Reserve Bank deputy governor B P Kanungo on Thursday said the five-fold <keyword id="8731822" type="UNKNOWN" weightage="20" keywordseo="hike-in-deposit-insurance">hike in deposit insurance</keyword> to Rs 5 lakh will not have much impact on bank balance sheets. Following the failure of a number of cooperative banks, with the city-based PMC Bank being the latest and the largest last year, the budget had permitted the Deposit Insurance and Credit Guarantee Corporation (<keyword id="75345" type="ORGANIZATION" weightage="20" keywordseo="DICGC">DICGC</keyword>) to raise deposit insurance coverage to Rs 5 lakh from Rs 1 lakh. "The revision in deposit insurance will not impact banks' balance sheets much," Kanungo told reporters during the post policy conference. The crisis at the Punjab &amp; Maharashtra Cooperative (PMC) Bank has brought to the fore the need to increase deposit insurance coverage. The DICGC, a wholly-owned subsidiary of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>, provides insurance cover on bank deposits. At present, the DICGC provides Rs 1 lakh insurance to a depositor regardless of the deposit amount, in case the lender fails or gets liquidated. The corporation insured each bank depositor up to a maximum of Rs 1 lakh for both principal and interest amount held by them as on the date of liquidation/cancellation of a bank's licence or the date on which the scheme of amalgamation/merger comes into force. See also: <a href="https://www.businessinsider.in/business/news/deposit-insurance-corporation-sees-rs-14100-cr-claims-amid-pmc-crisis/articleshow/73016977.cms">Deposit Insurance Corporation sees Rs 14,100-cr claims amid PMC crisis</a> <a href="https://www.businessinsider.in/business/news/dicgc-collected-rs-88523-cr-premium-from-banks-payout-towards-claim-totalled-rs-296-cr/articleshow/72457314.cms">DICGC collected Rs 88,523 cr premium from banks, payout towards claim totalled Rs 296 cr</a> <a href="https://www.businessinsider.in/business/news/govt-permits-five-fold-increase-in-deposit-insurance-cover-to-rs-5-lakh-per-depositor/articleshow/73835231.cms">Govt permits five-fold increase in deposit insurance cover to Rs 5 lakh per depositor</a>

Hike in deposit insurance won't hit bank balance sheets: RBI

Mumbai, Mar 6 () Even as the RBI and the government are assuring the public of their money being safe in Yes Bank, depositors continue to queue up outside branches of the troubled private lender.Several customers are now contemplating opening up new accounts in other banks.There were cases of heated exchange between bank staff and customers, who failed to withdraw money.On Thursday, the Reserve Bank of India (RBI) superseded the board of Yes Bank and imposed a 30-day moratorium after the Rana Kapoor-promoted bank failed to raise capital to address potential loan losses.The bank's depositors are allowed to withdraw cash up to Rs 50,000 from their accounts during the 30-day moratorium period, according to a government gazette.The withdrawal limit, however, can be relaxed up to Rs 5 lakh in case of medical emergencies, higher education and for expenses related to marriages, it said.The rush to withdraw money from the bank continued despite Finance Minister Nirmala Sitharaman, Chief Economic Advisor Krishnamurthy Subramanian and Reserve Bank Governor Shaktikanta Das trying to allay the fear among the depositors."Our salary gets credited on 21st of every month. I am a little worried about my upcoming salary as I have a salary account with Yes Bank. I am going to provide details of my other bank account to HR today so that my money doesn't get blocked," said an MNC employee who was standing in a queue at one of the branches in suburban Mulund.Pradeep Kumar, an engineer by profession, working with a large real estate developer, said, "I have some money right now but I have come to withdraw more since it is the beginning of the month and there are some payments lined up."Kumar had tried to withdraw money yesterday night but ATM went dry before his turn came. Yes Bank has 1,000 branches across the country.To streamline the withdrawal process, some of the branches are giving limited tokens to the customers."The branch manager has refused to give me a token since I reached late. They are giving tokens to up to 130 people," said a customer who was seen fighting with the manager of the branch in suburban Mumbai.Security was also tightened at the bank's headquarters, its branches and ATMs across the city. It's not just salaried customers, but entrepreneurs and small businessmen are also affected."We are a start-up having a current account with the bank. We recently raised money from investors which is lying in the account but we are unable to use it," said a customer who came to a branch in Powai to withdraw cash. He said the company gave salaries to employees two days back but there are payments to be made to vendors."Our clients make payments to us which get deposited into our current account with the bank. We are now sending out communications to our clients not to make payments to our present account," said a visibly disturbed customer who has an IT hardware business.Amidst all of this, she is also trying to get her current account open with other bank so that her clients can transfer the money.One customer at the Kharghar branch said he hopes the country's largest lender State Bank of India will not allow the bank to fail. On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank.The customers said even the mobile and internet banking are shutdown.There was a posse of security men outside the RBI headquarters at Mint Road, which has experienced protests by depositors during the PMC Bank crisis in the recent past.Diagonally opposite, at a Yes Bank branch, a huge stream of depositors could be seen queued up to withdraw their money.At a bank's branch in Colaba, there were similar scenes with a longish queue of depositors.Yes Bank's share tanked 56 per cent to end at Rs 16.20 apiece on the BSE on Friday.While talking to reporters in New Delhi, the Finance Minister said she was in continuous interaction with the RBI who are fully seized of the matter and has assured for a quick resolution."I want to assure every depositor that their money shall be safe. Their monies are safe," she said.The RBI Governor said the resolution of the bank will be done very swiftly."Thirty days which we have given is the outer limit. You will see a very swift action from RBI to put in place a scheme to revive Yes Bank," Das told reporters here.Chief Economic Advisor Krishnamurthy Subramanian also said all options are under consideration for restructuring Yes Bank and assured that depositors' money is safe.This situation reminds one of the plights of depositors of Punjab and Maharashtra Cooperative Bank six months ago.The customers of Mumbai-based urban cooperative bank also went through a similar hardships after the RBI, in September 2019, had superseded the board and the management of the bank.The central bank had put a six-month regulatory restriction on the cooperative bank after it found out certain financial irregularities, hiding and mis-reporting of loans given to real estate developer HDIL.The restriction included barring PMC Bank from lending and accepting fresh deposits. HV BEN AA DC MKJ

Assurances aside, Yes Bank customers queue up outside branches

(Eds: Adding details) New Delhi, Mar 3 () A bill to provide more powers to the RBI for regulating cooperative banks was introduced by Finance Minister Nirmala Sitharaman in the Lok Sabha on Tuesday.The Banking Regulation (Amendment) Bill, 2020, which comes in the backdrop of PMC Bank scam, seeks to strengthen cooperative banks by increasing professionalism, enabling access to capital, improving governance and ensuring sound banking through the RBI.Introducing the bill, Sitharaman said it is the "need of the hour" to avoid a PMC Bank-like crisis in the future.Noting that the happenings at the PMC Bank had "unfortunately" put a lot of small depositors in difficulty, she said there were demands that the government should do something about it.The Bill was introduced in the Lok Sabha amid the din, with Sitharaman saying that if the opposition wants to deny the small depositors their rights then "it is a shame". It could not be cleared because of the ongoing ruckus in the House over the issue of violence in Delhi.The proposed law seeks to enforce banking regulation guidelines of the RBI in cooperative banks, while administrative issues will still be guided by the Registrar of Cooperative.It also proposed to bring cooperative banks on par with developments in the banking sector through better management and proper regulation of cooperative banks with a view to ensure that affairs of cooperative banks are conducted in a manner that protects the interest of depositors, it said."Keeping in view developments in the banking sector and regulation thereof overtime, it has become necessary to strengthen provisions of the said Act as applicable to cooperative banks," said the Statement of Objects and Reasons of the Bill.In her Budget speech, Sitharaman had said that to strengthen cooperative banks, amendments would be brought in the Banking Regulation Act for increasing professionalism, enabling access to capital and improving governance and oversight for sound banking through the RBI.The decision assumes significance in the wake of a scam in the Punjab and Maharashtra Cooperative (PMC) Bank affecting lakhs of customers who have been facing difficulty in withdrawing their money due to restrictions imposed by the RBI.The PMC Bank was found to have given over Rs 6,700 crore loan to a single realty company HDIL through alleged fraudulent means and also hid the stress from the RBI by creating separate books of accounts.There are 1,540 cooperative banks with depositor base of 8.60 crore having total savings of about Rs 5 lakh crore. JD CSBAL

Bill to give more powers to RBI to regulate cooperative banks introduced in LS

<ul><li>The Enforcement Directorate today arrested <keyword id="152129" type="COMPANY" weightage="20" keywordseo="Kapil-Wadhawan">Kapil Wadhawan</keyword> the promoter of Dewan Housing Finance Ltd for reportedly diverting over ₹2,100 crore. </li><li>But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. </li><li>It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank. </li></ul>The Enforcement Directorate today arrested Kapil Wadhawan the promoter of Dewan Housing <a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html">Finance Ltd for reportedly diverting over ₹2,100 crore.</a> Wadhawan will be in custody until January 29 and will have to undergo legal proceeding under the Prevention of Money Laundering Act. (PMLA). But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. Here’s a look at Wadhawan Empire and its fall: The Wadhawan Empire <div type="image" title="30F4080F-C360-440F-A7B5-ED4FAEB954C2" msid="73713311" hostid="261"></div>

 From the biggest fleet of Rolls Royce Phantoms in India to the <a href="https://www.businesstoday.in/current/corporate/pmc-bank-scam-cash-private-jets-rolls-royce-bentley-recovered-wadhawans-waryam-singh/story/383870.html">luxury business jet Falcon 2000,</a> the high-flying Wadhawans owned the most fabulous machines the world of hijinks has ever seen. [embed image of Rolls Royce Phantom] Rakesh Wadhawan — the billionaire promoter of DHIL — was once worth<a href="https://timesofindia.indiatimes.com/business/india-business/rise-and-fall-of-wadhawans-once-toast-of-city-party-circuit/articleshow/71430451.cms"> ₹1 billion in 2010. </a>Sarang Dewan — son of Rakesh Wadhawan and VC/MD of Housing Development &amp; Infrastructure— along with his wife Anu used to <a href="https://theprint.in/opinion/parties-over-no-lunches-why-bollywood-is-avoiding-hdil-gilded-couple-sunny-and-anu-dewan/311717/">host posh bollywood parties</a> from Karva Chauth to Christmas. It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank. PMC Bank: A billion-dollar hole in the banking system <div type="image" title="BF576ACB-EF02-4CE7-ABA5-CC5C573E0AA2" msid="73713310" hostid="261"></div>

 The crisis-ridden bank's annual report for 2018-19 nowhere mentions exposure to any real estate firm and it only talks of MSME lending and NPAs at 3.76%. Two directors — Rakesh and Sarang Wadhawan — of HDIL that set off the massive crisis at the PMC Bank by defaulting on loans worth nearly ₹6,500 crore have been arrested. They were arrested by the Economic Offences Wing of the Mumbai Police. According to the complaint, HDIL and its group companies were the beneficiaries of 44 loans or 73% of PMC's total loan book size of ₹8,880 crore - a mammoth violation of regulations which forbid banks from handing out such a large proportion of cash to one sector, let alone a single firm. The <keyword id="366872" type="PERSON" weightage="20" keywordseo="Iqbal-Mirchi">Iqbal Mirchi</keyword> case: A fraud of ₹2186 crore <div type="image" title="CE1A3028-D4C1-46B2-B3AA-0E45E0BC55D3" msid="73713304" hostid="261"></div>

 The <a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html">agency has filed a criminal case</a> against Mirchi, his family members and others to probe money laundering charges for alleged illegal dealings in purchase and sale of five properties — Ceejay House, Sahil Bungalow, Rabia Mansion, Marium Lodge and Sea View at prime Worli locations in Mumbai. "Kapil Wadhawan, being chairman and managing director of Dewan Housing Finance Ltd (DHFL), had visited London along with a city-based real estate broker to meet Iqbal Mirchi in 2010. He has been instrumental in siphoning off huge amounts of money as part of the illegal deal between Mirchi and the Wadhawans," the ED said in its remand note.(hyperlink) According to<a href="https://www.firstpost.com/business/dhfl-chief-kapil-wadhawan-siphoned-off-over-rs-2100-cr-from-hfc-to-5-shell-companies-flouting-norms-ed-7966201.html"> media reports</a>, Kapil Wadhawan reportedly purchased shares in five shell companies — Faith Realtors Private Limited, Marvel Township Private Limited, Able Realty Private Limited, Poseidon Realty Private Limited, and Random Realtors Private Limited — to give away over ₹2,100 crore loan from DHFL. ED is said to believe that Wadhawan loans siphoned funds from DHFL to shell companies who later gave loan to <keyword id="8230719" type="UNKNOWN" weightage="20" keywordseo="sunblink">Sunblink</keyword> Real Estate which was linked with Iqbal Mirchi — a dead drug lord and the brother of fugitive gangster <keyword id="4703704" type="PERSON" weightage="20" keywordseo="Dawood-Abrahim">Dawood Abrahim</keyword>. (With Agencies) See also: <a href="https://www.businessinsider.in/stock-market/markets/article/rakesh-jhunjhunwala-warren-buffett-of-india-net-worth-and-portfolio-in-january-2020/articleshow/73693467.cms">The $2.6-billion Rakesh Jhunjhunwala, called the ‘Warren Buffett of India’, has to protect an image that was built over 35 long years</a>

With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars

New Delhi, Dec 27 () Following are the top business stories at 1825 hours:
 
DCM3 BIZ-YEAR-INFLATION
Inflation leaves consumers teary-eyed as pricey onions, food items bite
New Delhi: Onion literally brought tears to the eyes of consumers as retail prices touched Rs 200 per kilogram and tomato too turned pricier in the last quarter of 2019, leaving many scurrying for changes in dietary ways as costly food items pushed retail inflation to a more than three-year high. 
 
DEL26 BIZ-ONION
Onion at eye-watering Rs 150/kg; imports underway
New Delhi: Retail onion prices on Friday remained higher at up to Rs 150 per kg even as the imported supplies have started arriving to boost the domestic availability and check prices.
 
DEL43 BIZ-LD RUPEE
Rupee at fresh 3-week low against dollar on rising crude oil prices
Mumbai: The rupee depreciated by 4 paise to close at a fresh three-week low of 71.35 against the US dollar on Friday, continuing its losing streak for the sixth day in a row amid crude oil prices hitting three-month high levels.

DCM20 BIZ-FM-BANKS
Sitharaman to meet heads of PSBs to discuss credit situation, economy on Saturday
New Delhi: Finance Minister Nirmala Sitharaman on Saturday will hold a meeting with heads of public sector banks to discuss various issues including the recently announced government measures to prop up the economy, sources said. 

DEL36 BIZ-LD STOCKS
Sensex regains footing, rallies 411 pts as bank stocks spurt
Mumbai: Markets snapped their three-day downward spiral to finish with smart gains on Friday as banking, finance and energy stocks saw robust buying amid supportive global cues.
 
DCM2 BIZ-YEAR AUTO
Auto industry drives into 2020 with hope after a forgettable 2019
New Delhi: Battered by an unprecedented slowdown, the Indian auto industry is desperately pinning hopes on the next financial year for a turnaround, banking on a host of new and upgraded models slated to make their way to the market. 
 
DCM12 BIZ-VISTARA-DATA SERVICES
Vistara partners with Nelco for inflight data services; likely to launch shortly: Telecom Secy
New Delhi: Vistara has partnered with Tata group company Nelco for inflight data services, which are expected to be rolled by the full service carrier shortly, according to a senior government official. 
 
DCM15 BIZ-EDIBLEOILS
SEA urges govt to not cut import duty on crude palm oil
New Delhi: Edible oil industry body SEA on Friday urged the government to not reduce the import duty on crude palm oil (CPO) to 30 per cent from the existing 40 per cent as it will affect domestic oilseed growers.
 
DCM11 BIZ-CITIZENSHIP-TECHIES 
Indian techies pen open letter against Citizenship Amendment Act
New Delhi: A grouping of Indian and Indian-origin professionals working with tech giants like Google, Uber, Amazon and Facebook have written an open letter against the new religion-based citizenship law and the planned national register of citizens, terming them as "fascist".
 
DCM13 BIZ-UNEMPLOYMENT-SURVEY
Unemployment top worry for urban Indians; majority thinks nation on right path, says survey
New Delhi: Nearly half of the urban Indians are most worried about unemployment while 69 per cent of them think that the country is headed in the right direction, according to a survey. 
 
DCM17 BIZ-PMC-BANK
PMC Bank crisis: Administrator to seek valuation of HDIL's aircraft, yacht
Mumbai: The RBI-appointed administrator of scam-hit Punjab and Maharashtra Co-operative Bank has floated a request for proposal to appoint a consultant for valuation of two aircraft and a yacht owned by HDIL group firms. 
 
 
 
 
 
 
 
 
 
 SHW
SHW

Business highlights

Mumbai, Mar 31 () N S Vishwanathan, the senior-most deputy governor of the Reserve Bank, demitted office three months ahead of his extended tenure on Tuesday on health grounds after serving the nation's monetary authority for 39 years. His departure comes at critical time for the central bank and also for the country given the crisis arising from the Covid-19 pandemic. Citing deteriorating health, the 62-year-old Vishwanathan had on March 6 requested the central bank to relieve his from duties by the end of the month. With this, he becomes the second deputy governor to leave under Shatikanta Das who took over as the governor in December 2018. Deputy governor Viral Acharya left in June 2019, six months ahead of his tenure. In his farewell note sent to colleagues and the rest of the RBI family, Vishwanathan said, "For someone who has been with the Bank for nearly 39 years, the thought that I would, in a couple of hours from now, become an 'ex-RBI official' leaves a very eerie feeling. I am at the same time elated because there is still 'RBI' in that term." Vishwanathan, born in June 1958 in a middle-class Kerala family, did his Masters in economics from the Bangalore University. He joined RBI as a Grade B officer in November 1981 and went to become the deputy governor on June 28, 2016 under Governor Raghuram Rajan. He was heading the all-important department of banking supervision, and replaced H R Khan. Vishwanathan went onto serve the bank under governors Urjit Patel and Shaktikanta Das and was given a one-year extension last year till July 3, 2020. He was a director on the board of Punjab National Bank from September 2012 to May 2013, a nominee director at Dena Bank from May 2011 to September 2012 and chief general manager of vigilance at IFCI. In April, he became an executive director of the Bank. He was also a director of supervision at the Bank of Mauritius, the central bank of the island nation. Admitting that there have been moments of disappointments, misses and frustration, Vishwanathan however said "high points have, outnumbered, outclassed and outlasted the low points, by far", as per the farewell note seen by . Describing RBI is an outstanding institution, he said he has seen the bank scaling new heights and thus growing in stature over the years. had on March 7 reported that the Reserve Bank had accepted Vishwanathan's request to be relieved by March 31, even though, despite ill health, he was planning to serve the bank till end-April, but his deteriorating health did not allow him to. Vishwanathan has been in-charge of the key supervisory and regulatory functions at the Mint Road and it was this powerful position that led the government to offer him an extension given the problems in the banking system. The RBI's supervisory and regulatory powers came under criticism after IL&amp;FS, one of the largest NBFCs, went belly up in September 2018. And then came the scam at the city-based PMC Bank in September 2019. Both incidents dented the image of RBI's regulatory prowess. As deputy governor, Vishwanathan was heading the departments of banking regulation, co-operative banking regulation, non-banking regulation, Deposit Insurance &amp; Credit Guarantee Corporation, the financial stability unit, and departments of inspection, risk monitoring and also the secretary's department. An RBI observer said his departure will pose a challenge for the central bank to navigate the key supervisory and regulatory functions in one of its most difficult times. He was one of the key supporters for governor Patel in getting the crippled state-run banks under prompt corrective action framework, as also sending the largest defaulters for bankruptcy through the February 2018 circular, struck down by the Supreme Court last April. BEN SHW ABMABM

After 39 years, Vishwanathan leaves RBI due to ill-health

Mumbai, Dec 31 () When the Narendra Modi government, stumped by the sudden resignation of Urjit Patel, parachuted retired bureaucrat Shaktikanta Das to RBI in December 2018, many expected a great lull in the public acrimony that marred the days of his academically more illustrious predecessors Patel and Raghuram Rajan.
 And 'the history graduate', as Das was parodied in his initial days, did not disappoint as the 25th governor of the central bank. He completed one year at the helm on December 12.
 But challenges are galore for the nation's chief money man as Das' record-setting rate cuts did not alleviate credit crisis, especially in the shadow banking space, and now turmoil in the cooperative banks sector due to the PMC scam.
 Also, falling growth and spiralling inflation are the other critical challenges facing the Reserve Bank of India (RBI) in the New Year.
 So far this fiscal, bank credit has grown just 7.8 per cent, against 13.6 per cent a year ago and might plunge to a 58-year low of 6.5-7 per cent by March, if the latest projections are anything to go by.
 It was in fiscal 1962 when credit demand was lower than this on record. At that time, it stood at 5.4 per cent.
 Ironically, the more the Reserve Bank of India (RBI) slashed rates, the faster the economy turtled, hitting a 25-quarter low of 4.5 per cent in the September quarter.
 Even as it eased the rates, the RBI slashed growth estimates by an unprecedented 240 basis points since the rate cutting cycle began in February to a low of 5 per cent.
 Similar has been its loss of face on the inflation front, which, after hovering under the glide path for a few years, has suddenly screeched up and is now pegged sharply higher at 5.1-4.7 per cent for 2020.
 Das, who as the economic affairs secretary managed the note ban mayhem with elan both for the government and the RBI, could temper the raising tempers between the central bank and the government, was primarily because he gave in a lot of space to North Block.
 Be it the historic cash transfers by setting up the Bimal Jalan panel in December 2018 itself or taking some of the crippled state-run banks out of the RBI radar or in getting a new NPA framework in place by June 2019 or in opening a special financing window for MSMEs.
 Under his governorship, Das silenced the ever-hungry market and North Block mandarins with 135 basis points reduction in interest rates through five successive rate cuts.
 However, the central bank's youngest Deputy Governor ever -- Viral Acharya -- quit six months before his three-year term was to end in June 2019.
 But those who know Das, including the RBI staff, fully back his working style and glasnost.
 RBI Central Board member Sachin Chaturvedi described Das as a person who brings in pragmatism, commitment, transparency and sincerity to the table.
 "Das has succeeded in getting government and other functionaries together and has made the board a cohesive platform," he told .
 Das also settled the autonomy issue -- most contentious of all -- and had said that so far as decision-making is concerned or taking a final call on any issue, they are taken by the RBI and is more than 100 per cent autonomous in decision-making.
 "Nobody interferes in my decision-making," Das said in September.
 The RBI, under Das, has been instrumental in diversifying liquidity management toolkit by launching the dollar-rupee swap auctions -- buying dollars and releasing equivalent amount of rupees into the system to ease liquidity.
 And the latest in containing rupee volatility and bond spikes are the open market operations twist under which RBI buys and sells equal quantum of gilts.
 Allowing non-residents to participate in rupee interest rate derivatives markets and making NEFT 24x7 and free are among the other decisions this year.
 RBI also put its foot down when it declined to raise the retirement age of private sector bank CEOs from 75 years, refused green-signal to Indiabulls' takeover bid for the crippled Lakshmi Vilas Bank and said no to Uday Kotak's convoluted stake dilution move at Kotak Mahindra Bank. The last matter is now before the Bombay High Court.
 The apex bank also got regulatory powers of the NHB following the crisis at DHFL, also the first non-banking finance company to be referred for insolvency proceedings.
 It also forced banks to link all fresh retail loans to an external benchmark, following which repo rate was made as their benchmark for loan pricing.
 While the RBI should be credited for seeing the slowdown coming and cutting rates, the apparent fault was in not anticipating severity of the economic slump.
 However, the central bank unexpectedly paused rate cuts in December. It indicates the RBI is waiting for the budget on quality of fiscal deficit and quantum of off-balance-sheet borrowings, among others.
 Having worked with three finance ministers, Das also made the long and stormy RBI board meetings into non-events in no time with his consultative process even as he made it clear that the central bank is not a "cheer leader" for anyone.
 All said, it is difficult to say now whether it has been a year of floccinaucinihilipilification or that Das maintained a Panglossian countenance, smiling away at every difficulty.
 Monetary Policy Committee's Chetan Ghate had used the 29-letter word --floccinaucinihilipilification -- which refers to an action of estimating something as worthless.
 The New Year might have a clear if not direct answer to Panglossian ways. BEN HV RAM BAL ANS
ANS

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