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(Photo source: IANS) <ul><li>The Governor of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI), <keyword id="6375119" type="DEFINITION" weightage="20" keywordseo="urjit-patel">Urjit Patel</keyword>, just resigned from his post citing ‘personal reasons’.</li><li>This comes at a time when <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>'s central bank and its government have been at odds about how much autonomy the RBI should have.</li><li>This is a surprise turn of events, even for those who expected his resignation, as it has come much earlier than speculated. </li></ul>In a surprise move, the governor of the Reserve Bank of India, Urjit Patel, has stepped down from his role citing ‘personal reasons.’ His resignation has been speculated in the past few months in the wake of a much-publicised discord between the Indian government and the central bank. Here’s the full statement by Patel: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 <div type="ExtQuote" text="“On account of personal reasons, I have decided to step down from my current position effective immediately. 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.”" auname="Urjit R. Patel, 10th December 2018"></div>







































 The rift between the government and India’s central banking institution has been widening over the issue of how much autonomy the bank should have. The Indian government wanted to loosen the restrictions that RBI had placed on banks in the wake of their rising non-performing assets (NPAs) as well as gain access to the RBI’s surplus reserves. Urjit Patel was appointed as the governor of the RBI on 4 September 2016 after Raghuram Rajan resigned from his post on 19 June earlier that same year. Under his tenure, the Indian economy underwent the exercise of demonetisation where 85 percent of the country’s currency was pulled from circulation. Under normal circumstances, Urjit Patel’s term would have lasted till September 2019, but with this announcement, his resignation is effective immediately. 
 
 
 
 
 
 
 
 
 
 
 
 
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 See also: <a href="https://www.businessinsider.in/twitter-erupts-with-reactions-on-urjit-patels-resignation-from-the-reserve-bank-of-india/articleshow/67028029.cms">Twitter erupts with reactions on Urjit Patel’s resignation from the Reserve Bank of India</a> <a href="https://www.businessinsider.in/question-of-autonomy-as-the-indian-government-tries-to-strong-arm-the-countrys-central-bank-its-governor-threatens-to-resign/articleshow/66446649.cms">Question of autonomy — As the Indian government tries to strong arm the country’s central bank, its governor threatens to resign</a> <a href="https://www.businessinsider.in/after-weeks-of-tension-the-reserve-bank-of-india-gives-in-to-some-of-the-central-governments-demands-while-retaining-its-independence/articleshow/66705908.cms">After weeks of tension, the Reserve Bank of India gives in to some of the central government's demands while retaining its independence</a>

Reserve Bank of India governor Urjit Patel resigns citing ‘personal reasons’

<ul><li>Contrary to market expectations, the <keyword id="6375120" type="COMPANY" weightage="20" keywordseo="monetary-policy-committee">monetary policy committee</keyword> of the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> kept the <keyword id="102335" type="ORGANIZATION" weightage="20" keywordseo="Repo">repo</keyword> rate unchanged at 6.5%. </li><li>Given the falling rupee and higher fuel prices, It was widely expected that the central bank would hike the repo rate to 6.75% to keep <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword> in check. </li><li>In anticipation of a rate hike, banks like SBI and HDFC increased borrowing rates while fund managers increased their cash holdings. </li></ul>After two consecutive rate hikes of 25 basis points, the monetary policy committee of the Reserve Bank of India (RBI) surprised market pundits by keeping the <a href="https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR795F23744EF408341E18684D24B464FADDF.PDF">repo rate on hold</a> at its meeting on 5 October. This is the rate at which it lends money to domestic banks. Given the falling rupee and higher fuel prices, it was widely expected that the central bank would hike the repo rate from 6.5% to 6.75% to keep inflation in check. This would have marked the strongest tightening cycle since 2013. In anticipation of a rate hike, banks like SBI and HDFC increased borrowing rates while fund managers increased their cash holdings. The monetary policy committee probably decided against the rate hike for two reasons. Firstly, it ascertained that inflation was in a manageable range given the recent decline in food prices. Secondly, three consecutive rate hikes would have significantly dampened demand for loans, translating to a slowdown in investment and economic activity. However, there will likely be further rate increases ahead. The RBI did change its stance from “neutral” to hawkish, explaining that it would focus on the “calibrated tightening of monetary policy” in order to ensure headline inflation did not exceed its 4% target by more than 2%. As things stand, inflation is expected to touch 4.5% by the end of the current fiscal year. Despite internal and external pressures on the Indian economy, the central bank retained its growth forecast of 7.4% for 2018-19 and 7.6% for 2019-20. Rupee goes past 74 The market did not react well to the RBI’s decision. The rupee, which was trading at 73.81 to the US dollar by the end of 4 October, crashed below 74. The rupee has been in freefall in the year so far owing to capital outflows as foreign investors rerouted funds from emerging markets like India to safe havens like the US, where the Federal Reserve is tightening rates. Meanwhile, the Sensex, an index of 30 strong companies on the Bombay Stock Exchange, has fallen by nearly 800 points following the RBI’s announcement. The repo rate hike would have made <keyword id="6371181" type="UNKNOWN" weightage="20" keywordseo="interest-rates">interest rates</keyword> more attractive for foreign investors, which would have helped in the accumulation of capital inflows.

Reserve Bank of India surprises all by keeping interest rates unchanged

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> consolidated in a narrow range and <keyword id="20220719" type="General" weightage="20" keywordseo="depreciated" source="keywords">depreciated</keyword> 3 paise to close at its all-time low of 83.66 (provisional) against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> on Friday, weighed down by strong American currency and muted trend in domestic equities. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> <keyword id="19993499" type="General" weightage="20" keywordseo="traders" source="keywords">traders</keyword> said weak domestic markets and elevated <keyword id="19900090" type="General" weightage="20" keywordseo="oil-prices" source="keywords">oil prices</keyword> pressured the rupee, however, likely <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) intervention prevented a sharp fall in the domestic unit. At the interbank foreign exchange market, the local unit opened at 83.64, and touched an intra-day high of 83.60 and a low of 83.66 against the dollar during the trading session. It finally settled at an all-time low level of 83.66 (provisional) against the American currency, registering a loss of 3 paise from its previous close. On Thursday, the rupee depreciated 5 paise and settled at a new low of 83.63 against the US dollar. "We expect the rupee to trade with a slight negative bias on weak global markets and a strength in the US Dollar. Weak Asian and European currencies may also weigh on the rupee," Anuj Choudhary — Research Analyst at Sharekhan by BNP Paribas — said. Choudhary said Foreign Institutional Investors (FIIs) inflows and any intervention by the RBI may support the rupee at lower levels. "USDINR spot price is expected to trade in a range of Rs 83.40 to Rs 83.90," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.16 per cent at 104.33. Brent crude futures, the global oil benchmark, were trading marginally lower by 0.07 per cent at USD 85.05 per barrel. In the domestic equity market, the 30-share BSE Sensex tumbled 738.81 points to settle at 80,604.65 and Nifty dropped 269.95 points to 24,530.90. Meanwhile, the Asian currencies were all down after a fall in European currencies as the European Central Bank (ECB) kept rates unchanged in its meeting with a possibility of a cut in September, traders said. FIIs were net buyers in the capital markets on Thursday as they purchased shares worth Rs 5,483.63 crore, according to exchange data.

Rupee falls 3 paise to close at all-time low of 83.66 against US dollar

<a href="http://www.businessinsider.in/searchresult.cms?query=The+Reserve+Bank+of+India+&amp;sortorder=effectivedate">The Reserve Bank of India </a>(<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) increased the weekly <a href="http://www.businessinsider.in/searchresult.cms?query=ATM&amp;sortorder=effectivedate">ATM</a> cash withdrawal limit from savings bank accounts to Rs 50,000, from the current Rs 24,000 and the limit will be removed from March 13. 
 
"Effective February 20, 2017, the limits from cash withdrawal from savings bank accounts will be enhanced to Rs 50,000 per week from the current limit of Rs 24,000 per week (and) effective March 13, 2017, there will be no limits prescribed by RBI on cash withdrawal from savings bank accounts." 
 The limits were imposed by the Government and RBI on withdrawal of money from <keyword id="60866" type="PERSON" weightage="20" keywordseo="ATMs">ATMs</keyword> and bank branches in view of the currency shortage following <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a>. These limits, however, are being gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000.

You can withdraw Rs 50,000 per week from savings bank accounts today onwards

Have you ever applied for an auto <keyword id="6360217" type="PERSON" weightage="100" keywordseo="Loan">loan</keyword>, a home loan or a personal loan? What if the loan application got rejected? What to do next? Rejection of any kind is one of the greatest fears that lie within us. But there is also a way to address this. Put on your thinking cap to understand what you should do next when your loan application gets rejected. 
 
Know and understand: Check with the credit institution to know the reason for the rejection. Try and understand the reason. According to the <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>, “A bank cannot reject your loan application without furnishing valid reason(s) for the same.” 
 Has the rejection happened due to a low <keyword id="6380214" type="UNKNOWN" weightage="100" keywordseo="credit-score">credit score</keyword>? Does it point to poor payment history? Are those reasons reflecting in your credit history? It’s time to check your credit report to know the specific reason or if there is any other reason behind it. 
 
Recheck your credit score: A low credit score could be one of the reasons why the credit institution rejected the loan application. There are several credit scoring models that different credit institutions follow – it could be its in-house scoring model or a credit score obtained from a credit bureau. It is advisable to check your credit score with one of the credit bureaus in the country to know how credit healthy you are. 
 
Do an error check: A credit report contains your demographic details, credit account details and payment history. Do a check whether there are errors on your credit report related to your personal details or account details. If you find some information that is not related to you, it needs to be rectified and updated by the respective credit institution and then at the credit bureau. 
 
Seek help: Do you need help to understand your credit report? Do you find it difficult to read your credit report? Credit counsellors can guide you in understanding and reviewing your credit report. They can also suggest ways to improve your credit score. Seek the guidance of these experts. 
 
Rejections are always a learning experience. So stop worrying and be a little more alert, a little more prudent, a little more assertive and a little more proactive. Just be disciplined and a window will open again. 
 
About the author: Satish Mehta is the Founder and Director of Credexpert, a credit and debt counselling company in India.

Loan Application Rejected – What’s Next?

Even though <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s inflation has eased, it still remained above the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword>'s (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) tolerance band and hence it warrants appropriate policy responses to anchor expectations going forward. "Easing of supply chain pressures and the recent ebbing of commodity prices are providing some breather from record <keyword id="101998" type="General" weightage="20" keywordseo="high-inflation" source="Orion">high inflation</keyword>," the RBI said in its monthly bulletin. Incidence of unseasonal and excessive rainfall, if any, can impact food prices, especially vegetable prices. Greater transmission of input cost pressures to selling prices across manufacturing and services sectors may also create fresh price pressures. Moreover, persistently elevated cost of living conditions could translate to higher wages and further price increases, especially if pricing power of firms strengthen. Taking into account these factors, and on the assumption of a normal monsoon in 2022 and average crude oil price (Indian basket) of $105 per barrel, inflation is projected at 6.7 per cent in 2022-23, with Q2 at 7.1 per cent; Q3 at 6.4 per cent; and Q4 at 5.8 per cent, with risks evenly balanced. CPI inflation for Q1 2023-24 is projected at 5 per cent, the RBI said. In India supply conditions are improving, with the recent monsoon pick-up, strong momentum in manufacturing and a rebound in services. Going forward, the onset of festival season should boost consumer demand, including rural, also as sowing activity picks up. Robust central government capital outlays are supporting investment activity. India's retail inflation -- Consumer Price Index (CPI) -- eased to a five-month low of 6.71 per cent in July, down from 7.01 per cent in June. The CPI continued to remain above the RBI's upper tolerance band of 6 per cent for the seventh consecutive month. Meanwhile, the bulletin also stated that the consolidated balance sheet of the NBFC sector exhibited double digit growth in the quarter-ending December 2021. The profitability of the NBFC sector improved in Q3 2021-22 compared to the corresponding quarter in 2020-21. NBFCs continued to provide maximum credit to industrial sector followed by retail, services, and agriculture. The sectoral credit distribution remained largely unchanged in 2021-22 (up to end-December 2021) as compared to end-December 2020. All sectors witnessed high credit growth on account of base effect and resumption of economic activities. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rupee-expected-to-trade-at-around-79/-on-fii-inflows-easing-crude-prices-bob/articleshow/93651698.cms">Rupee expected to trade at around 79/$ on FII inflows, easing crude prices: BoB</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/realme-9i-5g-review/articleshow/93641337.cms">Realme 9i 5G Review - 5G Upgrade With Cosmetic Changes</a>

There is a breather from record high inflation, but still above tolerance band: RBI

Drawing inspiration from <keyword id="6359315" type="General" weightage="100" keywordseo="arjuna" source="Orion">Arjuna</keyword>'s prowess in archery during the Swayamvar of Draupadi in the epic Mahabharata, <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> Governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said the central bank is zeroing in on inflation. He also said, "Our constant endeavour is to keep an eye on inflation, which is our primary target." While addressing the FIBAC 2022 Conference, the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) Governor on Wednesday said, "In Mahabharata, the great warrior and archer Arjuna was aiming at the eye of the revolving fish. There was a fish and the fish was revolving and he was looking at it through a pool of water which was underneath. I'm quite certain that he would have certainly assessed the speed at which the fish was revolving, the wind conditions prevailing, the intensity of the ripples in the pool of water below, the noise levels in the kings' court and similar other factors," and added that, "Our constant endeavour is to keep an eye on inflation, which is our primary target." FIBAC 2022 Conference is jointly organised by FICCI and Indian Banks Association. Das said, "When international prices of wheat went up, in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> despite India being a surplus in the foodgrain, our domestic wheat prices also went up. Crude prices hit USD 130 per barrel. So on February 24, when Ukraine and Russia war started, it completely changed the entire picture." Talking about curbing inflation, he said, "Because of the inflation-targeting framework, till Covid-19 hit our country or the world, our average CPI (consumer price index) inflation was 3.9 per cent from 2016 to February 2020. Similarly now, when the war started this year in February, in April we announced in our monetary policy the number of measures that were taken." Talking about the current state of the economy, Shaktikanta Das said, "Now, where do we stand today, the growth momentum has been sustained. Inflation is expected to moderate. Banking and the entire financial sector is stable and resilient, it has withstood multiple shocks. Balance sheets of the banks are today looking very robust. The corporate sector balance sheets are also strong. The MSME sector has also withstood the crisis." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/with-challenges-carefully-firewalled-indian-economy-now-is-very-attractive-for-investors-fm/articleshow/95255527.cms">With challenges carefully firewalled, Indian economy now is very attractive for investors: FM</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/this-is-indias-decade-and-gdp-is-likely-to-cross-7-5-trillion-by-2031-says-morgan-stanley/articleshow/95256483.cms">This is India’s decade and GDP is likely to cross $7.5 trillion by 2031, says Morgan Stanley</a>

You Searched For "Reserve Bank of India" and got 7 results

Reserve Bank of India governor Urjit Patel resigns citing ‘personal reasons’

Prabhjote Gill

Reserve Bank of India surprises all by keeping interest rates unchanged

Dilsher Dhillon

Rupee falls 3 paise to close at all-time low of 83.66 against US dollar

PTI

You can withdraw Rs 50,000 per week from savings bank accounts today onwards

BI India Bureau

Loan Application Rejected – What’s Next?

Satish Mehta

There is a breather from record high inflation, but still above tolerance band: RBI

IANS

RBI keeping Arjuna's eye on inflation, says Governor Shaktikanta Das

ANI

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