Though differences between the government and RBI have peaked this year over a number of issues, including the central bank's handling of the Nirav Modi crisis and the latter's firm stand on bringing weak banks under prompt corrective action, the latest reason for the escalation is the liquidity crisis being faced by NBFCs.
CNBC-TV18 said all options are on the table for Reserve Bank of India Governor Urjit Patel, citing people it didn't identify. Following this, the finance minister blamed the RBI for its lending spree between 2008 and 2014 that left banks with huge debts. "There have been talks with the RBI on these issues, but invoking Section 7 (1) is something that has not come up yet but we need to also ensure that industries are not killed", he added.
RBI deputy governor Viral Acharya, pressing for independence of the central bank, said that lack of autonomy prevents it from regulating public sector lenders, the Times of India reported. The following development surfaces soon after there were reports of a rift between the RBI Governor and the government. First letter under Section 7 followed Allahabad court's verdict in RBI versus Power companies. Second letter, the report added, was on using RBI's capital reserves and the third letter was on relaxing constraints on PCA banks for loans to SMEs.
The statement further stated that, "Government of India has never made public the subject matter of those consultations". Arguing against the Centre's proposal, the RBI had said, "The digital payments have made good and steady progress".
However, there was no sign of resignation by Patel at the meeting, officials said.
Government officials believe that RBI Governor Urjit Patel has some responsibility for the controversy, and he can not expect an extension of his current three-year term - which ends next September - "as his right", one of the officials added.
With the war between the Narendra Modi-led NDA government and the Reserve Bank of India (RBI) escalating, there is apprehension that the government may invoke Section 7 of the RBI Act. While refusing to divulge the contents of the letter, Gurumurthy told The Economic Times that he had objected to "Acharya going public on issues not discussed in or disclosed to the board which met just two days earlier".
Mumbai: The rupee pared losses against the United States dollar on Wednesday after the government said that it respects the Reserve Bank of India's autonomy.
"The Central government may from time to time give such directions to the bank as it may, after consultation with the Governor of the bank, consider necessary in the public interest", Section 7 of the RBI Act reads.
These are well known from other Apple products, but this is the first time color options have made their way to the MacBook Air. He emphasizes not only Mac's growth, but Apple's focus on maintaining their top position in customer satisfaction.
Trump also said Riyad had staged the "worst cover-up ever" over the killing. "I do not trust the USA ", she told the Telegraph. Hatice Cengiz made the comments on Turkish television on Friday in her first interview since Khashoggi's death.
Abe hosted a luncheon for Modi at a scenic resort near Mount Fuji, after which they visited a robot factory, PTI reported. The only other country with which India has a similar arrangement is Russian Federation .
He said he doesn't know the details of the investigation and called the media's coverage of the events "hysterical". President Tayyip Erdogan added that Turkey had more information about the case than it had shared so far.
The last meeting between leaders of the two nations was in 1996 when then-Prime Minister Shimon Peres visited Oman and Qatar. In 1994, then-prime minister Yitzhak Rabin visited Oman, where he was greeted by the sultan.
Most importantly though, we can see that the phone does indeed have a smaller notch and an in-display fingerprint sensor. This will make the OnePlus 6T similar to the likes of iPhone XR and Google Pixel 3 , which too lack headphone jack.
If you Google search " Boston Red Sox championships", they post nine World Series titles instead of the eight they actually have. He may have to do it one more time though as he is now in line to start Game 7 at Fenway Park, if the series makes it that far.
The target range for the federal funds rate, now at 2 percent to 2.25 percent, is nevertheless still low by historical standards. With regard to unemployment, the Fed expects next year to see it at 3.5-percent, the lowest it's been at any point since 1969.
The cameras remain the same but the company has added a couple of software enhancements to improve low-light and portrait photos. The decision was made to squeeze out extra space within the device to accommodate for the FOD module beneath the display.
The Citizens could become the first non-London side to win five consecutive Premier League games in the capital. I'm pretty sure the Premier League don't like it, Tottenham too.
Pakistan frees Christian woman facing death penalty for blasphemy
If her death sentence had been carried out, Bibi would have been the first person executed by the state under the blasphemy laws. When they demanded she convert to Islam, she refused, prompting a mob to later allege that she had insulted the prophet Mohammed.
IBM to Acquire Red Hat for $34 Billion
IBM says it intends to keep Red Hat's headquarters in Raleigh . "This gives them an asset that looks forward and not backwards". The deal values the company at $190 a share, a almost 63 percent premium over where the stock traded on Friday, at $116.68.
Fabulous finish sends Finau clear as Rose stumbles
Controversial US Ryder Cup player Reed was the star man of the day, holding a two-shot lead after a bogey-free eight-under 64. That put him at 11-under 133, three shots clear of Reed (72), Tommy Fleetwood (68) and defending champion Justin Rose (67).
Red Sox’s David Price transforms from fall guy to Mr. October
Despite their rich baseball histories, this was only the second time these two teams faced each other in the World Series. Starting in the seventh inning of Game 4, an astounding seven straight Dodgers reliever allowed at least one earned run.
Synagogue shooter hit with 29 hate crime charges
US President Donald Trump told a rally that "When you have crimes like this... we have to bring back the death penalty". But prior to the attack, Mr Bowers had posted anti-Semitic content on social network Gab under the username "onedingo".
Patient gets in hospital lottery pool and wins $1 million
Check your tickets! The winning numbers for the Saturday, Oct. 27 Powerball drawing are 8, 12, 13, 19, 27 and Powerball 4. There were 36 second-tier winners, those who picked five winning numbers but did not match the Mega Ball.
Palestinian militants fire rockets, Israel strikes Gaza
The Palestinian Islamic Jihad (PIJ) said Saturday that it will stop firing rockets at Israel after an Egyptian-brokered ceasefire. Egyptian mediators have been attempting to negotiate a truce between Hamas , which rules the Gaza Strip, and Israel.