Category Archives: Business
The change in image started with ‘Raghuram Rajan the Rockstar’ who made the RBI — which by the very nature of any central bank, is supposed to be staid and stodgy — look kind of ‘sexy’. But that was largely personality-driven because of the way Rajan walked and talked. The general public still wasn’t much the wiser about the role and remit of RBI.
“Both sides showed flexibility and accommodation. The discussions were congenial, comprehensive and rigorous,” said an independent director. There was a recognition to acknowledge the issues and move on.
Bain Capital MD Amit Chandra resigned from the board of Sir Ratan Tata Trust (SRTT) as he wants to cut down on “non-Bain” activities and increase his engagement with his own philanthropic work.The private equity honcho, however, would continue to represent SRTT’s interests on Tata Sons’ board. Chandra, who joined in Aug’16 had voted for Mistry’s removal at Tata Sons’ board meet.
The matter has sent the industry into a tizzy. Till now, these services were treated as exports and were not taxed. If the AAR ruling stands, it is expected to have a big hit on the operations of these companies.
The RBI board held a marathon meeting on Monday amid a rift between the central bank and the government over several issues, including how much capital the apex bank needs, lending norms for small and medium enterprises and rules for weak banks.
The finance ministry nominees and some independent directors were expected to take on Patel and his team over issues ranging from MSME credit to the central bank’s reserves, though both sides are in favour of reaching a common ground.