INSUBCONTINENT EXCLUSIVE:
administration has recommended that the board of the Reserve Bank of India draft regulations to enable setting up panels to oversee
functions including financial stability, monetary-policy transmission and foreign-exchange management, the people said, asking not to be
it a supervisory role, the people said
The tension mirrors central bank fights playing out in countries as varied as the United States and Turkey, and is a symptom of what
of bad loan norms, and ensuring liquidity to the shadow-banking sector
economist at Rabobank International in Utrecht, the Netherlands
percent, snapping a three-day gain, to 72.32 per dollar as of 7:03 p.m
in Mumbai, according to data compiled by Bloomberg
The rupee will start trading in the spot market on Monday.
Finance Ministry spokesman D.S
recommendations being considered include setting up several committees comprising two to three board members each
The body has the powers to frame rules under section 58 of the Reserve Bank of India Act, 1934, and no legislative change is required, the
lately, Swaminathan Gurumurthy, a chartered accountant who was nominated by the Modi administration to the board, and government nominees
Subhash Chandra Garg and Rajiv Kumar have been vocal about perceived shortcomings in banking supervision, flow of credit to industry and
easier financial conditions to overcome a crisis in its shadow-banking sector.
That prompted central bank Deputy Governor Viral Acharya to
upped the ante by writing to the central bank to discuss issues where there had been disagreements, citing a rule that has never been used
Under Section 7 of the RBI Act, the government has the power to issue directions that are binding on the central bank.
