Murmu made and subscribed to the oath of office before President Ram Nath Kovind, according to a Rashtrapati Bhavan statement.
The government is planning to cap the term of shareholder and non-official directors on the boards of public-sector banks, insurance companies and financial institutions at six years.
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.
Banks are in a tight spot as ministry wants them to open ATMs at all rural branches
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 government on Wednesday announced the appointment of veteran banker K V Kamath as chairperson of the newly set up Rs 20,000 crore development finance institution NaBFID to catalyse investment in the funds-starved infrastructure sector. Parliament had in March cleared the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 to support the development of long-term non-recourse infrastructure financing in India, including the development of the bonds and derivatives markets necessary for infrastructure financing.
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.
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
The agency has booked Sisodia, a 1992-batch IRS officer Sukesh Kumar Jain who was then secretary of vigilance, retired CISF DIG Rakesh Kumar Sinha who was working as special advisor to Chief Minister Arvind Kejriwal and joint director in the Feedback Unit, they said.
As part of it, the govt may permit 26% FDI in insurance broking through the automatic route.
The country's largest insurer LIC on Tuesday listed its shares at a discount of 8.11 per cent at Rs 872 per share on the NSE. On the BSE, the shares got listed at Rs 867.20 apiece, down 8.62 per cent over the issue price of Rs 949 a share. LIC had fixed the issue price of its shares at Rs 949 apiece after a successful initial public offering, which fetched Rs 20,557 crore to the government.
Adding more mystery to the sensational death case, another video clip of a different person also went viral, claiming that the deceased police officer's vehicle was stationary and a speeding truck had hit it.
The Finance Commission has substantially increased the allocation of funds to panchayats, but a large part of it is apportioned by state governments.
Overlooked yet capable candidates will now have the opportunity to apply for TCS open requirements.
It issued the denial after top regulator threatened to revoke its licence and impose fines for helping Iran circumvent sanctions.
The criteria for allowing companies to avail of this provision will include profitability, networth, paid-up capital, and turnover.
The project is supported by the Department of Jobs through IDA Ireland.
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.
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.
India is expected to contribute 15 per cent to the global growth in 2023, an International Monetary Fund (IMF) official said on Tuesday. "Both India and China are expected to contribute 50 per cent of the global growth in the upcoming year (2023). "However, the share of India's contribution to global growth is expected to be around 15 per cent," Krishna Srinivasan, director, Asia and Pacific Department (APD) at IMF said at a roundtable with reporters from south Asian countries.
The United States has labelled a Pakistan-based money changer as a "global terrorist" for providing financial services to the banned Lashkar-e-Tayiba terror group that has been involved in a series of terrorist attacks in India, including the 2008 Mumbai attacks that left 166 people dead.
Ekka, who is embroiled in the controversy for allegedly signing official documents at a private place, was removed from the post following Bharatiya Janata Party's allegation of his conniving with middlemen.
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
Each of the defendants was associated with the Micropower Career Institute, a for-profit school with five campuses in New York and New Jersey, or the Institute for Health Education, a for-profit school located in New Jersey. Suman Guha Mozumder reports.
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.
The local train traffic on the Central and Western Railway routes was mostly normal though the trains were running a few minutes late, railway officials said.
IRCTC used to charge Rs 40 per ticket for bookings in AC classes, Rs 20 per ticket in sleeper class
With the special officer and the new commissioner taking charge, the exercise to reshuffle and reorganise the municipal staff will begin.
Mumbai, which adds 37 per cent to the total direct tax mop-up, has reported tax collection of Rs 4.93 trillion so far, against the full-year target of Rs 5.35 trillion.
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.
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.
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.
Power Minister A K Sharma blamed the 72-hour strike that began at 10 pm on Thursday on some 'irresponsible' leaders of the electricity department and said it was not in the interest of the employees.
The Union Cabinet has approved amendments to the General Insurance Business (Nationalisation) Act, paving the way for privatisation of government-owned insurers. The amendments, approved by Cabinet, will remove the clause for the Centre to hold at least 51 per cent in public sector insurance companies at any given time. It will also have an enabling provision for the transfer of management control from the government to the potential buyer of the public sector insurance company. The finance ministry will move amendments to the insurance Act in the ongoing Parliament session.
DoT though failed to implement TRAI's recommendations to levy spectrum usage charge
At the press interaction, Sitharaman said secretaries from the department of financial services and economic affairs will be meeting a deputy governor of RBI soon to look into the "shortcomings" of the functioning of multi-state cooperative banks and see if any amendments can be made to the laws.
With the world's worst outbreak of COVID-19 severely straining the health system in the country, the government has made sweeping changes in the way departments procure medical supplies, including allowing procurement of the same item at different rates.
Aeon Co is a diversified conglomerate and operates in various retail segments ranging from supermarkets, convenience stores, department stores, small supermarkets, discount stores and drug stores, besides financial services.
Agarwal's relationship with the finance ministry has been choppy, particularly after P Chidambaram.
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