RBI vs government | Urjit Patel met PM Modi on Nov 9 possibly to thrash out issues: Sources
Business | November 13, 2018 9:07 ISTRBI Governor was here on Friday and met senior officials in the Prime Minister's Office (PMO), said sources.
RBI Governor was here on Friday and met senior officials in the Prime Minister's Office (PMO), said sources.
Garg said that the government is discussing ways to fix appropriate economic capital framework of RBI.
Rajan's statement comes amid prevailing tensions between the Reserve Bank and the Finance Ministry.
"Rs 36,00,00,00,00,000. That's how much the PM needs from the RBI to fix the mess his genius economic theories have created. Stand up to him Mr Patel. Protect the nation," he tweeted.
The RBI, on October 31, 2018, imposed a penalty of Rs 10 million on FINO Payments Bank Limited, the apex bank said in a release.
The CIC has also asked the Prime Minister's Office, the Finance Ministry and the Reserve Bank of India (RBI) to make public the letter of former RBI governor Raghuram Rajan on bad loans.
Garg was sarcastic as he mentioned the recent macroeconomic developments -- the performance of rupee, oil and stock markets -- that did not reflect any "wrath".
A statement issued by the Finance Ministry said that he government has 'nurtured and respected' autonomy of the RBI and has been holding extensive consultations with it on many issues.
The government has sent at least three letters on different issues under Section 7 (1) of the Reserve Bank of India Act that gives it powers to issue any direction to the central bank governor on matters of public interest.
The RBI also underlined that inflation was under control and that the $75-billion currency swap agreement with Japan announced on Monday would provide additional resources to the country.
The government had scrapped Rs 500 and Rs 1,000 notes on November 8, 2016 and announced issuance of new Rs 500 and Rs 2,000 notes.
Acharya also added that wiser politicians will give a central bank necessary autonomy so that they reap electoral benefits of stable macroeconomic conditions which such independence will bring.
The Yes Bank board had sought at least a three-month extension for Kapoor from the RBI beyond January 31, 2019.
The report, which has also been shared with the Ministry of Corporate Affairs, carries analysis of large value frauds reported since March 31, 2017.
Sources however said some debit/credit companies are yet to comply with data storage norms and have reportedly sought more time.
Data localisation is an act of storing data on any device that is physically present within the borders of a particular country where the data was generated.
RBI's move comes a day after two US senators called on Prime Minister Narendra Modi, urging to soften India’s stance on data localisation, warning that measures requiring it represent "key trade barriers" between the two nations.
"CPI inflation marginally increased to 3.77 per cent in September 2018. Interestingly, on a m-o-m basis, rural food inflation has registered a decline, even as headline registered an increase," the report said.
The RBI said it has the right to decide on the quantum of purchase of individual securities and can also accept offers for less than Rs 12,000 crore.
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