Money & Banking
Government, RBI in accord on monetary policy committee: Rajan
Reserve Bank of India Governor Raghuram Rajan said on Thursday that the government and the RBI have agreed on composition of the monetary policy committee (MPC) that will set the central bank's interest rates.
 
"MPC agreement has been largely done. Only fine-tuning is left. The government and RBI are broadly on the same page on composition of MPC," Rajan told reporters here.
 
He also said the decision on when to set up the committee will be taken by the finance ministry.
 
Under the current system, the RBI governor has the veto over the existing advisory committee, composed of RBI members and outside appointees, that decides on policy rates.
 
A draft Indian Financial Code was released by the Financial Sector Legislative Reforms Commission earlier this year, inviting comments from the public.
 
Besides taking away the Reserve Bank of India governor's authority to veto interest rate decisions, the draft also proposed that the monetary policy committee would have four representatives of the government and only three from the central bank, including the RBI 'chairperson'.
 
The draft also said that the RBI "must constitute a Monetary Policy Committee to determine by majority vote on the policy rate required to achieve the inflation target".
 
The current practice is that the RBI governor consults a Technical Advisory Committee, but does not necessarily go by the majority opinion while deciding on the monetary policy.
 
The revised draft of the IFC, which is conceived as an overarching legislation for the financial sector, says "inflation target for each financial year will be determined in terms of the consumer price index by the central government in consultation with the Reserve Bank every three years".
 
Apart from the RBI 'chairperson', the monetary policy committee would consist of five members - an executive member of the Reserve Bank Board, an employee of the RBI nominated by the RBI 'chairperson' and others appointed by the government.
 
In the original draft, the RBI 'chairperson' had power to "supersede the decision" of the committee in "exceptional and unusual circumstances".
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Robotic lab is pride of Gurgaon government school

A robo lab enables students design, operate and apply robots as well as computer systems for their control, sensory feedback, and information processing

 

In what is claimed to be a first in the country, a government school here has been equipped with a robotic lab - with a smart class on the way - to go beyond the routine curriculum and spark the interest of generation next in the Make in India and Skill India initiatives.
 
"With our Robo Siksha Kendra initiative, we are not only developing robotics knowledge but focussing on 21st century skills and providing opportunities to access contemporary educational tools," Sudhanshu Sharma, founder of the India Stem Foundation that has equipped the Jawahar Navodaya Vidyalaya with the robo lab, told IANS.
 
A robo lab enables students design, operate and apply robots as well as computer systems for their control, sensory feedback, and information processing. They cost Rs.10-12 lakhs and are only now making a beginning in a few private schools.
 
So, how did the Gurgaon school come to be chosen?
 
"The Jawahar Navodaya Vidyalayas are a unique concept under the ministry of human resource development specifically to find talented children in rural areas of India and provide them with an education equivalent to the best residential school system. We chose this school as a CSR initiative as it falls in our catchment area," Sharma explained.
 
Not surprisingly, the lab will make you think you are in an upscale private school but the major difference is that the school doesn't charge any fees for academics and boarding and lodging.
 
The experience will soon be enhanced with a Smart Class funded by Samsung electronics.
 
The NGO is planning to replicate the initiative in four more government schools to provide deprived and underprivileged children access to fun-centric learning experience beyond their traditional four walls and acquire hands-on learning experience to face the challenges of daily life.
 
"Such an initiative has never been taken before in India," Sharma added.
 
Along with the robo lab, the NGO is also providing training to the teachers, who, in turn will take the process forward. It will also look after the maintenance and upgradation aspects.
 
School principal Suman Negi is pleased as punch.
 
"I am grateful to have the chance to mentor and make my students learn with these gadgets while having fun at the same time," Negi told IANS.
 
"These kids get to work together as a team, and get to design and execute solutions to complicated problems. Robotics is fulfilling, as I believe the most fulfilling toy is the one that you build yourself," Negi added.
 
Belonging to lower middle-class families, these children may not be in hi-tech and expensive schools and have easy access to gadgets, but they are no less comfortable with technology. Besides, they have the right ideas for their use, Negi said.
 
In September, children from the school participated in Indian Robotic Olympiad (IRO) where they did not win any trophies but won the hearts of the audience with good scores that inspired them to again participate next year.
 
"This time, our robot performed only one task. Other robots did more than ours. Our participation prepared us for the next year's competition, for which we have already started working hard," said a bright-eyed Dikshit Yadav, a class 9 student.
 
"We have the best students in our district from rural areas and our vision is to create the best of facilities for them," Gurgaon Deputy Commissioner T.L. Satyaprakash, the chairman of the school, told IANS.
 
"Our efforts are well-aligned with the prime minister's visions of Make in India and Skill India. Such initiatives are the way to equip our youth with the necessary skill sets and prepare them for the jobs of tomorrow," he added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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Modi launches three gold-related schemes

According to the World Gold Council, an estimated 22,000-23,000 tonnes of gold is lying idle with households and institutions in India

 

Prime Minister Narendra Modi on Thursday launched three gold-related schemes, including a coin engraved with the images of national emblem Ashok Chakra and Mahatma Gandhi on its two sides, in a bid to put some 20,000 tonnes of idle gold into productive use.
 
The other two schemes launched here are the gold monetisation scheme to convert jewellery and other yellow metal assets with people into interest-bearing deposits, and the sovereign bond scheme with an eight-year tenure, while allowing an exit option after five years.
 
According to the World Gold Council, an estimated 22,000-23,000 tonnes of gold is lying idle with households and institutions in India. The annual imports amount to around 850-1,000 tonnes valued at $35-$45 billion.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

MG Warrier

1 year ago

The time is ripe for authorities to think in terms of dedicated professional institutions at the regional/state level, which will handle gold from a banking angle. An apex body should be equipped with linkages for import and export of gold and gold products with borrowing and lending capabilities.
States like Kerala have successfully intervened in other similar sectors like chits/kuris and lotteries, which were also areas of exploitation by vested interests. Private players had to fall in line and function with discipline and self-regulation.
Establishment of ‘Gold Corporations' with state participation could also be debated. Such an institution can act as a depository where the gold possession of individuals now in bank lockers and the pledged gold can find a safe shelter, provided the purity can be ensured, and the ‘Corporation' can find the resources and skill to deal in gold and retain the customers' confidence.

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