On March 13, Minister of State for Finance Pankaj Chaudhary had tabled the second batch of supplementary demands for grants in the House amounting to a total of Rs 2,70,508.89 crore.
The ICICI board is looking to the retired petroleum secretary to provide 'maturity and sagacity'.
In a dazzling resurgence, foreign investors have graced the Indian equity markets with an influx of nearly Rs 1.5 lakh crore in 2023, fuelled by optimism over the country's resilient economic fundamentals amid shadows of a gloomy global scenario. Experts believe that the positive trend may continue in 2024. This follows Indian equities witnessing the worst-ever net outflow of Rs 1.21 lakh crore by FPIs in 2022 on aggressive rate hikes by the central banks globally after net inflows for three consecutive years.
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.
Heavy rains continued to pound Chennai and nearby districts on Monday under the impact of a cyclonic storm, which is likely to cross the coast in Andhra Pradesh on December 5.
The government will formulate a strategy to make India self-reliant in edible oils by boosting domestic output of oilseeds and launch a comprehensive programme to support dairy farmers, Finance Minister Nirmala Sitharaman announced on Thursday. India imports a large quantity of edible oils to meet the domestic demand. During the 2022-23 marketing year (November-October), the country imported nearly 165 lakh tonnes of cooking oils, valuing a whopping Rs 1.38 lakh crore.
In yet another secretary-level change, government appointed Hasmukh Adhia, a 1981 Gujarat cadre IAS officer, as the new Financial Services Secretary replacing G S Sandhu.
She said I treated her like a bachchi. At another moment, she said I had gone to various people and 'bitched' about her. She also threatened to bring the entire matter to the PM's notice. A revealing excerpt from Subhash Chandra Garg's We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.
The appointment of new expenditure secretary comes a month-and-a-half ahead of the Budget for 2020-21 to be presented on February 1.
Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
North Block is concerned that when India is trying to attract more investment, putting up restrictions on audit firms could create an avoidable bad advertisement.
If the policy is extended to NBFCs and co-operative banks, they will have to disclose divergence in asset classification and provisioning during RBI inspections in their audited financial reports. Till now, these entities have been exempted from this. At present, there are more than 98,000 co-operative banks and 10,000 NBFCs. Sources said the RBI would concentrate on the top 50 co-operative banks and NBFCs.
From the date you put in your papers, the employer will promptly freeze your salary payouts and you will get everything along with the full and final settlement.
A decision to this effect has been taken after Arun Ramanathan retired as finance secretary on Thursday. Currently, Chawla is the senior-most official in the finance ministry. In addition, G C Chaturvedi, currently serving as additional secretary in the ministry of health and family welfare, has been appointed as additional secretary in-charge of the financial services department.
Agarwal's relationship with the finance ministry has been choppy, particularly after P Chidambaram.
The US has slapped additional tough sanctions on Russia's financial services and energy sectors for the failure of Moscow to taken enough steps to address the volatile political situation in Ukraine.
In yet another move to close the regulatory gap between banks and shadow banks, the Reserve Bank of India (RBI) has mandated exposure limits to the non-banking finance companies, in line with commercial banks. In the large exposure framework released on Tuesday, the regulator capped aggregrate exposure of NBFCs which are in the upper layer toward one entity at 20 per cent of capital base. The limit can only be extended by another 5% with board's approval. For a particular borrower group, the cap is at 25 per cent, with additional 10 per cent if exposure is towards infrastructure.
Focus to be on unbanked areas; initial capital is set at Rs 100 crore; India Post can apply.
From installing water-saving aerators on taps to using cans for washing hands and dishes, Bengaluru is adopting diverse strategies to tide over the water crisis. While several citizens have taken to social media to urge Karnataka Chief Minister Siddaramaiah to make work from home mandatory for IT companies, it appears that hybrid mode will continue to be the norm for most - although with new water conservation measures in place. Co-working space provider Urban Vault has, for instance, installed smart water meters to detect leakage.
Its executives are test-marketing the model in New Delhi.
The chief minister said his government has already provided 365 days maternity leave to women in service and 30 days paternity leave to male employees to encourage them to raise babies.
The project is supported by the Department of Jobs through IDA Ireland.
rediffGURU and financial planning expert Colonel Sanjeev Govila will answer your personal finance-related questions.
Murmu made and subscribed to the oath of office before President Ram Nath Kovind, according to a Rashtrapati Bhavan statement.
Even as the Group of Seven (G7) price cap on Russian crude oil enters into force as of December 5, India has been assured it will continue to receive the existing deep discounts on Russian oil, for the time being, informed officials. "We have been assured by our Russian partners of uninterrupted crude supplies at the existing rates for the time being. "There were a lot of reports of changes in (India's) buying patterns after the global price cap took hold.
Department of Financial Services is regularly emphasising the early issuance of RuPay Debit Cards, e-KYC based account opening, Aadhaar seeding, financial literacy and the progress in survey made.
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After scrapping the selection of six UPA-appointed bank chiefs, the government has now decided to make significant changes to the selection process.
These sweeping financial sanctions follow the action earlier this week to cut off Russia's frozen funds in the United States to make debt payments.
Air India Chairman Rajiv Bansal has been appointed as the new aviation secretary as part of a major top-level bureaucratic reshuffle effected by the Centre on Wednesday. K Rajaraman, additional secretary in the department of economic affairs, has been appointed as secretary, department of telecommunications, a personnel ministry order said.
The preventive aspect of cancer is strengthened under comprehensive primary healthcare through the Ayushman Bharat Health and Wellness Centre scheme by the promotion of wellness activities and targeted communication at the community level.
The finance ministry is working on a second relief package for the Indian economy hit hard by the coronavirus outbreak and the 21-day nationwide lockdown imposed to curb the contagion, sources said. Last month, the government announced a Rs 1.70 lakh crore relief package in the form of foodgrains and cash transfers for the poor and vulnerable section of the society to help them deal with the hardships caused by the lockdown. Now, the government is working on a stimulus to be given to hard-hit sectors of the economy after the lockdown is lifted, sources said, adding that an announcement is expected in the next few days depending on the severity of the pandemic.
'If we have to restrict and fight terrorism, first and foremost, we have to ensure communal harmony in the country.'
The Reserve Bank on Wednesday said the amalgamation of Lakshmi Vilas Bank with DBS Bank India will come into force from November 27 and the moratorium imposed on the crisis-ridden lender will be removed on that day. The RBI issued the statement within hours of the Cabinet clearing the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL).
The initiative is being called lateral recruitment to senior positions in the government.
After the Insolvency and Bankruptcy Code came into force, which calls for an auction of assets of loan defaulting entities, recoveries have picked up, said Jaitley.
Officials said several witnesses were heard on the impact of the pandemic. They added that this was the longest meeting of the panel without a break so far.
Their favourite alternatives: Malaysia, Vietnam and the Philippines. Note, India is missing from that list. And this is despite an attractive financial incentive scheme for OSAT players. The reason, said a senior executive of a US chip company who had a meeting in Taiwan just a few weeks ago, is that "they want more predictability in government policy because they plan to put in big money."
Although the Disaster Management Act for Covid containment measures, considered a hindrance in conducting the census, was withdrawn in March this year the Centre has not taken any further action on conducting the much-delayed population enumeration.
Don't ignore symptoms like coughing, wheezing or shortness of breath, warns Dr Sandeep Tilve.
Over the past six months Rajasthan has introduced some of India's most radical free-market labour, land and welfare reform.
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