Banks are expected to cut lending rates from April 1.
Jharkhand mining secretary Pooja Singhal, earlier arrested and remanded to the custody of the ED in a suspected money laundering case, was suspended by the Jharkhand government on Thursday, an official said.
Analysts assert that Vedanta Group's plan to demerge India-listed Vedanta Limited into six listed entities will not resolve the debt problem of its promoter entity, Vedanta Resources (VRL). They suggest that additional asset sales or stake sales by promoters will be necessary to repay the debt. Vedanta is already considering the divestment of its iron-steel division and its copper plant.
With the declining trend in inflation and amid reports of liquidity crunch, the Reserve Bank on Thursday announced pumping in Rs 48,000 crore (Rs 480 billion) into the system while keeping the key policy rates unchanged.
The RBI's reluctance to cut rates should be seen as a case of inability in the face of inflation.
The government is waiting for new currency to get into the system first and as and when there is near adequate circulation, the exchange facility could be withdrawn
Indian start-ups breathed a sigh of relief after the UK government facilitated the acquisition of the now-defunct Silicon Valley Bank's (SVB's) British arm by HSBC. In a bid to allay fears, the US Federal Deposit Insurance Corporation (FIDC) announced recently that it had transferred all deposits of start-up-focused SVB to a newly created bridge bank and all depositors would have access to their money. President Joe Biden also sought to reassure jittery depositors that they can have confidence that the US banking system is "safe".
SBI has announced an investment of Rs 7,250 crore in Yes Bank through the acquisition of 725 crore shares at Rs 10 each.
The I-T dept has issued 87 notices under section 24 of the said Act
Weakness in HDFC Bank's net interest margin (NIM) might have bottomed out in the July-September quarter (Q2-FY24), analysts said on Tuesday, as most of the merger-related one-time adjustments have been done. The bank, they believe, should be able to grow from here on, allowing the stock to reverse its underperformance. "The weak NIM print was not unexpected given the merger and regulatory impact caused by the incremental cash reserve ratio (ICRR; 5-10 bps for the quarter).
Violations of the act, made operational from November 1 last year, attract a heavy penalty and rigorous jail term up to seven years.
Cash-rich Central Public Sector Enterprises (CPSEs) have to either invest their surplus funds or give it to someone for investment purpose, Finance Minister P Chidambaram has said.
The department has found that Rs 100 crore were deposited in 500 Jan Dhan accounts in the banks in western Madhya Pradesh post-demonetisation.
'If the RBI now only prints Rs 100 in small denomination notes and the remaining amount is printed in Rs 500 and Rs 2,000 denominations, then by March-end the central bank can completely normalise the cash crunch situation.'
The members include senior lawyer K Parasaran, Jagatguru Shankracharya, Jyothishpeethadheeshwar Swami Vasudevanand Saraswati Ji Maharaj from Allahabad, Jagatguru Madhavacharya Swami Vishwa Prasannatheerth Ji Maharaj, Pejawar Math in Udupi, Yugpurush Paramanand Ji Maharaj from Haridwar, Swami Govinddev Giri Ji Maharaj from Pune and Vimlendra Mohan Pratap Mishra from Ayodhya.
'Nobody will wait now. Everyone will come to deposit their old notes. The confidence is shaken.'
Unions claimed that about 10 lakh staff and officers of public sector banks and some private sector banks are participating in the strike.
It is in power on its own only in three states -- Karnataka, Himachal Pradesh and Telangana -- with a big question mark on whether it can even stake claim to be head of the INDIA bloc.
The government has already implemented one of its five poll guarantees, "Shakti", by providing free services for women in public transport buses.
The agency raided several locations in Delhi and Uttar Pradesh and busted the nefarious nexus, officials said, adding that Manish Rawat, the neurosurgeon, was arrested in the early hours of Thursday.
Over 4 mn bank accounts could be dormant, suspects tax department.
The film will then get a release on December 12.
State Bank of India (SBI) may carry out a planned Rs 10,000 crore sale of infrastructure bonds in the market this week, with the securities likely to be of 15-year maturity, sources told Business Standard. SBI, the country's largest bank, had last week said its board had approved the issuance of infrastructure bonds in the current fiscal year. It, however, had not mentioned the maturity of the bonds or when the sale would take place.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
Based on the current momentum, the funds likely to be raised through the RBI's relaxed window would be $3.5 billion-$4 billion.
With the revised interest rates, the one-year fixed deposit will attract an interest rate of 6.75 per cent as against the 7 per cent earlier
RBI governor Raghuram Rajan says a cut in cash reserve ration will not at all impact lending rates.
The Aadhaar-enabled payment system, or AEPS, allows consumers who don't have smartphones or debit cards to perform basic banking transactions like cash deposit, cash withdrawal, intrabank or interbank fund transfer, balance enquiry and obtaining a mini statement through biometric authentication at micro-ATMs.
The Delhi police was directed on Monday by a local court to file a report on a complaint of a key prosecution witness in the 2008 cash-for-vote scam case that Rajya Sabha member of Parliament Amar Singh and others had threatened and kidnapped him ahead of his deposition before a Parliamentary committee.
Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, finds itself in a bind as the Directorate General of GST Intelligence (DGGI) has issued multiple Show Cause Notices (SCNs) amounting to Rs 922.6 crore. This development comes at a time when Reliance Capital is currently undergoing a debt resolution under the National Company Law Tribunal (NCLT) process in which the Hinduja group has emerged the winner. The Hinduja acquisition is currently awaiting the Supreme Court's approval after the Torrent group, the winner of the first round, challenged the second auction conducted by the lenders of Reliance Capital.
The PFI, formed in 2006 in Kerala and headquartered in Delhi, called the raids a gimmick and an attempt to divert attention from the farmers' issue.
The country's largest bank, which has about 25 per cent market share, has also decided to do away with the charges on fund transfer through mobile phones using the IMPS from August 1.
Vedanta Ltd, which is planning to restart its copper plant in Tamil Nadu, is weighing the option to sell the unit at a valuation of up to Rs 4,500 crore, banking sources have said. The company had sought expressions of interest (EoIs) for the plant in June last year but did not get a good response as the unit was shut for the last five years. "The process has now restarted with the bankers reaching out to potential bidders," said a banker.
Sources claimed that Singhal was "evasive" in her replies and hence was arrested.
Ahead of the Karnataka assembly elections, the government on Friday approved the issuance of the 26th tranche of electoral bonds that will open for sale on April 3.
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The proposed ban on cash transactions above Rs 3 lakh may hit luxury goods, jewellery sales and real estate.
The RBI was not party to the decision to demonetize 500 and 1,000-rupee notes, which was taken at the highest level of India's political leadership.
