Insolvency professionals feel the bankruptcy code will deter defaulters, but NPAs will not cease unless banks are sensitised on credit appraisal and experts are hired by banks to inspect what is happening with their loans.
The Centre directed Uttar Pradesh and Bihar on Sunday to prevent dumping of dead bodies in the Ganga and its tributaries, and focus on their safe disposal and a dignified cremation after corpses were seen floating in these rivers following a spurt in the number of coronavirus cases.
'Trust your new governor,' Omkar Goswami advises RBI Deputy Governor Viral Acharya. 'Just because he is from the IAS and doesn't carry a PhD from a US university does not make him unsuitable for the task.' 'If anything, Das will pour oil on troubled waters, and save the RBI's reputation.'
RBI says haste in easing norms for banks harmful to economy.
US e-commerce giant Amazon has written to the independent directors of Future Retail Limited (FRL), including Gagan Singh, Ravindra Dhariwal and Jacob Mathew, and its audit committee, providing data and alleging that there have been significant financial irregularities to the prejudice of public shareholders, banks, creditors, and third-party suppliers. Amazon has said this warrants a thorough and independent examination of all relevant facts and related-party transactions, including of past financial years, by an independent agency. Separately, Amazon has written to Securities and Exchange Board of India Chairman Ajay Tyagi, seeking the withdrawal of the regulator's conditional approval granted to FRL related to the merger deal between the Future group and Reliance.
'India is not so distant from years of high and entrenched inflationary expectations that it should start trying to play games with the economy the way the West's central bankers think they are entitled to,' argues Mihir S Sharma.
Bankers said fear of loan losses impairing their careers could make officers wary of sanctioning new loan proposals on their own.
A key hindrance to a faster turnaround of these banks is the slow progress in the resolution of legacy bad loans and the need to build up provisions against those assets.
Why can't we have a sunset clause for the ARCs, which is a global norm? questions Tamal Bandyopadhyay.
The committee was appointed by market regulator Sebi in December 2009 to review the ownership and working of capital market infrastructure institutions.
The panel suggests the government be authorised to raise the thresholds, which trigger applicability of Corporate Social Responsibility provisions.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
We need a change in mindset, says the RBI Governor.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
If the new governor can think out of the box even as he signals that he can bat for the RBI cadre and respect its institutional memory, that will go a long way in getting out of the current impasse.
A girl who was set on fire by a person after she did not reciprocate his proposal in Jharkhand's Dumka district succumbed to her burn injuries on Sunday.
The finance ministry has ruled out the proposal for the appointment of a chief operating officer (COO) of the rank of deputy governor in the Reserve Bank of India (RBI), as the government feels no interim arrangements should be made for such high-profile appointments.
As deputy governor, Patel headed the RBI panel to draft the monetary policy report, which became the basis of the ongoing reforms at the apex bank
Economic growth has slipped to a six-year low of 5 per cent for the June quarter and is expected to turn in lower than that in the September quarter. Lack of consumption is seen as one of the key factors pulling down growth.
A committee suggested that CSR expenditure be made tax deductible, in order to incentivise spending by companies. It also said that CSR should not be used as a means of resource-gap funding for government schemes.
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
The final guidelines to link the interest rate to external benchmarks will be issued by the end of this month
Budget may bring exemption for those backed by Indian securities other than shares
The Governor, who completes one year in RBI on Wednesday, has stabilised the rupee and is getting a fix on inflation.
Sahoo panel suggests India must ease global borrwoging norms for corporate houses.
If the Personal Data Protection Bill gets passed in its present form, a new class of companies and entities could emerge. The sole job of these new entities would be to manage the consent for data usage of a user.Banks, healthcare firms and fintech companies, among others, fear that sharing non-personal data with the government may hurt business interests. Banks also fear the threat of data misuse.
A senior finance ministry source said making the use of debit cards and e-wallets compulsory across the board is legally untenable, but banks have been asked to insist their account holders use these instruments
Strengthening of rules governing insider trading is among the key proposals in the agenda set by Sebi for 2018-19, along with making improvement to the Prohibition of Insider Trading Regulations (PIT) and Prohibition of Fraudulent and Unfair Trade Practices regulations.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
Duvvuri Subbarao recounts how his tensions with P Chidambaram and Pranab Mukherjee, then finance ministers, over monetary policy spilled over into other issues in the central bank in this excerpt from Who Moved My Interest Rate?, his memoir of his term as Reserve Bank of India governor.
The RBI panel has also recommended a government-sponsored 'fund of funds' of Rs 10,000 crore to support the venture capital and private equity firms investing in the MSME sector.
The brand new bankruptcy process is being brazenly gamed by those with connections and money. The touts and fixers of the previous regime have been replaced by a new set close to this one, observes Debashis Basu.
It would be a good idea to create independent oversight committees for each regulatory institution and indeed, even for their appellate bodies, says A K Bhattacharya.
The first task before him is to get used to the idea of working with the Monetary Policy Committee
The deadline for officers to decide on their career path in the biggest organisational rejig in the central bank's 85-year history ends on January 31. The immediate fallout could be its disruptive impact on the supervisory process for 2020 -- and beyond -- given the manpower shortfall, even as more entities are set to come under closer central bank scrutiny.
Experts say, auditors must not allow themselves to be intimidated by the client management into conducting audits by conversation. It is important for auditors to conduct proper interviews and ask probing and searching questions.
The final and most significant reset in the relations between the government and the RBI is the manner in which the process of appointing the governor and deputy governors of the central bank has been changed.
With the setting of MPC, the interest rate setting powers would move from RBI Governor to the panel.
Such measures are expected to further enhance the protection of investors in the securities market
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