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<ul><li>Shaktikanta Das told the Times of India that public sector banks have certain social and macro-economic responsibilities and the ongoing consolidation model should be given time.</li><li>‘NBFCs with governance issues will be treated differently with intense regulations.’</li><li>The earlier light-touch approach will have to be suitably modulated in keeping with today’s requirements, Das said on NBFCs.</li></ul> The RBI governor would like to merge and reduce the number of government banks before any talks of selling them off to private players. While Shaktikanta Das said that the decision to privatise banks lies with the government, he also lent voice on the issue. “The questions of privatisation, etc, can be addressed later. Now, we have to focus on the model that has been adopted (of large, consolidated banks),” Das told <a href="https://timesofindia.indiatimes.com/business/india-business/privatisation-can-wait-give-time-to-see-results-of-banks-consolidation/articleshow/70322578.cms?UTM_Source=Google_Newsstand&amp;UTM_Campaign=RSS_Feed&amp;UTM_Medium=Referral">Times of India</a>. He added that the public sector banks have certain social and macro-economic responsibilities and the ongoing consolidation model should be given time. India had 21 government banks in 2018 before the mega merger of Vijaya Bank and Dena Bank with Bank of Baroda. In 2017 too, SBI merged with five of its affiliates and Mahila Bank. The government intends to merge banks and create at least four global-sized banks. In the Budget, finance minister Nirmala Sitharaman said that they brought down the number of government banks by eight. The government is <a href="https://www.livemint.com/industry/banking/finance-ministry-starts-groundwork-for-fresh-bank-consolidation-1558945007770.html">reportedly considering </a>a fresh round of mergers too. India has a large number of public sector banks after a historic decision by former Prime Minister Indira Gandhi to nationalise 17 private banks, and bring it under the government wing. Curbing a crisis Das intends to keep non-banking financial companies (NBFCs) on a tight leash. A crisis has been unfolding in India’s shadow banks or NBFCs-- the ones that lend money but do not take public deposits-- since the crash of the gigantic IL&amp;FS, which made loans to infrastructure projects. Not only has it caused a cash crunch in the system, but also revealed a lot of dirt in governance in these companies. “The earlier light-touch approach will have to be suitably modulated in keeping with today’s requirements and anticipated developments,” said Das. A few weeks back, in the Budget, Sitharaman armed the RBI with ‘more powers’ to tackle NFBCs and the crisis that has been unfolding over the last many months. With financial stability high on his mind, Shaktikanta Das told the <a href="https://timesofindia.indiatimes.com/business/india-business/privatisation-can-wait-give-time-to-see-results-of-banks-consolidation/articleshow/70322578.cms">Times of India </a>that those NBFCs with governance issues will be treated differently with intense regulations. At the same time, he also said that NBFCs in general will be provided liquidity support, as banks have stalled lending to them after IL&amp;FS turned insolvent last year. He however <a href="https://economictimes.indiatimes.com/markets/stocks/news/rbi-in-sync-with-government-efforts-to-accelerate-growth-shaktikanta-das/articleshow/70322831.cms">denied the </a>sector’s request to gain ‘clean, unsecured money’ directly from the regulator. Accomodative stance When asked about a possible cut in base rates yet again, Das said that they have already provided the market with 75 basis points rate cut. Added to that, they have taken an ‘accomodative stance’ which itself implies another 25 basis point rate cut, taking the effective cut to 100 basis points. This, according to him is ‘adequate’ liquidity which is being sent into the system. RBI, under Das’ stewardship is working with the government to ensure growth and ‘accelerate economic expansion’. Its efforts are in sync with that of government to make sure there is credit growth. “I believe in having consultations with all stakeholders and the government is much more than a stakeholder,” he told TOI.

Bank mergers before privatisation is one of three biggest headlines from RBI governor Shaktikanta Das’ interviews

<ul><li><keyword id="7268643" type="General" weightage="20" keywordseo="rbi-governor-shaktikanta-das" source="Orion">RBI Governor Shaktikanta Das</keyword> reiterated that crypto currencies are equivalent to gambling, as their perceived value is only make believe.</li><li>Das called for a ban on cryptos, saying there is no underlying value in it.</li><li>To counter the growth of <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword>, the central bank recently launched in pilot mode, its own e-rupee or <keyword id="6472011" type="General" weightage="20" keywordseo="central-bank-digital-currency" source="Orion">central bank digital currency</keyword> (CBDC).</li><li>He said that <keyword id="6335399" type="General" weightage="20" keywordseo="cbdcs" source="Orion">CBDCs</keyword> are the future of money and its adoption can help save on logistic and printing costs.</li></ul>Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday reiterated that crypto currencies are equivalent to gambling, as their perceived value is only make believe. Addressing a media event here, Das called for a ban on cryptos, saying there is no underlying value in it. Those supporting it call it an asset or a financial product, but there is no underlying value in it, he added. To counter the growth of cryptocurrencies, the central bank recently launched in pilot mode, its own e-rupee or central bank digital currency (CBDC). "Every asset, every financial product has to have some underlying (value) but in the case of crypto, there is no underlying value. So anything without any underlying, whose value is dependent entirely on make-believe, is nothing but 100 per cent speculation or to put it very bluntly, it is gambling," he said. "Since we don't allow gambling in our country, and if you want to allow gambling, treat it as gambling and lay down the rules for gambling. But crypto is not a financial product," Das added. He said that CBDCs are the future of money and its adoption can help save on logistic and printing costs. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/wipro-results-q3-fy23-wipro-sees-fy23-revenue-guidance-between-11-5-12/articleshow/96969117.cms">Wipro sees FY23 revenue growth at 11.5-12%, Q3 profit growth beats analyst expectations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-inc-expects-budget-fy24-to-cushion-economy-from-global-risks-deloitte-survey/articleshow/96967472.cms">Indian Inc expects Budget FY24 to cushion economy from global risks; optimistic FY23 GDP growth will be above 6.5%: Deloitte survey</a>

Cryptocurrencies equivalent to gambling: RBI Governor

Prime Minister Narendra Modi, on Wednesday, congratulated Reserve Bank of India's (RBI) Governor, Shaktikanta Das for bagging an A+ grade rating in the Global Finance Central Banker Report Cards 2024. Prime Minister in a post on social media "X" said, "Congratulations to RBI Governor Shri @DasShaktikanta for this feat, and that too for the second time. This is a recognition of his leadership at the RBI and his work towards ensuring <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> and stability." <keyword id="20850250" type="General" weightage="20" keywordseo="RBI-Governor-Das" source="keywords">RBI Governor Das</keyword> has been awarded the A+ grade rating for the second consecutive year. The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank governors of nearly 100 key countries, territories, and districts, as well as the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States. Grades are based on an "A+" to "F" scale for success in areas such as <keyword id="21364628" type="General" weightage="20" keywordseo="inflation-control" source="keywords">inflation control</keyword>, economic growth goals, currency stability and <keyword id="22859834" type="General" weightage="20" keywordseo="interest-rate-management" source="keywords">interest rate management</keyword>. "A" represents an excellent performance, down through "F" for outright failure. "Central bankers have waged war against <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> over the past few years, wielding their primary weapon: higher interest rates. Now, countries around the world are witnessing the tangible results of these efforts, as inflation has dropped significantly," said Global Finance founder and editorial director Joseph Giarraputo. The RBI has been successful in controlling the larger macroeconomic situations in the country. The apex bank is actively working to push economic growth through its <keyword id="20900764" type="General" weightage="20" keywordseo="monetary-policies" source="keywords">monetary policies</keyword>. The RBI recently kept the the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> unchanged at 6.5 per cent after the deliberations of the Monetary Policy Commitee meeting earlier this month. The move reflects the central bank's cautious approach amid ongoing economic uncertainties. Announcing the monetary policy decisions, Das had said that the decision to keep the repo rate steady comes amidst persistent concerns about inflation, which remains above the RBI's target range. RBI Governor Das said that the inflation will moderate from July onwards as the monsoon has improved and global food prices have shown signs of easing in July. The Q1 <keyword id="19999655" type="General" weightage="20" keywordseo="Consumer-Price-Index" source="keywords">Consumer Price Index</keyword> (CPI) inflation for the current financial year (2024-25) is projected at 4.5 per cent. CPI inflation for the first quarter of the next financial year (Q1 2025-26) is projected at 4.4 per cent, as announced by the RBI Governor. India's retail inflation, after breaching 5 per cent in June, softened drastically in July. In line with the moderation in retail inflation, wholesale inflation in India too witnessed a sharp decline in July. The annual rate of inflation based on all India Wholesale Price Index (WPI) numbers is 2.04 per cent (provisional) for July 2024 (over July 2023).

PM Modi congratulates RBI Governor Das on A+ rating in Global Finance Report

Mumbai, Fintech players should form <keyword id="18684976" type="General" weightage="50" keywordseo="a-self-regulatory-organisation" source="Orion">a self regulatory organisation</keyword> for an orderly growth of the industry that is projected to have revenues of USD 200 billion by 2030, <keyword id="7268643" type="General" weightage="20" keywordseo="rbi-governor-shaktikanta-das" source="Orion">RBI Governor Shaktikanta Das</keyword> said on Wednesday. Addressing the industry at the <keyword id="9621521" type="General" weightage="50" keywordseo="global-fintech-fest" source="Orion">Global Fintech Fest</keyword> here, Das said fintech players need to evolve industry best practices to avoid misselling, stress on ethical practices, pricing transparency and take care of privacy and data protection concerns. "I would like to use this opportunity to urge and encourage the fintechs to establish a Self Regulatory Organisation (SRO) themselves," he said and assured all help from the Reserve Bank of India (RBI) for the process. The fintech players should form the SRO at the earliest, Das said and hoped that such a platform will be ready at least by the next edition of the yearly event. Stating that other industries also have SROs, Das said forming an SRO will help the players to voice their concerns. He also said that having the SRO will reduce the burden of regulating a dynamic sector off the RBI's shoulders. Das said regulators play a critical role in addressing arbitrage, ensuring compliance with existing laws, and adopting regulations as per technological advancements. Further, he asked the fintech players -- most of them startups -- to avoid the "relentless drive for valuations" and profits, and asked them to focus on customer centricity. "... to focus on customers means embracing a customer-centric approach to innovation by understanding the needs of customers, making provisions that protect customer interests and earn their trust," he added. He said that good governance will be key to durable and long term success of any company and in particular, the fintech players. Technological innovation has "unprecedented potential" to make finance more inclusive, competitive and robust, Das said, adding that advancements in technology need to evolve in a "responsible" manner. "Fintech players should themselves ensure responsible digital innovations. The Reserve Bank on its part will continue to drive the necessary regulatory and other policy measures to promote a vibrant and responsive fintech ecosystem," he said. While stressing that the coming years hold immense promise which need to be leveraged by innovators, the RBI chief said that as per projections, the fintech sector revenues are set to touch USD 200 billion by 2030. "We are at the cusp of a major transformation in fintech sector". Das also spoke about the progress on the Central Bank Digital Currency and said that newer use cases will be soon added on the wholesale CBDC front. The CBDC retail pilot is currently being operated through 13 banks across 26 cities, Das said, adding that around 1.46 million users and 0.31 million merchants are currently part of the pilot as on August 31, 2023. RBI has also enabled full inter-operability of CBDC with UPI QR codes, and is targeting 10 lakh CBDC transactions per day by December 2023 which will give it sufficient data points for analysis, Das said. Meanwhile, Srinivas Jain, the Co-Chairman of the Fintech Convergence Council, said it will be working earnestly to have an SRO in place at the earliest. "We are not on the same pages on who all from the fintech space can be members as currently this space is dominated by payments tech players but there are many others also in the fray," he told PTI.

RBI Governor asks fintech players to form self regulatory organisation

RBI Governor <keyword id="6375119" type="UNKNOWN" weightage="20" keywordseo="Urjit-Patel">Urjit Patel</keyword> gets a little over Rs 2 lakh as salary and has not been provided with any supporting staff at his residence, the central bank has told an agency. 
 <keyword id="6362344" type="PERSON" weightage="20" keywordseo="Patel">Patel</keyword>, who took over as RBI Governor in September, is presently in possession of the bank's flat (Deputy Governor's flat) at Mumbai, it said. "No suppo<keyword id="6356198" type="ORGANIZATION" weightage="20" keywordseo="RTI">rti</keyword>ng staff has been provided to the present Governor, Urjit Patel at his residence. Two cars and two drivers have been provided to the present Governor," RBI said in reply to an RTI query. 
 The bank was asked to provide details of remuneration given to former RBI Governor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> and incumbent Patel. 
 For the month of October -- the first full month Patel was in office as Governor -- Patel got Rs 2.09 lakh as his salary, the same amount drawn by <keyword id="6355561" type="PERSON" weightage="20" keywordseo="Rajan">Rajan</keyword> as his August's salary. Rajan demitted office on September 4, and was given Rs 27,933 as remuneration for four days. 
 
Rajan assumed the charge of RBI Governor from September 5, 2013 at a monthly salary of Rs 1.69 lakh. His salary was revised to Rs 1.78 lakh and Rs 1.87 lakh respectively during 2014 and March 2015. His salary was hiked to Rs 2.09 lakh from Rs 2.04 lakh in January this year, the RTI reply said. 
 
Rajan was provided with three cars and four drivers. "One caretaker and nine maintenance attendants were posted as supporting staff in the bungalow provided by the bank to the former Governor Raghuram Rajan at Mumbai," RBI said. 
 
The Centre has recently declined to share details on appointment of Patel and other candidates shortlisted for the top post in the central bank saying these are "cabinet papers" and cannot be made public. 
 
Patel was on August 20 named as RBI's Governor to succeed Rajan.

Here’s the monthly
salary of RBI governor Urjit Patel

<a href="http://www.businessinsider.in/searchresult.cms?query=amul&amp;sortorder=effectivedate">Amul’s</a> cheeky print ads need no introduction, do they? 
 
Time and again, they have delivered hilarious takes and digs on politicians, topical controversies or moments of joy. 
 
And, while it’s difficult to choose among all of these brilliant cartoons they’ve done in the past, it’s safe to say that their latest cartoon on the controversy surrounding politician <a href="http://www.businessinsider.in/searchresult.cms?query=SUBRAMANIAN+SWAMY&amp;sortorder=effectivedate">Subramanian Swamy’s</a> comments on <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">RBI</a> Governor <a href="http://www.businessinsider.in/searchresult.cms?query=RAGHURAM+RAJAN&amp;sortorder=effectivedate">Raghuram Rajan </a>takes the cake! 
 
Though, they’ve tried playing it safe, one can very well assume which side they are on. We especially like 'second helping please!' 
 
This is what the ad looks like- 
 
 
 It all started when on May 12, BJP’s <keyword id="6370187" type="PERSON" weightage="100" keywordseo="Subramanian-Swamy">Subramanian Swamy</keyword> slammed the <keyword id="64190" type="POSITION" weightage="100" keywordseo="RBI-Governor">RBI Governor</keyword> for his decision to increase rates. 
 
"I don't think he is fit for the country. His decision to increase interest rates to reduce inflation and stabilise the economy has backfired and badly affected the nation. All the industries have collapsed and as a result unemployment has increased," Swamy had said, adding that Rajan should be sent back to Chicago at the earliest. 
 Swamy even wrote to the Indian Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> asking for the immediate sacking of the <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> Governor, alleging that is ‘mentally not fully Indian’ and has wrecked the economy. 
 
His comments naturally caused a lot of debate and speculations are rife on whether Rajan will be given a second term after his first term comes to an end on September.

Amul’s latest ad about RBI Governor Raghuram Rajan is perfect

There are seven candidates on a long list to replace Reserve Bank of India Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>, a senior government official told Reuters on Saturday. 
 The candidates are Vijay Kelkar, Rakesh Mohan, Ashok Lahiri, Urjit Patel, <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword>, Subir Gokarn and <keyword id="46928" type="PERSON" weightage="100" keywordseo="Ashok-Chawla">Ashok Chawla</keyword>, the official said, speaking on condition of anonymity due to the sensitivity of the matter. 
 Of the field, the two best known are Patel, now a deputy governor of the <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>, and Bhattacharya, who is chair of State Bank of India, the country's largest bank. 
 
The others are veterans of the RBI, the Indian civil service or the two major global financial bodies, the International Monetary Fund or World Bank. 
 
Image credit: Indiatimes

Who will replace Raghuram Rajan as RBI Governor?

For decades, Congress MP <keyword id="42749" type="PERSON" weightage="20" keywordseo="Shashi-Tharoor">Shashi Tharoor</keyword> has the throne as the educator of unknown English words. Now, he has a competitor and it’s none other than the governor of the Reserve Bank of India, <keyword id="6359111" type="UNKNOWN" weightage="20" keywordseo="Shaktikanta-Das">Shaktikanta Das</keyword>. Recently, the central bank’s monetary policy used a word called ‘floccinaucinihilipilification’. This <a href="https://www.indiatoday.in/education-today/news/story/what-does-floccinaucinihilipilification-mean-rbi-governor-shaktikanta-das-knows-it-1590441-2019-08-22">unpronounceable word </a>means the habit of estimating something as worthless. “The estimates of economic growth in India have unfortunately been subject to a fair degree of floccinaucinihilipilification. Notwithstanding this, growth is likely to pick up,” the committee assured. Simply put, estimating India’s growth rate is worthless at this point given the many uncertainties but the RBI still has to do it and it expects the economy to grow faster. Indians will find it tougher to digest the information and not just because of the promise of growth as sectors like auto, textiles and many others are <a href="https://www.businessinsider.in/a-third-of-indias-textile-workers-30-million-lost-their-jobs-and-more-could-go/articleshow/70781257.cms">slowing down to </a>a grinding halt. No questions But the thing with words that tie your tongue into knots is you can get it past without question, at least for the moment. And surprise surprise, Tharoor too had used his word himself, when he tweeted about it announcing a book on Modi. “My new book, THE PARADOXICAL PRIME MINISTER, is more than just a 400-page exercise in floccinaucinihilipilification,” he tweeted. 
	
	
	
	
	
	
	<div type="twitter" handle="ShashiTharoor" handlename="Shashi Tharoor" image="http://pbs.twimg.com/profile_images/928582848784633857/sX6E0-GB_normal.jpg" favoritecount="9897" retweetcount="2772" status="My new book, THE PARADOXICAL PRIME MINISTER, is more than just a 400-page exercise in floccinaucinihilipilification… https://t.co/5J1jw5tQCu" createdat="1539151340000" id="1049902933377208320"></div>















 Tharoor spouting heavy English words for common causes went quickly from inspiring to ridiculous, as only 10% of the population speaks the language. <keyword id="64190" type="POSITION" weightage="20" keywordseo="RBI-Governor">RBI Governor</keyword> Das seems to caught the drift. He had stumped the country earlier this week too when he used another word, Panglossian. Das said that they (RBI) is not maintaining a Panglossian attitude towards economy. The word refers to a character in Voltaire’s play Candidae, the royal educator Dr Pangloss, who was naively optimistic. Recession dictionary It is not uncommon for economic experts to fortify their vocabulary during tough times. A new generation also learns about words and phrases which were never used. Before 2008 subprime crisis in the US, few knew what credit default swaps meant. After the swap changed their lives, it is now a term feared and avoided. Indian economists too have a tough job awaiting them—to convince investors and others that all is well with the country. Apart from introspection, they would need a bulky thesaurus. Because all is not supercalifragilisticexpialidocious about the world. All is not well, basically.

RBI Governor Shaktikanta Das is giving Shashi Tharoor a run for his dictionary

The <a href="http://www.businessinsider.in/searchresult.cms?query=RBI+governor+">RBI governor</a> might not enjoy veto power anymore on the <keyword id="6375120" type="ORGANIZATION" weightage="80" keywordseo="monetary-policy-committee">Monetary Policy Committee</keyword> but could cast a vote, as per the <a href="http://www.businessinsider.in/searchresult.cms?query=Finance+Ministry+">Finance Ministry</a> proposal which could soon be presented to the Cabinet. 
 The proposal is based on an understanding that the ministry has reached with the <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> on the contours of the committee, reported the Economic Times. 
 
The government would move legislation in <a href="http://www.businessinsider.in/searchresult.cms?query=Parliament">Parliament</a>, to amend the RBI Act after the Cabinet’s nod, paving the ground for the creation of the committee, setting in motion a key reform that was in <keyword id="6355261" type="POSITION" weightage="80" keywordseo="Finance-minister">Finance Minister</keyword> <a href="http://www.businessinsider.in/searchresult.cms?query=Arun+Jaitley">Arun </a><a href="http://www.businessinsider.in/searchresult.cms?query=Arun+Jaitley">Jaitley</a>'s February Budget. 
 
The panel is expected to have balanced representation from the central bank and the government, but RBI will also have a say in the appointment of any external nominees, officials said. 
 "There will be inter-ministerial consultations on the MPC proposal and then it would be taken to the <keyword id="6355512" type="ORGANIZATION" weightage="60" keywordseo="Union-Cabinet">Union Cabinet</keyword>," said a finance ministry source. 
 
"Understanding has been reached on MPC to the comfort of RBI," said another finance ministry official. The structure is at variance with that proposed in the draft <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+Financial+Code+">Indian Financial Code</a> (IFC) recently posted on the Finance Ministry website that had proposed a seven-member MPC with four members appointed by the government and no mention of a veto for the governor. 
 That had led to a controversy, with critics accusing the government of seeking to clip <keyword id="64190" type="POSITION" weightage="100" keywordseo="RBI-Governor">RBI governor</keyword>'s wings, forcing the ministry to backpedal and say the draft merely encapsulated the views of the "people". 
 <keyword id="46929" type="POSITION" weightage="60" keywordseo="Finance-secretary">Finance Secretary</keyword> Rajiv Mehrishi was at pains to point out on Monday that agreement with the central bank had been reached on MPC and the storm further abated the next day after RBI Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> said a veto was not necessarily a good thing. A committee would be far more effective, he said. 
 
(Image: Reuters)

Is this officially the end of RBI's autonomy? Arun Jaitley's to seek nod for 'no veto power' for RBI governor!

<keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> is one name that we only heard of when the Reserve <keyword id="6355303" type="CITY" weightage="20" keywordseo="Bank-of-India">Bank of India</keyword> policies and cuts were being discussed. But today, he is in news for some other reason, which is the threat email that the <keyword id="64190" type="POSITION" weightage="20" keywordseo="RBI-Governor">RBI governor</keyword> has received on his personal email id. 
 

	A top Home Department official told PTI, “RBI Governor Raghuram Rajan has received a threatening e-mail following which his security has been stepped up.” 
	 

	"The said letter was received a few days back. We have taken note of it and the RBI Governor's security has been beefed up," Maharashtra's Additional Chief Secretary (Home) K P Bakshi told PTI. 
	 

	While the content of the email hasn’t been revealed yet, but speculations doing round suggest that it could also be a mischief by someone. 

	The cyber crime investigation cell of police is looking into the matter and trying to trace the origin of the e-mail, the PTI report further added. 

	 
	(Image credits: itimes.com)

Is Raghuram Rajan’s life in danger? Cyber Cell is investigating the case

BJP leader <a href="http://www.businessinsider.in/Subramanian-Swamy-demands-PM-to-strip-Rahul-Gandhi-of-Indian-citizenship/articleshow/49805407.cms">Subramanian Swamy </a>has shamed the entire government by saying that <a href="http://www.businessinsider.in/Policy-making-is-basic-economics-says-Raghuram-Rajan/articleshow/52238319.cms">Raghuram Rajan</a>, the Governor of Reserve Bank of India, should be removed from the post, given that he was responsible for "unemployment and collapse" of industrial activity. 
 "In my opinion, <keyword id="64190" type="POSITION" weightage="100" keywordseo="RBI-Governor">RBI Governor</keyword> is not appropriate for the country. I don't want to speak much about him. He has hiked interest rates in the garb of controlling inflation that has damaged the country," he told reporters in Parliament House. 
 
He further added that, "the sooner he is sent back to Chicago, the better it would be." 
 
Ever since <a href="http://www.businessinsider.in/Indian-Banks-have-harmed-their-own-credibility/articleshow/52237768.cms">Rajan </a>assumed charge as the RBI governor in September 2013, he has gradually raised the short-term lending rate from 7.25% to 8%, having retained the high rates throughout 2014. The rates were started to be lowered in January 2015 by the government, and have <a href="http://www.businessinsider.in/Existing-borrowers-or-new-decreased-repo-rate-is-good-for-everyone/articleshow/51699981.cms">since come down</a> by 1.50% to now stand at <a href="http://www.businessinsider.in/Here-are-the-reasons-that-gave-RBIs-Rajan-room-to-cut-repo-rate-by-25-bps/articleshow/51694852.cms">6.50%</a>. 
 
<a href="https://i.ytimg.com/vi/MvzxWBAWRto/maxresdefault.jpg">Image source</a>

Subramanian Swamy thinks that Raghuram Rajan is not fit for the post of RBI Governor

<keyword id="64190" type="POSITION" weightage="100" keywordseo="RBI-Governor">RBI Governor</keyword> <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>, in a letter to <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> employees on Saturday, said that he would go back to Chicago to continue his academic career after completion of his three-year term as central bank chief on September 4. 
 
As the nation expressed sadness at Rajan's decision to not seek a second term, a few politicians also came out and commented on the same- 

	 
	<keyword id="6355261" type="POSITION" weightage="100" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>

	Government appreciates good work done by RBI Governor Raghuram Rajan and respects his decision, said Finance Minister Arun Jaitley. 
	 
<blockquote class="twitter-tweet" data-lang="en">
	
		The Government appreciates the good work done by him and respects his decision. A decision on his successor would be announced shortly.(2/2)
	— Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/744162831575162880">June 18, 2016</a> 
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Senior Congress leader <keyword id="43940" type="PERSON" weightage="100" keywordseo="P-Chidambaram">P Chidambaram</keyword>

	“I am disappointed and profoundly saddened by the decision of Dr Raghuram Rajan to leave the RBI on completion of his term on September 4, 2016, but I hasten to add that I am not surprised at all,” said Senior Congress leader P. Chidambaram.

	He further added, “As I had said sometime ago, this government did not deserve Dr Rajan. Nevertheless, India is the loser.”

	However there was one person who was happy with the announcement and it was none other than BJP Leader, <keyword id="6370187" type="PERSON" weightage="100" keywordseo="Subramanian-Swamy">Subramanian Swamy</keyword>.
 BJP MP Subramanian Swamy, who ran a tirade against RBI Governor Raghuram Rajan, on Saturday said the Reserve Bank head is a government employee and is not selected on the basis of popular vote. 

	“Raghuram Rajan is an employee of the Government of India. We don’t select employees on the basis of popular vote,” he said, reacting to Mr. Rajan’s decision not to take a second term.

	“Let him pretend that he is giving up and going. As long as he is going, it is good,” Swamy further added.

	In a series of letters to Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword>, Mr. Swamy had demanded dismissal of Mr. Rajan, arguing that he is not “fully mentally Indian” and had been sending confidential and sensitive financial information around the world.

	 
	 
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Here’s what Arun Jaitley and Subramanian Swamy had to say regarding RBI Governor Raghuram Rajan not seeking second term

Nearly 60,000 people want Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>) Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> offered an extension, according to <keyword id="794843" type="COMPANY" weightage="100" keywordseo="Change-org">Change.org</keyword> , an online petition platform. 
 
This is perhaps for the first time in the RBI's history that a public petitioning is happening on whether the incumbent governor should be given a service extension. Rajan's term ends in September. 
 Rajesh Palaria's petition to Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> that has garnered 58,262 supporters. In his petition, Palaria, as an Indian citizen drew Modi's attention to Rajan, saying he has been doing great job by balancing and maneuvering the Indian economy. 
 "I was recently noticing how Shri <keyword id="6370187" type="PERSON" weightage="100" keywordseo="Subramanian-Swamy">Subramanian Swamy</keyword> has been bullying and threatening him at large. I request all of my fellow citizens to sign this petition and seek Modi to depute Raghuram Rajan for second term as <keyword id="64190" type="POSITION" weightage="100" keywordseo="RBI-Governor">RBI Governor</keyword>. He is very crucial for India Growth Story now," Palaria said in his petition. 
 
As to the reason for starting the petition, Palaria said harsh words were spoken about Rajan with a strong hint of prejudice and malice which he did not approve of. 
 
"I had never in my wildest dreams thought of making this far, all I wanted was to calm down my nerve which was being disturbed by the bullying rhetoric; posting this petition was only to make myself complacent," he added. 
 
Echoing his thoughts, Deepak Venkateswaran, whose petition got 55 supporters, termed Rajan as a man way ahead of his time in thinking and knowledge. 
 
"His overhaul of the RBI and his boldness in taking decisions may it be to maintain the stability of the rupee; or stabilising the macro-economy of India is truly commendable," Venkateswaran said in his petition. 
 
There also were petitions against giving Rajan an extension but they gained very few supporters. 
 
In his petition that got 22 supporters, Ajay Paul Jagga said there should be no second term for Rajan as he holds a US green card. 
 
Residents of India, definitely feel as to why we can't find a single Indian resident for this job. It is will be a great and patriotic step if an Indian citizen and permanent resident is appointed as RBI Governor," he said. 
 
Arguing his case against Rajan's second term, Lokesh Rastogi whose petition garnered 16 supporters, asked how the economy would grow if RBI Governor didn't work at the same pace and direction as the government. 
 
What the country needs is a new governor with a positive approach towards the economy and growth of the country and with different and modern ideas. The old theory of economics that to control inflation reduce the availability of money and increase the interest rate now doesn't work," he said. 
 
"In a growing country to fight the inflation we need to increase production, create jobs and increase the income of people. Raghuram Rajan is a student of old school of thoughts and need to changed without delay. If there would have been a different governor the interest rate would have lower by atleast 1-2 per cent then the prevailing rates which would have resulted with a boom in the economy," he said in his petition. 
 
 
Image credit: Indiatimes

Nearly 66,000 people signed a petition that asks for RBI Governor Raghuram Rajan's second term

With the rupee witnessing a downward spiral for the past several weeks, even crossing the 83 mark against the US dollar, <keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> Governor <keyword id="6359111" type="General" weightage="50" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Wednesday said that the Indian currency has behaved in an orderly manner and its trajectory shouldn't be looked at emotionally. Das, while addressing industry body FICCI's banking summit in Mumbai, said that capital flows will resume as the <keyword id="6356435" type="General" weightage="50" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword> will not resort to tightening rates for a long time. The RBI Governor's comments on the rupee came just hours before the US Fed is scheduled to meet later in the day to review key rates. It is anticipated that the <keyword id="6355253" type="General" weightage="50" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> may hike rates to curb rising inflation. Meanwhile, referring to the RBI's Monetary Policy Committee's (<keyword id="6369693" type="General" weightage="50" keywordseo="mpc" source="Orion">MPC</keyword>) scheduled meeting on Thursday to discuss its reply to the government, for failing to keep inflation within its tolerance limit of less than 4 per cent, Das said that the central bank won't immediately release details of the deliberations. The RBI does not have the authority to release these details, he said. The central bank is mandated to keep inflation within the tolerance limit of 2 per cent to 4 per cent. However, its failure to do so for the past nine months has warranted a response from the Centre. Defending the RBI's handling of price rise, Das said that acting prematurely on inflation would have exerted a heavy cost on the economy and citizens. Though he agreed that inflation has not been under control, the RBI Governor at the same time added that the central bank prevented a "complete collapse of the economy by keeping rates lower and stayed away from premature tightening". Speaking on the Central Bank Digital Currency (CBDC), Das said that RBI wants to iron out all aspects related to it before its launch. He said that the e-rupee launch was a landmark moment in the history of currency in the country and it will transform the way business is done and the way transactions are conducted. On Tuesday, the RBI launched a trial of the digital rupee. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/cbdc-trial-a-landmark-moment-in-the-history-of-money-shaktikanta-das/articleshow/95250548.cms">CBDC trial a landmark moment in the history of money: Shaktikanta Das</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fusion-micro-finance-ipo-10-important-things-you-need-to-know-before-subscribing-for-the-ipo/slidelist/95250493.cms">10 things to know about Fusion Micro Finance IPO that opens from Nov 2 to Nov 4</a>

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