His tenure witnessed the demonetisation of high denomination notes as well as the "gold auctions" conducted by the Bank on behalf of Government of India. During his tenure six private sector banks were nationalised, targets for priority sector lending introduced, and the Deposit Insurance and Credit Guarantee Corporations were merged, and a Departmental reorganisation was undertaken in the Bank.
He played an active role in availing of the IMF's Extended Fund Facility in due to balance of payments difficulties. This represented the largest arrangement in IMF's history at the time. During his tenure comprehensive legal reforms were carried out related to the banking sector and a new chapter introduced in the Reserve Bank of India Act and the Urban Banks Department was set up. After his tenure in the Bank, he served in various capacities before being appointed Finance Minister.
His tenure as Finance Minister was notable for the fact that he heralded in liberalisation and comprehensive reforms in India. During his tenure efforts were made to develop the money markets and new instruments were introduced. In the field of rural finance, the Service Area Approach was adopted as an approach catalyse the flow of credit through commercial banks.
The country faced difficulties related to the external sector during his tenure. His adroit management saw the country tide over the balance of payments crisis. His term also saw India adopt the IMF's stabilisation programme where the Rupee underwent a devaluation and the launch of the programme of economic reforms.
His tenure as Governor saw unprecedented central bank activism to put in place a comprehensive set of measures to strengthen and improve the competitive efficiency of the financial sector. New institutions and instruments were introduced and changes in exchange rate management culminated in the establishment of a unified exchange rate.
In the field of monetary policy, his tenure saw the historic memorandum signed between the Bank and the Government whereby a cap was put on the automatic finance by the Bank to the Government in the form of ad hoc treasury bills. During his tenure, India weathered the Asian Crisis and has seen the consolidation of the gains of liberalisation and economic reforms.
The monetary policy process was demystified and central bank communications marked a perceived shift towards transparency. This period has seen a slew of measures to strengthen the banking sector, establish new institutions and introduce new instruments. The period has been characterised by the strengthning of the balance of payments and forex position,low inflation and soft interest rates.
Reddy has made significant policy contributions in the areas of financial sector reforms; trade finance; monitoring of balance of payments and exchange rate; external commercial borrowings; centre-state financial relations; regional planning; and public enterprise reform and has been closely associated with institution building. He has several publications to his credit mainly in areas relating to finance, planning and public enterprises.
Subbarao has wide experience in public finance. He managed a flagship study on decentralisation across major countries of East Asia including China, Indonesia, Vietnam, Philippines and Cambodia. Subbarao was also involved in initiation of fiscal reforms at the state level. Subbarao has written extensively on issues in public finance, decentralisation and political economy of reforms.
Born on August 11, , Dr. Subbarao holds a B. He was a Humphrey fellow at MIT during He has a Ph. He was one of the first IITians to join the civil service.
Between and , Dr. Rajan's research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. Rajan is a member of the Group of Thirty. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of Born on February 3, , Dr. Rajan is married to Radhika and has two children. Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, after serving as Deputy Governor since January He was re-appointed as Deputy Governor on January 11, after completion of his first three-year term of office.
Among his assignments as Deputy Governor, Dr. He was on deputation from the IMF to the Reserve Bank during , and in that capacity he provided advice on development of the debt market, banking sector reforms, pension fund reforms, and evolution of the foreign exchange market. He has also had other assignments in the public and private sectors. Patel has several publications in the areas of Indian macroeconomics, monetary policy, public finance, the Indian financial sector, international trade, and regulatory economics.
Patel has a Ph. D in economics from Yale University, an M. The President may make such a provision as he thinks fit for the discharge of the functions of the Governor of a State in any contingency not provided for in Chapter II of the Constitution.
The Governor shall have the power to grant pardons, reprieves, etc. There shall be Council of Ministers with the Chief Minister at the head to aid and advise the Governor in the exercise of his functions except in so far as he is by or under the Constitution required to exercise his functions or any of them in his discretion.
The Governor appoints Chief Minister and other Ministers. The Governor appoints the Advocate General for the State. All executive actions of the Governor of a State shall be expressed to be taken in the name of Governor.
The Governor shall, from time to time, summon and prorogue the House and dissolve the Legislative Assembly. The Governor may address the Legislative Assembly…. Over the last few years, the government has struggled to meet its own prescribed targets for fiscal deficits.
But a lot depends on asset monetization. Former RBI Governor Duvvuri Subbarao, shares his views about fiscal deficits and how the government should go forward with its finances. The very mention of the word taper sends shivers down the spines of even the most hardened of debt investors. COM, gives us his view on the latest round of monetary tightening in the US. In an interview with ETMarkets. Covid is a watershed event in our era, Das said, adding it has caused widespread devastation of lives and livelihoods.
There are very few parallels to this shock, Das said. While Raghuram Rajan agreed that there was a need for a Central government, he said that more power needs to be vested with the State as he believed this will strengthen democracy, which was related to making capitalism work.
The three steps, according to him, are assetisation, organisation and monetisation. These would enhance the revolutionary technology of blockchain and crypto culture in India, he said, while addressing the audience at HODL , a virtual crypto asset conference, organised by the Internet and Mobile Association of India and the Blockchain and Crypto Assets Council.
Have you read these stories? Covid jabs now at railway, bus stations Updated: Nov 11, , Health minister Mansukh Mandaviya urged states and union territories to ensure the entire adult population is administered the first d ET NOW. Brand Solutions. Video series featuring innovators. ET Financial Inclusion Summit. Malaria Mukt Bharat. Wealth Wise Series How they can help in wealth creation.
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