"Extensive consultations on several issues take place between government and RBI from time to time".
"It is hard to believe that the RBI governor will resign because it is unprecedented and would look quite irresponsible and (an) immature step", said a senior trader at a foreign bank.
In its statement issued Wednesday, the finance ministry said, "The autonomy for the Central Bank, within the framework of the RBI Act, is an essential and accepted governance requirement".
As per the Section 7 of the RBI Act, the Central Government is entitled to give directions to the Central Bank after it consults the RBI Governor. Delivering the AD Shroff Memorial Lecture, Acharya had called for greater powers for RBI to regulate public sector banks as it seeks to clean up the banking system.
CII noted that RBI must work out further credit lines to provide sufficient liquidity as otherwise a severe credit crunch will dent consumer demand and growth of Indian economy. These letters were on the government's desire for power sector non-performing assets to be reclassified, the issue of the RBI giving dividends to the Centre, and the government's desire for the Prompt Corrective Action norms applicable for certain bank be eased so as to increase lending for the MSME sector, respectively.
Pittsburgh synagogue victims include 97-year-old, pair of brothers
In addressing the family members of the victims, the mayor said: "We are here as a community of one for you". Mr Bowers was taken to a hospital where he was listed in fair condition with multiple gunshot wounds.
How to watch it and what to expect
It is expected to start at $579 in the USA and could be available at a starting price of Rs 34,999 or slightly higher in India . The OnePlus 6T is designed just like the Oppo R17 , since both brands are owned by the same parent company.
Japan’s Abe in China as 2 nations try to mend ties
RCEP is a free-trade agreement proposed by China with South-East Asia and various countries on the Pacific Rim, including Japan. Companies and official bodies of the two nations signed more than 50 agreements to cooperate on projects in third countries.
"The government of India has never made public the subject matter of those consultations".
From the tone of Acharya's speech, it appeared that the RBI is under tremendous pressure to hand over its surpluses squirrelled away over years and hence its decision to take the issue to the people. "The government will continue to do so".
"We did not invoke Section 7 in 1991 or 1997 or 2008 or 2013".
Reserve Bank of India (RBI) governor Urjit Patel may consider stepping down from the post following Finance Minister Arun Jaitley's scathing criticism of the central bank's "lending spree" on Wednesday. According to reports, the Modi government had invoked Section 7 first time soon after Allahabad court's verdict in RBI versus Power companies.
The Economic Times report said that the Section 7 powers had been invoked on issues ranging from liquidity for non-bank finance companies, to capital requirements for weak banks and lending to small- and medium-sized companies. "It shows that the government is hiding facts about the economy and is desperate", he said in a tweet. The association said Acharya's comments about government's interventionist role vis-àvis the RBI have created a flutter across the nation.