Rajasthan is reeling under a huge financial burden with the state's debt having gone beyond Rs 5.59 lakh crores. Rajasthan has increased expenditure on education by 203.4 percent, by 105.4 percent on health, by 227.14 percent on housing. Its expenditure on social welfare schemes has increased by almost 2,475 per cent.
'The CM kept his cool, but his adviser was liberal with filthy language.' Tamal Bandyopadhyay recreates the diary of a general manager in a public sector bank, providing a glimpse of how they balance their work and life.
Mallya left the country on March 2 and has had his passport revoked.
The National Company Law Tribunal (NCLT) has reserved its order on the merger of Zee Entertainment Enterprises and with Culver Max Entertainment (earlier known as Sony Pictures Networks India). The Mumbai bench of NCLT, comprising H V Subba Rao and Madhu Sinha, reserved the order on Monday, after hearing arguments from creditors who objected to the scheme including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship. In December 2021, Zee Entertainment and Sony Pictures had agreed to merge their businesses.
ICICI's board has denied any wrongdoing, highlighting that the loan was underwritten in accordance with the bank's credit standards and was extended as part of a consortium involving over 20 banks.
UCO Bank mulls AT1 offering to raise Rs 1,000 cr.
The RBI wants to enforce more transparency in public sector banks. Manojit Saha The Apex bank wants the government t oreduce stakes in PSUs.
Banking is a boring business but still the banker should enjoy it as fancy awards and cozy relationships with politicians, Bollywood stars and corporate honchos cannot save them if the job is not done properly. In the concluding part of the series Tamal Bandyopadhyay wonders how long Kochhar would need to wait for her redemption or downfall and atonement.
A plea has been filed in the Supreme Court seeking a direction to the Centre to constitute a committee monitored by a retired apex court judge to enquire and investigate into the Hindenburg Research report which made a slew of allegations against the business conglomerate led by industrialist Gautam Adani. The fresh public interest litigation (PIL), filed by advocate Vishal Tiwari, has also sought directions to set up a special committee to oversee the sanction policy for loans of over Rs 500 crore given to big corporates. Last week, another PIL was filed in the apex court seeking prosecution of short seller Nathan Anderson of US-based firm Hindenburg Research and his associates in India and the US for allegedly exploiting innocent investors and the "artificial crashing" of Adani Group's stock value in the market.
Bankers pay a small price for their misdeeds, no matter how large the cost to their banks or to the economy at large, says TT Ram Mohan.
The incidence of corruption cases can be checked to a large extent if the suggestions already available with RBI and the government are taken seriously, says Shyamal Majumdar.
The RBI, according to the source, wants details on the procedure followed for credit appraisal by the bank while giving loans to Videocon.
Banks and housing finance firms may seek legal mortgage as well as completion guarantee clause.
ED orders Chanda Kochhar to appear with asset lists also provide income-tax returns in her individual capacity and of companies if she was a director or held any position.
The Supreme Court has agreed to hear on Friday a plea seeking a direction to the Centre to constitute a committee monitored by a retired apex court judge to inquire and investigate into the Hindenburg Research report which has made a slew of allegations against the business conglomerate led by industrialist Gautam Adani.
The finance ministry is not only keen to split the roles of CMD, but also wants to appoint them for a fixed tenure of five years.
Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
If you pledge market-linked instruments and their value plummets, you will have to provide additional collateral, points out Sanjay Kumar Singh.
Amid slowdown blues, the government has unveiled a raft of measures over the past few months aimed at improving liquidity in the system, moderating interest rates as well as credit growth apart from addressing stress in the NBFC sector.
Education finance is a complex and dynamic sector. There are too many variables -- the course, the calibre of students, the universities, and the job prospects once the course is over, notes Tamal Bandyopadhyay.
Let all the stakeholders, especially the government, remember that if the Make in India lion needs to roar and rise again, it won't happen unless India Inc rises too, points out Shekaar Subramanian.
The ED said that the investigation further revealed that there are 78 companies owned by the accused and his family members and it needed to probe whether the money went into these companies.
Market leaders in this line of business - New India Assurance and Tata AIG - have begun to reassess the premium on risk exposure of their portfolio in the director's and officer's liability business.
The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
Russia and the US are the major partners in the ISS programme, which also includes Canada, Japan and several European nations like France, Italy and Spain.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
Climate and sustainable development financing, multilateral institution reforms, regulation of digital assets, the spillover effect on developing economies from actions of western central banks, energy and food security in the backdrop of war in Europe, and sanctions on Russia and their impact on the global economy are some of the agenda items that India will take up as President of G-20, Finance Minister Nirmala Sitharaman said on Tuesday. India will take over as President of the powerful international grouping on December 1 for a year. There will be around 200 meetings throughout the country, with the summit Heads of State meeting expected to be held in New Delhi next September.
The government's step to curtail fiscal deficit is helping the central bank's monetary policy, Rajan said.
Lenders are likely to convert part of the airline's debt into 11.4 crore shares at a consideration of Re 1 apiece as per RBI norms.
Finance Minister Nirmala Sitharaman on Saturday said the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the central board of the RBI, she said it is not necessary to induce individuals to invest through government schemes but give them an opportunity to make a personal decision regarding investments. "...the way we allowed for standard deduction and also the rates which have been fixed, tax rates which have been fixed for different slabs, it has actually left more money in the hands of the people, the taxpayer, the household," she said.
Banks have reduced their base rate or the minimum lending rate in the range of 0.1-0.5 per cent till April 15.
As many as 433 borrowers have taken loans of over Rs 1,000 crore.
The Boehly-Clearlake consortium, which agreed terms to acquire Chelsea for 4.25 billion pounds ($5.33 billion) earlier this month, will take over ownership of Chelsea FC
'For years, the RBI has been warning banks on probable frauds in bank guarantees and advised them to exercise due care.' 'PSB staffers feel their jobs are secured, hence there is no need to be vigilant and exercise financial prudence.'
Bankers said the mammoth task of cleaning up the PSBs and improving their health will be a mammoth task for any chief executive.
'So far as supervision is concerned, there are enough powers but to take action on public sector banks, consultation with the government is needed.'
Kumar said the Commission will follow the time-tested methods of consultations and consensus building in bringing about any reforms and will not shy away from tough decisions, according to an Election Commission (EC) statement.
The surge in volatility across the globe sparked by Russian invasion of Ukraine has led to an increase in prices of gold and silver - considered to be safe-haven investment bets. In the past month, silver funds have delivered returns of 7.34 per cent, while gold funds on an average have risen around 6 per cent. In comparison, the benchmark Nifty has declined 4 per cent. Fund managers say precious commodities act as a good hedge against inflation and phases of geopolitical uncertainty.
'These are only passing clouds. The banking industry is a century-old industry and this is not the first time it is going through such a crisis.' 'When the economy revives, those companies that are in the infrastructure fields will also get revived.' 'After all, a lot of money has gone into creating assets like power projects and roads, so you can't say money has been wasted.'
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