October shipments to India, the world's No.2 gold consumer behind China, jumped to about 150 tonnes from less than 25 tonnes a year earlier and 143 tonnes in September, a finance ministry official said last week.
The finance minister has said that United Bank has managed to reduce its non-performing assets.
According to recent finance ministry data that captures the performance of public sector banks, instances of home loan defaults contributing to gross non-performing assets was the highest in the category of loans up to Rs 200,000.
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.
After growing at 8.4 per cent for consecutive financial years, economic growth fell to 6.5 per cent in 2011-12, primarily owing to a dismal show by the manufacturing sector, as well as a part of the services segment.
Bankers have decided to fight back against 'arbitrary arrests' and 'harassment' by probe agencies.
RBI Governor D Subbarao is expected in the capital on Friday to hold pre-policy consultations with Finance Ministry officials.
The BJP MP said the guidelines for grant of licences were 'brazenly flouted'.
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
Khan would replace Shyamala Gopinath who retires on June 20, after a seven-year stint as deputy governor.
Finance Minister P Chidambaram held informal consultations on Wednesday on possible candidates for the Reserve Bank deputy governor's post.
The new scheme may be announced before the Lok Sabha elections.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
The finance ministry is having a relook at the entire financial sector regulations and legislations to determine how they compare with the global standards.
Among its suggestions to the finance ministry, RBI has also said the government should classify private equity under a separate category of foreign investment, or create sub-limits within foreign direct investment or investments by foreign institutional investors.
The Reserve Bank of India has cut repo rates, the rate at which it lends money to banks, by 75 basis points since January this year, but most banks have not lowered lending rates.
Search panel to shortlist candidates soon.
The government on Wednesday cut interest rates on small savings schemes, including NSC and PPF, by up to 1.1 per cent for the first quarter of 2021-22 in line with falling fixed deposit rates of banks. Interest rate on Public Provident Fund (PPF) has been reduced by 0.7 per cent to 6.4 per cent while National Savings Certificate (NSC) will now earn 0.9 per cent less at 5.9 per cent. Interest rates for small savings schemes are notified on a quarterly basis. The rates of interest on various small savings schemes for the first quarter of the financial year 2021-22 starting from April 1 has been revised, the finance ministry said in a notification.
Banks will need more funds, as they have to provide more capital.
The government would be ironing out issues related to the controversial 'bail-in' clause in the earlier Bill, explore hiking the deposit insurance cover of customers, and decide whether the resolution framework should apply to public sector banks.
Despite the objections raised by Reserve Bank of India and Election Commission, India's politics has been funded anonymously and it is time to end this, asserts Aakar Patel.
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!
Finance Minister Jaswant Singh will not attend the spring meeting of International Monetary Fund and World Bank, starting in Washington on March 20.
Clarity to help operationalise the controversial FDI policy of 2009.
Spending continues to be less as people who are getting direct benefits from the government are choosing to save in the current situation.
The telecom industry, with a cumulative debt of around Rs 2,75,000 crore (Rs 2,750 billion), has been mired in various controversies, besides facing intense competition, low tariffs and falling margins.
Expressing the government's commitment to continue with reforms, Finance Minister Nirmala Sitharaman on Thursday assured India Inc that it is ready to do everything required to revive and support economic growth hit by the COVID-19 pandemic. Stressing that there is a need to promote growth as it helps bring down poverty, she however said it would not be at the cost of inflation. RBI has been mandated to keep inflation at 4 per cent, with tolerance level of 2 per cent on either side.
In the last fiscal, the government had originally budgeted a dividend income of Rs 27,178 crore (Rs 271.78 billion) from PSUs.
The government on Wednesday said the ordinance seeking to empower Reserve Bank to cut Statutory Liquidity Ratio below 25 per cent is expected to be brought in by this month-end or early February.
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.
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.
India's ongoing inflation-related worries must not be seen in isolation. Instead, it is a challenge being faced by several emerging economies, the finance ministry's chief economic advisor Kaushik Basu said on Tuesday, while also calling for concerted international action to deal with the issue.
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.
He will take the place of Subir Gokarn, who was in-charge of the monetary policy department, has retired.
Finance Minister Jaswant Singh said on Tuesday the government and the central bank were closely monitoring rising inflation and expected "a correction" soon.
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.
Finance Ministry meets market participants, wants feedback.
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