Finance Minister Nirmala Sitharaman on Tuesday nudged the fintech industry to break the distance barrier and have more engagements with the government and its agencies to enhance trust. Sitharaman was replying to a question by Kris Gopalakrishnan, chairman, Global Fintech Fest (GFF) 2022 advisory board, who wanted to know how to ensure trust among industry, regulators, and the government. "I don't want to sound cliche, but distance brings distrust. "So, cut the distance down, have greater engagement with the government," the minister said.
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.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
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.
Rajan, further said, the government was not contemplating more steps to curb gold import, and significant reduction was likely in June.
Banks in talks with temple trusts to push gold scheme
RBI lends and borrows money from banks against government securities under this facility.
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
Letter to corporate affairs ministry cites slowing economy, capital challenges.
Finance Minister Arun Jaitley to discuss state-level issues before finalising GST.
RBI Governor Shaktikanta Das has assured Finance Minister Nirmala Sitharaman that the Rs 12.05-trillion gross borrowing programme for FY22 will go through smoothly.
The immediate priority for the new governor will be to draft the mid-quarter review
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
Finance Ministry and Reserve Bank of India on Thursday sought to play down their differences in perception on interest rates.
Batting for the Reserve Bank of India and the finance ministry, the Planning Commission on Friday said concessions to special economic zones should be at par with those provided to infrastructure projects.\n\n
The increase reflects a quarter-on-quarter increase of 2.6 per cent in October-December 2022-23. In absolute terms, the total liabilities, including liabilities under the 'Public Account' of the government, jumped to Rs 1,50,95,970.8 crore at the end of December 2022.
The announcement of the Federal Reserve sent markets to a tizzy
Banks are in the process of getting a board-approved restructuring framework in line with the RBI's framework and eligibility defined by the central bank.
RBI may think twice before agreeing with suggestions of a rate cut.
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.
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.
The Reserve Bank may give up its opposition to the proposal of a monthly compilation and release of inflation data, with D Subbarao moving to the central bank from the finance ministry, which was open to the idea of a shift in the time table of the Wholesale Price Index.
Interview with former Reserve Bank of India governor by Duvvuri Subbarao.
His nomination is effective from November 11, 2014, RBI said on Monday.
The differences revolved around the two topics of how much reserves the RBI should carry and whether the finance ministry had precipitated matters by invoking Section 7 of the RBI Act, that allows it to give directions to the RBI in public interest.
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 banks cannot pass on the hike in premiums to its customers, according to the norms. The premium won't go up substantially in any case and may be hiked to 12-13 paise (per deposit of Rs 100 a year),' Finance Secretary Rajiv Kumar said.
United Progressive Alliance-led government proposed lenders as insurance brokers; new FM not too keen, say insurers.
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.
With the fiscal deficit target staring at the government, the FY25 Budget has limited expenditure options, points out A K Bhattacharya.
The finance ministry is also collating the data on entire food supply chain to identify the bottlenecks in the process.
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