The government on Wednesday appointed Viral V Acharya, a New YorkUniversity economics professor who once called himself ‘poor man’s Raghuram Rajan’, as new deputy governor at the Reserve Bank of India. The 42-year-old Acharya’s appointment for a three-year tenure was cleared by the Appointments Committee of the Cabinet. He is taking over at a time when the central bank is facing criticism for repeated changes in the rules related to deposit and withdrawal of money, ... Rediff.com, 2 weeks ago
Broader market underperformed the headline indices with BSE Midcap and BSE Smallcap finishing in red The benchmark indices on Friday settled higher thanks to early rollovers to January series and bargain hunting at lower levels after market witnessed seven straight sessions of losses. The S&P BSE Sensex finished at 26,040, up 61 points, while the broader Nifty50 closed at 7,985, up 6 points. The market breadth, indicating the overall health of the market, remained negative. On the BSE, ...Rediff.com, 3 weeks ago Sensex ends 200 points higher, Nifty reclaims 8,000 Rediff.com, 1 month ago
Ajit Balakrishnan on understanding the anti-cash chorus. IMAGE: In India, the anti-cash chorus is led by the private equity industry and entrepreneurs in the so-called FinTech industry which has set its sights on dis-aggregating the banking industry. Photograph: Amit Dave/Reuters. Suddenly the word “cash” has taken a place alongside words like “casteism”, “poverty” and “illiteracy” as a symbol of all that is wrong with the Indian society and which ...Rediff.com, 1 month ago
The best possible move would be for the government to spend the funds on activities like infrastructure development or as it deems fit, says Soumya Kanti Ghosh. Around Rs 2,482-Rs 4,800 billion of money will not be converted and remain outside the banking system. To that extent, currency liability of the Reserve Bank of India (RBI) will get extinguished. While there is almost a complete unanimity of the accounting treatment in the sense that corresponding assets will also have to be ...Rediff.com, 1 month ago
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