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Monetary Policy Committee (India)
The Monetary Policy Committee is responsible for fixing the benchmark interest rate in India. The meetings of the Monetary Policy Committee are held at least four times a year (specifically, at least once a quarter) and it publishes its decisions after each such meeting. The committee comprises six members - three officials of the Reserve Bank of India and three external members nominated by the government of India. They need to observe a "silent period" seven days before and after the rate decision for "utmost confidentiality". The governor of the Reserve Bank of India is the chairperson ex officio of the committee. Decisions are taken by majority with the governor having the casting vote in case of a tie. The current mandate of the committee is to maintain 4% annual inflation until 31 March 2026 with an upper tolerance of 6% and a lower tolerance of 2%. The Reserve Bank of India Act, 1934, was amended by Finance Act (India), 2016, to constitute MPC which will bring more tra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shaktikanta Das
Shaktikanta Das (born 26 February 1957) is serving as the current & 25th governor of the Reserve Bank of India (RBI). He was earlier a member of the FifteenthFinance Commission and India's Sherpa to the G20. Das is a retired 1980batch Indian Administrative Service (IAS) officer of Tamil Nadu cadre. During his career as an IAS officer, Das served in various capacities for Indian and Tamil Nadu governments, including as Economic Affairs Secretary, Revenue Secretary, Fertilizers Secretary. He has also served as India’s Alternate Governor in the World Bank, ADB, NDB & AIIB. He has represented India in various international forums like the IMF, G20, BRICS, SAARC, etc. Early life and education Born in Bhubaneswar, Das was schooled at the Demonstration Multipurpose School, Bhubaneswar, and then obtained bachelor's ( BA) and master's degrees ( MA) in history from the St. Stephen's College at the University of Delhi. He was awarded D.Litt. by Utkal University in 202 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Bank Of India Act, 1934
Reserve Bank of India Act, 1934 is the legislative act under which the Reserve Bank of India was formed. This act along with the Companies Act, which was amended in 1936, were meant to provide a framework for the supervision of banking firms in India. Summary The Act contains the definition of the so-called scheduled banks, as they are mentioned in the 2nd Schedule of the Act. These are banks which were to have paid up capital and reserves above 5 lakh. There are various section in the RBI Act but the most controversial and confusing section is Section 7. Although this section has been used only once by the central govt, it puts a restriction on the autonomy of the RBI. Section 7 states that central government can legislate the functioning of the RBI through the RBI board, and the RBI is not an autonomous body. Section 17 of the Act defines the manner in which the RBI (the central bank of India) can conduct business. The RBI can accept deposits from the central and state gover ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Press Trust Of India
The Press Trust of India Ltd., commonly known as PTI, is the largest news agency in India. It is headquartered in New Delhi and is a nonprofit cooperative among more than 500 Indian newspapers. It has over 500 full-time employees , including about 400 journalists. It also has nearly 400 part-time correspondents in most of the district headquarters of the country. PTI also has correspondents in major capitals and important business centres around the world. It took over the operations of the Associated Press of India from Reuters in 1948–49.About PTI Press Trust of India, retrieved 14 March 2017. It provides news coverage and information of the region in both English and . Overview ...
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Mumbai
Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second-most populous city in India after Delhi and the eighth-most populous city in the world with a population of roughly 20 million (2 crore). As per the Indian government population census of 2011, Mumbai was the most populous city in India with an estimated city proper population of 12.5 million (1.25 crore) living under the Brihanmumbai Municipal Corporation. Mumbai is the centre of the Mumbai Metropolitan Region, the sixth most populous metropolitan area in the world with a population of over 23 million (2.3 crore). Mumbai lies on the Konkan coast on the west coast of India and has a deep natural harbour. In 2008, Mumbai was named an alpha world city. It has the highest number of millionaires and billionaires among all cities i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Livemint
''Mint'' is an Indian financial daily newspaper published by HT Media, a Delhi-based media group which is controlled by the K. K. Birla family that also publishes ''Hindustan Times''. It mostly targets readers who are business executives and policy makers. It has been in circulation since 2007. Of the five business dailies published in India, Mint rose to the number two position immediately after its launch and has remained there (behind The Economic Times ever since. It publishes a single national edition that is printed and distributed in New Delhi, Mumbai, Bangalore, Hyderabad, Chennai, Kolkata, Pune, Ahmedabad and Chandigarh. Unlike most mainstream newspapers from India, Mint is not published on Sunday. It instead offers its readers Mint Lounge every Saturday, a weekend magazine focused on intelligent lifestyle, fashion, food, books, science and culture. Mint's editorial coverage and its style of presentation is noted for its refreshing clarity and accessibility - facets ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Patra
Michael Debabrata Patra is an Indian economist and central banker. A career Reserve Bank of India officer, he is currently serving as one its fourdeputy governors. Education Born in Cuttack, Odisha, into an Odia Christian family, Michael Debebrata Patra did his graduation from the Ravenshaw College and post graduation from Utkal University. Patra has a PhD in economics from the Indian Institute of Technology Bombay in Mumbai, with his thesis being titled "The Role of Invisibles in India's Balance of Payments: A Structural Approach". Patra proceeded to do post-doctoral research on financial stability at Harvard University as a fellow. Patra received professional training at IMF Institute on Financial Programming and Policy and at the Bank of England's Centre for Central Banking Studies. Career Patra is a career central bank officer who joined the Reserve Bank of India (RBI) in 1985. Before his appointment as deputy governor, Patra served as the executive director of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Urjit Patel
Urjit Patel (born 28 October 1963) is an Indian economist, who formerly served as the 24th Governor of the Reserve Bank of India and also Deputy Governor of Reserve Bank of India, looking after monetary policy, economic research, financial markets, statistics and information management. He resigned from his post on 10 December 2018, being the first RBI governor to state personal reasons as a driving factor for resigning. Urjit currently serves as Chairman of National Institute of Public Finance and Policy, additional director of Britannia Industries and independent director of John Cockerill India. Early life and education Urjit Patel was born in Nairobi on 28 October 1963 to Manjula and Ravindra Patel. His grandfather had migrated from Mahudha village in Kheda district, Gujarat to Kenya in the 20th century. His father ran Rexo Products Ltd, a chemical factory in Nairobi. He studied in Nairobi at Jamhuri High School, and prior to that the Gujarati community-run Visa Oshwal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance Act (India)
A Finance Act is the fiscal legislation enacted by the Parliament of India, Indian Parliament to give effect to the financial proposals of the Central Government. It is enacted once a year and contains provisions relating to income taxes, customs, excise, Central and Integrated GST and other cess, exemptions, and reliefs. It may also contain provisions to amend other acts as the Government to effect its fiscal policy. The bill is usually termed the budget and it is introduced in Parliament by the Minister of Finance (India), Finance Minister. Important elements of Finance Act All the elements included in the Finance Act associated with a particular Financial Year are of course important. Even so, there are particular elements that take precedence over the others. The most important element is the rules laid down in the Act with respect to Income Tax Rates. Every year, the Act lays down in detail all the associated provisions related to Income Tax in the country. Since this appli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose. The employment cost index is also used for wages in the United States. Most economists agree that high levels of inflation as well as hyperinflation—which have severely disruptive effects on the real economy—are caused by persistent excessive growth in the money supply. Views on low to moderate rates of inflation are more varied. Low or moderate inflation may be attri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Administrative Service
The Indian Administrative Service (IAS) is the administrative arm of the All India Services of Government of India. Considered the premier civil service of India, the IAS is one of the three arms of the All India Services along with the Indian Police Service and the Indian Forest Service. Members of these three services serve the Government of India as well as the individual states. IAS officers are also deployed to various government establishments such as constitutional bodies, staff & line agencies, auxiliary bodies, public sector units, regulatory bodies, statutory bodies and autonomous bodies. As with other countries following the parliamentary system of government, the IAS is a part of the permanent bureaucracy of the nation, and is an inseparable part of the executive of the Government of India. As such, the bureaucracy remains politically neutral and guarantees administrative continuity to the ruling party or coalition. Upon confirmation of service, an IAS offic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ex Officio Member
An ''ex officio'' member is a member of a body (notably a board, committee, council) who is part of it by virtue of holding another office. The term '' ex officio'' is Latin, meaning literally 'from the office', and the sense intended is 'by right of office'; its use dates back to the Roman Republic. According to ''Robert's Rules of Order'', the term denotes only how one becomes a member of a body. Accordingly, the rights of an ''ex officio'' member are exactly the same as other members unless otherwise stated in regulations or bylaws. It relates to the notion that the position refers to the position the ex officio holds, rather than the individual that holds the position. In some groups, ''ex officio'' members may frequently abstain from voting. Opposite notions are dual mandate, when the same person happens to hold two offices or more, although these offices are not in themselves associated; and personal union, when two states share the same monarch. For profit and nonprofit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Governor Of The Reserve Bank Of India
The Governor of the Reserve Bank of India is the chief executive officer of India's central bank and the ''ex-officio'' chair of its Central Board of Directors. Indian Rupee currency notes, issued by the Reserve Bank of India, bear the governor's signature. Since its establishment in 1935 by the government of India, the RBI has been headed by twenty-fivegovernors. The governor of the Reserve Bank of India is a member of the Strategic Policy Group headed by National Security Advisor Ajit Doval. It is a crucial wing of the National Security Council. The term of office typically runs for three years and can, in some cases, be extended for another two years. The inaugural officeholder was the British banker Sir Osborne Smith, while Sir C. D. Deshmukh was the first native Indian governor. Holding office for over seven years, Sir Benegal Rama Rau was the longest-serving governor, while Amitav Ghosh's 20-day term is the shortest. The bank's fifteenthgovernor, Dr Manmohan Singh, later ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
