RBI Receives Another Bomb Threat, Email Written in Russian

Mumbai: Mumbai police were quoted by media as saying that the Reserve Bank of India received a threat letter in Russian on Friday, warning them to blow up the bank. Police further stated that an inquiry is underway into a case that was filed against an unidentified suspect at the Mata Ramabai Marg (MRA Marg) police station. On Sunday, November 17, the Reserve Bank of India (RBI) customer service department in Maharashtra also received a phoney threat call.

Recently, with an interest rate cut imminent, Sanjay Malhotra assumed leadership of the Reserve Bank of India's (RBI) Mint Street headquarters at a time when the nation's financial system and economy are generally navigating a calm phase. In contrast, when his predecessors assumed the governorship, they primarily encountered difficult circumstances.

When the country's economy was impacted by the global financial crisis brought on by the failure of Lehman Brothers, D Subbarao, who assumed the role of RBI Governor on September 5, 2008, was put through a trying time. Over a six-month period, Subbarao reduced the repo rate from 8.5–9 percent to 3.5% as the global crisis affected the Indian financial system. In order to address the problem, he also lowered the CRR and SLR, which are sums that banks must maintain with the RBI, to historically low levels.

In 2013, at a time when the economy was dealing with a multifaceted crisis of high consumer price inflation, industrial slowdown, a free fall of the rupee, and a widening current account deficit (CAD), Raghuram Rajan was compelled to unveil a bold financial sector blueprint on September 5, just hours after assuming his new role as governor of the Reserve Bank of India. After the US's taper tantrum, or reduction in quantitative easing, shook international markets once more, these steps were taken to stabilise the Indian economy.

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