India
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…
Y V Reddy set to become new RBI governor
YV Reddy will become the next governor of the Reserve Bank of India, succeeding Bimal Jalan. The decision was taken Tuesday at a meeting arranged by Prime Minister Atal Bihari Vajpayee, The Economic Times reported.
Reserve Bank of India boss may leave for politics
Reserve Bank of India governor Bimal Jalan is likely to leave his post in the next few weeks for a seat in parliament, Reuters reported a banking source as saying.
India joins IMF's pool of lenders
A statement from the Reserve Bank of India, reported by Associated Press, said that the IMF has selected India for the first time to become a member of its Financial Transaction Plan, which helps bail out countries facing currency crises or at risk of…
Shyamala Gopinath appointed RBI executive director
Shyamala Gopinath has been appointed as an executive director of the Reserve Bank of India with responsibility for the departments of banking operations, supervision and financial institutions.
Reddy, Kelkar in race for RBI top job
The Economic Times reports that a two-horse race is developing for the top job at the Reserve Bank of India if current governor Bimal Jalan moves into politics.
Female deputy for the RBI
In a peculiar case of slighted honour, an executive director at the Reserve Bank of India resigned when the central bank followed in the Bank of England's footsteps by appointing its first female deputy governor last week.
Reddy for the top?
Incidentally, there is a rumour going around that the RBI governor himself, Bimal Jalan, is considering quitting in order to become a member of India's parliament (he first became governor in 1997 after a career largely in the finance ministry and was re…
RBI to get real time settlement system by year-end
Business Line reports that Vepa Kamesam, Deputy Governor of the Reserve Bank of India has said India's much awaited 'real time gross settlement system' will become operational before the end of the year.
South Asian ACU considers central clearing house
The Asian Clearing Union meeting in India has proposed the establishment of a central clearing house to facilitate faster risk-free clearing and settlement of transactions among member countries, according to the Daily Star.
RBI deputy governor Kamesam gets 3-month extension
Reserve Bank of India deputy governor Vepa Kamesam's term has been extended to the end of September, according to a report by Business Standard. His two-year term was due to end in the last week of June.
ACU central bank governors tour software company
After a busy day of negotiations central bank governors of the eight countries in the Asian Clearance Union visited software major Infosys Technologies, according to The Hindu.
RBI ED quits over Udeshi's elevation
After the appointment of KJ Udeshi as the first woman deputy governor of the Reserve Bank of India, the executive director of the RBI, KL Khetrapal resigned from his post, according to the Economic Times. Sources said Mr Khetrapal was unwilling to report…
RBI's Jalan hails India's monetary policy
Despite drought and the global economic slowdown India's economy remains fast growing with its monetary liberalisation policy being adopted by other nations in the Asian region, Reserve Bank of India Governor Bimal Jalan said, according to a report by…
Speculation RBI's Jalan will leave c bank early
Reserve Bank of India governor Bimal Jalan's may depart from the RBI before the end of his tenure, Rediff.com reports. Speculation surrounds his possible successor, with former deputy governor Y Venugopal Reddy mentioned as a possible candidate.
KJ Udeshi named RBI's first woman deputy governor
The Reserve Bank of India has appointed Ms KJ Udeshi as a deputy governor. She becomes the first woman to hold the post of deputy governor and replaces GP Muniappan who retired on May 31.
Forex reserves to record highs in India, Pakistan
Forex reserves in India and Pakistan have reached record highs this week, Business Line, India, reports.
RBI defends certain coins as legal tender
The Reserve Bank of India made a statement following rumours that some coins had ceased to be legal tender, the Economic Times reports. Contrary to certain media reports, the central bank said, coins of 5, 10 and 20 paisa can still be used.
Indian gov't considering fourth RBI dep governor
A fourth deputy governor's position could be created at the Reserve Bank of India. According to Business Standard, a senior finance ministry official said the position would carry the responsibility of regulating co-operative banks.
RBI to recall 15% of notes
According to central bank sources quoted by Reuters, the Reserve Bank of India plans to take up to 15% of banknotes out of circulation as part of its clean note policy