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Buffeted by political attacks coupled with unending speculation over his continuance, RBI Governor Raghuram Rajan today said no to a second term in the post, a surprise decision the industry and opposition parties termed as nations loss. Ruling that his work on containing inflation and cleaning up books of the banks was "yet to be completed", Rajan said, "While I was open to seeing these developments through, on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016." Speculation has been rife over whether Rajan, former IMF Chief Economist known to have predicted the 2008 global financial crisis, would get a second term after BJP leader Subramanian Swamy launched a no...

Washington, Oct 19 (PTI) America's multinational retail corporation Wal-Mart is suspected to have paid bribes worth millions of dollars in India, according to a media report. In a major report, The Wall Street Journal said Wal-Mart's "suspected bribery" unearthed in India involves thousands of small payments to low-level local officials to help move goods through customs or obtain real-estate permits. "The vast majority of the suspicious payments were less than USD 200, and some were as low as USD 5, the people said, but when added together they totalled millions of dollars," the daily said. In 2013, Wal-Mart shelved plans to open retail stores in India by severing a joint venture with Bharti Enterprises Ltd and instead decided to become solely a wholesaler there, th...

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India’s RBI Chief Raghuram Rajan Resigns, Industry Terms it Nations Loss

Wal-Mart paid millions of dollars in bribes in India