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<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

<a href="http://www.businessinsider.in/searchresult.cms?query=axis+bank">Axis Bank</a> revised its base rate from 9.85% to 9.50% and the revised rate will be effective from October 5. 
 
This year, the bank had cut its base rate by 10 bps to 9.85%, which was effective June 30; and by 20 bps to 9.95%, effective April 13. 
 Meanwhile, the effective rate applicable to various fund-based credit and credit limits, which are linked to the <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword>’s base rate, will reduce by 35 basis points. 
 
The news comes after <a href="http://www.businessinsider.in/searchresult.cms?query=raghuram+rajan">Governor of Reserve Bank of India (RBI) Raghuram Rajan</a> cut <a href="http://www.businessinsider.in/BREAKING-NEWS-RBI-cuts-repo-rates-by-50-basis-points-CRR-unchanged/articleshow/49148486.cms">repo rates</a> by 50 basis points to 6.75% and kept the Cash Reserve Ratio constant at 4%. 
 
READ ALSO: <a href="http://www.businessinsider.in/Raghuram-Rajans-reasons-for-the-huge-unexpected-rate-cuts/articleshow/49149054.cms">Raghuram Rajan’s reasons for the huge, unexpected rate cuts</a> 
 
Rajan had said the impediments for banks to pass on rate cuts were removed but not much was transmitted by the banks. 
 
"There are various impediments to transmission. They add to the lag, even when transmitted monetary policy takes time to work. It could take a long time when not active. Ask the government about what it wants to do about transmission. We intend to have enough liquidity in the market, to supply what is needed in the markets right now,” he had said. 
 
Other lenders like <a href="http://www.businessinsider.in/searchresult.cms?query=state+bank+of+India">State Bank of India</a>, Andhra Bank have also reduced the base rates. It is likely that more banks will follow the suit.

Axis Bank reduces its base rate by 35 basis points to 9.50%

In a first for the country, a sitting Prime Minister- in this case,<a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi&amp;sortorder=effectivedate"> Narendra Modi </a>was giving an hour long one-on-one interview to an Indian journalist working at a private news channel. 
 
And, when that journalist turns out to be one other than fiery <a href="http://www.businessinsider.in/searchresult.cms?query=arnab+goswami&amp;sortorder=effectivedate">Arnab Goswami</a>, the self-appointed voice of the nation, things are bound to get interesting. 
 But, unfortunately the interview didn’t quite have the fireworks that we were expecting and instead showed us something that we never thought was possible- a tame <keyword id="563971" type="PERSON" weightage="100" keywordseo="Arnab-Goswami">Arnab Goswami</keyword>. 
 
There’s a running joke on the internet that basically implies that Arnab Goswami actually let Modi’s answers decide his questions. While we can’t vouch for that, we can certainly say that there was a stark difference in the Goswami we are used to seeing every night at 9 pm. (Where did the yelling go? Who knew Goswami could talk?) 
 
On Modi’s part, there was much that he said that we hadn’t already heard before, but our Prime Minister was indeed candid about certain issues. 
 Here are the five most important things we learnt from <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s interview: 
 
1. Our Prime Minister loves <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> as much as we do 
 
 
 
RBI Governor <a href="http://www.businessinsider.in/searchresult.cms?query=RAGHURAM+RAJAN&amp;sortorder=effectivedate">Raghuram Rajan</a> courted controversy when he announced that he would not be continuing as the RBI Governor for the second term. <keyword id="14666" type="ORGANIZATION" weightage="100" keywordseo="BJP">BJP</keyword> Leader <a href="http://www.businessinsider.in/searchresult.cms?query=SUBRAMANIAN+SWAMY&amp;sortorder=effectivedate">Subramanian Swamy</a>, who in the past had sought Rajan’s resignation and even wrote to the Prime Minister regarding the same, even took credit for Rajan’s exit. 
 
What Indians were curious to know was PM Modi’s view on the matter, considering Swamy is from his own party. And, finally yesterday we had the answer- 
 
“I believe Raghuram Rajan’s patriotism is no less than any of ours. It will be doing injustice to him if one says that he will serve the country only if he is at a particular post. As much as I know Raghuram Rajan, whatever post he holds, wherever he is, he is someone who will continue to serve the country. He is someone who loves his country. Therefore, it's not like the nation won't get Raghuram Rajan's services, Raghuram Rajan is not that kind of a person. He is a person who loves the country. Those who speak such language are doing great injustice to him. My experience with him has been good. I appreciate the work he has done. And my good wishes will always be with him.” 
 
2. Modi also indirectly asked Subramanian Swamy from a public forum to shut it. 
 
 
 To say that <keyword id="3449506" type="UNKNOWN" weightage="100" keywordseo="subramian-swamy">Subramian Swamy</keyword> is controversy’s favourite child would be a gross understatement. But, Modi made it known on live television that he is not in favour of such behaviour. 
 
"Whether it is someone from my party or not, I believe that such things (criticism of government officials) are inappropriate. The nation won't benefit from such publicity stunts. One should be more responsible while conducting themselves. Anyone who believes he is bigger than the system is wrong," 
 
3. Black money? What black money? 
 
 
 
When Narendra Modi was elected as Prime Minister, he had basically announced that he would personally see to it that all the black money stashed away in foreign accounts would make their way back to India. 
 
But, one year later, Modi’s forgotten his promise to the nation and instead treated it as laughing matter. 
 
When Goswami asked him about the opposition’s claim that every Indian could get Rs 15 lakh in their bank account, this is what Modi had to say- 
 
"That is something the opposition raises during elections. Let them have some issue to talk about." 
 
4. Why does Narendra Modi fly out of the country so much? 
 
 
 
And, finally the answer we’ve all waited for answered by Narendra Modi, in (to everyone’s surprise) third person 
 
"The world didn't know me. The world wants to know who the head of the state is. If someone would want to know Modi through the eyes of the media, then he would be disillusioned on which Modi is the real Modi. If this happens, the country will be at a loss. Modi's personality shouldn't be a hindrance for the world to have faith in India. But for that unless I meet all those leaders and engage them them one to one, unless I speak to them frankly, they wouldn't know about India's head of state, so it was very important for me as I am not from a political family. I never had the opportunity to meet the world leaders earlier." 
 
5. Even Narendra Modi, the Prime Minister of India is scared of making jokes. 
 
 
 
When Arnab Goswami tried asking the PM whether his US speech was impromptu or not, Modi without answering a clear Yes or No added that he has a humorous side but feels that it is risky to show that side these days. 
 
On being prodded, this is what he said- 
 
“In this era of 24/7 news channels, anybody can lift a small word and make a big issue out of it. But I will tell you the truth, the reason for the absence of humour in public life is this fear. I am myself scared . Earlier when I used to make speeches, I would make it so humourous but there would never be any issues.” 
 
So has our Prime Minister become more conscious now? 
 
“I am not conscious. I am in fear, there is no humour left in public life because of this fear. Everyone is scared. I am in fear. My speeches used be humorous. I see it in Parliament, that humour is finished there too. It is a matter of concern.”

Prime Minister Narendra Modi gave an interview to
Times Now and here are the five things we learnt

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C04WN5XZ3KPL&amp;SMLS=1&amp;RW=1357&amp;RH=885">Shailesh Andrade/Reuters</a>Minister of Finance Arun Jaitley (L) and outgoing Reserve Bank of India Governor Raghuram Rajan (R)</div></div></div>Raghuram Rajan, the governor of the Indian central bank, <a href="http://www.businessinsider.com/r-indian-central-bank-chief-felt-undermined-in-weeks-before-quitting-sources-2016-6">announced last weekend</a> that he will be stepping down in September at the end of his first term - an abrupt decision that took the Indian government by surprise.The announcement also unsettled investors and the market, and <a href="http://www.businessinsider.com/fx-markets-june-20-2016-6">the rupee tumbled</a> following the news. Now comes the speculation about who will be the next Reserve Bank of India (RBI) governor - and what the potential risks and implications of each are. The Times of India reports that the government has already <a href="http://timesofindia.indiatimes.com/business/india-business/Government-shortlists-4-candidates-to-succeed-Raghuram-Rajan-as-RBI-governor/articleshow/52935959.cms?">narrowed the list of candidates</a> down to four - a current deputy governor of the RBI, two former deputy governors, and the chair of the State Bank of India. The current deputy governor, Urjit Patel, represents the smoothest transition and is the least risky choice, according to a new report from Capital Economics. In general, an appointee with experience at the RBI would provide the most continuity, and Patel's history would be regarded the most positively by the markets.Arundhati Bhattacharya, on the other hand, is the chair of the State Bank of India - the only candidate currently working in the banking sector as well as the only female candidate. Her appointment would involve more uncertainty about how closely aligned the bank would be with Rajan's current monetary policy views, which could be risky for financial markets.The biggest threat to India's markets, according to the Capital Economics report, is the autonomy of the RBI, as there have been concerns over the past 18 months that the government is attempting to rein in the RBI's independence. High-ranking officials have criticized Rajan for keeping interest rates too high and have called for rate cuts. If the new governor were to cut rates suddenly, or compromise the RBI's independence from the finance ministry, markets could react badly.The fact that the list of candidates is made up of economists, as opposed to government officials, sends a reassuring message to the markets. <a href="http://economictimes.indiatimes.com/news/economy/policy/government-likely-to-appoint-an-economist-to-succeed-raghuram-rajan-as-rbi-governor/articleshow/52930512.cms">The Economic Times wrote that</a> "The government feels appointing an economist will send a strong signal to the international community and address concerns over the RBI's monetary policy independence." The successor is expected to be announced in the next month, putting an end to the speculation and hopefully restoring the market. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-plucking-nose-hairs-can-cause-lethal-infections-2016-6">There's a 'danger triangle' on your face that could kill you if you're not careful</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5hbDg1NDE6VPzJFT9U12Yu26BsdIvnPg" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The Indian government has to find someone soon to replace the head of the central bank

Former RBI governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="raghuram-rajan">Raghuram Rajan</keyword> said the <keyword id="105472" type="ORGANIZATION" weightage="60" keywordseo="us-treasury">US Treasury</keyword> should not label India as a "currency manipulator", as the country needs to build forex reserves to protect the economy from surge in outflows. <keyword id="6355561" type="PERSON" weightage="60" keywordseo="rajan">Rajan</keyword>, currently a professor at <keyword id="389471" type="ORGANIZATION" weightage="60" keywordseo="university-of-chicago-booth-school-of-business">University of Chicago Booth School of Business</keyword>, further said India runs a current account deficit, which could get larger on rise in crude oil prices in international market. He said India needs to build reserves in order to protect against outflows, as it cannot keep running to the <keyword id="6355408" type="ORGANIZATION" weightage="20" keywordseo="imf">IMF</keyword> for help as a large country and also it is very difficult politically. The comments by Rajan in an interview to CNBC comes days after reports that the US Treasury had said it would be monitoring India's foreign exchange reserves and economic policies. "We need our own reserves, so reserves should be seen as macroprudential tool. Its only when you are holding exchange rate at the grossly under valued level and nobody could accuse India of doing that," Rajan said. He further said that India's exchange rate is "very healthy" valued and in fact some people say it is overvalued. India has foreign exchange reserves of about $400 billion. On bank recapitalisation Replying to queries regarding government's announcement to infuse Rs 2.11 lakh crore, Rajan termed the move as "good news" saying it is important for banks to have capital for lending going forward. "Public sector banking system is a big part of Indian system. It is about 70 per cent. More importantly it allows them to take tough decisions, which they could not earlier because they had limited capital," he said. He further said that more needs to be done in the way of reforms over time in the banking sector and improve governance in public sector banks. "For the immediate future, it is important to clean up bank-balance sheet. The healthier the projects that are restructured, the stronger the economic growth will be," Rajan, who completed his three-year term in September 2016.

Raghuram Rajan says that the US shouldn't label India 'currency manipulator'

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.investing.com/">Investing.com</a></div></div></div>India's central bank made its last policy decision under Raghuram Rajan.The Reserve Bank of India held rates at 6.50%, as economists were expecting. It added that there is upside risk to the inflation target.The Indian rupee is little changed at 66.876 per dollar as of 8:20 a.m. ET."We managed to move the needle forward a little bit," Rajan said at the following press conference."Snap judgments either by critics or supporters don't really matter. What matters is how these [measures] play out in the longer run for stronger and sustainable growth for the country, for job creation, movement into middle income," he added, according to the <a href="http://timesofindia.indiatimes.com/business/india-business/RBI-governor-Raghuram-Rajan-I-have-enjoyed-every-minute-of-my-job/articleshow/53614671.cms">Times of India</a>."That is something you can see only with the benefits of 5-6 years of experience and to know whether it was appropriate. In our view, the measures that we have taken in the RBI were and are justified given the condition that we have."Earlier in June, it was announced that Rajan would not be seeking another term, reportedly due to the fact that he "increasingly felt he lacked support from is political bosses," <a href="http://www.businessinsider.com/r-indian-central-bank-chief-felt-undermined-in-weeks-before-quitting-sources-2016-6">according to Reuters</a>. Given that Rajan is an extremely respected figure on the global stage, and is <a href="https://next.ft.com/content/303263ae-35dc-11e6-9a05-82a9b15a8ee7">credited</a> with restoring India's macroeconomic stability, news of his departure somewhat <a href="http://www.businessinsider.com/fx-markets-june-20-2016-6">unnerved</a> investors.As for the rest of the world, it's pretty quiet out there.Here's the scoreboard as 8:07 a.m. ET.<ul><li>The British pound is weaker by 0.5% at 1.2975 against the dollar. This is the first time the currency has slipped below 1.3000 since <a href="http://www.businessinsider.com/sterling-movements-on-tuesday-august-8-2016-8">early July</a>. Earlier in the day, data showed that manufacturing production fell 0.3% month-over-month in June, below expectations of 0.2%.</li><li>The Japanese yen is stronger by 0.2% at 102.27 per dollar</li><li>The US dollar index is little changed at 96.42 ahead of another light economic data day. Wholesale inventories will cross the wires at 10 a.m. ET.</li><li>The Australian dollar is stronger by 0.2% at .7663 per dollar</li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/flotilla-battle-eu-referendum-brexit-farage-geldof-britain-2016-6">Brexit campaigners take to the water in bizarre flotilla battle</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1zMjA2NDE6KWRhQ7AkAfrJsvgsQF9b2M" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

We managed to move the needle forward a little bit

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.investing.com/">Investing.com</a></div></div></div>Good morning!The Indian rupee has tumbled following weekend news that the head of the central bank, Raghuram Rajan, will not be seeking another term. The currency is weaker by 0.4% at 67.330 per dollar as of 7:33 a.m. ET.Rajan is an extremely respected figure on the global stage, and is <a href="https://next.ft.com/content/303263ae-35dc-11e6-9a05-82a9b15a8ee7">credited with restoring</a> the India's macroeconomic stability - so his departure has some investors feeling a bit unsettled.As for the rest of the world, here's the scoreboard:<ul><li>The Nigerian naira <a href="http://www.businessinsider.com/nigerian-naira-crashes-after-government-removes-peg-2016-6">collapsed</a> on Monday after the Central Bank of Nigeria removed the currency peg to the dollar. The naira is down 30.8% at 260.525 against the greenback. The plan to devalue the currency was <a href="http://uk.businessinsider.com/nigeria-devalue-naria-2016-6">announced last week</a> - and although this should help Nigeria's economy in the long run, things could get ugly in the near-term.</li><li>The British pound is stronger by 1.9% at 1.4626 against the dollar after several weekend polls suggested that the campaign to leave the EU could be losing momentum. A poll for the Mail on Sunday by Survation gave the <a href="http://uk.businessinsider.com/r-uks-in-camp-takes-3-point-lead-after-lawmaker-killed-poll-2016-6">In campaign 45% against 42% for Out</a>; a poll for the Sunday Times by YouGov had Remain at <a href="http://www.thetimes.co.uk/past-six-days/2016-06-19/news/no-turning-back-warns-cameron-pptvdnvxj">44% to Leave's 43%</a>; and an <a href="http://www.theguardian.com/politics/2016/jun/18/eu-referendum-britain-voting-campaign-jo-cox">Opinium poll for the Observer put the two sides both at 44%.</a></li><li>The Japanese yen is down by 0.4% at 104.56 after the <a href="http://www.businessinsider.com.au/japanese-exports-tumbled-in-may-particularly-to-china-2016-6?_ga=1.94835423.2138067290.1456773988">latest trade data released</a> by the Ministry of Finance showed the value of exports fell 11.3% year-over-year in May as the stronger yen made goods less attractive. Exports to Japan's largest customer, China, plunged 14.9% YoY while shipments to the US sank 10.7% YoY.</li><li>The US dollar index is weaker by 0.5% at 93.69 ahead of a light data week. </li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/japan-ice-wall-radiation-fukushima-2016-3">Japan has built a massive ice wall around Fukushima</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="03MjRoMjE6LtKlgUpVz53ErsOsPmRJ-T" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The Indian rupee is tumbling

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>European stocks are mixed early Friday morning.
Here's the scorecard:
France's CAC 40 is up just 0.08% after opening down
Germany's DAX is up 0.25%
The <keyword id="6354868" type="COUNTRY" weightage="100" keywordseo="UK">UK</keyword>'s FTSE 100 is up 0.79%
Italy's FTSE MIB is down 0.25%
Spain's IBEX is down 0.16%
US futures are up slightly: the S&amp;P is 1.5 points higher and the Dow is up 15 points. 
It was a mixed session for Asian markets: Japan's Nikkei closed up 0.52% and Hong Kong's Hang Seng closed down 0.42%.
The big economic news today comes from the US, with the jobs report out at 1.30 p.m. GMT. We'll get non-farm payrolls, earnings growth, and the unemployment rate, which analysts expect to stay at 5.9%.
A bundle of senior central bankers are also talking at a conference at the Bank of France, so expect lines from Fed chair Janet Yellen, Reserve Bank of India governor Raghuram Rajan, Bank of England governor Mark Carney, and Bundesbank chief Jens Weidmann.

European Markets Are Mixed

It is true that <a href="http://www.businessinsider.in/searchresult.cms?query=raghuram+rajan">RBI Governor Raghuram Rajan</a> exceeded expectations by <a href="http://www.businessinsider.in/BREAKING-NEWS-RBI-cuts-repo-rates-by-50-basis-points-CRR-unchanged/articleshow/49148486.cms">announcing key rate cut by 50 basis points</a>. 
 
This news also brought cheers to the Auto sector as automobile manufacturers said it was a festival gift for them. 
 
<a href="http://www.businessinsider.in/Raghuram-Rajans-reasons-for-the-huge-unexpected-rate-cuts/articleshow/49149054.cms">The rate cut</a> will help the <a href="http://www.businessinsider.in/searchresult.cms?query=auto+sector">Auto sector</a> to meet 15-20% sales growth during the upcoming festive season. 
 "This is a festival gift. Traditionally, during the festive season, the auto industry witnesses sales growth of 15-20%, which was missed in the last couple of years. This reduction in rate by the RBI has assured that the growth will be achieved," said <keyword id="103788" type="CITY" weightage="20" keywordseo="Hyundai-Motor-India-Ltd">Hyundai Motor India Ltd</keyword> (HMIL) Senior Vice President (Marketing and Sales) Rakesh Srivastava. 
 
The reduction in interest rates will reduce cost of ownership and help the automakers get more customers. Automakers generally expect higher sales during the months of October and November when Durga Puja, Diwali and other festivals are celebrated. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=maruti+suzuki">Maruti Suzuki India</a> Executive Director Marketing and Sales R S Kalsi also echoed the same sentiments. 
 
“The market so far has been moving very slowly but with this (rate cut) sentiments will improve. It gives the much-needed boost to the market in the pre-festive season,” said Kalsi. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=hero+motocorp">Hero MotoCorp Chairman and MD Pawan Munjal</a> also lauded the rate cut and said it came at an opportune time as it will help in raising customer sentiment during the festival season. 
 
The RBI cut its policy rate from 7.25% to 6.75% -- the lowest in four-and-half years. 
 
(Image: Indiatimes)

Raghuram Rajan is the auto sector’s latest messiah!

NEW DELHI: The government on Sunday left it to RBI to decide on <keyword id="6371181" type="UNKNOWN" weightage="20" keywordseo="interest-rates">interest rates</keyword> even as the two have begun discussions on putting in place a new monetary policy framework, which is a fresh mechanism to fix rates. 
 
While the government wants Parliament to set the inflation target under the proposed plan, RBI has already gone ahead and begun work towards a glide path, which targets 8% retail inflation by next January and 6% by January 2016. 
 On Sunday, <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">finance minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, who spoke at the RBI board meeting, did not comment directly on RBI's plan but made it clear that it was the central bank, which will decide on rates. "On last two occasions RBI has announced its policy on interest rates, I had, on the same evening, issued clear statement. I think that is very clear. This is the issue which the Reserve Bank decides and I am sure they will factor in various circumstances," he told reporters after meeting. 
 
Although some viewed it as a "prod" from the government to cut rates, since taking charge Jaitley has maintained that RBI is the final authority on deciding when the time is ripe to tweak rates. 
 "<keyword id="130" type="POSITION" weightage="20" keywordseo="Governor">Governor</keyword>, RBI has already stated that RBI will not hold interest rates high any longer than is necessary and if disinflation proceeds as warranted, there will eventually be room to cut rates. Going forward, the RBI should examine the liquidity situation, inflation and growth in setting policy rates," the <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">finance</keyword> minister had said on Tuesday, when RBI had left policy rates unchanged, while signaling more liquidity infusion into the system. 
 
 
 After the board meeting, RBI governor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> was more emphatic in saying that time was not ripe. "At this point, uncertainty is two way... Then, of course, if news come on either side we can change what the policy is. But, as of now we think the policy is on target. This is contingent on data coming in," he said. 
 In recent weeks, inflation, industrial production and trade data have been positive but RBI's main worry stems from <keyword id="67286" type="UNKNOWN" weightage="20" keywordseo="Food-inflation">food inflation</keyword> due to weak monsoon rains in several parts of the country. 
 
On the monetary policy framework, Rajan said that so far preliminary discussions have been held and indicated that a final outcome will take time.

New Monetary Policy Framework Under Way

RBI Governor <keyword id="6375119" type="UNKNOWN" weightage="100" keywordseo="Urjit-Patel">Urjit Patel</keyword> and his deputies have got a big pay hike with the government more than doubling their basic salary to Rs 2.5 lakh and Rs 2.25 lakh per month, respectively, according to a news report by <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>. 
 
 
The "basic pay of the Governor and Deputy Governors" has been revised retrospectively with effect from January 1, 2016 and marks a huge jump from Rs 90,000 basic pay so far drawn by the Governor and Rs 80,000 for his deputies. 
 
Still, their salaries are much lower than the top executives of various banks regulated by the RBI. 
 The monthly emoluments of these top RBI officials include 'basic pay', dearness allowance and 'other payments', which totalled Rs 2,09,500 in case of <keyword id="6362344" type="PERSON" weightage="20" keywordseo="Patel">Patel</keyword> as on November 30, 2016, as per the latest information disclosed on the RBI website. 
 In response to a query by PTI under the Right to Information (<keyword id="6356198" type="ORGANIZATION" weightage="20" keywordseo="RTI">RTI</keyword>) Act, the central bank has now disclosed that as per a <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> communication, dated February 21, the basic pay of the Governor and Deputy Governors have been revised. 
 
Following the revision, the basic pay of the Governor stands increased to Rs 2,50,000 per month while the same for a Deputy Governor would be Rs 2,25,000, RBI said. 
 
The pay hike is "with effect from January 1, 2016". 
 
Dearness Allowance would be notified by the central government from time to time while "all other allowances (are) to be paid at existing rates as if the pay has not been received with effect from January 1, 2016," the RTI reply said. 
 
The RBI, however, did not disclose the new gross pay for Patel and his deputies following the revision in basic pay. 
 
With the earlier basic pay of Rs 90,000, Patel got a DA of Rs 1,12,500 and 'other payments' of Rs 7,000 -- totalling to a gross pay of Rs 2,09,500. The increase in the basic itself would take his gross pay to nearly Rs 3.70 lakh. 
 Patel, who took over the reins of the central bank in September 2016, had received a salary of Rs 2.09 lakh in October -- the first full month in office. This amount was same as drawn by his predecessor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> in August that year. 
 <keyword id="6355561" type="PERSON" weightage="20" keywordseo="Rajan">Rajan</keyword> assumed RBI governorship 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 raised to Rs 2.09 lakh from Rs 2.04 lakh in January 2016. 
 
It was not clear whether Rajan, who left RBI on September 4, 2016, would be eligible for arrears as the basic pay for Governor has been revised retrospectively while covering little more than nine months of his tenure. 
 Currently, RBI has four deputy governors -- R Gandhi, S S <keyword id="66822" type="CITY" weightage="20" keywordseo="Mundra">Mundra</keyword>, N S <keyword id="260413" type="PERSON" weightage="20" keywordseo="Vishwanathan">Vishwanathan</keyword> and Viral V Acharya. 
 
At the end of November last year, Gandhi, Mundra and Vishwanathan were taking home a basic pay of Rs 80,000 per month. Acharya took charge in January this year.

Here’s how much RBI governor
Urjit Patel will earn now after salary hike

<ul class="summary-list"><li>Indian Prime Minister Narendra Modi's party has suffered a devastating blow.</li><li>Though Modi is claiming victory, his party is seeing major losses in the country's general election.</li></ul>For a decade, Indian Prime Minister Narendra Modi has held a decisive grip on his country's politics.But as election results rolled in Tuesday, it appeared Modi's grip may be slipping.Modi, who leads India's Bharatiya Janata Party, is <a target="_blank" href="https://www.businessinsider.com/india-election-results-narendra-modi-bjp-congress-2024-6">claiming victory</a> for a historic third term as the country's prime minister. But even though Modi will hold on to his position, his party didn't do as well as he'd predicted.India wrapped up counting the votes in its general election, and Modi's party lost its majority in Parliament. That's a big blow to Modi, whose party was long expected to win a majority.Now, he'll have to gather enough allies to form a government.The BJP's main opposition party, the Indian National Congress, performed better than expected.The Indian National Congress had set a goal to double its 52 seats in Parliament, and as of Tuesday evening Eastern Time, it had won 99 seats.In an election that saw record voter turnout — with 642 million people voting, according to <a target="_blank" href="https://aje.io/hcofgh">Al Jazeera</a>, in the seven-phase process that began in April and ended Saturday — the surprise results indicate that voters' trust in the BJP is waning.The BJP's Hindutva ideology promotes Hindu nationalism, which critics have accused of stoking anti-Muslim hate and right-wing extremism.Modi has even accused the Congress party of plotting to redistribute India's wealth to the Muslim minority, Business Insider previously reported. Modi has denied targeting the Muslim minority to win the favor of the Hindu majority, <a target="_blank" href="https://www.reuters.com/world/india/indias-modi-denies-stoking-divisions-win-election-files-nomination-2024-05-14/">Reuters reported</a>.Though Modi is still popular across India, some see him as an <a target="_blank" href="https://apnews.com/article/india-election-narendra-modi-hindu-nationalism-rss-79c30c8ae750a9c037d86b9e2c1b640c">authoritarian leader</a>, and his opponents on Tuesday called signs of his fading power a victory for democracy.The president of the Congress, Mallikarjun Kharge, called the election a "moral and political loss" for Modi, <a target="_blank" href="https://www.pbs.org/newshour/world/modi-wins-3rd-term-in-indias-general-election-narrowly-securing-majority">PBS NewsHour reported</a>. "This is public's victory and a win for democracy," he added.Raghuram Rajan, a former governor of the Reserve Bank of India, echoed Kharge's sentiment in <a target="_blank" href="https://www.linkedin.com/feed/update/activity%3A7203737299170312192/So ">a LinkedIn post</a>."The Indian voter has spoken," Rajan wrote. "And what a wise decision! This is a win for Indian democracy and a win for the Indian economy. Regardless of what happens over the next few days, we will have a strong opposition that forces the government to change course."Update: June 4, 2024, 6:27 p.m. ET: This story has been updated to reflect the latest election result numbers.

Shocking Indian election results are a crushing blow to Modi

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/Danish SiddiquiThe Reserve Bank of India (RBI) Governor Urjit Patel speaks during a news conference after the bi-monthly monetary policy review in Mumbai, India.</div></div></div><ul><li>Urjit Patel, the head of India's central bank has resigned for "personal reasons."</li><li>His departure comes five days after the Indian government invoked special powers that would give it more say on some aspects of monetary policy. </li><li><a href="https://markets.businessinsider.com/currencies/usd-inr">Watch the Indian rupee trade live</a>.</li></ul>The head of the Reserve Bank of India has resigned for "personal reasons," according to a statement put out by the central bank on Monday morning."On account of personal reasons, I have decided to step down from my current position effective immediately," Urjit Patel said in a <a href="https://rbi.org.in/scripts/bs_viewcontent.aspx?Id=3606">press release</a>."It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years. The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank's considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future."Patel's resignation comes just five days after the Indian government announced it was invoking the never-before-used special powers under Section 7 of the RBI Act, which allows it consult on things like the central bank's capital reserves and liquidity problem in non-banking financial companies, according to the Indian business publication <a href="https://www.financialexpress.com/economy/urjit-patel-resigns-as-rbi-governor-cites-personal-reasons/1409366/">The Financial Express</a>.Patel was <a href="https://www.businessinsider.com/the-reserve-bank-of-india-has-a-new-governor-2016-8">named head of India's central bank</a> in August 2016, following <a href="https://www.businessinsider.com/r-indian-central-bank-chief-felt-undermined-in-weeks-before-quitting-sources-2016-6">the departure of Raghuram Rajan</a>, who returned to academia. The <a href="https://markets.businessinsider.com/currencies/usd-inr">Indian rupee</a> was down 0.75% at 71.3375 per dollar. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/things-you-shouldnt-buy-on-black-friday-2016-11">7 things you shouldn't buy on Black Friday</a></h3> <div> </div> </div>

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