Nothing has ever been done to make bank officers accountable, except for the rare actions when there is a public controversy, argues Debashis Basu.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.
Missing the deadline for filing Income Tax returns can lead to consequences.
The "opaque" electoral bonds scheme for funding political parties will "destroy democracy" as it promotes corruption and does not allow a level playing field between the ruling and opposition parties, the petitioners challenging the validity of the scheme told the Supreme Court, which on Tuesday observed election funding was a "complicated issue".
All India Jet Airways' Officers and Staff Association on Thursday said it has filed an appeal before the NCLAT against Jalan-Kalrock consortium's resolution plan for the airline. In October 2020, the airline's Committee of Creditors (CoC) approved the resolution plan submitted by the consortium of the UK's Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan. The plan was later cleared by the Mumbai bench of the National Company Law Tribunal (NCLT).
'What the RBI is doing is trying to catch the mouse when they have to catch the tiger.'
Exuding confidence in sustaining the tempo of credit growth, public sector bankers said on Wednesday that consolidation in the public sector bank (PSB) space has given them a robust base to scale. The privatisation of PSBs can be done through divestment of government stake to a wider base of investors without haste. There is nothing to worry about at this point (high credit offtake) as underwriting standards and risk management are much better.
Investments by private equity and venture capital funds declined by 44 per cent to $3.7 billion in February compared to the same period a year ago, a report said on Monday. The bets by the long-term investors were 13 per cent lower when compared to the investments in the preceding month of January, the report by industry lobby Indian Venture and Alternate Capital Association and consultancy firm EY, said. "...rising global recession concerns, increasing cost of capital and mismatch in valuation expectations between sellers and investors are turning out to be major impediments in the deployment of capital," EY's partner Vivek Soni said.
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
While some states like Kerala and Telangana were badly hit by the strike, the impact was partial in Punjab, Haryana and Maharashtra
'EV-charging is the next big opportunity after fuelling'
United Forum of Bank Unions, apex union of bank employees, claimed that over 10 lakh employees and officers are observing strike to press their demands.
State Bank of India will merge its seven associate banks in the next two years to form a consolidated "mega" banking entity, A K Purwar, chairman, SBI said on Thursday.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
Banks, including country's largest lender State Bank of India, have informed the customers well in advance about the likely inconvenience due to strike.
Mundra fills the vacancy created by the retirement of KC Chakrabarty in April, two months before his five-year tenure was come to an end.
The entire operation was meant to have a chilling effect on independent journalists, those not completely subservient to the regime, the small section still doing what the Fourth Estate should do -- raising questions to those in power.
As per norms, sanction for prosecution of government employees accused of corruption has to be given within four months' stipulated time.
A section of the public sector banking employees will go on two-day all-India strike from Wednesday to protest against financial sector reforms and outsourcing of jobs.
Proceeds of the crime had been siphoned off and laundered or concealed, or layered and integrated into the main financial system through the acquisition of properties. His wife Bindu Kapoor has been charged with being aware of the source of monies that were being routed through these companies.
Micro-finance institutions (MFIs) are planning to take legal action against YES Bank's move to recall a part of its loans to them.
A five-judge Constitution bench headed by Justice Sanjay Kishan Kaul, in a unanimous verdict, ruled that its 2014 verdict, which had struck down a provision of the Delhi Special Police Establishment (DSPE) Act, 1946 providing immunity to such officers in graft cases, will have retrospective effect.
Financial institutions are 300 times more vulnerable to cyberattacks than any other industry.
'Every time a new tech comes in, there are a set of people who will predict that this will be the end of Indian IT and every time the Indian IT industry and overall technology providers have proven to be resilient.'
Post graduate colleges are aggressively tying up with banks to introduce banking courses.
'Keeravaaniji doesn't work in isolation.' 'He responds to stories, situations and the emotional core of a film.' 'That's why his tunes are so different.' 'Unchiseled emotional masterpieces.'
The first tranche of sovereign gold bond for 2022-23 will open for subscription for five days from June 20, the Reserve Bank of India said on Thursday.
The unions also suggested banks can extend special and exclusive loans to the airline to pay the salary dues or some subsistence payments to them against proper collateral.
Police FIR reveals the bank had replaced 44 loan accounts of HDIL with 21,049 fictitious loan accounts. These 21,049 were actually not created in the core banking solution of the bank, but were mere entities in the advances master indent submitted to RBI for conducting its inspection for the year ended March 2018.
The Securities and Exchange Board of India (Sebi) has proposed measures mandating daily upstreaming of all investor funds from stockbrokers to clearing corporations (CCs). The step, aimed at reducing risk on client funds, will further deplete brokers' revenues as they will lose interest income with transfers being done daily. At present, stockbrokers convert the surplus funds into bank guarantees (BG) or fixed deposit (FD) receipts which earns them extra income.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
'Let them put their house in order first.' 'Let the RBI first rectify themselves.'
'Continue with your SIPs to get the benefit of lower average prices in this challenging market environment.'
The meeting is expected to chart a road map for cleaning up their balance sheets and boost credit flows, reports Somesh Jha.
Even though staff below the officers rank is not participating in the strike, but activity in the country's largest lender and its associate banks will be affected.
'Whether the Hindu voter will vote for us or not, we can't say, can we?'
The state authorities had on Saturday suspended the internet and SMS services till Sunday noon.
Retail inflation declined to an 18-month low of 4.7 per cent in April mainly due to falling prices of vegetables, oils and fats, and came closer to Reserve Bank's target of 4 per cent, showed government data released Friday. It was for the second month in a row that Consumer Price Index (CPI) based inflation remained within the RBI's comfort zone of below 6 per cent. The government has tasked the central bank to ensure retail inflation remains at 4 per cent with a margin of 2 per cent on either side.
Loan rates will change at the next reset, while deposit rates will continue till maturity.
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