The conversations with the government cannot be stopped because the government is the sovereign and the RBI is part of the sovereign, RBI Governor Shaktikanta Das says.
RBI governor Shaktikanta Das also welcomed the government announcement in the morning to slash corporate tax across the board and termed the same as bold moves which should benefit all sectors.
Expressing concern over the first quarter GDP numbers, the RBI Governor said the numbers definitely looked much worse because the RBI had projected 5.8 per cent.
In the annual report for FY19, released Thursday, the central bank concedes that diagnosing the exact problems is "difficult", but reiterates that the issues are not structural in nature, barring those around land, labour and agri produce marketing.
The Congress reaction came a day after the Reserve Bank of India (RBI) approved the transfer of a record Rs 1.76 lakh crore dividend and surplus reserves to the government, boosting the BJP-led regime's prospect of stimulating the slowing economy without widening fiscal deficit.
While the finance ministry has so far not detailed the blueprint of using the surplus from the RBI, experts said the transfer especially the excess reserve of over Rs 50,000 crore could be utilised for capital formation by investing in infrastructure building or enhancing the lending capacity of banks by recapitalising them.
This follows the RBI board accepting the recommendation of a high-level panel headed by its former Governor Bimal Jalan on transfer of excess reserves to the government.
In ominous signs that the slowdown may be deep, the auto sector is facing its worst crisis in two decades with reports suggesting thousands of job losses in the automobile and ancillary industry, real estate sector has huge unsold inventory, while fast-moving consumer goods (FMCG) companies have reported a decline in volume growth.
The statement comes amidst reports that an increasing number of corporate honchos are livid with the Narendra Modi government, especially after a slew of initiatives in the recent budget
While SBI was to first one to link its loans and deposits to the repo rate from May and home loans from July, six other peer banks like announced the same last week in which the asset side pricing has moved down fast.
RBI governor Shaktikanta Das said Wednesday that the central bank has lowered the GDP growth forecast for 2019-20 from 7 per cent to 6.9 per cent owing to demand and investment slowdown, which is causing dampening effect on the growth
The RBI has cut the repo rate by an unusual 0.35 percentage points to 5.40 per cent in its third monetary policy review for the current financial year.
Raghuram Rajan, who served as the 23rd Governor of RBI between 2013 and 2016, is the only outsider among the top contenders for the job
Dispelling such rumours, the government Sunday said reports on the deteriorating health of Jaitley are false and baseless, and media should stay clear of rumour mongering.
Shantikanta Das was on named as the Reserve Bank of India (RBI) Governor December 11, 2018, by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi for three years.
RBI Governor Bimal Jalan has called for 'political reforms' in order to alleviate poverty in the country and to realise economic potentials.
Jay Narayan Vyas, a former member of Narendra Modi's cabinet when he was the Chief Minister of Gujarat, sent out a tweet on Wednesday morning referring to the new Governors educational qualifications saying: "pray he (Das) doesn't make RBI also a history".
A farmer sits near his red chillies at a deserted APMC market, during the weekend curfew imposed by the Karnataka government to curb the spread of COVID-19, in Hubballi.PTI Photo
Delhi Chief Minister & AAP National Convenor Arvind Kejriwal being welcomed by women supporters during his door-to-door campaign ahead of the Goa Assembly elections, in Goa.PTI Photo
A health worker collects swab sample of a woman for COVID-19 test, amid concerns over rising Omicron cases, in Gurugram.PTI Photo
Traffic jam on a road at Shalimar Bagh during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
The Lajpat Nagar market wears a deserted look during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
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