Reservations expressed by the Reserve Bank of India (RBI) notwithstanding, North Block, the finance ministry headquarters, is going ahead with its plans to set up a full-fledged Debt Management Office (DMO) to manage the government debt.
A task force formed by Prime Minister Manmohan Singh on Thursday discussed steps to enhance credit to MSMEs, which contribute 45 per cent to the country's industrial production.
Tata Steel was the top laggard in the Sensex pack, cracking over 6 per cent, followed by SBI, IndusInd Bank, HDFC, ICICI Bank and ONGC. Bajaj Auto, Maruti and Asian Paints were the only gainers.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
Banks in talks with temple trusts to push gold scheme
Despite its admirable competence and proven track record, the RBI doesn't have the capacity to supervise an economy that's growing so fast and becoming larger by the year, points out T C A Srinivasa Raghavan.
RBI lends and borrows money from banks against government securities under this facility.
Rajan, further said, the government was not contemplating more steps to curb gold import, and significant reduction was likely in June.
Letter to corporate affairs ministry cites slowing economy, capital challenges.
Finance Minister Arun Jaitley to discuss state-level issues before finalising GST.
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 US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
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.
The immediate priority for the new governor will be to draft the mid-quarter review
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.
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
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.
The announcement of the Federal Reserve sent markets to a tizzy
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.
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.
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 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.
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 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.
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 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.
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.
His nomination is effective from November 11, 2014, RBI said on Monday.
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.
United Progressive Alliance-led government proposed lenders as insurance brokers; new FM not too keen, say insurers.
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