Reserve Bank recruited 666 employees in 2016 with total number of full-time employees at 15,461 as on December 31, 2016.
Patel was appearing before the Finance Standing Committee of Parliament. Opposition members who posed some difficult questions to the RBI chief were not satisfied with the answer. A member wondered if the counting would get over “before May 2019” when the term of the Narendra Modi government ends.
During the more than three-hour long meeting of the Standing Committee on Finance, Patel took a lot of questions but members, who did not want to be named, said he did not provide any "specific number" on the amount of money that came back to the system post-demonetisation on November 8.
RBI's Monetary Policy Committee (MPC), which met on June 6-7, had kept the repo rate unchanged at 6.25 per cent, citing risks to inflation.
On the previous two occasions, the central bank governor sought exemption saying that he was occupied with the monetary policy.
In a terse one-line statement, the Reserve Bank of India (RBI) Governor Urjit Patel today sent out a message that can be seen as underscoring the importance of the central bank’s autonomy.
Along expected lines, the Reserve Bank of India today kept the key policy rate unchanged at 6.25 percent for the fourth time in a row.
Patel said the calls for protectionism in the US were on account of equity and domestic distribution issues which "textbook economics tells us should be addressed through domestic fiscal policy" such as taxation and income transfers.
In the minutes of the Monetary Policy Committee meeting, RBI Governor Urjit Patel said that for efficient monetary transmission, it is important that interest rates on small savings are not out of line with interest rates on other comparable instruments in the financial system.
RBI is said to be discussing all options with the government, including sector-specific and size-specific mechanisms, to speed up resolution of bad loans.
In a nutshell, the RBI is hawkish on inflation, bullish on growth, proactive on liquidity management and serious about non-performing assets (NPA) resolution.
The six-member monetary policy committee (MPC), headed by RBI governor Urjit Patel, Thursday maintained status quo on repo rate but revised the reverse repo rate upward by 25 basis points to 6 percent.
Rising interest rate in the US provides sufficient indication that benchmark policy rate of the Reserve Bank of India is not going to go down but may increase in the future depending on domestic and external factors, experts said.
According to a few experts, a rising interest rate in the US provides sufficient indication that benchmark policy rate of RBI is not going to go down but may increase in the future depending on domestic and external factors.
The Reserve Bank will shortly issue Rs 10 denomination bank notes in the Mahatma Gandhi Series 2005.
Expressing concerns over mounting bad loans, Banks Board Bureau (BBB) Chief Vinod Rai has written to Finance Minister Arun Jaitley and Prime Minister's Office underlining the tardy progress made by state-owned lenders in resolving the issue of Non Performing Assets.
Jaitley had called the meeting to deliberate on options on resolution of stressed assets in the banking sector.
A senior government official said that the mechanism to deal with non-performing assets was discussed, but nothing has been finalised as of now.
A key Parliamentary panel is likely to submit its report on the impact of demonetisation next month after reviewing various submissions, including by RBI Governor Urjit Patel.
Reserve Bank of India Governor Urjit Patel allegedly received a threat mail asking him to quit the job from a 37-year-old man, who has been arrested from Nagpur, police said today.
Faster remonetisation and return of discretionary consumer demand will push economic activity in the latter part the fiscal, opined RBI Governor Urjit Patel while voting for no cut in interest rate earlier this month.
While three members highlighted the need to change the stance from accommodative to neutral, four mentioned that inflation excluding food and fuel remains â€œstickyâ€ at close to 5 percent
RBI governor Urjit Patel, in an interview with Network 18 Group Editor-in-Chief Rahul Joshi, highlighted the strength of the Indian economy and the prospects of the country post demonetisation.
Like his predecessor Raghuram Rajan, incumbent governor Urjit Patel has developed a knack for catching the market by surprise
RBI Governor talks about demonetisation, growth and why it is important for a central bank chief to develop a 'thick skin'.