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Raghuram Rajan says not keen on RBI 2nd term

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Raghuram Rajan

Reserve Bank of India Governor Raghuram Rajan will not continue at the central bank after his present term expires on September 4, 2016.

“I will be returning to academia when my term as Governor ends on September 4, 2016,” Mr. Rajan said in a note to RBI staffers.

The RBI has put out the note on its website.

Meanwhile, Finance Minister Arun Jaitley has said that the government appreciates the good work done by Mr. Rajan and respects his decision to return to academia when the term ends.

Mr. Jaitley also said that a decision on successor of Mr. Rajan would be announced shortly.

“I am confident my successor will take us to new heights with your help. I will still be working with you for the next couple of months, but let me thank all of you in the RBI family in advance for your dedicated work and unflinching support. It has been a fantastic journey together!” Mr. Rajan says in the note.

The former chief economist of the IMF joined the central bank as Governor in 2013 and he was handed a three year term.

BJP MP Subramanian Swamy wrote a letter to Prime Minister Narendra Modi last month urging not to extend Mr. Rajan’s tenure.

Here is the full text of Mr.Rajan’s message that was posted on the RBI site:

Dear Colleagues,

I took office in September 2013 as the 23rd Governor of the Reserve Bank of India. At that time, the currency was plunging daily, inflation was high, and growth was weak. India was then deemed one of the “Fragile Five”. In my opening statement as Governor, I laid out an agenda for action that I had discussed with you, including a new monetary framework that focused on bringing inflation down, raising of Foreign Currency Non-Resident (B) deposits to bolster our foreign exchange reserves, transparent licensing of new universal and niche banks by committees of unimpeachable integrity, creating new institutions such as the Bharat Bill Payment System and the Trade Receivables Exchange, expanding payments to all via mobile phones, and developing a large loan data base to better map and resolve the extent of system-wide distress. By implementing these measures, I said we would “build a bridge to the future, over the stormy waves produced by global financial markets”.

Today, I feel proud that we at the Reserve Bank have delivered on all these proposals. A new inflation-focused framework is in place that has helped halve inflation and allowed savers to earn positive real interest rates on deposits after a long time. We have also been able to cut interest rates by 150 basis points after raising them initially. This has reduced the nominal interest rate the government has to pay even while lengthening maturities it can issue – the government has been able to issue a 40 year bond for the first time. Finally, the currency stabilized after our actions, and our foreign exchange reserves are at a record high, even after we have fully provided for the outflow of foreign currency deposits we secured in 2013. Today, we are the fastest growing large economy in the world, having long exited the ranks of the Fragile Five.

We have done far more than was laid out in that initial statement, including helping the government reform the process of appointing Public Sector Bank management through the creation of the Bank Board Bureau (based on the recommendation of the RBI-appointed Nayak Committee), creating a whole set of new structures to allow banks to recover payments from failing projects, and forcing timely bank recognition of their unacknowledged bad debts and provisioning under the Asset Quality Review (AQR). We have worked on an enabling framework for National Payments Corporation of India to roll out the Universal Payment Interface, which will soon revolutionize mobile to mobile payments in the country. Internally, the RBI has gone through a restructuring and streamlining, designed and driven by our own senior staff. We are strengthening the specialization and skills of our employees so that they are second to none in the world. In everything we have done, we have been guided by the eminent public citizens on our Board such as Padma Vibhushan Dr. Anil Kakodkar, former Chairman of the Atomic Energy Commission and Padma Bhushan and Magsaysay award winner Ela Bhatt of the Self Employed Women’s Association. The integrity and capability of our people, and the transparency of our actions, is unparalleled, and I am proud to be a part of such a fine organization.

I am an academic and I have always made it clear that my ultimate home is in the realm of ideas. The approaching end of my three year term, and of my leave at the University of Chicago, was therefore a good time to reflect on how much we had accomplished. While all of what we laid out on that first day is done, two subsequent developments are yet to be completed. Inflation is in the target zone, but the monetary policy committee that will set policy has yet to be formed. Moreover, the bank clean up initiated under the Asset Quality Review, having already brought more credibility to bank balance sheets, is still ongoing. International developments also pose some risks in the short term.

While I was open to seeing these developments through, on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016. I will, of course, always be available to serve my country when needed.

Colleagues, we have worked with the government over the last three years to create a platform of macroeconomic and institutional stability. I am sure the work we have done will enable us to ride out imminent sources of market volatility like the threat of Brexit. We have made adequate preparations for the repayment of Foreign Currency Non-Resident (B) deposits and their outflow, managed properly, should largely be a non-event. Morale at the Bank is high because of your accomplishments. I am sure the reforms the government is undertaking, together with what will be done by you and other regulators, will build on this platform and reflect in greater job growth and prosperity for our people in the years to come. I am confident my successor will take us to new heights with your help. I will still be working with you for the next couple of months, but let me thank all of you in the RBI family in advance for your dedicated work and unflinching support. It has been a fantastic journey together!

With gratitude

Yours sincerely

Raghuram G. Rajan

India

AIIMS INICET Result 2020 announced; How to check merit list here

The candidates who had taken the exam can check their result through the official portal at aiimsexams.org.

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Results

All India Institute of Medical Sciences has announced the result of the Institute of National Importance Combined Entrance Test (INI CET) 2021 on its official website on Friday. The candidates who had taken the exam can check their result through the official portal at aiimsexams.org.

The INICET 2020 was conducted on November 20 in computer-based test mode.

All candidates (including those who have not qualified) have been awarded percentile score on the basis of their performance in INI-CET conducted on November 20, 2020. This can be viewed in MyPage on portal (www.aiimsexams.org) after login using Candidate ID and Password.

Steps to check INICET Result 2021:

  • Step 1: Go to the official website — aiimsexams.org
  • Step 2: Click on the result tab given on the homepage
  • Step 3: Check the result notification that reads “Percentile Secured by the Candidates of INI CET courses [MD/ MS/ MCh(6 yrs)/ DM(6 yrs)/ MDS] Jan-2021 Session”
  • Step 4: Key in your registration id, password
  • Step 5: Your INICET Result will be displayed on the screen
  • Step 6: Download and take its print out for further needs.

The Qualifying percentile of the qualified candidates has been determined according to the pattern & scheme of Examination.

Candidates were needed to upload valid PWBD, OBC/EWS Certificate, Sponsorship certificate as applicable in the prescribed format by the date November 20, 2020. If any qualified candidate did not upload any of the required certificates then, they must upload the same as applicable by December 4, 2020 up to 5 PM.

The detailed procedure for making choice & preference of Institute and Subject for seat allocation on the basis of INI-CET Rank will be avaiable on the portal at aiimsexams.org.

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NCP MLA Bharat Bhalke dies due to post-COVID complications at Pune’s Ruby Hospital

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Bharat Bhalke

Nationalist Congress Party (NCP) MLA Bharat Bhalke passed away on Saturday at Pune’s Ruby Hospital. He was admitted for post-COVID complications and was kept on a ventilator since Friday.

Bhalke was the MLA from Pandharpur-Mangalwedha assembly constituency from Solapur district. He was tested Covid-19 positive on October 30. He recovered, but later developed kidney-related problems.

Maharashtra Health Minister Rajesh Tope expressed grief over Bhalke’s demise. “The news of the death of Bharat Bhalke, MLA of NCP’s Pandharpur-Mangalvedha assembly constituency is very shocking. With his demise, an influential orator and dedicated leader passed away. I share the grief of the Bhalke family. A heartfelt tribute,” the Maharashtra Minister tweeted.

Bhalke was a third time MLA from Malshiras Pandharpur assembly constituency. He quit the Congress in 2019 and tried to join the BJP, but was unable to get a seat. He contested the election on NCP ticket and won it.

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India

“PM Needs To Understand…”: Rahul Gandhi On Recession

The centre is expecting the recent easing of farm and labour laws, along with tax incentives, to bolster manufacturing and lure more foreign investment.

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Rahul Gandhi

New Delhi: Congress MP Rahul Gandhi today took a swipe at the government over reports that the economy has gone into a recession and crores have been left unemployed. He pointed to the basic job scheme MGNREGA, which was launched by the Congress-led United Progressive Alliance government, as having made to remain idle with “three crore people still looking for work”.

“Under PM Modi, India’s economy is officially in a recession for the first time ever. More importantly, 3 crore people are still looking for work under MNREGA. Economy cannot be ordered to grow by diktats. PM needs to first understand this basic idea,” Mr Gandhi tweeted, in what was seen as an allusion to PM Modi’s often overnight announcements that result in sweeping policy changes immediately.

Under PM Modi, India’s economy is officially in a recession for the first time ever.

More importantly, 3 crore people are still looking for work under MNREGA.

Economy cannot be ordered to grow by diktats. PM needs to first understand this basic idea.

— Rahul Gandhi (@RahulGandhi) November 27, 2020
From sudden demonetisation in November 2016 to the announcement of the lockdown in late March necessitated by the coronavirus pandemic, which led to hardships, opposition leaders have been attacking PM Modi over decisions that they say were taken without considering their impact on a vast number of the population.

The country’s gross domestic product (GDP) also shrank for the second straight quarter through September, although it showed signs of a pick-up after the easing of pandemic restrictions that triggered a record contraction in the previous quarter.

The GDP in July-September quarter contracted 7.5 per cent on year, data released by the National Statistical Office today showed, compared to a decline of 23.9 per cent in the previous three months.

Annual growth of 3.4 per cent in farm sector and 0.6 per cent in manufacturing during September quarter raised hopes of an early recovery as the government gears up to distribute COVID-19 vaccine whenever it becomes available.

The centre is expecting the recent easing of farm and labour laws, along with tax incentives, to bolster manufacturing and lure more foreign investment.

India is not alone in suffering from economic troubles because of the pandemic. Several other nations have seen their economy shrink as manufacturing slows down.

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