The Finance Ministry has called a meeting of heads of public sector banks to clear stalled projects.
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
Security and Exchange Board of India Chairman C B Bhave and representatives from the Reserve Bank and Corporate Affairs Ministry are likely to brief parliamentary standing committee on finance about the latest developments in the Satyam fraud case, at a meeting called on Wednesday to discuss the issue.
India's $121 billion troubled debt pile, over $100 billion of which is on the books of state-owned banks, has come under close scrutiny from prosecutors, the media and politicians
The Arun Jaitley-led finance ministry reiterated banks should act tough on wilful defaulters.
Banks in India must have a modern approach, suggests a panel comprising of banking bigwigs.
Finance ministry lines up major plans to be implemented within three months.
After making a larger-than-expected cut of 50 basis points on September 29, Rajan urged the federal government to do its bit to accelerate growth through structural reforms.
'We are in a position to start due diligence and private data room access shortly.'
With an aim to safeguard the investors from possible frauds involving collective investment schemes, the government has proposed a high-level committee of members from Reserve Bank, Sebi, Corporate Affairs Ministry and Economic Office Wing of state police departments.
'The finance ministry and public sector banks have tried to keep the names of wilful defaulters secret.' 'Secrecy and concealing information are inbred among banks and even the RBI,' observes Debashis Basu, editor, www.moneylife.in.
India's inflation trajectory in the coming months will be influenced more by the geo-political situation due to the war in Europe and its impact on supply chains and commodity prices. However, the country is better placed than most to "weather the storm" and achieve growth of close to 8 per cent in the current fiscal year, the finance ministry said in its latest monthly economic report on Thursday. "Through the channel of imports, elevated global crude and edible oil prices now have a significant impact on India's inflation outlook. "Government measures to keep the prices of these commodities in check, along with the recent hike in policy rates by the RBI, are expected to temper inflationary pressures in the economy," the monthly economic report for April, drafted by the finance ministry's economic division, said.
India's short-term overdraft facility with the Reserve Bank of India was in surplus at Rs 120 billion and the government will not borrow funds from the market in the fiscal year ending March 31, a finance ministry official said.\n\n
The move could streamline capital flows and help finance current account deficit
While the RBI has asked the oil marketing companies to purchase 50 per cent of their dollar requirement from State Bank of India, the government has been taking supportive measures to encourage flow of foreign exchange into the country, Finance Secretary R S Gujral told reporters in New Delhi.
According to sources, Kingfisher Airlines allegedly diverted funds by opening a current account in HDFC Bank and had a balance of Rs 7.5 crore (Rs 75 million) as on date.
The chairman of Parliament's Public Accounts Committee, K V Thomas, on Monday said a meeting with finance ministry officials has been deferred to February 10 in view of the Budget preparations.
The first tranche of Sovereign Gold Bonds 2021-22 will be open for subscription for five days from Monday, the finance ministry said in a statement. The bonds will be issued in six tranches from May 2021 to September 2021, it said on Wednesday. The subscription period for 2021-22 Series I will be May 17-21, and bonds will be issued on May 25.
Recent slide in inflation no consolation amid exceptional shrinkage in industrial growth.
Critics call fiscal deficit projections ambitious; government to meet Opposition, chief ministers to discuss issues after Budget session
Some measures announced in Indradhanush -- a 7-point Modi plan to revamp State-owned banks but not completed -- may be taken up again.
Market hopeful of cash reserve ratio, interest rate cut today.
RBI expects more from the government than last week's very limited package of reforms and fiscal measures.
The Centre is in "mission mode" to fill vacancies in government departments and ministries. The Department of Expenditure is currently following up with other wings of the government to expedite pending appointments. Regular follow-ups are being made to fill the vacant positions, so that the stated target of eliminating 1 million vacancies is met by December 2023, ahead of the next Lok Sabha elections. Even as the nodal ministry for filling vacant positions in the government is the Department of Personnel and Training (DoPT), the Department of Expenditure's Establishment Coordination (Personnel) division is providing support for the recruitment drive.
Amid the Reserve Bank expressing reservations over the Unit Linked Insurance Products (ULIPs) ordinance, the Finance Ministry on Tuesday said a bill to replace the ordinance would be placed in the forthcoming session of Parliament beginning July 26.
Sources said Finance Minister P Chidambaram might make an announcement in this connection in Budget 2007-08, as part of his overall strategy for raising long-term finance for infrastructure.
The meeting came amid a face-off between the central bank and the finance ministry over issues ranging from appropriate size of reserves that RBI must maintain to ease of lending norms to step up growth in an election year.
'We will infuse the next tranche of recapitalisation by mid-December. Close to Rs 42,000 crore remain to be infused as capital in public sector banks in the current financial year,' a senior finance ministry official said.
Underscoring price stability, more importantly for the poor, he said the government will use its foodgrains stocks to moderate prices and enhance imports of essential commodities.
'Trust your new governor,' Omkar Goswami advises RBI Deputy Governor Viral Acharya. 'Just because he is from the IAS and doesn't carry a PhD from a US university does not make him unsuitable for the task.' 'If anything, Das will pour oil on troubled waters, and save the RBI's reputation.'
"The autonomy for the central bank, within the framework of the RBI Act, is an essential and accepted governance requirement. Government of India has nurtured and respected this," the finance minister said in a statement.
CRR is the proportion of deposits each bank must keep in the form of cash.
Of the seven members, four are proposed to be government nominees and the rest from RBI.
Finance Minister P Chidambaram will soon have to decide whether to stick by his predecessor's choice of former Reserve Bank governor Y V Reddy for chairmanship of the 14th Finance Commission, to be set up next month.
The Kolkata-based firm already has a presence in 22 states with over 2,000 branches and 5.9 million borrowers.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
RBI feels allowing foreign companies into this business may affect financial stability.
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.
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