DR VIRAL ACHARYA
'Cronyism' is Modi govt's primary economic policy: Congress
The Congress party criticised the Modi government for fostering cronyism, citing a media report showing increased market concentration in key industries under PM Modi's watch. Congress general secretary Jairam Ramesh highlighted concerns about oligopolies and monopolies emerging, urging fair competition and preventing undue advantage linked to political power.
Monopolies in various sectors pushing prices higher: Jairam Ramesh
"As the Adani 'megascam' has shown, PM Modi's 'suit-boot ki sarkaar' has systematically helped his cronies build large, concentrated monopolies across various sectors since he took office. Now we have fresh and credible evidence that these monopolies are driving price rise in the country by misusing their market power to systematically charge 10-30 per cent higher prices than their competitors," Jairam Ramesh alleged in a statement.
Hope crypto craze is not like Tulip mania and has a softer landing when the froth corrects: Viral Acharya
“EM central banks should do stress tests to gauge potential negative impact of crypto. Could money seek to fly out of the country through these cross-border transactions at a very quick notice? Could that put pressure on the currencies? Could that put pressure on the banks if they try to counter this through the introduction of central bank digital currencies?”
Viral Acharya says equity markets look too frothy, buoyant compared to ground realities
One just has to look at the damage wreaked in 2013 by the mere mention of the word ‘taper’ by then US Fed Chairman Ben Bernanke. Bernanke’s statement, which was referring to Fed’s eventual plan to taper bond purchases undertaken since the global financial crisis, caused a financial tantrum worldwide, with currencies such as India’s marking fresh record lows in the space of just a few days.
PMC Bank depositors seek views of RBI ex-Guv Urjit Patel, his deputy Viral Acharya
PMC depositors have sought the views of RBI ex-Guv Urjit Patel and his deputy Viral Acharya on several issues, including monetisation of the attached assets and merger with large private banks.
Fiscal mismanagement is the root cause of India's economic issues, says Viral Acharya
As a deputy governor at the Reserve Bank of India, Viral Acharya drove banking sector reforms, brought in systems to fix regulatory leakages and block escape routes used by unscrupulous corporates. Acharya quit months before his term was due to end, fighting for the regulator’s autonomy.
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RBI is compromising on financial stability, need to recapitalise system, says Viral Acharya
Former Dy Governor Viral Acharya returned to the New York University to teach in 2019, prematurely ending his term after a tussle with the government over the RBI’s autonomy. He, along with governor Urjit Patel and his predecessor Raghuram Rajan, cleaned up the banking system and introduced tough rules to ensure unscrupulous borrowers don’t game the system.
ET Explains: What's making the pass-through of RBI's policy decisions sticky
The issue of lack of monetary transmission hasn't cropped up suddenly and is something that has been a matter of concern for the RBI in ensuring the pass-through of its policy decisions. The matter snowballed in the last few months after the RBI observed that the effects of its rate cuts are not being felt in terms of interest rates coming down.
Acharya’s exit likely to make MPC more open to rate cuts
At the margin, the composition of the MPC will likely become incrementally more dovish.
Early exit of Acharya from RBI not to roil markets: SBI report
In his resignation, he expressed inability to continue beyond July 23, 2019, the RBI said.
Viral Acharya, the rebel ends term abruptly
Acharya follows Raghuram Rajan and Urjit Patel, who left the central bank after advocating strong measures.
RBI's deputy governor Viral Acharya quits six months before his term ends
ET has confirmed that Acharya has quit and would be heading to the New York University to teach.
Hopefully issues being raised by Viral Acharya will still be debated openly: Ananth Narayan
“The fact that Acharya stayed on for so long after Patel’s resignation was surprising.”
Viral Acharya resigns as RBI Deputy Governor
The youngest deputy governor of the Indian central bank will return to New York University Stern School of Business in August.
RBI’s $5 billion liquidity plan is Guv Das’ ‘whatever it takes’ moment
The $5 billion rupee-US dollar swap as a tool to address liquidity is a first for the RBI.
Complete overhaul needed for RBI board to emulate Fed, BoE: Viral Acharya
A dramatic change in the board's role — on the lines of BoE and Fed — would require a total overhaul, he said.
From Arun Jaitley to Raghuram Rajan, who said what about Urjit Patel's exit
There has been speculation of his resignation after deputy governor Viral Acharya's speech last month that sought to defend the autonomy of the RBI and the subsequent differences between the government and the RBI over various issues related to liquidity, credit flow and the controls governing weak banks.
Insiders blame RBI's cold play with India Inc for showdown with Centre
Observers say RBI's aversion to meeting with industry led to govt involvement in issues.
RBI cautions on the perils of regulatory encroachment
Acharya’s speech was a critical commentary on recent developments — both global and domestic.
Government interference undermines RBI’s functional autonomy: Viral Acharya
Undermining RBI's autonomy is "catastrophic" and can "trigger a crisis of confidence in capital markets," he said.
Here is the full text of RBI's deputy governor Viral V Acharya's speech in Mumbai
His comments comes against the backdrop of media reports that some unnamed government officials wanted an easing of stringent rules under which a handful of state-run banks are being kept.
Dear RBI, don’t throw out the NBFC baby with the bathwater!
RBI should do its job of protecting the integrity of debt markets, but growth should not suffer.
There's a feeling RBI may go for status quo at next policy meet
"The government has given what the market was hoping for," says Bhaskar Panda of HDFC Bank.
RBI’s neutral stance should be a salve for bond markets: Mythili Bhusnurmath
“But I would have liked a little bit more clarity on why has the RBI kept its GVA estimates the way it has.”
Here is why RBI wants leading rates to be linked with external benchmark rates
As of now, banks set lending rates based on marginal cost of lending rate (MCLR) formula, which RBI feels has not delivered effective transmission of monetary policy.
Banks should link home loan rates to repo rate: RBI appointed committee
The committee has also recommended that all banks use the same reset period of one month for loans. Under the current system, floating rate loans have a fixation period of roughly one year.
MPC's action sets stage for another saga of government-RBI duel
There is enough grist for the rumour mills to speculate that government wanted to impose its wish on the MPC which is supposed to be independent.
View: Viral Acharya, monetary policy and beyond
When it comes to understanding the Indian financial system, Dr Acharya knows what is lacking.
Meet Viral Acharya, RBI's new deputy governor with a music album to his name
The 42-year old New York University professor has as much music compositions to his name as research papers on systemic financial risk.
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