Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
Shankar Prajapati, a 57-year-old potter in Dharavi, has given up hope of getting a bigger house for his family. He lives cheek by jowl in a hutment measuring 200 square (sq.) feet (ft) in the nondescript shanty town. "We have surrendered to our fate. We cannot wait forever for better accommodation. "Perhaps we are not meant to dream big," despairs Prajapati. Raju Korde, president, Dharavi Redevelopment Committee, and a local resident, agrees with Prajapati.
The Index of Industrial Production (IIP) grew by 1.4 per cent in November as most components like manufacturing, electricity, mining, primary goods, and consumer durables witnessed a slowdown, according to data released by the National Statistical Office (NSO) on Wednesday. This is on the base of a decline of 1.7 per cent in November 2020 and before the new Covid variant started impacting economic activity. IIP growth was lower than the 4 per cent expansion recorded in the previous month but was better than a 1.6 per cent contraction seen in November 2020. Separately, rising prices of kitchen staples pushed retail inflation, or rate of price increase, to 5.59 per cent in December 2021, bringing it close to the upper band of Reserve Bank's comfort zone.
As per the bank sources, senior-most MDs -- A Krishna kumar and Hemant Contractor -- are part of the committee.
Amitabh Chaudhry, who will now head the merged entity, will manage assets under management of about Rs 1.10 lakh crore and an employee base of 23,620 after the completion of the deal
'We get to know secrets such as some of India's top-rated firms do not always make payments when due and many State-owned, listed, enterprises that borrow in bond markets default regularly.' 'Without naming the bank, he says that ever-greening of poor loans by a part of India's shadow banking lay at the doorstep of India's banking, notably 'one private bank'.' Viral Acharya's Quest for Restoring Financial Stability in India won't be music to many ears, observes Tamal Bandyopadhyay.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
Ajay Banga is one of the nine members of the Commission on Enhancing National Cyber Security.
As the petition points out, new medical colleges entail adjunct government hospitals, thus making specialised medical care that much more accessible to the vast majority of population that otherwise could not afford high-cost medical care in the private sector, N Sathiya Moorthy points out.
A parliamentary panel on Friday opposed the new bank licences to corporate houses and voiced concerns over the discretionary power vested with RBI for applying 'fit and proper' criteria for deciding on applications.
AIBEA said that on April 19 its officer bearers would meet in Punjab to decide the next course of action.
'Most importantly, marking a departure from the past, the RBI has made it clear that it is not overtly worried about the level of the local currency,' notes Tamal Bandyopadhyay.
The finance minister asked lenders to identify eligible borrowers and reach out to them and urged for quick implementation of a sustained resolution plan for the revival of every viable business.
GIFT is a financial centre almost entirely devoid of bankers and, indeed, of people.
The issue of lynchings resonated in the Rajya Sabha; while in the Lok Sabha, the Opposition accused the government of not being sensitive towards farmers' issues.
Thackeray said lockdown has been partially eased because economic activities need to continue as 'now we have to learn to live with the virus'.
The RBI working group's proposal to allow corporate houses to set up banks is a "bombshell" and at this juncture, it is more important to stick to the tried and tested limits on involvement of business houses in the banking sector, according to an article jointly written by former RBI Governor Raghuram Rajan and ex-Deputy Governor Viral Acharya. They also said that the proposal is "best left on the shelf".
After Chanda and Deepak Kochchar, the Kudvas are the second power couple in the financial world to come under the regulatory glare.
Since becoming the president of the UAE, Sheikh Khalifa has presided over a major restructuring of both the Federal Government and the government of Abu Dhabi.
The finance ministry is not only keen to split the roles of CMD, but also wants to appoint them for a fixed tenure of five years.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
Issuance of new bank licences proves that the apex bank wants the financial sector to flourish.
While passing the scrutiny of courts is a tough challenge, with eight proposed amendments to the insolvency law, the government has sought to turn the focus back on at least some of the functions of the bankruptcy law.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices gained 0.5% and 0.4%, respectively.
'Clearly, the depositors of cooperative banks need the maximum protection.'
The move came after Prime Minister Narendra Modi told chief ministers of the seven worst affected states on Wednesday that his government has increased the states' limit to spend the SDRF to boost infrastructure to fight the pandemic.
Vijay Mallya, facing a case of loan default of over Rs 9,400 crore, on Monday resigned from Rajya Sabha.
'Government shouldn't be in the business of running airlines, instead it should develop the ecosystem of civil aviation.'
As corporate India prepares to put its house in order, the transition raises concerns
British Prime Minister Boris Johnson led the tributes with UK Chancellor Rishi Sunak at 10 Downing Street for the National Health Service (NHS) and other key workers across care homes and public transport at 11 am local time. So far 82 NHS staff are known to have died after testing positive for the coronavirus, including many with their roots in India.
One Raj Shah has been the top Indian American in the Obama administration; the other Raj Shah is poised to play a key role in the Trump administration.
Even Delhi does not have a full-time registrar of chits.
Many in the US establishment must hope that the crisis would put the brakes on China's growing military might. Well, it ain't gonna happen, says T T Ram Mohan, who was appointed a member of the prime minister's economic advisory council on Wednesday, October 28, 2021.
Given the sharp differences that the Democratic and Republican lawmakers and the White House has on various aspects of immigration reform including H-1B, the Congressional passage of the bill and its becoming a law as of now appears to be a tall order.
Liquor baron Vijay Mallya, facing a case of loan default of over Rs 9,400 crore, is all set to be expelled from the Rajya Sabha as Chairman Hamid Ansari on Tuesday turned down his resignation on procedural grounds.
'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
The government of India holds 24.5 per cent stake in GSTN while states together hold another 24.5 per cent
The panel might also decide on a new chairman.
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