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  • Banking LATEST NEWS RBI may soon do away with MCLR

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    Business News Industry Banking/Finance Banking From defence to defiance: The evolution of Urjit Patel

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    Urjit Patel | RBI Governor: From defence to defiance: The evolution of U... https://economictimes.indiatimes.com/industry/banking/finance/banking/...

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    By , , ET Bureau | Updated: Aug 29, 2018, 09.32 AM IST

    Compared to his predecessor Rajan, the number of

    public appearances may be next to nothing, but

    whenever the situation warranted, Patel did not hesitate

    to speak his mind.

    From defence to defiance: The evolution ofUrjit Patel

    The decision of Philip Pirrip, or Pip, to trade

    the glamour and glitz of Regency London for

    the humble forge in the marshes of Kent

    marked the coming of age for one of the

    worlds most well-known literary characters in

    Great Expectations, underscoring his innate

    righteousness and strength of character.

    A non-negotiable central bank order this

    February to stressed lenders on asset quality

    proclaimed to the world of high finance the

    coming of age of incumbent Governor Urjit

    Patel who, mirroring the struggles of the

    protagonist in the Charles Dickens

    masterpiece, had to win multiple perception battles of his own to establish his upright and

    unyielding credentials. For the man succeeding Raghuram Rajan as the Mint Street boss

    in September 2016, the beginning of his innings was far from comfortable.

    Patels effusive predecessor had earned the rock star moniker for his robust

    communication with market stakeholders; by contrast, there was widespread discontent

    about the newcomers reticence. Not only did Patel shun the media, but he also put an end

    to the customary pre-policy meetings with bankers and market economists. It was clear

    that communicating regularly was not Patels immediate priority.

    Spat after the PNB scam involving jeweller Nirav Modi

    Regulators have a very important function. Regulators ultimately

    decide the rules of the game and regulators have to have a third-eye,

    which is to be perpetually open. But unfortunately in the Indian system,

    we politicians are accountable, the regulators are not.

    -Arun Jaitley, Finance Minister

    The RBIs legal powers to supervise and regulate PSBs are also

    constrained it cannot remove PSB directors or management, who are

    appointed by the Government of India, nor can it force a merger or

    trigger the liquidation of a PSB; RBI has also limited legal authority to

    hold PSB boards accountable regarding strategic direction, risk profi

    les, assessment of management & compensation. Legal reforms are

    thus highly desirable to empower RBI to fully exercise the same

    responsibilities for PSBs as now apply to pvt banks & to ensure a level

    playing fi eld in supervisory enforcement

    -Urjit Patel Governor, RBI

    Atmadip Ray Gayatri Nayak

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    JSW Steel Stock JSW Steel JSW Steel Ltd Motilal Oswal

    Bloomberg L.P.

    Comments Add Your Comments

    ET Bureau | Aug 30, 2018, 08.31 AM IST

    Chandan Taparia, derivative analyst at

    Motilal Oswal said the stock is likely to

    stay above Rs 375 and can rise to Rs

    425-Rs 430 level.

    JSW Steel could rise 13% more: Analysts

    Shares of JSW Steel could rise as much as 13 per cent in

    the near term given the likely buying by index funds due to

    its inclusion in the benchmark Nifty from September 28,

    said analysts. Continuous rollover of long positions in JSW

    Steel futures over the past few derivatives series shows

    traders are bullish on the stock.

    Shares of JSW Steel ended up 9 per cent at Rs 399 on the

    BSE on Wednesday after hitting a lifetime high of Rs

    405.40 during the session due the Nifty inclusion news.

    The stock marked its biggest one-day gain in five years on

    Wednesday. The total traded quantity of 1.5 crore shares was nearly 16 times its two-week

    average traded quantity of shares, according to BSE.

    Derivative analysts said traders are continuously carrying forward long positions in JSW

    Steel. The inclusion in the index was expected for some time, and that is also likely to

    have driven interest in the stock in the last few months.

    For the past four series we have seen good rollover of long positions, which suggests

    upside. Index funds are likely to buy the stock as it is a newcomer in the index, said Amit

    Gupta, head of derivatives at ICICIdirect. One can buy the stock near Rs 380. Traders

    have started writing Rs 380 put option strike. The stock can move up to Rs 450, said

    Gupta.

    Chandan Taparia, derivative analyst at Motilal Oswal said the stock is likely to stay above

    Rs 375 and can rise to Rs 425-Rs 430 level.

    Analysts tracking the company are not too gung ho about the stocks prospects.

    Bloomberg data showed that the consensus target price on the stock is Rs 367.45, which

    is 8 per cent below the current market price of the stock. Prabhudas Lilladher has the

    highest target price on the Street on JSW Steel at Rs 450.

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    ET Bureau | Aug 29, 2018, 07.25 AM IST

    Google has capability to identify a user based on

    activities on the device, even if the person accesses

    internet on the chrome browser in an incognito mode.

    Google collects more data from users viaandroid, says study

    BENGALURU: Google gathers more personal

    information from users on its Android platform

    than consumers know, a study by Vanderbilt

    University says.

    The study by Prof Douglas Schimdt of

    Vanderbit University released earlier this

    month points that Google collects more data

    of a user on an Android device as against an

    iPhone device. Google also has capability to

    identify a user based on activities on the

    device, even if the person accesses internet

    on the chrome browser in an incognito mode.

    Google counts a large percentage of the worlds population as its direct customers, with

    multiple products leading their markets globally and many surpassing 1 billion monthly

    active users. These products are able to collect user data through a variety of techniques

    that may not be easily graspable by a general user, Schimdt wrote in the report published

    on August 15.

    A major part of Googles data collection occurs while a user is not directly engaged with

    any of its products, it s

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