Following his resignation, the Finance Ministry has appointed Joint Secretary Anup Wadhawan as Chairman of the PFRDA.
Agarwal's relationship with the finance ministry has been choppy, particularly after P Chidambaram.
The fee for fund manager will change. As of now, they get 0.0009 per cent of the funds managed by them.
People who have recovered from coronavirus infection will have to wait for up to three months before they can take a new life insurance policy, with insurers making the waiting period requirement applicable for coronavirus cases like other ailments. As a standard practice, all life and health insurance companies require people to wait for a specific period with respect to certain ailments and diseases to gauge the risk before selling a policy. This condition of waiting period for people who have recovered from coronavirus infection will be applicable only for life insurance policies.
In the fray are revenue secretary P V Bhide, transport secretary Brahm Dutt and IDBI Bank chairman Yogesh Agarwal. In addition, Devashish Gupta, a Jharkhand cadre IAS officer and West Bengal cadre officer Anil Verma were also in the contention, sources familiar with the selection process said.
The government is finalising appointment of at least nine public sector bank chiefs and a dozen executive directors who would replace them or fill existing vacancies.
After acquiring United Western Bank three years ago, IDBI Bank is now once more on the prowl for acquisitions.
State-run IDBI Bank expects interest rates, both on deposits and advances, to increase from the third quarter of the current financial year.
The retirement age for public sector bank employees is 60 years. The PFRDA chairman can serve till the age of 65. Sources said the proposal was being sent to the appointments committee of cabinet.
The bank is open to float a rights offer, subject to government approval, IDBI Chairman and Managing Director Yogesh Agarwal said in a response to a shareholder's query at its annual general meeting in Mumbai today.'We need capital to grow. Rights issue is definitely on the cards. We are hopeful of bringing the rights issue by the end of the financial year, Agarwal said.
IDBI Bank on Wednesday said it has an exposure of around Rs 300 crore (Rs 3 billion) to the Raju family-owned Maytas companies and is willing to consider any proposal for loans to Satyam Computer if the company approaches it.
Three years after IDBI became a bank, Yogesh Agarwal, bank's third chairman and managing director in as many years, is trying to put the pieces in place. After all, as he pointed out in an interview with Business Standard, the erstwhile development financial institution is grappling with a unique situation, where IDBI and the two commercial banks it acquired since 2005 offer loans at different interest rates.
"We have already obtained the licence from the Reserve Bank of India to add 200 branches by March 2009. However, the expansion was delayed for want of staff. We should be opening the new branches, which will take the tally to 700, by May this year," CMD Yogesh Agarwal said. He added that the bank's total capital adequacy ratio was 12 per cent at present and it was in talks with the government for further fund infusion.
The government-appointed Satyam board had recently said that it secured Rs 600-crore (Rs 6-billion) bank loans, which would help it fulfil its immediate fund requirements. The lender's board, which met on January 23 to take a call on the IHFL sale, had deferred the decision, citing the need for more information about prospective buyers.
State Bank of India on Thursday said that equated monthly instalments on its home loans will be tweaked shortly as interest rates have gone up by two per cent in the last one year.
State Bank of India has raised interest rates on the domestic term deposits by 0.25 to 0.50 per cent across various maturities effective from November 29.
The investigating agency is examining the documents.
Sources said Mallya has also been asked to furnish documents related to his personal finances
The CBI has shared its findings with the Enforcement Directorate.
The agency is also investigating the overall financial structure of Kingfisher Airlines.
The government has asked the Indian Banks' Association to make sure that IDBI Bank's wages are on a par with other banks.
The term of the last chairman of the pension regulator, Yogesh Agarwal, was cut short by the finance ministry in November.
India Inc on Wednesday said the Reserve Bank's move to cut interest rate by 0.50 per cent is "pro-growth" and exhorted banks to transmit the lower interest rate to borrowers to revive demand and kick-start the investment cycle.
Mallya has lived on the edge for long enough to know that his extradition from UK is not a given, says N Sundaresha Subramanian.
The sudden exit of Yogesh Agarwal as the chairman of the Pension Fund Regulatory and Development Authority, or PFRDA, has once again brought the relationship between financial sector regulators and the finance ministry into sharp focus.
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