The rate of cash withdrawals over deposits was almost double in Uttar Pradesh, Andhra Pradesh and Telangana, according to the latest analysis submitted by the RBI to the finance ministry.
The government's ambitious gold deposit scheme can succeed only if depositors are paid a higher interest rate.
Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency to political funding.
The Finance Ministry has sought comments from stakeholders.
The Bombay Stock Exchange (BSE) has reduced the membership deposit and fee requirements for new members in its cash and equity derivatives segments with immediate effect. The membership can now be obtained by paying a deposit of Rs 10 lakh instead of Rs 1 crore (Rs 10 million).
Speaking on the sidelines of an AIMA summit in Kolkata on Thursday, HDFC chairman Deepak Parekh said there was a possibility of lending rates going up, as the cost of deposits was rising.
The agreement is subject to approval by the IMF management and consideration by its executive board, which is expected in early April.
Under the proposed mechanism, the finance ministry has said banks will notify customers when someone tries to deposit money in their accounts, a government official said.
The complainant, Dr T Suresh Babu, told his car driver to put the Rs 20 lakh cash, into the ED officer's car trunk.
'Mumbai main branch (SBI headquarter) has all the data ready-made. It doesn't take even an hour to out the data from the system.'
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
All lenders, including public, private, rural and cooperative banks, have been asked to make arrangements to gather information on deposits of the Specified Bank Notes.
Recorded versions or bhajans being recited by those present at the temples were played out at around 5 am to counter the morning azaan being recited on the loudspeakers.
'Normally, the system is geared towards counting notes -- it is equipped to do x amount of work and one day you are asking them to do 20 x.' 'The processes involved are very complex.'
The Securities Appellate Tribunal (SAT) on Monday set aside the penalty imposed by Sebi on Reliance Industries Ltd's chairman Mukesh Ambani and two other entities in a case related to alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007. The ruling has come after all the entities appealed before the tribunal against the order passed by the Securities and Exchange Board of India (Sebi) in January 2021. In January 2021, Sebi imposed a Rs 25 crore fine on Reliance Industries Ltd(RIL), Rs 15 crore on Ambani, who is the company's chairman and managing director, Rs 20 crore on Navi Mumbai SEZ Pvt Ltd and Rs 10 crore on Mumbai SEZ Ltd in RPL case.
According to reports, public transport and banking services remain partly disrupted for the second day in some states.
Upaid claimed it had served requests for production of documents related to the 'now scuttled Maytas transfers on Satyam' on Friday, but now had to submit this motion to the court 'because Satyam had repeatedly resisted its efforts to depose Raju and Vadlamani in the case.' The current motion is in reply to a disparagement case that Satyam had filed against Upaid wherein the former had claimed that the payment services firm has been disparaging them in the public domain.
'The RBI is not releasing Rs 2,000 notes for the last 10 days; probably they have stopped printing it.'
Rediff readers share their Cash Crisis experiences.
The open offers for the shareholders of Ambuja Cements and ACC will begin from July 6 and close on July 19, as per a tentative schedule published by the Adani family today. With an investment of $4 billion (Rs 31,139 crore), together these two open offers might constitute the biggest open offer in corporate Indian history. The mandatory open offer for the companies was made by a Mauritius based company owned by the Adani family after they acquired a 63 per cent stake in Ambuja and 4.5 per cent in ACC from Swiss cement major, Holcim for $6.5 billion. Ambuja owns a 50 per cent stake in ACC.
Banks have reported that banknotes worth Rs 592,613 crore have been issued to the public.
P2P platforms do not have the safety net. Instead of playing the role of an intermediary, if they run their own balance sheets for safety and growth, it's a recipe for disaster, warns Tamal Bandyopadhyay.
This may free up resources for productive or lending purposes.
The Securities and Exchange Board of India is discussing a proposal to make it mandatory for brokers to collect margins from clients in the cash market. This is now practised only in the derivative segment.
Software services major Infosys Technologies on Wednesday said its cash and cash equivalents stood at over $2 billion at the end of last fiscal in spite of credit crisis worldwide.
Senior BJP leader Arun Jaitley, who was addressing a press conference in Shimla on Tuesday afternoon, demanded an investigation by a Special Investigation Team on allegations that Singh received kickbacks, and facilitated huge cash deposits in favour of his business partner Anand Chauhan.
'Proud to go down in parliamentary history as 1st person to be unethically expelled by Ethics Comm whose mandate doesn't include expulsion'
This provision is a very smart rule against fraudster and would not affect any genuine business entities or Ease of Doing Business in any manner, said a source.
Get a new QR code from an alternative provider. PhonePe, Google Pay, Pine Labs, etc are some of the other service providers.
The country's largest lender SBI on Saturday reported a 9.13 per cent rise in consolidated net profit to Rs 16,099.58 crore for the September quarter, weighed down by money it had to set aside for employees' impending wage and pension revisions. On a standalone basis, the State Bank of India (SBI) had a 8.03 per cent increase in the profit after tax for the reporting quarter at Rs 14,330 crore. However, the same was down 15.13 per cent compared to Rs 16,884 crore in the June quarter.
The Supreme Court on Tuesday said it would consider a joint request for mediation of low-cost airline SpiceJet and media baron Kalanithi Maran and his Kal Airways for amicably settling all pending disputes between them including the row over the share-transfer issue. A bench comprising Chief Justice N V Ramana and Justices J K Maheshwari and Hima Kohli was apprised by senior advocate Mukul Rohatgi, appearing for SpiceJet, that there were three pending issues between the low-cost airline and Maran and out of these, one has been settled on July 29. Initially, Rohatgi sought four to six week time for settling all the issues between the parties.
Interest rate on fixed deposits between 7-179 days has been reduced to 7 per cent from 7.5 per cent, SBI said in a statement.
The counsel of poet-activist Varavara Rao, who has been granted interim bail for six months, on Wednesday sought permission from the Bombay high court to deposit cash bonds instead of two sureties that the HC ordered as one of his bail conditions.
Jaitley said note ban has compelled people to deposit money into bank accounts.
Vatsal Ramaiya draws wisdom from the Bhagvad Gita and correlates it to how you can build a decent corpus to achieve a peaceful retirement.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
Three 'crorepati' Bharatiya Janata Party members of Legislative Assembly are among the 32 candidates who filed their nominations on Tuesday for the upcoming Delhi assembly polls.
Gold schemes are offering attractive returns to investors.
Customers who possess gold jewellery but are either being denied a personal loan or are being asked for a high interest rate due to their poor credit profile may consider a gold loan.
