The government has found about 900,000 beneficiaries of its flagship job formalisation scheme, the PMRPY, were ineligible in the first place as they were part of the formal economy even before the inception of the scheme. The EPFO has also recovered Rs 222 crore so far from the employers concerned.
Nominating Das, the Banker magazine, which announced the award, said India's banks have faced a series of challenges, from non-performing loans to issues around fraud. Faced with these challenges, Shaktikanta Das has taken steps to bring banking in India up to standard via a restrained approach to governance.
'The banks cannot pass on the hike in premiums to its customers, according to the norms. The premium won't go up substantially in any case and may be hiked to 12-13 paise (per deposit of Rs 100 a year),' Finance Secretary Rajiv Kumar said.
This demand comes at a time when the government is falling short of its revenue targets due to dwindling tax and low disinvestment receipts. It could account for the dividend in the upcoming Union Budget on February 1. RBI is, however, yet to take a final call on the government's demand and might decide on this at its central board meeting scheduled for February 15 in New Delhi.
Such minutes will be available within two weeks from the date of its confirmation in the next meeting of the central board and on being signed by the chairman in the same meeting, the RBI said in a statement on its website.
The banking regulator is seeking an early exit mechanism for private banks under Prompt Corrective Action.
Patra, as executive director of the central bank, was the principal advisor to the Monetary Policy Department since July 2012.
Uttam Prakash Agarwal alleged that Citax and Braich offers were incomplete and did not include firm commitment as to the price, size, timings, confirmation from the banks about availability of the funds.
This comes against the backdrop of instances of indicative ratings given by agencies, for which there are no written agreements.
C P Chandrasekhar, who has served on key statistical panels in the past both as a chairman and member, said he was present in the campus when the ruckus broke out on Sunday and found the incident "disturbing" and "unprecedented", and that it further undermined the faith in the system. Somesh Jha reports.
The net NPA ratio declined to 3.7 per cent in September 2019 from just below 4 per cent in March 2019, reflecting increased provisioning.
This, said Sitharaman, would remove the possibility of unauthorised communication "and consequent harassment", which was a cause of concern for bankers.
Thanks to the recapitalisation by the government and measures taken by the central bank, collapse of any large housing finance company won't pose as big a risk as it had six months ago.
RTGS is used to transfer large sums, the minimum amount being Rs 2 lakh. This mode is used primarily to facilitate trade and market transactions. The primary beneficiary would be the capital markets.
Banks will also consider requests from MSMEs for restructuring their stressed standard assets. So far, only 25 per cent of the around 1 million eligible MSMEs have taken benefit of the RBI's special dispensation.
Gig workers are usually spoken of in the context of the sharing economy, like Uber, Ola drivers, delivery persons for Zomato and Swiggy and so on. This is the first time such workers will be covered under India's social security law.
Only 48.3 per cent of the rural households used LPG, while the figures were much higher in urban areas at 86.6 per cent, according to a NSO report.
The government's decision to release the reports comes two days after over 200 scholars from across the globe issued a statement demanding release of all withheld reports produced by the NSO, including the household consumer expenditure survey that was junked.
Experts said a dip in consumption expenditure indicated an increasing prevalence of poverty in the country.
Sitharaman said the Bill has proposed giving a legal framework for fixed-term employment through which contract workers serving a fixed-tenure will get equal statutory social security benefits as regular workers in the same unit.
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