R. Gurumurthy

R. Gurumurthy

Gurumurthy, ex-central banker and a Wharton alum, managed the rupee and forex reserves, government debt and played a key role in drafting India's Financial Stability Reports.

Listing, Legacy and Leverage at Tata Sons

An RBI rule has turned a chairmanship extension into a deeper contest over control, stewardship and the future architecture of India’s most influential conglomerate.

R. Gurumurthy

February 25, 2026 at 11:36 AM IST

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Banking on Perfection in an Imperfect World

Indian bank stocks trade at premium multiples, but slowing incomes, retail credit risks and margin normalisation may test that confidence soon.

R. Gurumurthy

February 24, 2026 at 6:15 AM IST

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Trump, Game Theory, and the Collapse of Credible Threats

Repeated reversals and institutional checks have eroded the credibility of Trump’s threats, turning shock strategy into predictable volatility.

R. Gurumurthy

February 23, 2026 at 5:17 AM IST

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White House

Artificial Intelligence, Human Error, and Why Accountability Still Matters

AI dazzles, markets swing and elites stumble, yet accountability still anchors civilisation in an age of noise and overreach.

R. Gurumurthy

February 19, 2026 at 2:55 PM IST

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PIB

Will Total Return Swaps Rescue India’s Corporate Bond Market?

RBI’s TRS framework promises synthetic liquidity in corporate bonds, but without deeper cash markets, derivatives may amplify fragility, not depth.

R. Gurumurthy

February 16, 2026 at 3:25 AM IST

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Bond Market-Making Needs Capital, Not Just Mandates

India wants market makers to revive corporate bond trading. Even gilts never got meaningful liquidity from mandates. Without risk capital, market-making will remain rhetoric.

R. Gurumurthy

February 12, 2026 at 7:22 AM IST

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PIB

India–US Trade Deal: Pragmatic Statecraft, Not Diplomatic Surrender

India’s US trade deal looks asymmetric on paper, but macro constraints, capital dependence and geopolitics made acceptance rational statecraft, not surrender.

R. Gurumurthy

February 11, 2026 at 3:02 AM IST

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Who Gets to Decide What Healthcare You Deserve?

Insurance

As insurers push clinical protocols and hospitals resist rigid pathways, India faces a deeper struggle over who defines medical necessity in a financialised healthcare system.

R. Gurumurthy

February 10, 2026 at 4:19 AM IST

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When Monetary Space is Spent Too Early

MPC Review

Markets are reacting less to fiscal arithmetic and more to a policy sequence that has left limited monetary room just as pressures build.

R. Gurumurthy

February 4, 2026 at 5:18 AM IST

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Currency Valuation: From Competitiveness to Coping Mechanisms

A tour of REER, FEER and BEER shows why currency valuation models often explain discomfort better than they explain exchange rates.

R. Gurumurthy

January 28, 2026 at 11:52 AM IST

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Gold Fantasies vs. Financial Reality: The Reserve Narrative That Doesn’t Add Up

Claims of gold reclaiming a 1970s-style dominance in global reserves ignore today’s monetary reality, supply constraints, and the operational limits that keep hard currencies at the system’s core.

R. Gurumurthy

January 27, 2026 at 10:51 AM IST

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Screengrab from "RBI Unlocked: Beyond the Rupee" series (JioHotstar)

Japan’s Bond Shock Isn’t a Crisis — But It May Be a Warning Shot

Japan’s bond shock isn’t a collapse, but a warning that fiscal credibility, safe assets and global rate stability can no longer be taken for granted.

R. Gurumurthy

January 21, 2026 at 3:29 PM IST

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A Budget for Capital Formation, Not Just Fiscal Bookkeeping

Budget 2026

India’s real budget challenge isn’t deficit maths but mobilising patient capital, deep savings and long-term risk-taking in a capital-scarce economy.

R. Gurumurthy

January 19, 2026 at 6:42 AM IST

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When Credit Scores Gatekeep, India Must Regulate Bureaus As Utilities

Budget 2026

Once neutral data pipes, credit bureaus now decide who gets to borrow, build or belong. India must regulate them as public utilities before exclusion hardens.

R. Gurumurthy

January 16, 2026 at 9:26 AM IST

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What the Fed Moment Reveals About America’s Malignant Normality

Why Trump was never the real anomaly, and how institutions, professionals, and elites slowly learned to treat democratic danger as routine.

R. Gurumurthy

January 12, 2026 at 8:24 AM IST

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White House

Living in Beck’s World

From climate change to financial crises and pandemics, the world today feels uncannily like the risk society Ulrich Beck warned us about decades ago.

R. Gurumurthy

January 7, 2026 at 6:23 AM IST

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Via WikiCommons

Reading RBI’s Stability Report Without the Rose Tint

Read past the prose in the RBI’s Financial Stability Report and the data tell a different story on stress tests, bond yields, NBFC risks and fiscal constraints.

R. Gurumurthy

January 5, 2026 at 2:25 AM IST

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Why India Should Stop Treating Currency Depreciation as a Growth Strategy

A weaker rupee no longer guarantees competitiveness. In today’s India, depreciation raises inflation and capital costs—turning a once-useful tool into a macroeconomic risk.

R. Gurumurthy

December 31, 2025 at 8:31 AM IST

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SME Credit: Too Political to Fail, Too Risky to Fund

Opinion

SME credit isn’t stalled for lack of schemes, but because banks are asked to lend politically and price risk commercially—an impossible mix that turns credit into entitlement and caution into policy failure.

R. Gurumurthy

December 29, 2025 at 7:36 AM IST

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The Peculiarity of Our Times

Basis Life

As wealth compounds at digital speed and markets double as moral arbiters, our age pairs dazzling innovation with deep inequality—turning abundance into spectacle and deprivation into data.

R. Gurumurthy

December 27, 2025 at 3:12 AM IST

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The Bureau

Duvvuri Subbarao on India’s Growth, Inflation Targeting and Centre–State Faultlines
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