Raghuram Rajan
Reserve Bank of India modifies liquidity framework
Rajan spells out plans to “progressively lower” the liquidity deficit in the banking system as part of a broader shift in focus; RBI cuts policy rate by 25bp with inflation on track
Rajan and Mishra lay down rules of the monetary game
Authors warn current models may display the policy biases of those who built them, calling for better dialogue and analysis of monetary policy spillovers
IMF will ‘take stock’ of capital flow policies
IMF may undertake further work on capital flow management and foreign exchange interventions if analysis highlights need for it; fund will also re-examine global safety net
Rajan offers solution to global policy spillovers
RBI governor sketches rating system designed to hold central banks to account; frank discussion may be enough, he says, but tougher rules in the style of Bretton Woods are also an option
Indian government unveils final MPC design
Bill has been amended to cut committee size to six and give governor a casting vote in the event of a tie; government also pressing ahead with plans to clean up banking sector
Rajan tells banks to prepare for ‘deep surgery’
RBI governor says banks will have until March 2017 to clean up their balance sheets; banking sector represents weak spot of otherwise vibrant economy
RBI says future action depends on government decisions
Rajan says further easing depends on government budget and the result of pay negotiations; efforts are continuing to improve transmission mechanism, which could push rates down
Rajan flags pitfalls of short-term thinking
RBI governor extols the virtues of macroeconomic stability, defending the central bank’s strict stance on inflation and calling on the government to stick to its fiscal consolidation plans
Monetary policy less effective than structural reform, Davos panellists argue
Structural reform is more effective than monetary or fiscal policy in current conditions, Axel Weber and Raghuram Rajan agree; Weber foresees four Fed rate rises but thinks markets disagree
Economists say Rajan has good chance of staying as RBI governor – if he wants to
Raghuram Rajan is popular enough to be reappointed when his first term ends later this year, but he may have other appealing options, according to observers
Rajan weighs currency movements while RBI holds rates
Governor Raghuram Rajan spells out challenges posed by divergence of dollar and euro in press conference after Reserve Bank of India keeps key rate at 6.75%
Mass walkout at RBI disrupts clearing and settlement
The majority of the RBI’s 17,000 staff took ‘mass casual leave’ today, interrupting some RBI operations, though normalcy was ‘largely’ restored after negotiations
Rajan picked as BIS board vice-chair as he calls for global ‘rules of the game’
RBI governor chosen to take over position Masaaki Shirakawa vacated in 2013; delivers lecture in Frankfurt calling for global ‘rules of the game’
Rajan weighs inclusion challenges as IMF identifies financial stability risks
Reserve Bank of India governor discusses the driving factors behind inclusion and challenges posed to supervisors in IMF panel, following staff note on macroeconomic impacts
Reserve Bank of India ‘front-loads’ easing with 50bp cut
Rajan points to deterioration in global outlook and desire to boost investment; RBI will now focus on improving the transmission of cumulative 125bp reduction in key rate
RBI designates two banks ‘systemically important’
Reserve Bank of India lists State Bank of India and ICICI Bank as ‘domestic systemically important banks’ and details additional capital requirements
Fischer watched for rate views as Jackson Hole concludes
Symposium at Kansas City Fed closes with panel discussion featuring Carney, Constâncio, Fischer and Rajan on Saturday; one early session considers ‘international price system’
Indian central bank targets stronger rate transmission
Reserve Bank of India sees improvements in transmission of policy to money markets, but looks to strengthen credit channel as it transitions to inflation targeting framework
Rajan warns banks there will be no more ‘extend and pretend’ on NPLs
Banks need to face the fact that large chunks of their assets are non-performing, and the RBI will no longer prop them up via a policy of forbearance, governor says
RBI and government reach ‘broad consensus’ on MPC
Raghuram Rajan says the central bank and government have found common ground on the shape of the monetary policy committee; RBI holds rates and nudges down inflation forecast
RBI could see interest rate powers diluted by MPC proposals
Indian government publishes draft law that would establish an MPC dominated by external members; investment bank economist concerned by shortage of potential candidates
Radical rethink of central banking is still possible
Bank of Canada governor Stephen Poloz's call for central banking to be "reinvented" is a timely reminder that others need to heed
Fischer sees limits to Fed’s global responsibility
Federal Reserve vice-chair says the most important contribution the central bank can make to health of world economy is keeping its own house in order
Rajan suggests IMF as watchdog for unconventional policy
RBI governor says central banks should not discard international responsibilities in favour of domestic mandates; says IMF could police unconventional monetary policy