India
Raghuram Rajan picked as RBI governor
Former IMF chief economist credited with seeing the financial crisis before it happened chosen by Indian government to head the country's central bank; appointment hailed as an 'excellent choice'
India in search for new RBI governor as Subbarao set to leave in September
Duvvuri Subbarao will leave the RBI this year after five years at the top; no clear favourite as yet to replace him, as three external candidates attract speculation
Consumers' inferior bargain position ‘largest issue to be tackled'
RBI's Deepali Pant Joshi says financial crisis had ‘highlighted the importance of financial consumer protection for the long-term stability of the global financial system'
Reserve Bank of India currency measures may have limited impact on rupee
Moves to halt falling rupee may have unintended consequences, according to rating agencies; volatility is expected to continue
RBI deputy sets out Reserve Bank strategies to fund urban infrastructure development
Reserve Bank is tweaking regulation to ensure finance can get through to urban infrastructure projects; urbanisation is ‘an important determinant of national economic growth and poverty reduction'
Reserve Bank of India announces measures to bolster weakening rupee
In tightening move, RBI raises its Marginal Standing Facility rate to 10.25% with 'immediate effect'; currency value rebound is expected to be short-lived
Asian integration is still ‘incomplete’, says RBI exec director
G Padmanabhan says regional integration of Asian finanical markets has some way to go, and creation of an EU-style body remains ‘far-fetched’
India issues inflation-indexed bonds to curb gold imports
India's debut issuance of inflation-linked bonds four times over-subscribed despite the launch coming as wholesale price inflation has tapered off; could be credit negative for India
Subbarao criticises plans to expand powers of regulatory supergroup
Reserve Bank of India governor Duvvuri Subbarao speaks out against plans to give Financial Stability and Development Council responsibility for regulating systemic risk
RBI ‘reluctant’ to apply for Esma recognition under current rules
Indian reticence over Emir steps up pressure on EC equivalency regime
RBI targeting 'greater internationalisation' of rupee
Reserve Bank of India executive director Padmanabhan says currency is a ‘natural candidate’ for internationalisation; aims for ‘careful and gradual’ progress
RBI executive director sees emerging threats to Indian banking
Deepak Mohanty warns of problems on the horizon, including deteriorating asset quality, high interest margins and the need to build capital buffers
RBI’s Chakrabarty fleshes out plans for risk-based supervision in India
Deputy governor examines pre-requisites for effective risk-based supervision as central bank prepares ‘phased migration’ to the new approach
RBI governor finds ‘a lot of scope for improvement’ in IMF advice
Duvvuri Subbarao examines performance of the IMF since the financial crisis, and finds the Fund wanting in a number of areas
RBI paper scrutinises monetary policy transmission
Research analyses strength of monetary policy transmission in range of Indian financial markets; says it is conducted most effectively to money markets but has ‘limited’ influence on stock markets
RBI sees scope for Giro payments system
Committee finds India’s existing payments system fails to meet consumers’ needs when paying bills; proposes a supplementary system to move bill paying onto a single interoperable platform
RBI cuts interest rate, while eyeing lower inflation
The Reserve Bank of India reduces benchmark interest rate for third time in 2013 to 7%; says there is ‘little space’ for further easing
RBI executive director discusses challenges in sustainable housing finance
Deepak Mohanty examines how best to extend housing finance in India, against the backdrop of multiple financial crises caused by unsustainable mortgage growth
RBI’s Sinha says good bank governance should reduce need for intervention
Deputy governor sets out Indian corporate governance requirements; says sound corporate practices and regulation should complement one another, reducing the need for supervisors to intervene
RBI cuts benchmark rate as growth falters
Reserve Bank of India cuts interest rate for second time in 2013; struggling with falling growth rates but rising inflation
RBI paper develops method for estimating counterfeit volumes
Researchers redesign inverse sampling statistical method, aiming to measure extent of counterfeiting in India with ‘credible precision’
RBI’s Subbarao bemoans contradictory demands on central bank
Reserve Bank of India governor says unique Indian growth and inflation dynamics make it impossible to satisfy everyone; deflects criticism over rates being both too high and too low
RBI governor defends 3% inflation target
Duvvuri Subbarao says India’s high inflation in recent years does not represent a ‘new normal’; rejects upping the central bank’s 3% target
World gold demand drops despite increased central bank purchases
Central bank purchases in 2012 reach highest level in 48 years, but Indian contraction leads global demand fall