Barring a few nuts, no one will dispute that it has done rather a good job of carrying out its remit
RBI has cited at least 10 areas where it has no control over PSBs.
If indeed the issues involved between the government and RBI are of immense public interest, why not make public the arguments of both the government and the RBI, irrespective of the outcome of the process, says Tamal Bandyopadhyay.However, the Act is silent on what happens if the governor's views differ from that of the government. If Patel does not want to budge from his stance the government can either see merit in the Governor's arguments and decide against going ahead with its plan or overrule him. My guess is that the issues raised by the government need to be sorted out not at the November 19 board meeting but between the Governor and the government, says Tamal Bandyopadhyay.
The investigation agency said during the custody, Suresh had disclosed that she had kept proceeds of the crime at the bank lockers and invested as deposits in various banks.
'How can you explain the necessity of selling an institution that has been delivering regular returns to the government, that has never asked for any capital from the government, that has invested Rs 38 lakh crores in the Indian economy and that owns 4 per cent of the market capitalisation in India?'
Members of Parliament, state legislatures, and local governments not eligible to be members of PSB boards
The interim dividend will help Narendra Modi-led government partly bridge the deficit its budget had developed after the announcement of a Rs 75,000 crore a year cash dole scheme for small farmers.
It said the searches that were launched on July 22 in nine cities like Bhopal, Indore, Delhi, Ahmedabad, Noida and some others are "continuing and further investigations are in progress."
Minister of State for Home Nityanand Rai said the legislation was not against any NGO and is an effort to maintain transparency. This amendment is in the interest of good NGOs which want to do good work in the country.
The ED on Monday also examined the state-owned bank's executive director K V Brahmaji Rao to understand how the alleged fraud was detected and other banking procedures.
'...Rs 137 lakh crores of people's money?' 'It is not the government's money, it is people's money.'
Besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have also been named as accused
The Insurance penetration in India is very low at 3.9 per cent.
The Enforcement Directorate, which continued its searches against Modi, Choksi and their companies for the fourth day on Sunday , is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act.
The assets have been attached as part of five separate orders issued by the central probe agency under the Prevention of Money Laundering Act, it said.
'The Modi government is about privatising profits and nationalising losses.'
The successful implementation of the new Act will depend on a much bigger involvement of the state through a huge new superstructure of registration, certification and supervision
'India's economic fundamentals are much too strong to be affected by his resignation,' says B S Raghavan.
Or, what will the Indian policy process allow it to be, says Ajit Balakrishnan.
Unions, which are protesting against FDI in the banking sector, are pressing for various demands.
In a 7-page letter Choksi said, he was being threatened by the individuals with whom he has business relationship and due to the seizure of his assets, his employees, customers and creditors have started to show animosity towards him.
'The temptation of governments, to have a finger in the RBI pie will be just too great to resist, unless extensive amendments are carried out in the RBI Act treating it almost as the fourth branch of the government.'
'They were the leaders of my country and the children of Mother India, but they didn't die as martyrs.' 'They were killed, most unfortunately, by a well planned enemy plot, and they were victims of political violence,' states Sudhir Bisht.
The agency has so far seized diamonds, gold jewellery and other precious stones worth Rs 5,716 crore in the case and summoned Modi and Choksi, the promoter of Gitanjali Gems, to appear before it on February 23 at its Mubai zonal office.
Two successive reports, one by Percy Mistry in 2007 and the other by Raghuram Rajan in 2008 had provided the RBI and the finance ministry with blueprints of what to do next. Both reports, unfortunately, was put on ice. The global meltdown saved the RBI. It also saved the finance ministry from having to work on the two reports.
Though the agency did not include former Sebi chief CB Bhave and ex-member KM Abraham in the case, it recommended departmental action against the two.
'If Urjit Patel had resigned after the five-state elections results people would have taken a different view. So this was the right time for him to resign.' 'He rightly resigned as he felt the differences with the government were not getting settled.'
The next edition of attachments will be carried out under sections of the Criminal Procedure Code
'NiMo having skipped, the next best bet is a high-profile banker.' 'Ms Usha happens to be in the wrong place at the wrong time.' 'Ms Usha's crime? That's as thin as it gets.'
The bench also said there was merit in ED's contention that while the "driving force behind the companies" (Modi) was not submitting to the agency's jurisdiction, his companies cannot be given any discretionary relief.
RBI has sought to stop one of its firms from disposing off assets.
It is hoped that the decision of India's apex court will send a signal to politicians and their cronies from the world of business that the rule of the law does eventually prevail, says Paranjoy Guha Thakurta.
India Inc has high hopes from the upcoming Budget.
We can hope that some of the benefits of the rural spending - on irrigation, roads, etc -- will spur rural demand and improve rural productivity, says P V Subramanyam.
We can hope that some of the benefits of the rural spending - on irrigation, roads, etc -- will spur rural demand and improve rural productivity, says P V Subramanyam.
We can hope that some of the benefits of the rural spending - on irrigation, roads, etc -- will spur rural demand and improve rural productivity, says P V Subramanyam.
'The experience so far is a shocking example of how critical scheme of national importance can be brought into disrepute by inefficient and badly designed implementation,' says Dr Madhav Godbole, the former Union home secretary.
The best investment schemes fail if they don't offer incentives to intermediaries to push investors.
'There is no difference between the earlier government and the present government.' 'They are all following the economic policy based on the Chicago School of thought.' 'This school of thought says the government should have very little role in governing the country and the majority of the work should be handed over to the private sector.' 'This has not succeeded in the US.' 'Yet, it is being tried here by people like Arvind Subramaniam, Arvind Panagariya, Urjit Patel and Raghuram Rajan.'
BJP said if voted to power, it would bring out a 'white paper' on the financial health of the state under the Congress rule.
