Classic Raoisms
September 5, 2013 Leave a comment
Thank God RBI Exists
There has been a lot of media coverage on policy differences between the government and the Reserve Bank. Gerard Schroeder, the former German chancellor, once said, “I am often frustrated by the (Deutsche) Bundesbank. But thank God, it exists.” I do hope fi nance minister Chidambaram will one day say, “I am often frustrated by the Reserve Bank, so frustrated that I want to go for a walk, even if I have to walk alone. But thank God, the Reserve Bank exists”
Interesting Times
The Chinese have an adage: “May you live in interesting times.” I can hardly complain on that count. I had come into the Reserve Bank five years ago as the ‘Great Recession’ was setting in, and I am finishing now as the ‘Great Exit’ is taking shape, with not a week of respite from the crisis over the five years.
Getting Out a ‘Padmavyuha
Getting out of an expansionary policy is much more difficult than getting into it. It is like a Padmavyuha in Mahabharata — you know how to get in but not many people know how to get out. Read more of this post
The daily earnings of Lord Balaji include cash, gold, silver and other precious offerings. The average daily revenue at the temple is 2.35 crore and the temple reported its highest ever single-day collection of 5.73 crore on April 1 last year. The 10th-century Hindu temple possesses over 1,000 tonnes of gold and gold jewellery worth 52,000 crore and has parked over 10,000 crore with banks in the form of term deposits. The temple trust owns thousands of acres of land across the country which is estimated to be worth some 90,000 crore.
Real estate companies have been offering schemes called 20:80 and 25:75 where the builder agrees to pay interest on the borrower’s loan for a specific period. The buyer pays 20% upfront and the bank disburses the entire loan to the builder through the individual. The builder finances the construction of the project with the money, and agrees to pay interest on behalf of the borrower to the bank.
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