175

RBI Governor Shaktikanta Das Promises To Uphold Its Autonomy And Integrity

New Delhi: The newly appointed Reserve Bank of India (RBI) governor Shaktikanta Das took charge promising to uphold its autonomy and integrity, a day after the government moved swiftly to appoint him to the helm of the central bank to fill the vacancy left by Urjit Patel’s resignation.

The stock markets gave the thumbs-up to the prompt replacement of Patel, with the Bombay Stock Exchange’s benchmark Sensex surging 629.06 points, or 1.79%, to 35,779.07 at the close of trading. The National Stock Exchange’s broader Nifty rallied 188.45 points, or 1.79%, to 10,737.60. The rupee closed at 72.0150 per dollar compared with its previous close of 71.84, after initially dropping to a low of 72.20.

Das was economic affairs secretary and the government’s pointsman after the November 2016 invalidation of ~1,000 and ~500 bank notes that took out of circulation 86% of the country’s currency by value.

161

Indian Shares Positive On Exit Of RBI Governor Urjit Patel And Key State Election Results

New Delhi: Indian shares opened on a positive note during the morning session of the trade, recovering from Tuesday’s losses triggered by the abrupt exit of RBI governor Urjit Patel and ahead of key state election results.

The Sensex of the Bombay Stock Exchange opened at 35,277.84 points and touched a high of 35,329.37 points and a low of 35,272.16 points following positive cues from the global markets and the final results from assembly elections of five states, which showed the Bharatiya Janata Party (BJP) is about to lose power in three key states of Rajasthan, Madhya Pradesh and Chhattisgarh.

On Tuesday, the Sensex closed at 35,150.01 points.

147

For Indian Bonds And Stocks Assembly Results Not To Poor As Expected By A Section

New Delhi: Indian bonds and stocks rebounded after early falls to end stronger while the rupee recovered from the day’s low as state election results were not as poor for the ruling party as some expected.

But anxiety after the surprise resignation of Reserve Bank of India (RBI) Governor Urjit Patel the previous day kept financial market sentiment subdued.

Markets initially plunged in reaction to Patel’s resignation announcement, after markets closed on Monday, which shocked many investors.

133

Reserve Bank Of India Governor Urjit Patel Resigns; Pressure Mounts On Govt To Step Back

New Delhi: The central bank’s top official said in a statement that Reserve Bank of India (RBI) Governor Urjit Patel has resigned which has been accepted with immediate effect. This was an anticipated move the way news about wrangling in RBI was coming out.

“On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years,” he said in a brief statement that did not refer to the rift with the government.

Prime Minister Narendra Modi reacted to Urjit Patel’s decision to step down, describing him as an economist of a very high calibre with a deep and insightful understanding of macro-economic issues.

120

India To Retain Its Position As The World’s Top Recipient Of Remittances This Year At $80 Billion

New Delhi: World Bank said in a report that India will retain its position as the world’s top recipient of remittances this year with its diaspora sending a whopping US$80 billion back home. India is followed by China (US$67 billion), Mexico and the Philippines (US$34 billion each) and Egypt (US$26 billion).

With this, India has retained its top spot on remittances, according to the latest edition of the World Bank’s Migration and Development Brief. The bank estimates that officially recorded remittances to developing countries will increase by 10.8% to reach US$528 billion in 2018. This new record level follows a robust growth of 7.8% in 2017.

Global remittances, which include flows to high-income countries, are projected to grow by 10.3% to US$689 billion, it said.