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.

The Curry Leaf Crisis: When Even a Garnish Needs a Pedigree

Basis Life

A Mysuru vendor’s “naati” curry leaves turn a routine purchase into a wry reflection on authenticity, branding, and the real price of reassurance.

R. Gurumurthy

July 11, 2026 at 6:57 AM IST

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The Magellan Paradox Comes to India

SIPs are a powerful investing tool. But when human psychology, regulatory constraints and market structure collide, disciplined investing can become far less rewarding than the advertisements promise.

R. Gurumurthy

July 7, 2026 at 11:01 AM IST

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RBI Fears the Crypto Risk, Parliament Sees the Future

India’s crypto debate is not really about Bitcoin replacing the rupee. It is about whether a country can protect financial stability without missing the next transformation in finance.

R. Gurumurthy

July 4, 2026 at 9:29 AM IST

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Reading Between the Charts: What RBI's Financial Stability Report Really Says

The RBI's Financial Stability Report reassures on the surface. Its charts, however, reveal a more complex story of policy, markets and risk.

R. Gurumurthy

July 2, 2026 at 7:07 AM IST

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Your Dopamine Order Is Out for Delivery

A Korean website where imaginary meals never arrive reveals a deeper truth: anticipation, not consumption, has become the modern economy's currency.

R. Gurumurthy

June 28, 2026 at 12:47 PM IST

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AI Generated

When Too Many Board Seats Become a Corporate Governance Problem 

Board limits mean little if directors can accumulate endless advisory roles. Good governance depends on engagement, not the number of prestigious names. 

R. Gurumurthy

June 25, 2026 at 6:43 AM IST

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The Maestro, Warsh and the Dangerous Illusion of Forward Guidance

As Kevin Warsh questions forward guidance, Alan Greenspan’s legacy revives a central banking truth: credibility comes from honesty about uncertainty.

R. Gurumurthy

June 24, 2026 at 3:19 AM IST

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US Fed

Can the Rupee Go Global Without Leaving Home?

India wants a more international rupee, yet remains cautious about letting it circulate abroad. Can a global currency stay at home?

R. Gurumurthy

June 19, 2026 at 6:28 AM IST

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Two Chairs, One Question in Banking Governance

Separate roles do not guarantee better governance. Banking oversight ultimately depends on independent judgement, competence and the willingness to challenge.

R. Gurumurthy

June 18, 2026 at 5:00 AM IST

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When Vedanta Meets Wall Street’s Trillion-Dollar Valuations

Trillion-dollar valuations have turned markets metaphysical. Vedanta may explain price, value, and belief better than spreadsheets.

R. Gurumurthy

June 17, 2026 at 5:56 AM IST

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RBI Balance Sheet Shows a Tighter Government Embrace

Opinion

RBI’s record surplus points to a deeper shift, with its balance sheet increasingly tied to government debt and fiscal expectations.

R. Gurumurthy

June 1, 2026 at 12:04 PM IST

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India's Problem Is Not the Storm; It is the Lull Before

External shocks will come and go. The real test of an economy is whether its institutions, productivity and competitiveness are strong enough to withstand them.

R. Gurumurthy

May 29, 2026 at 4:15 AM IST

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The Trishanku Bonds: Suspended Between Debt and Equity

AT1 bonds were meant to spare taxpayers by making investors absorb bank losses, but in crises they often become the selective sacrifice layer.

R. Gurumurthy

May 25, 2026 at 6:19 AM IST

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The RBI’s Overnight Triumph and India’s Term Market Problem

RBI may have largely stabilised overnight rates, but fragmented term funding markets continue to weaken monetary transmission across India’s broader financial system.

R. Gurumurthy

May 18, 2026 at 3:53 AM IST

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Japan’s 1973 Oil Shock Austerity Holds an Uncomfortable Lesson for India

Japan reengineered its economy with the 1973 austerity. But India is simultaneously a consumption story, a welfare state, and an aspirational society. Can austerity coexist with electoral welfare schemes?

R. Gurumurthy

May 13, 2026 at 7:20 AM IST

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Powell, Power, and the Cost of Credibility

Jerome Powell’s restraint under sustained political pressure shows that central banking credibility is shaped as much by conduct as by policy.

R. Gurumurthy

April 30, 2026 at 10:26 AM IST

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White House

India’s Market Rally Masks Rupee Stress and a Deeper Policy Drift

Opinion

Equity exuberance is obscuring currency weakness and rising external risks, as policy complacency risks amplifying shocks in an already fragile global setting.

R. Gurumurthy

April 29, 2026 at 6:16 AM IST

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RBI’s Crowded Messaging Risks Diluting Policy Signal

Bundled announcements blur the RBI’s policy signal. A separate financial stability policy and a tighter, single-voice format could restore clarity.

R. Gurumurthy

April 13, 2026 at 4:46 AM IST

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Term Money, Vague Intent

Monetary Policy

RBI’s move to open the term money market widens access, but its effectiveness will depend on design and regulatory clarity aligning with its objectives.

R. Gurumurthy

April 10, 2026 at 3:27 AM IST

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Accounting By Asterisk

Banks seek to defer MTM losses as yields rise, but masking volatility risks weakening discipline and blurring the line between transparency and regulatory convenience.

R. Gurumurthy

April 6, 2026 at 1:41 PM IST

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The Bureau

Flawed Design, Poor Planning Make Extreme Heat Conditions Worse For Indian Cities
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The Foster Mother of Lodhi Garden
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Shyam Sundar Sharma