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Even as several non-BJP ruled states like Rajasthan, Chhattisgarh, Himachal Pradesh, Punjab and <keyword id="6360371" type="General" weightage="80" keywordseo="jharkhand" source="Orion">Jharkhand</keyword> have started implementing the old pension scheme, the Reserve Bank of India (<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword>) has cautioned that it would add to the financial burden of the states. In its report titled "State Finances: A Study of Budgets of 2022-23", the central bank has said that the move is a major risk to the "subnational fiscal horizon" and may lead to the accumulation of unfunded liabilities in the years to come. "A major risk looming large on the subnational fiscal horizon is the likely reversion to the old pension scheme by some states. The annual saving in fiscal resources that this move entails is short-lived," the RBI report said. By postponing the current expenses to the future, the report said states risk the accumulation of unfunded pension liabilities in the coming years. The governments of Rajasthan, Chhattisgarh, Himachal Pradesh, Punjab and Jharkhand have informed the Centre about their decision to implement the old pension scheme, which they had promised to do in their election manifestos. The decision by these states has led to a political tussle between non-BJP and BJP-ruled states. Incidentally it was the BJP-led NDA government, which in 2004, had done away with the old pension scheme from April 1, 2004 onwards. In its place, the government had introduced the National Pension Scheme, (NPS), under which government employees contribute 10 per cent of their basic salary towards their pension while the government contributes 14 per cent. The private sector was also included under the NPS system. Under the old pension scheme, retired government employees received 50 per cent of their last drawn salary as monthly pension, and the amount kept increasing with the hike in the DA rates. The old pension regime is not fiscally sustainable as it is not contributory in nature and the burden on the exchequer keeps on mounting, experts have said. Even former RBI governor <keyword id="46742" type="General" weightage="50" keywordseo="d-subbarao" source="Orion">D Subbarao</keyword> had spoken about the negative effects of the old pension scheme recently. "In a country where the large majority of the people have no social safety net, government servants with an assured pension are a privileged lot. Privileging them even further at the cost of the larger public will be morally wrong and fiscally detrimental," he had said. Subbarao had cautioned that if state governments revert to a "pay as you go" pension scheme, the burden of pensions will fall on current revenues, which in turn means foregoing schools, hospitals, roads and irrigation. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/britannias-q4-net-profit-rises-47-yoy-to-559-crore-on-softer-input-costs/articleshow/100017366.cms">Britannia’s Q4 net profit rises 47% YoY to ₹559 crore on softer input costs</a> <a href="https://www.businessinsider.in/business/news/indigo-airlines-stock-to-surge-further-as-go-firsts-troubles-mount/articleshow/100009541.cms">The skies are clearer for IndiGo stock to surge further as Go First’s troubles mount</a> <a href="https://www.businessinsider.in/finance/banks/news/raghuram-rajan-speaks-out-on-zombie-companies-a-simmering-real-estate-time-bomb-more/slidelist/100014762.cms">Raghuram Rajan speaks out on zombie companies, a simmering real estate time bomb &amp; more</a>

RBI sounds note of caution on OPS, says it may add to liabilities in future

Mumbai, Dec 17 () Former Reserve Bank Governor D Subbarao on Tuesday asked the government to ensure fiscal deficit is within the targeted number and warned that "fiscal profligacy" can lead to crisis situations.
 The comments weeks after official data indicated that the government has exhausted 107 per cent of the budgeted deficit gap of 3.4 per cent with five months to go for the fiscal end.
 "We got to be careful about managing our fiscal deficit and keep it within the fiscal deficit targets," Subbarao said.
 Speaking over a video link at the Times Network's India Economic Conclave here, he said a higher fiscal deficit fuels inflation, crowds out private investment and impairs Balance of Payments (BoP) by resulting in current account deficit-related issues.
 Subbarao said BoP-related issues, including the 1991 financial crisis and also the taper tantrums of 2013 during his governorship of the RBI can be traced back to "fiscal profligacy".
 "Both the quantum of fiscal deficit and quality of fiscal deficit are a cause for concern," Subbarao, under whose watch RBI used to regularly warn the government on fiscal deficit, said.
 He also said the "true picture" of the fiscal deficit may not be visible to all of us because of aspects like off-balance sheet borrowings by quasi-sovereign entities and also due to payment deferrals.
 Subbarao pointed out that the nominal GDP growth has fallen to as low as 6.1 per cent, and explained that it would have a direct impact on the revenue collections both at the Centre as well as the state level, which can impact the fiscal deficit situation.
 The bureaucrat-turned-central banker also said that adequate attention needs to be given to the quality of the fiscal deficit, maintaining that it is not bad for the governments to borrow to invest in capital expenditure. AA RAM

Former RBI chief Subbarao cautions against 'fiscal profligacy'

Ten days into taking charge at the helm of affairs in the Reserve Bank of India, <a href="http://www.businessinsider.in/searchresult.cms?query=subbarao&amp;sortorder=effectivedate">D Subbarao</a>, was staring in the face of a <keyword id="6371665" type="UNKNOWN" weightage="20" keywordseo="financial-crisis">financial crisis</keyword> so big that it was threatening to take down countries as big and powerful as the US and UK. On the perfectly sunny morning of September 15, 2008, something very ominous happened. The <a href="http://www.businessinsider.in/searchresult.cms?query=lehman+brothers&amp;sortorder=effectivedate">Lehman Brothers</a> declared bankruptcy, starting a domino effect that tore through stock markets of the world, bringing mammoth growth chugging economies to a grinding halt, even kick-starting the freefall that took the best financial minds a few weeks to stop. 
 
Amidst all of this was India, the sole country that continued to grow, albeit at a slower pace. Even as Subbarao was still wrapping his head around the scary events unfolding around the globe, the first thought on his mind was to save India from going down, save its markets and the rock-solid financial institutions that were touted as the country’s nerve-centre. 
 <keyword id="46742" type="UNKNOWN" weightage="20" keywordseo="D-Subbarao">D Subbarao</keyword> in a free-wheeling chat with Business Insider on the occasion of the launch of his tell-all book, ‘Who Moved My Interest Rate?’, takes us back to that day, that moment when he walked into his office to brief his team of the ongoing crisis and the plan of action ahead, “There was anxiety and uncertainty amongst the team, but no despair. Never for a moment did any of us have any doubt. There was confidence in all of us that we could handle the situation. But what was concerning us was that whatever was happening was leaving the Central Banks of even the advanced economies bewildered and that feeling of uncertainty and bewilderment at the ongoing was transmitting even to us.” 
 
Describing the days and weeks spent thereon, each moment was used devising plans and policies to cushion the <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+economy&amp;sortorder=effectivedate">Indian economy</a> from the harsh effects of the literal <a href="http://www.businessinsider.in/searchresult.cms?query=economic+meltdown&amp;sortorder=effectivedate">economic meltdown</a>, he says, “It was like being prepared for the unknown. We were constantly looking for appropriate policy stances. We not only had to react to the markets, but also react to policy measures being taken by the advanced nations at the forefront of this crisis.” 
 
The toughest of the policy measures he ratified then was extending the Line of Credit for financial institutions that had already started showing signs of severe distress. “There was a difference of opinion within the RBI on how it needed to be done. How much support should one be giving to the housing finance companies, the NBFCs and so on. However, what everyone was clear about was that everything that needed to be done should be done to save India from the negative impact of what was global economic crisis.” But it was when the first few measures started bearing fruit that he, along with his team at the RBI, heaved small sighs of relief-small battles were being won, in an epic war against time. 
 
READ ALSO: <a href="http://www.businessinsider.in/Exclusive-Raghuram-Rajan-vs-Jaitley-wasnt-a-one-off-his-predecessor-Subbarao-faced-it-too-with-then-Finance-Minister-P-Chidambaram/articleshow/53375716.cms">Exclusive: Raghuram Rajan vs Jaitley wasn’t a one-off, his predecessor Subbarao faced it too with then Finance Minister, P Chidambaram</a> 
 
What was even a bigger cause of concern was dealing with the Central Banks of the US and UK, who in order to protect their own financial institutions and economy from any further onslaught had turned severely protectionary. Billions of dollars worth of financial institution money (FII funs, commonly referred to as hot money, given the speed at which these funds can enter and exit) poured into the country. 
 
Subbarao says, “Their monetary policies were having a trickle-down effect on our economy. All the money pushed into our country eroded at the stability factor of our economy, almost destabilising it. We had to constantly engage with them, trying to explain to them the adverse impact this was having on us. But it was tough, because their primary intention was to protect their own countries.” Which is also why, a host of laws, tightening the manner in which such financial institution led money could enter and exit Indian markets were brought into the fore, around the same time. 
 
The single most challenging moment however came in 2012, when the <a href="http://www.businessinsider.in/searchresult.cms?query=rupee&amp;sortorder=effectivedate">Rupee</a> began sliding overnight. At its lowest, the Rupee had touched Rs 73 to a Dollar. He says, “Battling the exchange rate crisis during the period of ‘taper tantrums’ was the toughest I had to deal with. For 15 years we hadn’t felt this threat on our currency. Since the exchange rate crisis in 1991, we had achieved this level of comfort where we almost forgot that a problematic situation such as this could be staring at us again. The pressure we felt therefore on the balance of payments front was the worst I had to deal with.” 
 
That said, the man who literally saved the country from almost certain doom at that time has one regret in how he handled the crisis back then. “Now in hindsight, I believe I would have certainly handled my communication better. I would have ensured the way I spoke to the Banks and financial institutions was more aggressive, giving them the confidence we felt inherently.” He also wishes that data, back then could have been sourced in real-time ensuring some of the policy measures that were taken then could have been quicker and therefore faster in bringing about the desired impact. That’s a lot coming from the man who was hailed globally for maintaining India’s fiscal prudence, and ensuring that the ship didn’t sink.

Exclusive: The man who saved Indian markets from a free fall
in 2008 says, he has only one regret from how he handled the entire crisis

People in India are only familiar with all that went wrong between <a href="http://www.businessinsider.in/searchresult.cms?query=raghuram+rajan&amp;sortorder=effectivedate">RBI Governor Raghuram Rajan</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a>. 
Interestingly, it turns out that this Rajan vs Jaitley episode wasn’t a one-off. Rajan’s predecessor and the RBI Governor, who has possibly steered India through one of its toughest economic conditions from 2008 through to 2013, <a href="http://www.businessinsider.in/searchresult.cms?query=subbarao&amp;sortorder=effectivedate">D Subbarao</a>, had a somewhat similar, maybe even more acerbic relationship with the then Finance Minister, <a href="http://www.businessinsider.in/searchresult.cms?query=chidambaram&amp;sortorder=effectivedate">P Chidambaram</a>. 
 Opening up in an extremely candid, yet measured conversation about his time at the helm of the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>, Subbarao gave Business Insider an insight into the troubled relationship he had with Chidambaram, mentioned in great details in his recently released book, Who Moved My Interest Rate? 
 
One incident that strikes a chord instantly with the current <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">RBI</a> vs Govt scenario is that Subbarao was just few weeks into the job, when global markets were crashing, and world economies were well into recession, with India being one of the very few countries still growing at over 5% rates. What happened then was the then finance minister Chidambaram, without consulting with Subbarao, decided to create a liquidity management committee. 
 
Subbarao writes in the book, “Chidambaram clearly overstepped into RBI turf as liquidity management is a quintessential central bank function. Not only did he not consult me, but he did not even inform me of this before the notification was issued.” 
 
Speaking to BI he says, “The main mandate of all Central Banks in the world is price stability. Ensuring there is a long and steady view at inflation. Political executives in democracies such as this are always and mostly uncomfortable with this. For them it’s always a trade-off between the popular mandate of growth versus managing inflation, a function of which is hiking interest rates when required.” 
 
He, however, says the tension between Rajan and Jaitley are of a different nature. He says, “Unlike the situation I was in, when India had to save itself from the economic meltdown of 2008, today we have reasonable growth. There will always be tensions between the Central Banks and the respective Governments, but, if handled professionally, there will be no hurdles to the economy.” 
 
The book also has an entire chapter ‘Walking Alone’, which specifically talks about the strained relationship between Subbarao and Chidambaram. 
 
A particular conflict of interest incident happened during the <a href="http://www.businessinsider.in/searchresult.cms?query=monetary+policy&amp;sortorder=effectivedate">monetary policy</a> review of June 2013, almost towards the end of Subbarao’s tenure, when Chidambaram was forcing him to cut the cash reserve ratio-the proportion of cash that banks need to park with the RBI at any given time-and Subbarao disagreed. He tells us, “There was a price to be paid. Such situations always have a trade-off and in this case it was the refusal of the government to extend the tenure of two of the deputy governors, Usha Thorat and Subir Gokarn.” 
 
Subbarao, also has a word of praise for RBI Gov Rajan, when during the conversation we ask him how he would have handled the current situation of growing inflation, worsening health of banks in the form of rising bad debts and the constant pressure from the government to cut interest rates, he says, “I would have done exactly what Governor Rajan is doing now. There are situations when you have to be firm. Right now, from whatever I hear, dealing with inflation and managing the NPA situation should be the top priority of any RBI Governor.”

Exclusive: Raghuram Rajan vs Jaitley wasn’t a one-off, his predecessor Subbarao faced it too with then Finance Minister, P Chidambaram

<keyword id="6354552" type="LOCATION" weightage="20" keywordseo="hyderabad">Hyderabad</keyword>, Practically, a product of 3rdFlix Visual Effects Pvt Ltd, on Tuesday announced that it has raised $4 million in a pre-Series B round. The round was led by Siana Capital, a deep tech investor, with participation from existing investors <keyword id="6696110" type="COMPANY" weightage="20" keywordseo="YourNest-Venture-Capital">YourNest Venture Capital</keyword> and <keyword id="2787926" type="COMPANY" weightage="20" keywordseo="Exfinity-Ventures">Exfinity Ventures</keyword>. The company had previously raised Series A funding of $5 million in 2019. The funds will be invested in expanding the operations of Practically, the Hyderabad-based start-up announced. Practically is an intelligent, interactive and immersive learning app for students of classes 6-12 with a focus on STEM learning. It is the <keyword id="10545782" type="UNKNOWN" weightage="20" keywordseo="only-experiential-learning-app">only experiential learning app</keyword> that brings learning alive through immersive videos, interactive augmented reality and 3D simulations. "This pre-Series B funding showcases the extreme faith our investors have reposed on Practically. The tremendous response that we are seeing for Practically from schools, administration, faculty, parents and students validates our model. Our progress so far is in-line with our strategic growth plans and we are very well placed to tap the accelerated growth that the <keyword id="1464841" type="COMPANY" weightage="20" keywordseo="Edtech">EdTech</keyword> industry is witnessing today," said Subbarao Siddabattula, Founder &amp; CEO, Practically. Practically is an outcome of deep-rooted insights based on several man-years of study around children's learning and <keyword id="10545781" type="UNKNOWN" weightage="20" keywordseo="retention-modes">retention modes</keyword> leading to the innovative use of new-age tech tools such as AR to provide an immersive learning experience for children. "The recent round of funding will be utilised strategically to expand the market for Practically beyond Telangana and Andhra Pradesh. Our expansion plan includes establishing a footprint pan-India in the next 12 months. We are also aiming to expand operations in the Middle East and set foot into the US market in the near future," said Charu Noheria, Co-Founder &amp; COO, Practically. Practically offers an edge over other learning apps by enhancing conceptual understanding and improving retention of concepts with features like life-like video content, hands-on learning, experiential learning, 24x7 seek help with access to subject experts for doubt resolution, live classes, Proton - the AI assistant and study buddy and Coding++. Over 3 lakh students have already benefited from the engaging content on Practically. The Practically School Solution, a B2B2C offering, gives schools and its teachers access to the Practically teacher app free of cost. Teachers can access more than 3000 videos and 1000 Simulations/AR and features like virtual classes, test-prep, assessments, analytics, and assigning homework, etc. The app covers universal curriculum across Math and Science for 6th to 12th grades. Over 130 schools across India are already using Practically to enable online classes during the pandemic. SEE ALSO: <a href="https://www.businessinsider.in/india/news/tatas-got-airasia-stake-at-a-20-discount-while-indigo-and-spicejets-value-has-doubled-since-pandemic-broke-out/articleshow/80101467.cms">Tatas got AirAsia stake at a 20% discount while IndiGo and SpiceJet’s value has doubled since pandemic broke out</a> <a href="https://www.businessinsider.in/india/news/bharat-biotech-sees-rivals-conspiracy-in-all-the-criticism-for-the-approval-for-covaxin/articleshow/80099818.cms">Bharat Biotech sees rivals’ conspiracy in all the criticism for the approval for Covaxin</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-mi-10i-mobile-with-108mp-primary-camera-snapdragon-750g-launched-in-india-starting-at-20999/articleshow/80111586.cms">Xiaomi Mi 10i with 108MP primary camera, Snapdragon 750G launched in India starting at ₹20,999</a> <a href="https://www.businessinsider.in/business/news/karan-bajwa-journey-from-ludhiana-to-cisco-microsoft-ibm-to-now-google-cloud-head-in-india/articleshow/74690287.cms">Karan Bajwa’s journey from Ludhiana to Cisco, Microsoft, IBM to now, Google Cloud head in India</a>

Hyderabad-based edtech startup Practically bags a $4 million cheque from Siana Capital

Mumbai, Jul 5 () Urjit Patel, whose stint as the head of the central bank was one of the most tumultuous in recent times that ended with the rare event of an RBI Governor resigning, will be releasing a book later this month, his publishers have said. Titled 'Overdraft: Saving the Indian Saver', the book focuses on the non-performing assets (NPAs) issue that has afflicted Indian banking in recent years, its causes and Patel's efforts as the RBI Governor in dealing with it. "Urjit Patel invests his thirty years of macroeconomic experience in building strategies to protect our banks from unscrupulous racketeers, ultimately aimed at saving our savings...," publisher HarperCollins India tweeted. Patel's book description says that sovereigns do not need to earn or save before spending money. They can either print or borrow. "…in our country, where they own banks, they can use our deposits to lend and splurge for goals that may not always be economic in nature. Many rulers have succumbed to the temptation, with dire results - inflation, debased currency, payments crises, bankrupt banks, economic stagnation, loss of public confidence. "After centuries of ruinous experiences, some governments learnt, others haven't, to control themselves, create self-governing Central banks and let them manage money and regulate banks," it says. The issue of unsustainable bad debts started as a trickle in 2015 and then became a "flood", it said. "In the forefront were some of India's largest government banks, and a series of tycoons who were running their empires on unpaid debts." Patel worked with a '9R' strategy which would protect depositors' savings, rescue the banks and protect them from "unscrupulous racketeers", it says. Books or memoirs written by two of his immediate predecessors -- Raghuram Rajan and D Subbarao -- had shed light on various subjects like the RBI's autonomy, interest rates or its stance on demonetisation. Patel, under whose governorship the note ban was carried out, surprised all by resigning from the RBI in December 2018. The resignation came at a time when relations between the government and the RBI had soured, with the former threatening to invoke a never-before used clause to give directions to the central bank. The RBI under Patel was reportedly averse to the government's wishes on getting extra capital held by the central bank, restructuring loans to small businesses and providing liquidity support to the troubled non-bank lenders. Patel's resignation was followed by a long period of absence from public gaze. However last month, in a surprise move, he was appointed as the chairman of the Ministry of Finance-run think-tank NIPFP. Deputy governor Viral Acharya, who gave a strong speech asserting RBI's autonomy and warned the government of the "wrath of markets", also quit ahead of the completion of his term. Patel was seen as very strict on the issue of NPAs and governance at banks, especially the private sector ones, where the RBI replaced the heads of ICICI Bank and Axis Bank, and started probing Yes Bank more closely. The RBI had begun a thorough asset quality review (AQR) to find out the hidden stress on banks' books when Patel was a deputy governor and he carried forward the same work. Patel's book will be released by the end of July, as per a book selling website. AA ABM ABM

Former RBI governor Patel pens book on dealing with NPA issue

<ul><li>Several private lenders including Kotak Mahindra Bank and Yes Bank recently announced pay cuts as a cost cutting measure amid the coronavirus pandemic. </li><li>The chairman of India’s largest public sector bank State Bank of India (SBI), <keyword id="254056" type="PERSON" weightage="20" keywordseo="Rajnish-Kumar">Rajnish Kumar</keyword> said that the salaries are already so less, if pay cuts would be implemented, he would have to live on the streets. </li><li>According to the bank’s annual report, Kumar’s per day income stood at ₹ 8,092 in FY19, in contrast to 3.74 lakh earned by Aditya Puri of HDFC Bank, who is the highest paid bank chief. </li><li>However, the public bank chiefs get added perks like accommodation, which is exclusive of the salary. </li></ul>Several private lenders including Kotak Mahindra Bank and Yes Bank recently announced pay cuts as a cost cutting measure amid the coronavirus pandemic. While the chairman of India’s largest public sector bank State Bank of India (SBI), <a href="https://www.businesstoday.in/current/corporate/sbi-chairman-rajnish-kumar-jokes-on-pay-cut-road-pe-rehna-padega/story/406129.html">Rajnish Kumar said</a> that the salaries are already so less, if pay cuts would be implemented, he would have to “live on the streets”. He said this in a jovial way during a conference call with analysts. The statement has yet again raised the issue of widening pay gap among the private and public bank chiefs. Here’s how much the CEOs get paid in India’s top five private and government banks: <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Public lenders </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CEO salary in FY19 (Monthly) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Private Banks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CEO salary in FY19 (Monthly) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.42 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹89 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Punjab National Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.77 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.74 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹27 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.38 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22-26 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.46 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹16 lakh </td></tr></tbody></table> As of 2019, the disparity between the remuneration of state-owned and private <keyword id="611855" type="PERSON" weightage="20" keywordseo="Bank-CEOs">bank CEOs</keyword> increased by nearly ₹70,000 in two years. <a href="https://www.moneycontrol.com/news/business/economy/pay-gap-between-public-and-private-sector-bank-chiefs-widens-4371661.html">According to</a> a Mint analysis of public and private lenders, a public-sector bank chief had a daily compensation of ₹8,541, as per the FY19 annual reports. Private bank chiefs, on the other hand, were paid ₹2.48 lakh per day. However, the public bank chiefs get added perks like accommodation, which is exclusive of the salary. "The executive compensation in the public sector, as is well known, is lower than that in the private sector... If PSBs are required to compete with private sector banks on a level playing field, there is a good case for compensating them too on a competitive basis," <a href="http://archive.indianexpress.com/news/salaries-of-psu-bankers-need-to-go-up-bhatt/679619/">said</a> D Subbarao, former governor of the Reserve Bank of India during the 9th Global Banking Summit organised by the Indian Bankers’ Association and FICCI. See also: <a href="https://www.businessinsider.in/personal-finance/news/bharti-axa-life-renewal-income-grows-17-to-1359-crore-in-fy20/articleshow/76258273.cms">Bharti AXA Life posts 17% growth in renewal premiums to ₹1,359 crore in FY20</a> <a href="https://www.businessinsider.in/business/news/yes-bank-case-ed-raids-five-premises-of-cox-and-kings-in-mumbai/articleshow/76256791.cms?upcache=2">Yes Bank's top borrower Cox and Kings sees raids at five of its premises</a> <a href="https://www.businessinsider.in/business/startups/news/vijay-shekhar-sharma-binny-bansal-come-together-to-back-the-latest-vc-firm-arkam-and-its-not-a-batman-reference/articleshow/76255655.cms">Vijay Shekhar Sharma, Binny Bansal come together to back the latest VC firm Arkam ⁠— and it’s not a Batman reference</a>

SBI Chairman has brought back the debate on wide salary gap between private and government banks

<a href="http://www.businessinsider.in/searchresult.cms?query=urjit+patel&amp;sortorder=effectivedate">Urjit Patel</a>, the <a href="http://www.businessinsider.in/searchresult.cms?query=rbi&amp;sortorder=effectivedate">RBI</a> Governor, while asking his colleagues to guard the integrity of central bank, said that any effort to belittle the reputation of the central bank deserves "zero tolerance". He was addressing the staff for the first time when he wrote this in an email. 
 He also said that the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> has achieved the excellence only because of the collective efforts of its employees. 
 
While specifically talking over <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a>, he said, "Let me emphasise that one thing we should all zealously guard is the integrity and reputation of our organisation and any act belittling the same should deserve zero tolerance from all of us." 
 It may be noted that during the <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword> drive, a few senior RBI employees were held for alleged money laundering and illegal exchange of banned notes. Following this, the CBI had in December arrested a few RBI officials. 
 
Post-note ban announcement, the RBI in general and Patel in particular, were also criticised by Opposition politicians as well as analysts over "abdication" of responsibility by the monetary authority. 
 
Some of Patel's predecessors including D Subbarao, Y V Reddy, Bimal Jalan, and Manmohan Singh, criticised the apex bank for not doing enough to reassure the public in the wake of currency invalidation exercise. 
 
During the 50-day demonetisation period, the RBI faced flak for numerous flip-flops over currency exchange norms. 
 
"I am confident that all of us working together will rise to the occasion and face these challenges in a manner befitting the reputation of this esteemed organisation," Patel said in his email to the employees on the eve of the New Year. 
 
Patel said that during the year gone-by, RBI continued its efforts at restoring macroeconomic stability to the economy. 
"While the policy actions have already shown positive effects, nevertheless they are work in progress and need to be fine-tuned constantly to keep pace with the changing environment," he said. 
 
RBI employees union, feeling "deeply humiliated" by the events since demonetisation, on January 13 wrote a letter to Patel protesting against operational mismanagement in the exercise and the government bid to impinge on its autonomy by appointing an official for currency coordination. 
 
In the letter, they claimed this has "dented beyond repair" RBI's autonomy. They said appointment of a senior Finance Ministry official for currency coordination was a "blatant encroachment" on RBI's exclusive turf of currency management.

Urjit Patel writes to employees, asks them to protect RBI’s reputation

<div class="image-container float_right" style="width:480px"><div class="image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult_VPage&amp;VBID=2C0BXZ6ZFTPI3&amp;SMLS=1&amp;RW=1331&amp;RH=817">REUTERS/Adnan Abidi</a></div></div><keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> on Tuesday named a former International Monetary Fund chief economist as its new central bank governor as it grapples with a plunging currency and the slowest growth in a decade.
Raghuram Rajan will head the Reserve Bank of India for a three-year term, replacing incumbent D. Subbarao, who retires next month, the finance ministry said.
"Mr Rajan will be the new central bank governor," a senior finance ministry official told AFP.
Rajan did his doctorate at the Massachusetts Institute of Technology and is acclaimed for having predicted the 2008 global financial crisis -- two years before it struck.
He takes the central bank reins as India faces testing economic times -- hit by a capital flight with investors worried about slow growth, a massive deficit, stalled economic reforms and a slew of graft scandals that have paralyzed the political process.
Rajan's appointment came on a day of high financial drama in which the Indian currency touched a fresh record low against the dollar of 61.80 rupees.
The 50-year-old economist is currently the most senior advisor in the finance ministry and has a reputation for strong pro-market views.
A statement issued later by the finance ministry said Prime Minister Manmohan Singh had approved the appointment of Rajan to head the nominally independent central bank.
Rajan, as chief economic adviser to the government, has worked closely with Finance Minister P. Chidamabaram, known as another strong proponent of economic reform.
Rajan was also a professor at the University of Chicago's Booth School of Business before taking over as India's chief economic advisor and is author of Fault Lines, an acclaimed account of the subprime financial crisis.
He has enjoyed a high profile since returning from the United States last year to take up the finance ministry post and has worked closely with Chidambaram to try to restore India's sagging reputation with investors.
Rajan, who favors financial deregulation, is expected to bring new ideas to the RBI which the finance ministry believes to be too conservative, according to the Indian media.
Last month, Rajan said "all options were on the table" to stabilize India's currency at the same time as saying defence of the rupee should not suffocate economic growth.
The rupee has come under pressure from India's record current account deficit -- the broadest measure of trade, an economy growing at a 10-year low of five percent and fears of a reduction in US stimulus that have spurred investor flows to emerging markets.
<div class="nc_footer">
Copyright (2013) AFP. All rights reserved.
</div>

You Searched For "d subbarao" and got 9 results

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