Learning, practicing, reading, and writing about financial markets, economics, policies & governance.
Mumbai, India
Joined June 2009
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Amongst other things, I try & argue 1) banks don’t need funds to give loans - rather, loans create deposits 2) banks can’t lend away liquidity surpluses, or address deficits 3) banks don’t borrow/ lend clean money with RBI - lazy banking can be a misnomer. cnbctv18.com/views/how-the-b…
Ananth Narayan retweeted
RBI quietly effects another rate hike via tighter liquidity to counter crude surge and rupee fall moneycontrol.com/news/opinio… @RBI @INRBONDS @ananthng
Ananth Narayan retweeted
Never seen such dismay: Why a 36-year market veteran is warning India msn.com/en-in/money/economy/…
Ananth Narayan retweeted
What a beautiful video.
A mother and calf fell into a water tank. Both were rescued but during rescue the calf got separated from mother. Kurseong division staff brilliantly tracked the mother. It took 7 hours but they reunited them.
Reaction of mother in last !! Gods work.
Ananth Narayan retweeted
Are the RBI and MPC behind the curve on rates? Did RBI’s huge bond buying in 2025 repress yields and hurt the rupee? Hear out an excellent debate youtu.be/LQlcNxZkMbM
Ananth Narayan retweeted
UPDATE TO THIS: Got a call from HDFC. They clarified that as an individual I do not need to file EDF and the mail was an oversight, and that the payment has been credited. Cool.
So, personally, I am ok.
But I do think many of the points below are still valid:
The unnecessary burden on small exporters, the painful process, and the confusion created by inadequate communication.
The EDF (Export Declaration Form) rules are now in effect, and it seems like RBI and banks have conspired to create a new hell. Or actually 5 hells.
I consult for an American company. Raised October invoice. Received the Inward remittance. And bang! Mail from @HDFC_Bank detailing everything needed before the payment can be processed.
Let me tell you what the 5 hells are:
1. The hell of confusion – RBI clarified last month that the EDF rules do not apply to individuals. But looks like they haven’t told the banks. And CAs also don’t seem to know. There’s no official communication on who is exempt. Last I checked, I was an individual. No company, no LLP. But HDFC still wants me to file the EDF to credit my payment.
2. The hell of complexity – See the attached pic of the form the bank has sent in excel. It has 5 sheets. To be filled and submitted. Some abstruse acronyms like “AD” - no clue what it means. Some fields are mandatory. Some fields are to be filled by the bank. No idea which is what. And it needs a physical signature. Which leads to...
3. The hell of paperwork - They also sent a pdf with a bunch of request letters. I’m supposed to choose the right letter, print, sign, scan and submit. Creating more paper today is incredibly silly. And, I suppose, someone in the bank will have to upload all this somewhere. Reminds me of those hand-filled immigration forms. Pointless.
4. The hell of repetition – At least for me, most of the details are constant. One client, one payment. If it’s a one-time exercise, fine. I’ll grit my teeth and get it done. But no. These details have to be given month after month. Else… no payment will be credited.
5. The hell of unpreparedness – It would have been simple enough for RBI or HDFC to create an online portal for this. With dropdowns, saved formats, contextual help, etc. to at least make this easy. But that would be too convenient, no? So, they’ve chosen to dump the entire burden on the taxpayer.
I have no opinion or understanding of why this is needed. Maybe it is critical information. Okay! But why make the process so confusing and painful?
And poor communication has meant that the banks have just passed on the pain to the exporter, and even CAs can’t help.
Basically RBI & HDFC feel I should consult less, and comply more. Maybe my client will also agree :)
Ananth Narayan retweeted
My latest @bsindia column: “Confronting economic trade-offs.”
India has meaningful macroeconomic buffers, but difficult policy choices may lie ahead.
A few key points:
• Credibility matters. Pursuing conflicting objectives across interconnected markets, while seeming to avoid difficult trade-offs, risks undermining market confidence. Clear communication is essential.
• Let both rupee interest rates and the rupee mostly find their own levels. Rather than suppressing rates through interventions and subsidized schemes, let discretionary savings largely finance borrowings. Freer debt markets can support more stable currency markets.
• Reform domestic fixed-income taxation. Lower taxes on interest income, and parity between debt and equity funds on capital gains, can attract savings without requiring higher headline rates. Tax revenue losses may be limited.
• Remove tax barriers to foreign investment. Tax capital gains on foreign portfolio investments in listed equities and corporate bonds in investors' home jurisdictions. Higher STT for foreign investors, particularly on high-turnover derivatives, could help offset tax revenue losses.
• Consult widely on capital-market tax reforms, as financial regulators do.
The objective is not to eliminate intervention, but to reduce the extent of painful trade-offs between growth, inflation, capital flows and external balance.
bit.ly/4i8Mo2z
My latest @bsindia column: “Confronting economic trade-offs.”
India has meaningful macroeconomic buffers, but difficult policy choices may lie ahead.
A few key points:
• Credibility matters. Pursuing conflicting objectives across interconnected markets, while seeming to avoid difficult trade-offs, risks undermining market confidence. Clear communication is essential.
• Let both rupee interest rates and the rupee mostly find their own levels. Rather than suppressing rates through interventions and subsidized schemes, let discretionary savings largely finance borrowings. Freer debt markets can support more stable currency markets.
• Reform domestic fixed-income taxation. Lower taxes on interest income, and parity between debt and equity funds on capital gains, can attract savings without requiring higher headline rates. Tax revenue losses may be limited.
• Remove tax barriers to foreign investment. Tax capital gains on foreign portfolio investments in listed equities and corporate bonds in investors' home jurisdictions. Higher STT for foreign investors, particularly on high-turnover derivatives, could help offset tax revenue losses.
• Consult widely on capital-market tax reforms, as financial regulators do.
The objective is not to eliminate intervention, but to reduce the extent of painful trade-offs between growth, inflation, capital flows and external balance.
bit.ly/4i8Mo2z
Ananth Narayan retweeted
During my question to RBI Governor Sanjay Malhotra, he explained that the Consolidated Account Statement (CAS) issued by depositories will now be expanded to include bank deposit account details as well.
CAS already brings together information on stocks, mutual funds and pension investments. With bank deposit information also being integrated through the Account Aggregator framework, customers will get a far more comprehensive view of their financial holdings in one place.
RBI has also announced interoperability among NBFC-Account Aggregators, making consent-based access and sharing of financial data across institutions easier.
A significant step towards a simpler, more connected and consumer-friendly financial ecosystem.
#RBI #SanjayMalhotra #AccountAggregator #CAS #Banking #FinancialInclusion #DigitalIndia #FinTech #PersonalFinance #ConsumerFirst #ETNow
Ananth Narayan retweeted
A very important development for the account aggregator ecosystem. A huge win for the customer, as they will be able to use any AA handle to work with any financial entity.
RBI Governor's Statement, October 7, 2026 reads,
"25. First, we are allowing inter-operability among NBFC Account aggregators, enabling aggregation of financial information through all account aggregators from one account aggregator. We are also facilitating SEBI regulated depositories to include information related to deposit accounts in their consolidated account statement (CAS). The measures will be implemented by December 31, 2026. " @sahamati
rbidocs.rbi.org.in/rdocs/Pre…
Thank you @karthikrangappa & @ZerodhaVarsity for putting this together. Much enjoyed this session and the freewheeling chat that followed with @NithinSasikumar & Pranav that followed. Links here: youtu.be/pLmt5WEqrc8?si=d-FQ… and youtu.be/qyudC07oPOI?si=c92Z…
If you have the appetite to watch just 1 video on the economy, FPI situation, Indian Rupee, market valuation, and the interest rate, then do check this. @ananthng sir does an excellent job of breaking this down for us 🙏
Link below 👇
Ananth Narayan retweeted
We did it for Gsec FPIs will generally be subject to tax on their G-Sec income in their home countries, depending on their local jurisdiction's tax laws. No tax in India. WHY CANNOT WE DO THE SAME FOR EQUITY FPIs. That is norm globally @PMOIndia @FinMinIndia @NileshShah68
Ananth Narayan retweeted
If you have the appetite to watch just 1 video on the economy, FPI situation, Indian Rupee, market valuation, and the interest rate, then do check this. @ananthng sir does an excellent job of breaking this down for us 🙏
Link below 👇
Ananth Narayan retweeted
In 2002, an IIT Kanpur civil engineer working as an IES officer wrote to Prime Minister Vajpayee, exposing corruption in the $10 billion Golden Quadrilateral Corridor - India's biggest highway project.
Designed to construct 14,000 km of 4-lane expressways connecting Delhi, Mumbai, Chennai, and Kolkata, it stands as the modern bedrock of Indian infrastructure.
He left his letter to the Prime Minister's Office (PMO) unsigned. Knowing the deadly stakes, Dubey attached his credentials on a separate sheet with an explicit instruction:
"Before moving the file, please remove the attachment containing my particulars to ensure secrecy."
But the PMO did not redact that information. It forwarded his complaint down the ministry chain with his identity attached. His name reached the very people he had exposed.
One year later, on his 31st birthday, Satyendra Dubey was shot dead outside Gaya railway station by the mafia.
They called it armed robbery. His family never believed it. The men who ran the murder racket were never touched, even after a CBI probe.
His death led to the Whistleblowers Protection Act in 2014. It was never brought into force, and it still doesn't protect a whistleblower's identity to this day.
His father, a poor sugar mill clerk with 7 kids, spent his entire life’s savings to raise an honest son who went to
@IITKanpur and then joined the IES to serve the nation.
On November 27, 2003, instead of celebrating Satyendra’s 31st birthday, that old man received his son’s bullet-riddled body in a wooden box, forced to weep over the casket of a hero he spent a lifetime raising for a country that wasn't brave enough to keep him alive.
Ananth Narayan retweeted
Wife of Indian army officer wishes to have a picture with the Pakistani Rangers Soldier. He responded courteously and at the end saluted the Indian officer.
Ananth Narayan retweeted
Sorry to interrupt your Sunday, friends.
I really hesitated to write this, but if I don’t speak up today, I will be facing a severe financial crisis within a week or two.
To be clear, I am not asking for charity or financial help. I am asking for work.
I have been completely without work for the last three months. My last project ended on June 30th, and since then I have knocked on every door I know—calling, texting, meeting contacts, and following up.
People say they will try, but after that first talk, the silence takes over. Calls go unanswered or get cut after a couple of rings. I honestly don't know whether the industry is shifting because of AI or if my age (52) is working against me, but despite over 13 years of solid experience in the field, nothing has materialized.
Now, my savings are down to the very end. I can barely hold out for another week or two.
I am a professional content writer, translator, and speaker who is comfortable on stage and in front of the camera. I write and translate fluently across Gujarati, Hindi, and English, with Gujarati being my strongest suit.
Many of you already know my grasp of politics and my political writing, but I am equally adept at covering Bollywood and cricket. My priority is media houses, digital platforms, or publications, but I am open to any genuine writing or translation opportunity.
I can work remotely or take up assignments on-site anywhere in Ahmedabad and Gandhinagar, as I need to be close to my elderly mother to take care of her health.
Because my situation is urgent, I am especially looking for quick-turnaround freelance assignments or immediate projects where payments can be settled on submission.
If you or anyone in your circle has work, please reach out to me directly in my DMs.
A humble, earnest request: while I deeply value your warmth, please refrain from sending just "best wishes" or "stay strong" messages right now. I am fighting hard to stay out of a very dark headspace, and right now, only actual work leads can pull me through.
Thank you for taking the time to read this, and thank you for your support. My inbox is open. 🙏
Ananth Narayan retweeted
India's electricity shortage grew ~ 5x in Sep 2026, from what it was in Aug 2026.
With the deficit rainfall, the scenario is tough.
Ananth Narayan retweeted
🇮🇳GenZ #RoleModels
🔹Ankita, the daughter of a milkman from West Bengal, whose father struggled to send her for training on his meagre income.
🔹Kumkum, whose father makes packaging for sweet boxes, grew up in Amravati, Maharashtra.
🔹Kirti, from Haryana, whose father took a ₹60,000 loan to buy her first bow.
They stunned South Korea 5-3 to win the women's team recurve archery gold,ending Korea's 7-title reign 🇮🇳🥇
#AsianGames #Archery #Gold
