RBI GOVERNOR

shaktikanta-das-gets-central-banker-of-the-year-award

Shaktikanta Das gets Central Banker of the Year award

There seems to be some silver lining, applaud and solace for RBI governor Shaktikanta Das who has been named as Central Banker of the Year, Asia-Pacific 2020 by a Banker magazine of the Financial Times.

This award is conferred upon to apex bankers for the best management of stimulating growth and economy. National Bank of Serbia Tabakovi has been adjudged the winner in the Global Central Banker of the Year category.

Awards were declared in the editorial of the Banker magazine on January 2, 2020. Repeated economic slumps saw the central bank cutting interest rates five times during 2019 which was open to cutting them again if need be.

Faced with these challenges, Das steps to bring banking in India up to standard via a restrained approach to governance is appreciated.

04 Feb 2020
finmin-may-push-for-rs-25-30k-cr-interim-dividend-from-rbi

FinMin may push for Rs 25-30K cr interim dividend from RBI

Union finance ministry is expected to push for Rs 25,000-30,000 crore interim dividend from the RBI for the third time in a row. Reportedly with the interim dividend from the RBI, the govt wants to put a check to 3.3 percent fiscal deficit target slippage. Reportedly, the Finance Minister may take up the matter in a post-Budget.

The RBI paid a total Rs 38,000 crore as an interim dividend in the past. The government has a Budget estimate of Rs 90,000 crore dividend from RBI in FY20. The RBI follows July-June as FY and usually distributes dividend in August after annual accounts are finalised and interim dividends if any, they are given around February to the government.

For 2018-19, the RBI transferred a total of Rs 1.76 trillion to the government, including a one-time transfer of Rs 52,637 crore which was deemed as excess reserves and comprising Rs 1,23,414 crore of surplus for the year 2018-19. The government is fighting a six-year low growth, subdued demand, and consumption leading to projections of 5 percent growth.

22 Jan 2020
shaktikanta-das-gets-central-banker-of-the-year-award

Shaktikanta Das gets Central Banker of the Year award

By IndianMandarins 04 Feb 2020

There seems to be some silver lining, applaud and solace for RBI governor Shaktikanta Das who has been named as Central Banker of the Year, Asia-Pacific 2020 by a Banker magazine of the Financial Times.

This award is conferred upon to apex bankers for the best management of stimulating growth and economy. National Bank of Serbia Tabakovi has been adjudged the winner in the Global Central Banker of the Year category.

Awards were declared in the editorial of the Banker magazine on January 2, 2020. Repeated economic slumps saw the central bank cutting interest rates five times during 2019 which was open to cutting them again if need be.

Faced with these challenges, Das steps to bring banking in India up to standard via a restrained approach to governance is appreciated.

finmin-may-push-for-rs-25-30k-cr-interim-dividend-from-rbi

FinMin may push for Rs 25-30K cr interim dividend from RBI

By IndianMandarins 22 Jan 2020

Union finance ministry is expected to push for Rs 25,000-30,000 crore interim dividend from the RBI for the third time in a row. Reportedly with the interim dividend from the RBI, the govt wants to put a check to 3.3 percent fiscal deficit target slippage. Reportedly, the Finance Minister may take up the matter in a post-Budget.

The RBI paid a total Rs 38,000 crore as an interim dividend in the past. The government has a Budget estimate of Rs 90,000 crore dividend from RBI in FY20. The RBI follows July-June as FY and usually distributes dividend in August after annual accounts are finalised and interim dividends if any, they are given around February to the government.

For 2018-19, the RBI transferred a total of Rs 1.76 trillion to the government, including a one-time transfer of Rs 52,637 crore which was deemed as excess reserves and comprising Rs 1,23,414 crore of surplus for the year 2018-19. The government is fighting a six-year low growth, subdued demand, and consumption leading to projections of 5 percent growth.

rbi:-michael-patra-appointed-as-deputy-governor

RBI: Michael Patra appointed as Deputy Governor

By IndianMandarins 14 Jan 2020

The NaMo Government on January 13 appointed Michael Patra (ED, RBI) as Deputy Governor for a three-year term. He will take over as the fourth Deputy Governor at RBI which he joined in 1985. He was in charge of the Monetary Policy Division in RBI.

Patra replaces Viral Acharya, who left office on July 23, 2019; six months before the end of his term. Acharya was looking after the monetary policy department, including its forecasting and modelling unit, in the RBI.

The Financial Sector Regulatory Appointment Search Committee (FSRASC) had shortlisted about seven names who have been called for the interview on November 7, 2019. The search panel headed by Union Cabinet Secretary Rajiv Gauba also included RBI Governor, Financial Services Secretary and some independent members.

rbi-dy-governor-acharya-resigned

RBI Dy Governor Acharya resigned

By IndianMandarins 23 Jun 2019

If some top sources are to be believed Deputy Governor RBI and in-charge of the monetary policy department Viral Acharya has resigned six months ahead of the scheduled end of his three years term; the second high profile resignation in the past six month at RBI. The Central Bank is now left with only Dy Governors namely; B P Kanungo, N S Vishwanathan and M K Jain.

 

Acharya took over at a time when the RBI was facing criticism for frequent changes in the rules related to withdrawal of money, deposit after demonetisation which took place in November 2016.

 

It may be recalled that following his differences with the Govt RBI Governor Urjit Patel had in December last year resigned nearly nine months before the scheduled end of his term. 

details-of-das-appointment-as-rbi-guv-withheld

Details of Das appointment as RBI Guv withheld

By IndianMandarins 27 Mar 2019

The Centre government has excused itself from divulging the details related to the appointment of RBI Governor Shaktikanta Das. In doing this, it cited a clause in the RTI Act which enables it to block disclosure of information, including "records of deliberations of the council of ministers, secretaries, and other officers".

 

Replying to an RTI query, it also declined to disclose the names of shortlisted candidates and file notings related to the appointment.

 

"In this regard, it is informed that the requisite information about appointment of Shaktikanta Das as Governor, Reserve Bank of India, being Appointments Committee of the Cabinet (ACC) related file notings/documents/records, is exempted from disclosure under Section 8 (1) (i) of the Right to Information Act 205," the government said.

 

Das was on December 11, 2018, named as the Reserve Bank of India (RBI) Governor by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi for three years.

 

The quick appointment was necessitated following a sudden resignation by then RBI Governor Urjit Patel amid a face-off with the government over issues related to governance and autonomy of the central bank.

 

In its reply to the RTI query, the government said the selection of RBI Governor is done by the Appointments Committee of the Cabinet on the basis of the recommendation made by the Financial Sector Regulatory Appointments Search Committee (FSRASC).

 

This committee is headed by cabinet secretary as its chairperson and has an additional principal secretary to Prime Minister and secretary of the department concerned besides three outside experts as its members, the DFS said, without giving the names of the experts.

debate-on-country's-economic-czar-goes-on:-generalist-versus-specialist

Debate on country's economic czar goes on: Generalist versus Specialist

By IndianMandarins 13 Dec 2018

The appointment of Shaktikant Das (Retd IAS:1981:TN) as the new RBI governor has triggered questions about the suitability of making a generalist the country's economic czar.

 

Indeed, the old debate centred around the generalist versus specialist question has come to life again.

 

If one looks at the list of 24 governors since the RBI was set up in 1935, it is clear that governments have followed the principle of convenience and appointed people both from the generalist and specialist categories.

 

While the first governor, Osborne Smith, was a banker, his successors were mostly ICS and subsequently IAS officers. For example, the third governor, CD Deshmukh, was an ICS officer with degrees in botany and Sanskrit. In recent years, one finds that S Venkitaramanan, 18th Guv, held a master's degree in physics and public administration. Both Deshmukh and Venkitaramanan are considered successful governors like Dr Manmohan Singh, Dr Vimal Jalan, and other specialists.

 

So, there is no reason to suspect at the moment that Das may not prove an effective Governor. His appointment only breaks the recent tradition of appointing experts as RBI governors and restores the old tradition of appointing civil servants to the most coveted post.

shaktikanta-das-is-new-rbi-guv

Shaktikanta Das is new RBI Guv

By IndianMandarins 11 Dec 2018

Former Finance Secretary Shaktikanta Das (Retd IAS:1980:TN) has been appointed new Governor of Reserve Bank of India; a post which fell vacant yesterday following the resignation of Urjit Patel. As per the government’s announcement he will have a three years long tenure in the office.


Das, Finance Secretary designate, retired in June last year from the post of Secretary, Department of Economic Affairs.


 

adhia-as-rbi-guv:-likely-or-unlikely?

Adhia as RBI Guv: Likely or unlikely?

By IndianMandarins 11 Dec 2018

Ever since Urjit Patel announced his resignation as RBI Governor the power corridors were abuzz of Hasmukh Adhia (IAS:1981:GJ) as the first and foremost choice of PM as next RBI Governor.


But those in the helm of affairs indicated Indianmandarins that the way Adhia had been maintaining his future-plans and insisting not to accept any post-retirement posts it would be unlikely that Adhia would accept the offer. But some top sources maintained that in all likelihood Adhia would accept the offer. 

free stat counter

Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.