financetom
Economy
financetom
/
Economy
/
RBI board member S Gurumurthy disapproves deputy governor Viral Acharya's speech: report
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
RBI board member S Gurumurthy disapproves deputy governor Viral Acharya's speech: report
Oct 31, 2018 3:47 AM

S Gurumurthy, a board member of the Reserve Bank of India (RBI), wrote to governor Urjit Patel disapproving of the deputy governor Viral Acharya's comment with regards to maintaining regulatory autonomy, The Economic Times reported.

Share Market Live

NSE

Gurumurthy told ET that he had objected to “Acharya going public on issues not discussed in or disclosed to the board which met just two days earlier”.

By that same token, he wouldn’t make public details about his communication with the RBI governor, Gurumurthy added.

Also read: RBI governor Urjit Patel may consider resigning: sources

The development comes amidst growing rift between the centre and the central bank after the RBI deputy governor Viral Acharya, in a fiery speech, warned that undermining a central bank's independence could be "potentially catastrophic".

“My public position is that the much-talked-about RBI’s independence equals — not more or less than — the independence of its board of directors, and certainly not the independence of RBI officials from the board itself, as is being claimed and even widely discussed,” Gurumurthy told the paper.

Gurumurthy cited the RBI Act to support his stand. “The RBI Act itself says the management of RBI is entrusted to the board, with the governor and the deputies being mandated to exercise management powers subject to board’s directions,” he said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US Congress scrambles to pass $1.2 trillion spending bill, midnight deadline looms
US Congress scrambles to pass $1.2 trillion spending bill, midnight deadline looms
Mar 22, 2024
WASHINGTON (Reuters) - The Republican-controlled U.S. House of Representatives and Democratic-majority Senate on Friday will scramble to beat a midnight government shutdown deadline by passing a $1.2 trillion bill keeping the government funded through September. If they succeed, it will end a more-than-six-month battle over the scope of Washington's spending for the fiscal year that began Oct. 1. If they...
US Dollar Improves Early Friday Ahead of Fed Appearances, State Unemployment
US Dollar Improves Early Friday Ahead of Fed Appearances, State Unemployment
Mar 22, 2024
07:38 AM EDT, 03/22/2024 (MT Newswires) -- The US dollar rose against its major trading partners early Friday, except for a decline versus the yen, ahead of a series of appearances by Federal Reserve officials that compensate for a lack of major US data. Fed Chairman Jerome Powell is scheduled to make opening remarks at a Fed Listens conference at...
Fed Chair Powell says pandemic has had lasting effects on economy
Fed Chair Powell says pandemic has had lasting effects on economy
Mar 22, 2024
(Reuters) - Federal Reserve Chair Jerome Powell on Friday opened a Fed Listens event on how Americans are experiencing the economy, saying the pandemic has had lasting effects and that to make good policy the U.S. central bank cannot rely only on macroeconomic data but needs to hear directly from people and businesses. He did not make any remarks about the...
U.S. companies' stock purchases via buybacks, M&A to hit 6-year high in 2024, Goldman says
U.S. companies' stock purchases via buybacks, M&A to hit 6-year high in 2024, Goldman says
Mar 22, 2024
(Reuters) - U.S. companies' purchases of domestic equities through more stock buybacks and corporate acquisitions will hit a six-year high of $625 billion this year, about as much as mutual funds and pension houses will offload, Goldman Sachs said. A surge in share buybacks and continued growth in cash mergers and acquisitions (M&A) will be the primary drivers of corporate...
Copyright 2023-2026 - www.financetom.com All Rights Reserved