Khara will replace SBI Chairman Rajnish Kumar, whose three-year term comes to an end on October 7.
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.
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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.
The US state department, which issued the revised travel advisory, on Wednesday said that the exemptions have been given under the national interest category.
The Comptroller and Auditor General of India on Monday reported multiple irregularities in the accounts of units under the IT and telecom ministries, including purchases of hardware and software worth Rs 890 crore by NICSI in contravention of rules. In its audit report for financial years 2017-18 and 2018-19, the Comptroller and Auditor General (CAG) has flagged anomalies in the decision taken by state-run telecom firm BSNL, C-DoT, the Department of Posts, ITI Limited and CDAC that had adverse financial implications. "NICSI procured hardware and software costing Rs 890.34 crore through the 'Strategic Alliance' route in contravention of General Financial Rules, 2005 and departmental instructions and thus failed to ensure transparency and competitiveness in the procurement process," according to the CAG report tabled in Lok Sabha on Monday.
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.
The Income-tax department has conducted searches at multiple premises of Chinese telecom company Huawei in the country as part of a tax evasion investigation, official sources said on Wednesday. The raids were launched at the company's premises in Delhi, Gurugram (Haryana) and Bengaluru in Karnataka on Tuesday. Sources said the officials looked at financial documents, account books and company records as part of a tax evasion investigation against the company, its Indian businesses and overseas transactions.
He will take the place of Subir Gokarn, who was in-charge of the monetary policy department, has retired.
UBS said on Wednesday it will pay $1.2 billion to the U.S. Department of Justice and the Commodity Futures Trading Commission, 160 million pounds ($260 million) to Britain's Financial Services Authority (FSA) and 59 million Swiss francs ($65 million) to Swiss regulator Finma.
The British banking major would pay penalties of 290 million pounds as part of settlement agreement with the UK's Financial Services Authority and the US Department of Justice.
The Reserve Bank on Friday approved the transfer of Rs 99,122 crore as surplus to the central government for the accounting period of nine months ended March 31.
The Gujarat government has decided to provide financial assistance of up to Rs 1,500 to farmers in the state for purchasing a smartphone, as per a notification issued by the state agriculture department.
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.
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.
The Department of Telecom has slashed performance and financial bank guarantee requirement of telecom operators by 80 per cent, according to a licence amendment note issued on Wednesday. Under the amended norms, telecom operators will be required to provide a performance bank guarantee of up to Rs 44 crore for each service for the telecom licence compared to Rs 220 crore mandated under the old rule.
Ministry says capital infusion if loans extended only to productive sectors
The banks argue since the scale of credits is unforeseen, they will have to bear an unknown cost of servicing these accounts.
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 payment is on top of the $340 million it has already paid to the New York State Department of Financial Services.
After launching expressway projects worth almost Rs 1 trillion, the Uttar Pradesh government is now betting big on the aviation sector to propel the state's economic growth. Air travel, comprising both business and leisure, is expected to give a fillip to the socioeconomic landscape by attracting fresh investment. It would also ramp up infrastructure and create jobs.
Prime Minister Narendra Modi announced the financial inclusion scheme in his first Independence Day speech last year.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
It would be ludicrous to expect Modi, Erdogan or Biden to pay to keep blue ticks on their respective official accounts. It would be equally ludicrous to expect the Delhi Metro or the Income Tax Department to pay, points out Devangshu Datta.
HSBC's India staff have come under the scanner for deficiencies in their role as 'offshore reviewers' of the global banking giant's compliance to safety mechanism against money laundering and terrorist financing.
The government on Monday budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one general insurance company, in the next fiscal year beginning April 1. The amount is lower than the record Rs 2.10 lakh crore which was budgeted to be raised from CPSE disinvestment in the current fiscal year. However, the COVID-19 pandemic impacted the government's CPSE stake sale programme, and the target has been lowered to Rs 32,000 crore in the Revised Estimates.
Mann also asked the vigilance bureau to investigate the wealth amassed by the police officer through alleged "drug money".
Alert: The two-year full-time Master of Finance and Control Programme for 2005-2007, from the Department of Financial Studies, University of Delhi South Campus.
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.
Wachovia Bank NA will pay $160 million to the US authorities to settle allegations related to its anti-money laundering compliance programme.
Taking a dig at the system, Prime Minister Narendra Modi on Monday said things have started moving in India under him and the Jan Dhan scheme was being implemented at a rapid pace despite initial reluctance of RBI and bureaucracy.
Union Finance Minister Nirmala Sitharaman on Monday said banks need to focus more on being customer-friendly so that the process of availing credit becomes more hassle-free for borrowers. However, the minister made it clear that banks do not have to be lenient on credit underwriting standards by taking any adverse risks on a proposal. At a meeting between industry representatives and the finance minister, a startup founder in the baking business suggested for credit to be available hassle-free, to which largest lender SBI's chairman Dinesh Kumar Khara said a startup's worries are more on the equity side and assured full support in lending if sufficient equity is on the table.
Discussions are said to have been heating up over how long a tax indemnity clause, which is part of such deals, should run, according to multiple people familiar with the matter.
Re-rating of Bharat Petroleum Corporation, Container Corporation, Shipping Corporation, SAIL, and Hindustan Copper, for which the government has already shown intent to divest its stake, possible now, say analysts.
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."
Seven of the meetings will be held in late November or early December at the finance ministry, as is the norm.
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
"Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage," DIPAM Secretary Tuhin Kanta Pandey tweeted.
Sitharaman cancels Myanmar trip at last moment citing launch of Modi's Jan Dhan Yojana.
As part of its efforts to strengthen customer protection, Reserve Bank is considering setting up a fraud registry to create a database of fraudulent websites, phones and various modus operandi used for digital fraud. Such a database will help prevent these fraudsters from repeating the fraud as the websites or phone numbers would be blacklisted, RBI executive director Anil Kumar Sharma said on Monday. "There is no definite timeline for setting up of the fraud registry.
Delhi environment minister Gopal Rai on Monday said the ban on construction and demolition activities in Delhi will continue till further orders in view of the high air pollution levels.
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