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RBI appoints Surekha Marandi as executive director

The Reserve Bank of India (RBI) has appointed Surekha Marandi as its Executive Director (ED). She was appointed in place of U S Paliwal who retired on December 31, 2016.

In her new role, she will look after Consumer Education and Protection Department, Financial Inclusion and Development Department, and Secretary’s Department of the RBI.

About Surekha Marandi

  • Prior to her promotion as Executive Director, she had served as Principal Chief General Manager and Chief Vigilance Officer in the Reserve Bank over a span of three decades.
  • She has rich experience of three decades in regulatory and supervisory, financial inclusion and development and human resource management areas in the RBI.
  • She has also served on the Boards of United Bank (UB) and Bank of Baroda (BOB). She holds a Master’s Degree from Jadavpur University.

Note: RBI has 11 Executive Directors who are in charge of various departments.

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Viral V Acharya appointed as RBI Deputy Governor

The Union Government has appointed Viral V Acharya (42) as new Deputy Governor at the Reserve Bank of India (RBI).  He will have regular three-year tenure.

His appointment was cleared by the Appointments Committee of the Cabinet (ACC) chaired by Prime Minister Narendra Modi in New Delhi.

He will fill the post that fell vacant after Urjit Patel after he was made RBI Governor to succeed Rajan with effect from September 2016. The existing three Deputy Governors of RBI are S S Mundra, R Gandhi and N S Vishwanathan.

About Viral V Acharya

  • He is an alumnus of IIT, Mumbai, with a degree of BTech in Computer Science and Engineering in 1995 and PhD in Finance from NYU-Stern in 2001.
  • He was with London Business School (2001-08) and served as the Academic Director of Coller Institute of Private Equity (2007-09) and Senior Houblon-Normal Research Fellow at Bank of England (2008).
  • He also has served as Director, NSE-NYU Stern Initiative on the Study of Indian Capital Markets. He also was member of SEBI’s International Advisory Board.
  • Prior this appointment, he was serving as the C V Starr Professor of Economics in the Department of Finance at the New York University Stern School of Business (NYU-Stern).
  • He is known for his research in theoretical and empirical analysis of systemic risks of the financial sector, its regulation and genesis in government-induced distortions.
  • His research areas also span across agency-theoretic foundations, credit and liquidity risks as well as their general equilibrium consequences.
  • He also has co-authored in the past at least three papers with the former RBI governor Raghuram Rajan. He had once called himself ‘poor man’s Raghuram Rajan’.

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RBI keeps key rates unchanged in fifth bi-monthly monetary policy review

The Reserve bank of India (RBI) in its fifth bi-monthly monetary policy review for year 2016-17 has kept key rates unchanged.

Decision in this regard was taken by RBI’s six-member Monetary Policy Committee (MPC) headed by Governor Urjit Patel. This decision was taken on the basis of an assessment of the current and evolving macroeconomic situation. 

Policy Rates

  • Repo rate under the liquidity adjustment facility (LAF): Unchanged at 6.25 percent.
  • Reverse repo rate under the LAF: Unchanged at 5.75 per cent.
  • Marginal standing facility (MSF) and Bank Rate: Unchanged at 6.75 per cent.
  • Reserve Ratios Cash Reserve Ratio (CRR) of scheduled banks: Unchanged at 4.0 per cent of net demand and time liability (NDTL).
  • Statutory Liquidity Ratio (SLR): Unchanged 20.75 per cent.

The policy repo rate where kept unchanged citing global and domestic uncertainties that posed upside risks to inflation. The MPC also has cut Gross Value Added (GVA) growth estimates for the economy in the fiscal year ending March 2017 to 7.1% from 7.6% earlier.

Thus, RBI has retained its “accommodative” monetary policy stance with the objective of achieving consumer price index (CPI) inflation at 5% by Q4 of 2016-17 and the medium-term target of 4% within a band of +/- 2 per cent, while supporting growth.

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