The ministry has also advised the Reserve Bank of India to make provisions for immediate relief in the affected areas.
The Investors' Grievances Forum on Wednesday charged the Reserve Bank of India with continued cover-up operation in the IPO scam instead of nailing down the scamsters.
The main difference of opinion between RBI and FinMin is over the transfer of the RBI's 'excess' capital reserves. The Jalan panel seeks to convince finance secretary Subhash Garg to soften his dissent note language. The move is aimed at maintaining the now-cordial relations between the RBI and the finance ministry.
Search panel to shortlist candidates soon.
PSBs have been requested to reach out to MSMEs to provide bill discounting to them against their dues since they suffer the most from shortage of cash.
November 8 marks 6 years after demonetisation. A K Bhattacharya reveals how the prime minister and the RBI worked together for months before Modi's 8 pm speech. A riveting excerpt from The Rise Of Goliath: Twelve Disruptions That Changed India.
The Reserve Bank of India is not in favour of the government subscribing to State Bank of India's rights issue through bonds on grounds that it does not conform to good corporate governance.
Finance Minister Jaswant Singh will not attend the spring meeting of International Monetary Fund and World Bank, starting in Washington on March 20.
Whether she will pare the fiscal deficit target of 5.1 per cent of GDP, using the record dividend received from the RBI, or expand flagship government programmes will be keenly watched.
The Reserve Bank of India (RBI) has suggested stringent conditions for participatory notes (P-notes) that are issued even by registered foreign institutional investors (FIIs). In a note sent to the finance ministry on the eve of the Securities and Exchange Board of India's (Sebi's) board meeting to decide on restrictions for P-notes, the central bank has reiterated its earlier stance of a complete ban on P-notes.
Clarity to help operationalise the controversial FDI policy of 2009.
With the fiscal deficit target staring at the government, the FY25 Budget has limited expenditure options, points out A K Bhattacharya.
The BJP MP said the guidelines for grant of licences were 'brazenly flouted'.
The central bank will send its comments to the finance ministry shortly. Sources close to the developments said a better way could have been worked out to increase the sectoral caps. The sources said while a cap was meant to protect the interest of the Indian shareholders in sensitive sectors, the new mode of calculation of indirect foreign holding provided for a circuitous way.
The government has decided to chalk out a two-year programme to push financial inclusion initiatives by banks to bring it in line with the unique identity plan for the country.
The finance ministry and the Reserve Bank of India will work together to ensure price stability and benign interest rates in the economy, Finance Minister P Chidambaram said on Saturday.
On its part, the Reserve Bank of India tried to help exporters by easing some restrictions imposed on holders of Exchange Earners Foreign Currency accounts and by giving effect to the commerce minister's announcements regarding extension of the interest subvention scheme for one more year and for more items.
He will take the place of Subir Gokarn, who was in-charge of the monetary policy department, has retired.
The ministry of finance on Tuesday clarified that public sector banks (PSBs) have intimated they are not going to raise bank charges in the near future in view of the COVID-19 pandemic. The ministry's statement comes after several media reports citing steep increase in service charges by certain PSBs surfaced. No service charge is applicable on the 60.04 crore Basic Savings Bank Deposit (BSBD) accounts, including 41.13 crore Jan Dhan accounts opened by the poor segments of the society, as per the statement.
The Reserve Bank of India is unlikely to ease the requirement for banks to keep cash with the central bank through a cut in CRR rate in its mid-term monetary review on October 24 even though the banking system is facing liquidity problem, Finance Ministry sources said on Wednesday.
Finance Minister Nirmala Sitharaman on Monday said she is awaiting an approval from the Cabinet on bill on cryptocurrency as the proposed legislation is before it. The inter-ministerial panel on cryptocurrency under the chairmanship of secretary (economic affairs) to study the issues related to virtual currencies and propose specific actions has already submitted its report. It has recommended that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India.
In 2010, ministry told its officers nominated on PSB boards to stay away from big-loan panels; central bank followed suit.
Banks will need more funds, as they have to provide more capital.
The Reserve Bank of India may go in for further tightening of money supply as there is no likelihood of inflation coming to single digit in the next six months, according to indications given by the central bank governor to a parliamentary panel.
The message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
Finance Commission has got new team who are committed to growth initiatives.
The finance ministry and Reserve Bank of India plan to put in place a Tax Information Network proposed by the Kelkar Task Force, in a bid to improve tax administration and check evasion.
Value of rupee is an indication of complete failure of the government to achieve the desired results.
The long wait for a symbol of the rupee is expected to end by March next year. A committee headed by Reserve Bank of India Deputy Governor Usha Thorat has shortlisted five symbols from 4,000 entries for a public competition to select a design for the symbol.
The Parliamentary Committee on Public Undertakings (COPU) expressed serious concern over outsourcing of printing of Indian currency notes amounting to Rs 1 lakh crore (Rs 1 trillion) to three countries in 1997-98 and said that such a tendency would put India's economic sovereignty at stake.
Spending continues to be less as people who are getting direct benefits from the government are choosing to save in the current situation.
Headline inflation, as measured by the wholesale price index, was 9.7 per cent in March, 8.7 per cent in April and 9.1 per cent in the following month.
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The trade deficit makes up an important part of the current account deficit, which had touched an all-time high of 4.8 per cent in 2012-13.
Rajan's colleague in the ministry, Economic Affairs Secretary Arvind Mayaram, also expressed hope on Thursday that the central bank would vote for growth.
The idea is to boost household savings and turn more of them into growth capital. If the plan succeeds, sustained eight per cent-plus rates of gross domestic product growth should be within reach in a few years.
What surprises will the finance ministry and the RBI spring on us next? Put on your thinking caps and predict the next boomerang coming our way!
The move follows concerns raised by the Reserve Bank of India. According to sources, the central bank is concerned that most sovereign wealth funds operate in a non-transparent manner.
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