The stimulus package announced by Finance Minister Nirmala Sitharaman "fails to involve" banks in the economic revival process, a member of the Reserve Bank of India's central board said on Wednesday. The stimulus package is "imaginative and forward looking, yet fails to involve banks as frontline warriors in revival of economy," Satish Marathe, a member of RBI's central board, said in a social media post.
Crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank's takeover by the Unity Small Finance Bank (USFBL) came into effect on Tuesday, with the government notifying the scheme of amalgamation. PMC Bank branches will operate as USFBL branches from Tuesday onwards, the Reserve Bank of India (RBI) said in a statement on Tuesday. The takeover comes into force little over two years after the RBI superseded the board of the PMC Bank after financial irregularities came to light.
Making it easier for urban cooperative banks to extend housing loans, the Reserve Bank of India has relaxed the risk provisioning norm for purchase of residential properties up to Rs 30 lakh (Rs 3 million).
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
In view of the economic shock caused by the COVID-19 pandemic, Reserve Bank of India (RBI) on Friday asked scheduled commercial banks and co-operative banks not to make any dividends for the financial year ended March 2020. In view of the ongoing stress and the heightened uncertainty on account of the pandemic, RBI said it is imperative that banks continue to conserve capital to support the economy and absorb losses, if any. The decision is based on review of the September quarter financial performance of banks.
Banks may become more cautious in extending loans, as more and more farmers may take loans, relying on the assurance that a debt relief commission will back them in the event of default.
Explaining the modus operandi of the case, the FIR said HDIL promoters allegedly colluded with the bank management, to draw loans from the bank's Bhandup branch. Despite non-payment, the bank officials did not classify the loans as NPA and intentionally hid the information about the same from RBI.
Disengagement from the LAC will remain a chimera because China has given enough indications that the PLA will not move back any more. China has even deployed drones to monitor and deny any patrolling by Indian troops even in the buffer zones which are all in Indian Territory, explains Lieutenant General Prakash Katoch (retd).
Walmart-owned Flipkart on Thursday said the company is in compliance with Indian laws, including FDI regulations, and will cooperate with the Enforcement Directorate on the notice sent to the e-commerce major. The Enforcement Directorate (ED) has issued a show cause notice of Rs 10,600 crore to Flipkart and its promoters for alleged violation of the foreign exchange law, official sources said on Thursday. When contacted, Flipkart said it is in compliance with Indian laws and regulations, including FDI regulations.
Urban cooperative banks may be your solution to cheaper funds and higher returns, but check out the fundamentals.
'There's a huge need for advancements in current security incident logging and monitoring practices.'
If Hindenburg or its partner do not join the investigation, then Sebi may pass an ex-parte order against it, which may be enforced as a foreign award in US courts.
Land attachment and auction is being undertaken by banks that are controlled by the RBI, Gehlot said, urging the Centre to waive farmers' loans.
The Bharatiya Janata Party (BJP) on Sunday pledged to make 30 million 'Lakhpati Didis', up from the 10 million rural women who have already achieved the feat. Prime Minister Narendra Modi on Sunday released the BJP's manifesto for the upcoming Lok Sabha elections. The manifesto says the ruling party will continue the quarterly financial disbursements under the Pradhan Mantri Kisan Samman Nidhi (PM KISAN) yojana.
Several people are still feared trapped in the debris after a series of landslides that occurred in Chooralmala and Mundakkai of Wayanad.
New Delhi has reached out to Moscow while waiting for a new president in Washington. New Delhi knows well that in international relations, there are no permanent friends or foes, only permanent national interests, points out Dr Rup Narayan Das.
Did the fear of central agencies probing scams involving NCP leaders that forced these politicians to jump ship?
The decision, taken at a Cabinet meeting, will help lenders provide farmers short-term crop loan at 7 per cent interest.
Uttar Pradesh and Punjab have announced loan waivers for farmers, while Maharashtra has not despite Opposition pressure. Sanjeeb Mukherjee reports.
The most common complaint of financial consumers is cumbersome processes, complicated products, usurious charges, and mis-selling of products, which finally don't deliver what is promised or as expect, notes Debashis Basu.
The Reserve Bank on Monday asked all banks and financial institutions to assess the impact on their balance sheet, asset quality, liquidity, among others, in the wake of the potential threat arising out of the spread of coronavirus disease in India. Several confirmed cases have also been detected in India, which highlight the need of a co-ordinated strategy for handling the emerging situations to protect the resilience of the Indian financial system, RBI said in a notification addressed to banks, urban cooperative banks, NBFCs, payment and small finance banks.
Gehlot said he was welcoming Modi to Rajasthan through his tweet as he would not be able to do so through his speech.
JM Financial on Wednesday said it had a "careful and detailed review" of the Reserve Bank's order imposing restrictions on the company's financing business and asserted that there was "no material deficiencies" in its loan sanctioning process. The Reserve Bank on Tuesday imposed restrictions on JM Financial Products Ltd after it found the company indulged in various manipulations, including repeatedly helping a group of its customers to bid for various IPOs (initial public offerings) by using loaned funds. "After careful and detailed review of the order issued by the RBI on the action against JM Financial Products Ltd, we strongly believe that there have been no material deficiencies in our loan sanctioning process.
The central government, in its typical sledgehammer style, has unleashed the might of its investigative agencies like the Enforcement Directorate against NCP and Shiv Sena leaders.
If indeed the gate opens for big industrial houses, the RBI needs to be smarter than them and demonstrate it through action, not reaction, observes Tamal Bandyopadhyay.
He said trust and confidence were the backbone of any financial system and one should never underestimate the power of ethics and values.
The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness. He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with ponzi schemes, allegations his group always denied.
The Reserve Bank has rejected applications of Flipkart co-founder Sachin Bansal-backed company Chaitanya India Fin Credit Private Limited, and five others for setting up banks as these were "not found" suitable, an official statement said on Tuesday. The RBI in a statement said the examination of six applications has now been completed as per the procedure laid down under the guidelines. "Based on the assessment of the applications, (six) applicants were not found suitable for granting of in-principle approval to set up banks," it said.
NCP spokesperson and Maharashtra minister Nawab Malik said that AICC general secretary H K Patil was told about this scheduled meeting when he and other Congress leaders met Pawar in Mumbai recently.
A woman lawyer in Bengaluru fell prey to cyber criminals and during 'video arrest' for two days she not only lost money to the tune of Rs 14.57 lakh but also posed nude on camera for them, police sources said on Tuesday.
The syndicate used "stooge" bank accounts and shell companies to transfer the largest amount linked to a single case recorded in the city, the Customs and Excise Department of Hong Kong said.
Delhi Deputy Chief Minister Manish Sisodia has claimed that CBI officials will come to check his bank locker on Tuesday and said the agency sleuths will not find anything in it.
It has come to light that Rs 25,000 cr cash was deposited in dormant bank accounts while nearly Rs 80,000 cr of repayment of loans was done in cash since November 8
Pawar reminded PM Modi of his recent remarks about 'corruption' of NCP leaders, and asked him to act against those who are guilty.
The Hathras SP said the investigation also revealed that some political parties had contacted him some time back.
The party also promised reservation to minorities on basis of their population after the caste census.
Pawar, who was also the deputy CM in the previous Uddhav Thackeray-led Maha Vikas Aghadi (MVA) government, which was in power from November 2019 to June 2022, enjoys the image of a grassroot leader and an able administrator.
The bi-annual financial stability report noted that failure of an NBFC with the maximum capacity to cause solvency losses to the banking system will lead to a loss of 2.5 per cent of the total tier-I capital of the banking system.
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