The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
After the Congress' shock defeat in Haryana, the opposition Indian National Developmental Inclusive Alliance (INDIA) parties flexed their muscles on Wednesday, accusing the grand old party of ignoring them.
'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
"I would like to resign as an independent director of the bank with effect from January 27, 2020. Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was -- in the interest of propriety and corporate governance -- only appropriate that I stepped down from this role," Bansal said in his resignation letter, which was disclosed by Ujjivan SFB in the regulatory filing.
Customers of stressed Punjab & Maharashtra Co-Operative Bank (PMC Bank) will not get up to Rs 5 lakh insurance cover in the first lot as the multi-state co-operative bank is under the resolution process. Deposit Insurance and Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For the first lot, the mandatory 90 days period concludes on November 30.
Private sector lenders have been communicating to their customers about their strong capital positions but it has not put depositors at ease.
'It showed me that this man had courage. He makes his own decisions, but he also trusted me enough in that moment to walk with me into the crowd,' Modi tells Lex Fridman on his podcast.
If the policy is extended to NBFCs and co-operative banks, they will have to disclose divergence in asset classification and provisioning during RBI inspections in their audited financial reports. Till now, these entities have been exempted from this. At present, there are more than 98,000 co-operative banks and 10,000 NBFCs. Sources said the RBI would concentrate on the top 50 co-operative banks and NBFCs.
PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
This year, at least eight public sector banks are set to scrap their existing Bancassurance tie-ups with insurers. They are: Bank of India, Union Bank, Karnataka Bank, Allahabad Bank, Indian Overseas Bank, Bank of Maharashtra and Federal Bank.
'...to think apna time aa gaya after the 2024 election.'
Private equity (PE) is set to play a bigger role in banks. Of 21 recommendations accepted by the Reserve Bank of India (RBI) out of 31 made by its Internal Working Group (IWG), its stance on non-promoter holdings in private banks is seen with excitement, though it doesn't refer to PEs explicitly. On non-promoter holdings in these banks, the RBI said this will be capped at 10 per cent of the paid-up voting equity share capital in the case "of natural persons and non-financial institutions and entities"; and "at 15 per cent for all categories of financial institutions, entities, supranational institutions, public sector undertaking, or the government." While this is a modification of the IWG's stance for the non-promoter holding in banks at up to 15 per cent, it does open up a huge window for PEs, all the same. This is because, while the RBI has remained silent on the eligibility of industrial houses for bank licences, fresh high-quality capital in large amounts can only come from PEs.
'What is critical today in India is confidence of depositors.' 'If you have these kinds of problems spreading like this, the confidence level of a lot of people in the system gets shaken.'
Tomato prices have been on the boil for more than a month. Data from major cities show that the spike has been between 125 and 150 per cent at the wholesale level. Soaring vegetable prices, including tomatoes, pushed the retail inflation rate to a nine-month high of 5.49 per cent in September, according to government data. Though reports say prices are expected to come down in the next few weeks after supplies improve from Madhya Pradesh and Himachal Pradesh, how long will the respite last is anybody's guess.
After removing three PSBs - BoI, Mahabank and OBC from the framework, RBI, on Tuesday, took out three commercial banks - Allahabad, Corporation and Dhanlaxmi from the said list.
Here's your travel guide to exploring some of India's most beautiful villages.
The NCP leader defeated his cousin Pankaja Munde of the BJP in the just-concluded assembly elections from Parli in Beed district of central Maharashtra.
The Bombay high court on Sunday dismissed a public interest litigation (PIL) filed by four students against the Maharashtra government's decision declaring a public holiday on January 22, on the occasion of the Ram temple consecration ceremony in Ayodhya.
'Peninsular Indians could ask 'Why should we contribute half of India's tax revenues if we account for only a quarter of the seats in the Lok Sabha?'.' 'The rest of the country seems likely to counter that 'democracy means one vote per person irrespective of where that person resides in India'.' 'With no easy answers to this thorny debate, the south's economic ascendancy could end up creating a Hobson's choice.' A revealing excerpt from Nandita Rajhansa and Saurabh Mukherjea's book, Behold the Leviathan: The Unusual Rise of Modern India.
While this will incur a revenue loss amounting to 0.2 per cent of GDP, it will provide a strong boost to consumer sentiment and spending, points out Rajani Sinha.
'Modi wants to reverse everything Nehru did, but is shy of touching his daughter's most unwise policies.' 'There is no example of this more stark than bank nationalisation,' says Shekhar Gupta.
The BJP coined a new word for AAP, 'Aapda (crisis)', which Modi repeated constantly during the election campaign to show how Delhi residents's lives had become miserable under AAP's 11-year rule.
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With new private banks in the play, the going could become more difficult for the old-school state-run banks, already losing business and market position, forcing them to think hard towards consolidating and forming larger entities to garner big-ticket deals.
The interest offered is mostly 0.5 to 1 per cent more than what other banks offer. Moreover, customer service and long-term association spanning generations are also other reasons for the popularity.
In the aftermath of the PMC Bank mess which was in the RBI's highest rating of 'A' category, trustworthiness of these ratings may be up for a review.
Oriental Bank of Commerce will open two regional offices this week, including one in Bhubneswar as the bank focuses on eastern India to grow organically. "We will inaugurate the regional office in Bhubaneswar on December 9," a top OBC official told P
Shah alleged that Congress was "hell-bent on snatching reservations from OBCs, tribals and Dalits and "planned to give it to minorities".
The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Punjab and Sind Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India.
The TMC-led West Bengal government has already started laying the groundwork for the election, setting the tone with the recent Bengal Global Business Summit and the state Budget.
The Deposit Insurance and Credit Guarantee Corporation (DICGC) will pay the depositors of 21 stressed cooperative banks, including the Punjab & Maharashtra Co-Operative Bank (PMC Bank), up to Rs 5 lakh within 90 days. The Reserve Bank of India (RBI) had imposed restrictions on the withdrawal of deposits from these banks. Of the 21 banks, 11 are from Maharashtra, five from Karnataka, and one each from Uttar Pradesh, Kerala, Rajasthan, Madhya Pradesh, and Punjab.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
Union Home Minister Amit Shah on Wednesday asserted that Article 370, which granted special status to Jammu and Kashmir, will not be restored even if Congress stalwart and late PM Indira Gandhi comes down from heaven.
The decision assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the Reserve Bank of India.
'I wonder if they will keep it up after the elections.' 'I fear they'll start questioning eligibility -- income, age, bank accounts -- and eventually stop the scheme altogether.'
Former RBI governors Urjit Patel and Raghuram Rajan have also expressed worry about the Mudra scheme, particularly government's target-setting practice and the rising bad loans.
Individual banks should break away from the industry pact and have their own settlements with the unions, recommends Tamal Bandyopadhyay.
The Supreme Court on Friday stayed the Bombay high court order directing sale of bankrupt Housing Development and Infrastructure Ltd (HDIL) to ensure the repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank. A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against the Bombay high court order.
'Women' as a political constituency appears to be an idea that has come of age. It is changing India in ways that we only dimly understand, asserts Aditi Phadnis.
Prime Minister Narendra Modi on Thursday mocked Shiv Sena (UBT) chief Uddhav Thackeray for "handing over the remote control" of the party to the Congress as he took poll battle to Mumbai with less than a week left for voting in Maharashtra.
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