The government may drop its plan to decriminalise cheque bounce offences after there were requests to continue the existing system, which can potentially make people honour their financial commitments due to fear of prosecution. It would seek directions from a Supreme Court panel formed to expedite the pendency of cheque bounce cases before taking a final call. Last year the Department of Financial Services (DFS) had proposed decriminalising minor offences, which included cheque bouncing, for improving business sentiment and unclogging court processes.
The finance ministry has asked public sector banks (PSBs) to postpone the annual exercise of promoting and transferring their staff in the wake of the Covid-19 pandemic. The advisory issued by the Department of Financial Services (DFS) states that the promotion process has coincided with a spike in Covid-19 cases across the country along with localised lockdowns and an increase in micro-containment zones. As there are cases of bank employees or their family members being hospitalised due to Covid-19, bank, insurance companies and financial institutions must take cognizance of the issue, the advisory issued by DFS said.
Tarun Bajaj, an old hand at the finance ministry, on Friday assumed charge as the economic affairs secretary. He comes back to North Block at a time when the economy is facing headwinds due to the outbreak of Covid-19 pandemic.
Charred human remains were found on Saturday on the second floor of the building in outer Delhi's Mundka area where a massive fire broke out a day back, Delhi Fire Service officials said.
In April 2004, the ministry had permitted banks to purchase new vehicles for replacement or otherwise on "need basis".
Delhi Police has handed over the laptop and mobile phones of Congress MP Shashi Tharoor's deceased wife Sunanda Pushkar to Gandhinagar-based Directorate of Forensic Science, to retrieve crucial data, which could help the ongoing probe into her death.
According to the EPFO estimates, there would be a surplus of Rs 151.67 crore after providing 8.65 per cent rate of interest for 2018-19 on EPF.
FinMin finally sacked executive directors K V Brahmaji Rao and Sanjiv Sharan on January 18. The bank's board, however, had felt they had no criminal intent and it was a case of 'casual oversight'
The government is working towards further review and simplification of the foreign direct investment (FDI) policy to facilitate the proposed initial public offering (IPO) of the Life Insurance Corporation (LIC), Department for Promotion of Industry and Internal Trade (DPIIT) secretary Anurag Jain said on Thursday. The final decision will be taken by the Cabinet. The industry department is working together with the finance ministry's department of financial services (DFS) and department of investment and public asset management (DIPAM) towards a successful listing of the life insurer on the domestic bourses, which is expected to be the largest in India.
Nationalisation has served its purpose. It's time to move ahead, keeping majority ownership of the government in a few banks to serve the people, argues Tamal Bandyopadhyay.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
Eight fire tenders were rushed to the spot after a call of a fire at a house was received at 12.30 am. The ground floor of the building housed a godown for clothes while the other three floors were residential in nature, according to the fire services.
A part of Rs 6.5 lakh cr corpus may be used to set up Workers' Bank.
There are no regulations governing virtual currencies in India and the RBI has not given any licence to any entity/company to operate such currencies.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
The All India Bank Officers' Confederation has condemned the purported "unsavoury attack" on SBI chairman Rajnish Kumar by Finance Minister Nirmala Sitharaman during a banking event last month in Guwahati. The association claimed that an audio clip has gone viral on social media that revealed the finance minister coming down heavily on the SBI chief, accusing him of poor credit uptick, during an outreach programme in late February.
Tax shortfall: Finmin asks banks to deposit March TDS by month end.
Corporate affairs ministry note for ministerial group says can't keep banking, telecom out of CCI purview as RBI, Trai enable but not regulate competition
DFS writes to departments that haven't responded to RBI's request for information.
The finance minister chaired a meeting through video conference with major private banks and NBFCs to ensure effective rollout of ECLGS and uninterrupted liquidity to Indian MSMEs in this difficult time.
Luxury car major Mercedes-Benz India will extend its financial arm, Daimler Financial Services to India. A few approvals were needed from the authorities before it could begin operations, said Wilfried Aulbur, managing director and CEO, Mercedes-Benz India, in Pune today.
Barring stray references such as the 'dual control' of banks and shifting the goalposts during demonetisation, he is not in a fault-finding mode with the government, notes Tamal Bandyopadhyay.
Dense toxic smoke from burning sewing machines, plastic toys and boxes, rexin rolls, plastic wrappers, card boards, packaging material and garments had engulfed the building, making it difficult to conduct rescue operations, firefighters said.
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.
This Act had to be excluded from the list of the obsolete laws to be repealed as some of its provisions provide security to the pensioners against attachment of pension
However, the road to profitability has already hit some hurdles for the Delhi-based bank as the Union government has rejected its demand for an additional capital infusion of around Rs 8,000 crore in 2018-19
With a view to protect prudent commercial decision of bankers, the government has taken a slew of decisions, including doing away with personal responsibilities of MD and CEO of PSBs for compliance in dealing with large value frauds committed by bank officials.
The narco-analysis test to be conducted on the accused in Soharabuddin Sheikh fake encounter case, including suspended IPS officer D G Vanzara, has been postponed due to some problem in the interpretation of legalities regarding the test.
The Delhi police has received a report from Gandhinagar-based Directorate of Forensic Science
According to the Central Pollution Control Board (CPCB), the 24-hour average concentration of lung-damaging fine particles known as PM2.5 in Delhi-NCR shot up from 243 micrograms per cubic metre at 6 pm on Thursday (Diwali day) to 410 micrograms per cubic metre at 9 am on Friday, around seven times the safe limit of 60 micrograms per cubic metre.
DFS sources said the medical tests were a prelude to the narco-analysis or "truth serum" tests on the accused and it was during the test that it was revealed that Surendra was diabetic.
Sania Mirza shocked fifth seed Flavia Pennetta in straight sets to advance to the second round of the Ordina Open in s'Hertogenbosh, Netherlands on Monday. Sania shrugged off her disappointing first match loss at the DFS Classic last week and went all out against her Italian opponent to register a convincing 6-4, 6-3 win in one hour and 12 minutes in the first round.
The Indian ace lost l3-6, 0-6 to New Zealand's Marina Erakovic in the second round of the DFS Classic grass-court tournament. US-based Rao beat wildcard Naomi Cavaday of Great Britain 4-6, 6-3, 6-1 after an hour and 50 minutes.
The DFS will now analyse the data and prepare its final report.
The two accused in serial killings of children in Noida's Nithari village underwent brain mapping and polygraph tests at the Directorate of Forensic Sciences in Gandhinagar on Saturday.
DFS Assistant Director D B Talati refuted any such possibility when he was cross-examined by the inquiry panel probing the fire on the train and the post-Godhra communal riots of 2002.
Qualifier Sunitha Rao put up a good fight before bowing to fifth seed Alona Bondarenko in the third round of women's singles at the US $200,000 DFS Classic in Birmingham on Friday. The Indian, at 160 in the WTA charts, was up against world No 29 and put up a spirited fight before losing 3-6, 7-5, 6-1 in a little over two hours.
The Indian ace was shown the door by the eighth seeded Italian in the second round of the Birmingham DFS Classic.
The 20-year-old Indian ace, however, slid in the doubles chart, dropping four places to 41st.
The Indian teenager jumped three places to 38th in the latest WTA rankings on Monday.\n
