'One way of doing this could be offering credit guarantee to the banks, say 10 per cent, for fresh loans given to micro, small and medium enterprises,' observes Tamal Bandyopadhyay.
In order to offer a level playing field to co-operative banks, the Reserve Bank of India (RBI) may allow them to use new products for raising funds from the debt market. The co-operative banks could come out with subordinate debt structures like tier-II bonds, tier-III bonds and upper tier-II or perpetual bonds to raise finance.
Let's wait for the monetary policy on February 8 -- to see how it complements the fiscal commitments, points out Tamal Bandyopadhyay.
The RBI's Monetary Policy Committee brainstormed the impact of any future shocks on the inflation trajectory and stressed monitoring the cumulative effect of monetary policy actions over the past one year, which is still unfolding, revealed minutes of the rate-setting panel released on Thursday. The minutes of the meeting of the Monetary Policy Committee (MPC), headed by Reserve Bank Governor Shaktikanta Das, also indicated it would be premature to declare an end to the monetary tightening cycle, which started in May 2022 to check high inflation following the outbreak of the Russia-Ukraine war. The central bank, which effected six back-to-back hikes in the key short-term lending rate (repo) since May 2022 to check high inflation, decided to take a pause early this month.
'Such big falls are quite frequent these days, so do not try to time this market.' 'Use big dips to accumulate quality stocks.'
Modi was honoured with the 'Order of Zayed', the UAE's highest civilian award, in 2019 as a mark of appreciation for his efforts to boost bilateral ties between the two nations.
Enthused by higher than expected GDP numbers in the fourth quarter of 2022-23, Chief Economic Adviser (CEA) V Anantha Nageswaran on Wednesday said India's economic growth may exceed the initial estimate of 6.5 per cent in the current fiscal and the country can look for another year of solid economic performance.
Kalam has asked banks to create and nurture five rural development projects similar to bio-fuel project so as to create additional employment for at least 10 million youth.
The decision, taken at a Cabinet meeting, will help lenders provide farmers short-term crop loan at 7 per cent interest.
"This is in addition to the 600 supervisory officers, who were interviewed last year and would be joining us in the next two months," said managing director Renu Challu.
The bank will have around 501 branches.
Attributing to three studies on agriculture, energy and migration, the ADB said on Wednesday the impacts of rising temperatures in Asia would fall disproportionately on the region's poor, and rural women from developing countries would be among the most affected groups.
The ED slapped criminal charges of money laundering on the basis of the Mumbai Police FIR that was filed in August this year, which itself was filed on the basis of a similar complaint by the state economic offences wing.
Bandhan Bank is the first bank to be launched in eastern India post Independence.
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
Even as the World Bank has revised India's growth figures by 0.4 percentage points as compared to its January forecast, India remains the fastest growing major economy in the world, the World Bank officials said.
Economist Abhijit Sen, a former Planning Commission member and one of the country's foremost experts on rural economy, died on Monday night. He was 72.
Shobha Warrier/Rediff.com travels to Pullampara to discover how it became India's first digital literate village.
Retail inflation dropped marginally to 7.01 per cent in June mainly due to slight easing in prices of vegetables and pulses, though it still remained above the Reserve Bank's comfort level for the sixth month in a row. The consumer price index (CPI) based inflation stood at 7.04 per cent in the preceding month of May and 6.26 per cent in June 2021. Inflation in the food basket in June 2022 was 7.75 per cent, compared to 7.97 per cent in the previous month, as per the National Statistical Office (NSO) data released on Tuesday.
SBI had a tough journey in the last 40 years.
Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday as the euphoria about the Budget fizzled out, with investors going for profit-taking ahead of the Fed interest rate decision. The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to settle at 59,708.08 after it trimmed most of the intra-day gains. During the day, it had zoomed 1,223.54 points or 2 per cent to 60,773.44.
Finance Minister Nirmala Sitharaman on Thursday said inflation management cannot be "singularly" left to the monetary policy as a majority of activities are outside its purview in the current context. Speaking at a seminar organised by economic think-tank Icrier, the finance minister said that both the fiscal policy and the monetary policy have to work together to contain inflation. Consumer price index (CPI) based inflation or retail inflation is ruling above the Reserve Bank's comfort level of 6 per cent since January.
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
The Bharatiya Janata Party regime will have to make good on this election slogan to restore state-owned banks to health, says Rajiv Lall.
'The Insolvency and Bankruptcy Code is neither beneficial to banks nor helpful for the borrower.' 'Genuine people who are caught in economic stagnation will lose everything and thousands will lose jobs.'
The RBI Governor also reiterated his reservation against repeated loan waivers by various state governments, saying the move distorts credit pricing, thereby also disrupting the credit market.
The government has asked the Indian Banks' Association to make sure that IDBI Bank's wages are on a par with other banks.
Pulbic banks have no reason to cheer Budget announcement.
Successful demonetisation will help in raising revenues on sustained basis as more and more people will come under the tax net, says a World Bank report.
"President of Sri Lanka Gotabaya Rajapaksa is still in the country, I made a mistake in the (BBC) interview," Speaker Abeywardena told ANI in a telephone call.
The Asian Development Bank too had projected Indian's economic growth for current fiscal at 7.4 per cent.
On the implementation of the old pension scheme, Baghel said Rajasthan and Chhattisgarh have written to the Central government to return the people's money with the National Pension System to implement the old pension scheme, but they refused.
Analysts say there is still no visibility of earnings improvement.
The idea of three capitals has not been abandoned, even as the state lurches from financial crisis to crisis.
'According to CMIE data, employment in manufacturing saw a reduction from 51 million in the country in 2016 to 27 million in 2021. 'That is, it has halved in just 5 years. 'At the same time, the national lockdown resulted in reverse migration to rural areas, and an increase in the number of workers in agriculture. 'It also means joblessness has increased in agriculture because there are too many workers; the number of workers went up from 200 million to 232 million.'
The ministry of external affairs said Foreign Secretary Harsh Vardhan Shringla told the envoy that discussions in the British Parliament on India's agri reforms represented a gross interference in politics of another democratic country.
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