settlements in the country are…
RBI groups call for amendment to RBI Act
The Reserve Bank of India's working group have suggested amendments to the RBI Act (1934), according to The Financial Express. The group suggested flotation of interest-bearing deposits as an option, whereby the central bank pays interest on deposits…
RBI forms finance advisory panel
The Reserve Bank of India has appointed an advisory committee on financial regulation which will be lead by deputy governor K. J. Udeshi, according to a report by PTI. The committee will meet once every two months to review the current regulatory regime…
Is the Reserve Bank of India overstaffed?
India is a country well known for its huge population. But this article in Business Standard asks whether the Reserve Bank of India is itself overpopulated. The lower-rung jobs that form the bulk of its strength can be significantly cut down, it says.
Confidence, inflation targets improved says Reddy
Reserve Bank of India governor YV Reddy said on 10 November that the brighter outlook for the global economy increased confidence that India would hit its growth and inflation targets, Reuters reported.
RBI likely to signal new settlement system plan
Private sector bankers said on Tuesday 28 October that they believed the Reserve Bank of India was about to announce a plan to install a real-time gross settlement system for the entire financial sector by January, according to a report by Reuters. The…
RBI's autonomy is a myth, Jalan tells industry
Former governor of the Reserve Bank of India, Bimal Jalan, has said that the "RBI is, really, responsible to Parliament through the government," according to the Economic Times, and that while he is all in favour of so called autonomy, this can only work…
Interview with BIS General Manager Malcolm Knight
In an interview conducted on 25 September, Bank for International Settlements general manager Malcolm Knight said "It would be likely that Basel II would assign India a sovereign risk weight of 50 percent instead of the 100 percent it receives under the…
Vepa Kamesam's term at RBI extended by 3 months
Reserve Bank of India deputy governor Vepa Kamesam has been given a second three-month extension to his contract, according to Busines Standard. With this, Kamesam has become the first deputy governor to hold the position beyond the age of 62.
Reserve Bank of India - Annual Report 2002 - 2003
The Reserve Bank of India has published its Annual Report for the year ended 2002 -2003. The Annual Report released 27 August 2003 said cautious optimism characterised the stance of macroeconomic policies during 2002-03, notwithstanding the continuing…
Jalan too
Bimal Jalan, having ceded power at the central bank to the capable hands of YV Reddy, will slip into what will surely be no less lively an occupation. He has now been nominated to the upper house of Parliament (contrasting with Gerashchenko who is to…
RBI to kick off Basel transition with 8 banks
As part of a move towards the new New Basel Capital Accord the Reserve Bank of India has chosen eight banks - public, private and foreign - as part of the RBI's pilot run on implementing the risk-based supervision for banks, according to Business…
Reddy to take over as RBI chief on Saturday
YV Reddy will take up his post as governor of the Reserve bank of India for a five-year term beginning on September 6th, the RBI said Wednesday a report from Reuters said.
Jalan nominated to India's Parliament
A statement from the Indian government released on Thursday 28 August said Reserve Bank of India Governor Bimal Jalan had been formally nominated to the upper house of Parliament, according to a report by Reuters.
Indian economy on the mend, says Jalan
Outgoing governor of India's central bank, Bimal Jalan, believes that strong economic fundamentals will clear the way for a higher growth rate and ease the way to full convertibility of the rupee, according to Asia Pulse.
RBI cautious over foreign borrowing
The Reserve Bank of India sounded a note of caution over unlimited access to short-term external commercial borrowings by businesses to fund working capital and other domestic requirements, according to a report by rediff.com.
Jalan on exchange rate policy
In a speech given at the 14th National Assembly of Forex Association, the governor of the Reserve Bank of India, Dr Bimal Jalan, mused on the central bank's exchange rate policy. The present system is by no means an ideal one. However, like the old…
India may ease some rules on rupee trading
Reserve Bank of India governor Bimal Jalan, speaking at the Forex Association of India. said that the RBA could loosen rules on currency trading, according to Bloomberg. He also said that "Convertibility continues to be a desirable objective for all…
India's forex reserves soar to new record
The Reserve Bank of India confirmed that India's foreign exchange reserves exceeded US$84 billion in July posting a new record high, according to Asia Times. Analysts said the rise in India is mainly due to fresh inflows and revaluation of non-US…
RBI asks Indian banks to be ready with RTGS
A meeting held at the Reserve Bank of India urged banks to be ready for the introduction of India's Real Time Gross Settlement, which is expected to begin simulated tests before the year end, according to a report by The Hindu. Deputy governor Vepa…
YV Reddy appointed RBI Governor for five-year term
Official confirmation came on Friday 18 July that Dr Y. Venugopal Reddy will take over as governor of the Reserve Bank of India for a five-year term. Business Line reports that the present governor, Dr Bimal Jalan, is expected to move into politics.
India's E-payment volumes soar 34% in 2002-03
The volume of E-payments in India has increased by 34% in the financial year 2002-03, Business Standard reported. At a seminar on smart card technology and its applications, R Gandhi, chief general manager of the Reserve Bank of India, said, "During 2002…
Get ready for Reddy
The coast appears clear for Dr Yaga Venugopal Reddy, deputy governor of the Reserve Bank of India until last year, to assume his well-deserved place as governor. Current governor Bimal Jalan is set to abandon the central bank in August, well before the…