To tackle increasing demand, the Union Ministry of Power has urged central and state public-sector power-generating companies (gencos) and state power and energy departments to pick projects that are undergoing insolvency proceedings. The power ministry is looking at a quicker turnaround of these stressed power plants and enhancing power supply. Increasing demand is pushing states to scout for more power sources. "It is requested that state-owned gencos may be encouraged to participate in the corporate insolvency resolution process (CIRP) of stressed power assets, which are of strategic and commercial significance to the capacity addition plans of the states concerned.
Chief economic advisor V Anantha Nageswaran on Tuesday said Indian economy will grow at over 7 per cent, down from above 8 per cent of growth rate projected in January. He, however, said that the economic momentum and the animal spirits are "unmistakable". "India's own growth rates have come off the projections made in January down to about 7-plus per cent for the current financial year," Nageswaran said speaking at Global Fintech Fest event in Mumbai.
Digital lending apps extend small amounts at exorbitant rates. Payment delays invite messages to customer or close family members, often with sensitive information such as Aadhaar and PAN Card scans.
N Chandrababu Naidu, when he was chief minister of the state, had sought funding for the project in 2015, but the Bank had deferred its decision in the light of the alleged government excesses.
They straddle many different (non-financial) lines of business with sometimes opaque overarching governance structures.
Gokarn probably became the fall guy for resisting calls for interest rate cuts by the government and industry lobby groups, despite uncomfortably high inflation and/or for depreciation of rupee.
It is difficult to say if the banking sector will see the worst behind it by March 2020, warns Tamal Bandyopadhyay.
RBI on Monday conducted an unprecedented level of liquidity infusion to the tune of Rs 3.3 lakh crore, in which banks bid for as much as Rs 4.5 lakh crore. The central bank said it would conduct a liquidity infusion auction of Rs 1 lakh crore on Tuesday as well, to help banks tide over the liquidity crisis.
From inflation, central bank shifts focus to rupee stability and capital flows.
High inflation print is the price that the Reserve Bank of India (RBI) will have to pay to nurse a fragile growth back, say economists. Wholesale Price Index-based inflation rose to a record high of 12.94 per cent in May, aided by low base effect, but also because of higher fuel and commodity prices. Retail inflation, too, surprised by rising to 6.30 per cent, while the core inflation, which is the non-food and non-fuel component, rose to an 83-month high of 6.55 per cent. These numbers are much above RBI's upper limit of 6 per cent inflation target, but there is very little that the RBI can do at this moment.
CBI has alleged that Rana Kapoor entered into a criminal conspiracy with Kapil Wadhawan, DHFL director-promoter for round-tripping of funds where loans from Yes Bank to DHFL landed in companies owned by Kapoor's daughters, DoIT Urban Ventures.
IMF chief said the G20 leaders need to respond to the calls for creating jobs.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
'Isn't it obvious? Do you have a doubt? There is so much data that shows that there is quid pro quo.' 'There are many instances of donations being given after the raids, donations being given before the award of a contract and many other permutations and combinations.'
The incident occurred on the Alappuzha-Kannur Executive Express train in which two months ago a man had set fire to his co-passengers, which resulted in three deaths including a toddler, leading to speculation that it might be a case of sabotage and connected to the earlier one.
"Dialogue is the only solution to the ongoing crisis in Manipur," Shah said.
Expenditure on new projects slowed down for the second quarter in a row amid an uncertain global environment and higher borrowing costs. There were new projects worth a cumulative Rs 3.26 trillion in the July-September period, according to data provided by project tracker Centre for Monitoring Indian Economy (CMIE). This figure is much less than Rs 4.39 trillion in the June quarter (Q1FY23) and Rs 8.46 trillion in the March quarter (Q4FY22).
SBI-led consortium expects to make over Rs 13,000 crore from sale of assets
Loans for Indian airlines have dried up as banks have become cautious to lend to the sector.
India is poised to be the fastest-growing major economy in the world and an engine of global growth despite global headwinds, says leading industrialist and Aditya Birla Group Chairman Kumar Mangalam Birla. The economic activity in India has witnessed a sharp recovery to pre-pandemic levels on the back of a rapid and widespread rollout of the vaccination programme, Birla said in the latest annual report of UltraTech Cement Ltd. "A strong digital ecosystem, fiscal and monetary policy and various government schemes helped small and medium enterprises and the worst affected sections of the population to survive while reviving demand and bringing the economy back on track," said Birla while addressing UltraTech's shareholders.
Banks in India must have a modern approach, suggests a panel comprising of banking bigwigs.
Nayar wrote that the central government should initiate steps to address the pending inter-state issues in the North East, especially the boundary dispute of Assam with Nagaland, Mizoram, Arunachal Pradesh and Meghalaya.
Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said.
If indeed we want the board to manage the RBI, probably the government should take a close look at the US Federal Reserve system which has a two-part structure - a central authority in Washington, DC, and a decentralised network of 12 Federal Reserve Banks located throughout the country, says Tamal Bandyopadhyay.
The Reserve Bank of India (RBI) booked massive gains on its foreign currency sales and needed to provide much lesser for its reserves in 2020-21 (FY21), helping it to carve out a significant Rs 99,122-crore dividend for the government, revealed the RBI's annual report for FY21. By doing so, the central bank's risk buffers have reduced to the bare minimum, which may restrict some of RBI's scale of operations, and would likely hamper dividend payout for financial year 2021-22, said analysts. The annual accounts are for nine months ended March 31, 2021 since the RBI changed its accounting year from July-June to April-March from FY21.
The combined entity is set to be the third largest bank in India, behind State Bank of India and ICICI Bank.
It was in Kolar in 2019, during Lok Sabha election campaigning, that he made a remark on the Modi surname for which he was convicted of criminal defamation and stripped of his Parliament membership last month.
This time Modi has no emotive message to take to the stump. Muscular nationalism doesn't work against the backdrop of China's successive inroads into Indian territory. Rising prices is a sore point that cuts across class and caste barriers; unprecedented levels of unemployment has the youth in a ferment. This has reduced the BJP campaign to a laundry list of recycled grievances and thinly veiled communal appeals, neither of which are working as well as they have in the past, argues Prem Panicker.
'There are some high-frequency indicators where uptick is visible and some where it is not'
The meeting will be attended by all heads and EDs of public sector banks
The Congress on Monday alleged that a Chinese national played a 'dubious role' in the Adani Group's activities and asked the government if it was not concerned that the conglomerate may be involving that person in important defence contracts.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
India has launched Operation Ajay to facilitate the return of those who wish to come back home as a series of brazen attacks on Israeli towns by Hamas militants over the weekend triggered fresh tension in the region.
12 out of 21 public sector banks reported declines in their loan books in the last financial year against seven such banks in 2015-16 and none in 2013-14.
States have been told to prepare in advance to counter any impact of an adverse southwest monsoon.
'The PSBs ended up recording Rs 7,709 crore losses in the March quarter compared to the Rs 11,688 crore profits of their private peers,' reveals Tamal Bandyopadhyay.
US-based Oaktree on Monday pipped Piramal Enterprises and Adani Group to emerge as the highest bidder for DHFL after fresh bids were invited under the insolvency process, according to sources. The committee of creditors had fixed December 14 as the last for submission of revised bids. According to the sources, Oaktree raised the bid to Rs 36,646 crore, including Rs 1,000 crore for insurance and Rs 3,000 crore of interest earned, while Piramal Enterprises offered Rs 35,550 crore, including Rs 300 for insurance and Rs 3,000 of interest earned.
The government is set to ask PSBs to expeditiously introduce repo-rate linked products "to step up affordable credit".
In January, Visa's chief executive officer, Al Kelly, said during an earnings call that "there's been a burst of the balloon in valuations in the fintech world". Noting that the trend of lower valuations "is a helpful characteristic of the current environment", he added: "We will look for capabilities and management teams that will bring more value to Visa than we can bring ourselves." Data from KPMG's Pulse of Fintech H2'22 shows that global fintech investment - via mergers and acquisitions (M&As), private equity (PE) and venture capital (VC) firms - at $164.1 billion in 2022, was down 31 per cent over the year before. Indian fintechs held up better during this timeframe, attracting $6 billion, or a fall of 24 per cent.
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