RBI lends and borrows money from banks against government securities under this facility.
The posts of Chairman and MD in the private sector are held separately.
The government has exhausted only 39 per cent of its fiscal deficit target in the first half of FY24.
A single market regulator clearly has its own advantages over multiple regulators. But it is more suitable for well-developed and mature markets which are smaller in size, like the UK.
Finance Minister Arun Jaitley to discuss state-level issues before finalising GST.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
In its letter, finance ministry has pointed to sections 35, 35A and 36 of the Banking Regulation Act, 1949, to highlight the powers and functions of the RBI as regulator
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.
The deportation of Indians from the United States, deaths in the Maha Kumbh stampede and the joint Parliamentary committee report on the Waqf bill were among the issues that led to heated exchanges and some disruptions in an otherwise smooth first part of the Budget session that ended on Thursday.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
The probe into selections for banks such as Bank of Baroda and Canara Bank followed the arrest of Syndicate Bank CMD S K Jain for alleged graft.
India has decided to authorise the country's biggest lender SBI to promote rupee trade with Russia and soon Moscow will name its bank to operationalise the mechanism, exporters' body FIEO said on Wednesday. The RBI in July issued a detailed circular asking banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. Currently, a large part of bilateral trade between India and Russia is getting settled in rupee due to sanctions imposed by the US and Europe following Moscow's attack on Ukraine.
Banks in talks with temple trusts to push gold scheme
India and the US on Friday expressed concern over high inflation which is being driven by external factors and has become a challenge for both the nations. Speaking at the US-India Businesses and Investment Opportunities, Finance Minister Nirmala Sitharaman said in India the inflation challenges are prompted more by external factors. "So while the number today is in a manageable range, the challenges are largely due to the import of crude.
Real estate developers are hoping that the slew of tax concessions announced in Union Budget 2025, set to take effect this financial year, will spur demand for affordable and mid-segment housing, even as the broader housing market shows signs of fatigue.
A senior finance ministry source said making the use of debit cards and e-wallets compulsory across the board is legally untenable, but banks have been asked to insist their account holders use these instruments
The Union finance ministry has decided to make two important changes to the ordinance issued on June 18, on jurisdictional conflicts between financial market regulators.
RBI may think twice before agreeing with suggestions of a rate cut.
His nomination is effective from November 11, 2014, RBI said on Monday.
The sources said the ministry had agreed with the RBI's views that at a time when the country had a high fiscal deficit, the move might not be appropriate.
Employees across segments, including those involved in specialised jobs such as technology, compliance and risk management, have started leaving the bank fold in hordes, observes Tamal Bandyopadhyay.
Letter to corporate affairs ministry cites slowing economy, capital challenges.
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.
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
The International Financial Services Centre Authority (IFSCA) plans to operationalise the framework for direct listing of companies at International Financial Services Centre (IFSC) exchanges by the end of the year, said Chairperson K Rajaraman. He added that the amendments would be notified within three months. Further, the GIFT City regulator is also considering the launch of separate payments system regulations - similar to that of the real time gross settlement (RTGS) for banking within a few months.
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 finance ministry has cautioned that global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in the coming months, warranting "greater vigilance" by the government and the Reserve Bank of India (RBI). "Russia's decision to terminate the Black Sea grain deal, along with dry conditions in major wheat-growing areas, caused a price spike in cereals. Domestic factors like white fly disease and an uneven distribution of monsoon exerted pressure on vegetable prices in India," the ministry said in its latest Monthly Economic Report for July, released on Tuesday. However, the report maintained, the recent price surge in certain food items "is expected to be transitory". "Tomato prices are likely to decline with the arrival of fresh stocks by the end of August or early September.
Under Urjit Patel, the then RBI Governor, the central bank had a habit of making complete about-turns on various issues, including electoral bonds and digital payments, former finance secretary Subash Chandra Garg said in his book titled 'We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.' Citing some instances of about-turns by the then RBI Governor Patel, Garg in his book said, RBI had done so on the electoral bond issue and it had so in case of setting up of Payments Regulatory Board (PRB). RBI also made unilateral decisions like ordering complete data localization for participation in the payment system, Garg wrote in the book which will hit the stands on October 1.
The finance ministry is also collating the data on entire food supply chain to identify the bottlenecks in the process.
DFS writes to departments that haven't responded to RBI's request for information.
Indian brokerage arm of global investment banker Morgan Stanley has sought RBI's approval to start proprietary trading under which it will be able to buy and sell securities on its own account.
The government may liberalise external commercial borrowing rules in the next few days, especially for the infrastructure sector including capital-intensive ones like telecom, a Finance Ministry official said on Friday.
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