The Economic Survey 2016/17 was striking not only for its literary references, but also for its circumspect nature. One of major the drivers of this circumspection (which is not a trait one associates with the Narendra Modi government) was the yet-to-be-ascertained impact of demonetisation. The Economic Survey was cautious in saying that it would take … Continue reading Where is the promised windfall from demonetisation?
As the government goes about printing new currency notes to replace the invalidated 500/1000 rupee notes, one wonders how this is being done. On one hand, the Reserve Bank of India (RBI) claims that there is "enough" currency in the system. On the other hand, government spokespersons claim that not all currency notes would be … Continue reading How is the government estimating India’s paper currency requirement?
ON 8th November 2016, at 8 pm, Prime Minister Narendra Modi suddenly announced to the nation, that the government intended to eliminate the 500 rupee and 1000 rupee note – dramatically, in four hours’ time. These two denominations account for about 90% of the currency in circulation in India currently. Various details have emerged since, … Continue reading A big bang attack on corruption, or is it?
A new customer grievance redressal mechanism to be introduced by State Bank of India through its Local Head Offices (LHOs)Under this system, LHO's have so-called “Happy Rooms” that deal with the customer grievances. Any customer who wants to lodge a complaint sends the message “Unhappy” to a specified number (8008202020 ). The Happy Room then calls … Continue reading SMS Unhappy Service
YV Reddy is the former Governor and D Subbarao, the current Governor of the Reserve Bank of IndiaOn YV Reddy's second book on the economic crisis“publishing books on crisis is a minor growth industry.”On what being a central bank governor means Mr. Subbarao said. “I go to some international meetings and the consensus is that if … Continue reading Central bankers can be funny too
Its the season of MBA entrance exams in India once again. Hundreds of thousands of students vying for few thousand MBA seats in the belief that its going to secure their future. I graduated from the Institute of Rural Management, Anand (IRMA) in 2005. I loved my two years there and in this post, I am rehashing an … Continue reading Considering IRMA?
All that Paul Krugman says in the NYT is this - It was a system that looked dignified and respectable on the surface. Yet it produced huge conflicts of interest. Issuers of debt — which increasingly meant Wall Street firms selling securities they created by slicing and dicing claims on things like subprime mortgages — … Continue reading Rating the Raters