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.
Services attract highest foreign direct investment, despite Make in India push.
Recently, Slice, a payment app, acquired a 5 per cent stake in North East Small Finance (NESF) for $3.42 million - the first such deal by a fintech in a small finance bank. Slice (valued at $1.5 billion, and backed by Tiger Global, Blume Ventures and Axis Bank) will technically get a toehold in a scheduled commercial bank if NESF were to get a licence to morph into one down the line Such a transition is well within the banking regulator's declared framework. The transaction has to be seen in a larger context.
A paper authored by Rajan said, state-linked banks can be a first step in altering the ownership structure of some PSBs, where the government brings down its stakes to below 50 per cent, creating distance from operations of banks, and improving governance along the way.
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.
The Life Insurance Corporation of India has the wherewithal to acquire a composite license, a top source aware of the development told Business Standard, adding that the insurance behemoth may look into entering the health and general insurance segments. "LIC has the scale, capacity, IT infrastructure, and the distribution reach to take advantage of the composite license. "LIC is looking at organic as well as inorganic growth opportunities.
Its executives are test-marketing the model in New Delhi.
But the government will present a second tranche of Supplementary Demands for Grants during the Budget session of Parliament in February, when it can seek additional spending.
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The RBI has accepted the application withdrawal request, according to the statement.
rediffGURU and financial planning expert Colonel Sanjeev Govila will answer your personal finance-related questions.
According to an official statement, Lodha is accused of using his position for financial gains by signing an agreement with the streaming platform for making a deal with the production house Friday Storytellers while he was in the position of an IPS officer.
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.
FY22 will be the year to rebuild with the IMF projecting output growth at 11.5 per cent, economic survey at 11.0 per cent and the RBI's Monetary Policy Committee at 10.5 per cent.
Defence Minister Rajnath Singh on Monday said swift and transparent decision-making and availability of optimal resources were needed for a country's combat readiness.
It will be headed by Secretary, Department of Financial Services.
On display were PM Modi's pet projects like the 'Make in India' scheme and 'Jan Dhan Yojana'.
The United States has imposed sanctions on two individuals linked with the Taliban and the Haqqani network, the US Department of Treasury has said.
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 Indian Council of Medical Research is conducting three different studies to ascertain the facts regarding rising cases of cardiac arrest after the pandemic, Mandaviya said in response to a question in the Lok Sabha.
Asserting that his government will implement the five poll 'guarantees' promised ahead of the assembly polls, Karnataka Chief Minister Siddaramaiah on Wednesday said officials have shared their inputs on financial implications, and the cabinet will meet on June 2 to decide on the implementation.
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
According to e-mails accessed by ANI, the Air India cabin crew supervisor had reportedly sent out emails on November 27 at around 1 pm to the head of the Inflight Service Department (IFSD), base operations in India, Lead HR head of IFSD, and head of the northern region of IFSD and of complaints (customer care), informing them about the incident.
Banks are in a tight spot as ministry wants them to open ATMs at all rural branches
The state has suffered losses of Rs 4,000 crore and the figure is likely to go up as estimates continue to pour in, he said.
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.
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.
As part of it, the govt may permit 26% FDI in insurance broking through the automatic route.
The Finance Commission has substantially increased the allocation of funds to panchayats, but a large part of it is apportioned by state governments.
It issued the denial after top regulator threatened to revoke its licence and impose fines for helping Iran circumvent sanctions.
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
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.
The project is supported by the Department of Jobs through IDA Ireland.
Mumbai Police on Wednesday announced the updated lockdown guidelines which restricts the movement of people in public areas and transport while exempting those involved in essential services.
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.
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.
Murmu made and subscribed to the oath of office before President Ram Nath Kovind, according to a Rashtrapati Bhavan statement.
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
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
