Rupee, he said, is not in shambles and "we should not be overtly pessimistic".
Currently, banks are closed every second and fourth Saturday of a month. Why shouldn't they be shut every Saturday? When most customers carry their banks in their pocket (the app on the mobile phone), there is no need to keep banks open on Saturdays, argues Tamal Bandyopadhyay.
FinMin advice to include brokers & realty firms, debate over entry of industrial houses slow the process.
The draft regulations on compensation of private banks, based on sound risk management and productivity linked principles, comes within days of the US Congress passing a major financial reform bill to discipline firms on Wall Street.
Reserve Bank of India Governor Raghuram Rajan, who will present his maiden policy on September 20, held discussions on Tuesday with Prime Minister Manmohan Singh and Finance Minister P Chidambaram on the macro-economic situation.
Writes to govt for legal amendment, proposes committee that'll consult other sector regulators.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
Banks have started refunding borrowers the compound interest charged on specified loan accounts during the moratorium period. Last week, the Reserve Bank of India (RBI) had asked all lending institutions, including non-banking financial companies, to ensure that the scheme of waiver of interest on interest for loans up to Rs 2 crore for the six-month moratorium period is implemented by November 5.
The next Census' findings will help identify the extent of India's ageing population and vulnerability levels.
The Finance Ministry may introduce a proposal in Budget 2008-09 to allow urban cooperative banks to get tax deductions up to a specified limit for the amount they set aside as provisions for bad loans.
The government is looking to give Bharat Global Ports a certain amount of domestic exposure after it set up the state-owned consortium to increase India's global maritime heft, officials aware of the development said. The intended domestic exposure is meant to give the consortium experience and build its credentials for international projects.
Credit to priority sectors as well as small and medium industries will be discussed to find ways to accelerate economic growth.
>According to the latest RBI data, PPF receipts have already experienced a decline between April 2023 and February 2024. Other schemes like the Sukanya Samriddhi Account and National Savings Certificate are also witnessing reduced inflows.
Tension between the government, specially the finance ministry, and RBI is as old as the central bank itself.
The current process for selecting auditors could compromise their "independence".
Banks will also consider requests from MSMEs for restructuring their stressed standard assets. So far, only 25 per cent of the around 1 million eligible MSMEs have taken benefit of the RBI's special dispensation.
Instructions were issued on holding loan camps in the last week of September.
The Budget should use the extra RBI surplus to better effect, suggests A K Bhattacharya.
The finance ministry and Reserve Bank of India have reservations on the computation of inflation data on a monthly basis, a senior government official said on Thursday. Finance Minister P Chidambaram will have to meet the Reserve Bank to reach a consensus on the committee's suggestions to have a new series of WPI on a monthly basis, he said on the sidelines of a function to release the results of the Fifth Economic Census.
Shaktikanta Das will demit the office on Tuesday after completing six years as the 25th Governor of the Reserve Bank of India. Revenue Secretary Sanjay Malhotra will replace him as the 26th Governor. He was appointed as the Governor on December 12, 2018, after the abrupt exit of Urjit Patel.
Starting today, Modi and top officials in the Prime Minister's Office will be briefed by various central ministries and departments on their plans as well as agenda for the next five years. They will also apprise the PMO of the work they have done so far in realising the agenda of government's second term in office.
The RBI expects the assessment to show if the systemic failure was only in PNB or in the overall banking universe
The reserves rose to $501.70 billion helped by a whopping rise in foreign currency assets, the latest data from the Reserve Bank of India.
The commerce minister ought to seek validation for his incentives with the finance ministry.
Under the proposed mechanism, the finance ministry has said banks will notify customers when someone tries to deposit money in their accounts, a government official said.
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At the retreat, PSBs had suggested the government cut its stake in these entities to less than 51 per cent over a period of time and empower the boards of individual banks.
'There is a need for an innovation sandbox where the PSBs can collaborate and then they can do their own innovation on top of it.'
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