Illegal immigration costs American taxpayers $100 billion a year: Donald Trump

Illegal immigration costs American taxpayers USD 100 billion a year, President Donald Trump has said as he slammed the opposition Democratic party for advocating an open border policy facilitating an easy entry of illegal immigrants into the US. His comments came amid a row over a caravan of an estimated 5,000 to 7,000 people mostly from […]

Autonomy for Central Bank, within the Framework of the RBI Act, Is an Essential and Accepted Governance Requirement: Says Government

The autonomy for the Central Bank, within the framework of the RBI Act, is an essential and accepted governance requirement Governments in India have nurtured and respected this. Both the Government and the Central Bank, in their functioning, have to be guided by public interest and the requirements of the Indian economy. For the purpose, extensive consultations […]

Government invokes never-used powers to direct RBI governor

The government has invoked never-before-used powers under the RBI Act allowing it to issue directions to the central bank governor on matters of public interest, in a development that gives a new twist to the ongoing skirmish between RBI and the government. Section 7 of the RBI Act empowers the government to consult and give instructions to the […]

Govt vs RBI: What is the need to invoke Section 7 now, asks Chidambaram

Slamming the government for reportedly referring to a never-used clause of the RBI Act directing the central bank to implement its wishes, former Union finance minister P Chidambaram on Wednesday alleged that the BJP dispensation is hiding facts about the economy and is desperate The senior Congress leader said that the governments he was a part […]

RBI Governor Urjit Patel may resign on rift with govt, reports say

Reserve Bank of India Governor Urjit Patel may consider resigning from his post given a breakdown in relations with the government. It said the government had sent letters to the RBI governor in recent weeks exercising powers under section 7 of the RBI Act on issues ranging from liquidity for non-bank finance companies, capital requirements for […]

19th Meeting of the Financial Stability and Development Council

Arun Jaitley reviewed the current global and domestic economic situation and financial sector performance The Council discussed at length the issue of real interest rate, current liquidity situation, including segmental liquidity position in NBFCs and mutual fund space. The Council decided that the Regulators and the Government would keep a close watch on the developing situation and […]

RBI more independent today, says Morgan Stanley on Viral Acharya’s comment

American brokerage Morgan Stanley Tuesday said the Reserve Bank is more independent than it was in the past and the debate triggered by deputy governor Viral Acharya last week illustrates the progress on this front. Desai said both present Governor Urjit Patel and his predecessor Raghuram Rajan got the issue of independence sorted out with Prime […]

RTI confirms Rajan sent PM Modi list of bank defaulters in February 2015

Information disclosed in response to an RTI request made by The Wire has confirmed that former Reserve Bank of India governor Raghuram Rajan indeed notified Narendra Modi of the need to probe key defaulters as early as eight months into his prime ministerial tenure – advice that the government failed to act upon. At the time […]

Suresh Prabhu indicates improvement in India’s ranking in World Bank’s doing biz index

Suresh Prabhu hinted at improvement in India’s ranking in the World Bank’s ease of doing business report, to be released Wednesday. We already have improved substantially. We will make the formal announcement tomorrow with the World Bank (releasing its report), Prabhu said. He said that India would like to work with the US on global challenges to […]

Aadhaar: Searching Database with Fingerprints Not Possible, UIDAI Admits Before the Bombay HC

Despite the claims, media stories and myth created about help find missing person by matching fingerprints, the Unique Identification Authority of India (UIDAI), admitted before the Bombay High Court that searching Aadhaar database using latent chance fingerprints is not technologically feasible In an order issued on 12 October 2018, Justice VK Jadhav from the Aurangabad bench […]