The bonds will likely be simultaneously launched in major financial centres such as London, Singapore, Hong Kong, New York for a term of no less than 20 years.
Lower crude prices mean less government outlay for India,
Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.
Rajan Committee has evoked divergent reactions from the states.
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The trade deficit makes up an important part of the current account deficit, which had touched an all-time high of 4.8 per cent in 2012-13.
The lack of an informal communication channel is what should bother the government and the RBI, if they want to eliminate the undesirable outcomes of the current tension between the two, says A K Bhattacharya.
Also, the import tariff value -- the base price at which customs duty is determined to prevent under-invoicing -- in case of silver has been reduced to $644 per kg from $694 per kg earlier, a notification by the Central Board of Excise and Customs said.
A committee on digitalisation headed by Andhra Pradesh Chief Minister Chandrababu Naidu had in an interim report recommended taxing cash transactions of at least Rs 50,000 to promote digital payments.
The Financial Sector Legislative Reforms Commission had in a report last year proposed a unified regulator for the entire financial sector -- markets, insurance, commodities and pension. It had, however, proposed to keep banking out of its purview for now.
PNB has rich experience in the integration of commercial banks.
The 47th GST Council meeting that is currently underway is slated to discuss a host of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks in some items and relaxed registration norms for small online suppliers. Further, the meeting of the Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state counterparts, will also clear levying the highest tax of 28 per cent on online games, casinos and horse racing, besides, measures to curb tax evasion, especially devising ways to tackle high-risk taxpayers in GST. "The meeting is being chaired by Hon'ble Union Minister of Finance @nsitharaman and many important decisions are expected to be taken at the meet," PIB Chandigarh tweeted.
Move to hasten rollout and, if successful, set a precedent for new banking firms.
Unlike any other business, banking is a turf where the captain's role is the most critical. Often a bank is defined by the personality of the CEO who runs it. Both HDFC Bank and Kotak Mahindra Bank are the creation of their CEOs, notes Tamal Bandyopadhyay.
A K Bhattacharya lists three reasons why Finance Minister Arun Jaitley will most likely present a full Budget on February 1, 2019.
A lot of work is needed to be done on the part of the insurance sector behemoth, and the government, before it is ready for its market debut.
RBI said more monetary transmission to support growth continues to be critical.
Patel, who headed the RBI from September 2016 till his sudden resignation in December 2018, says in his book thta the government seemed to lose enthusiasm for the new bankruptcy law in the middle of the year he left the central bank. Though Patel does not name anybody in the book, the mid-2018 period he refers to is the time when Piyush Goyal held temporary charge of the finance ministry between May and August.
The RBI governor, who made a presentation about the state of the economy as well about the world economy to the 31-member Parliamentary Standing Committee on Finance, stayed clear of controversial questions like government invoking special powers.
FinMin does not expect tax or non-tax revenue to reach anywhere close to the targets set in the interim Budget. Sources say that the challenge before the new government will be either to accept the reduced projection and tailor the Budget accordingly or set a more ambitious target.
Apart from 40 modules of Harvard, SBI has internally developed 500 e-modules for employees.
RBI will make a presentation on January 24 before the panel on the state of NPAs and stressed loans.
India Post may be keen to apply for payment bank licence.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
"We did not abuse RBI governors," says Chidambaram.
Chief Economic Advisor (CEA) V Anantha Nageswaran on Thursday said describing India's recovery as 'K-shaped' was wrong as both rural and urban economies were recovering, albeit at different paces. Speaking to reporters at the Finance Ministry, Nageswaran said the gross domestic product (GDP) growth print for the recent October-December quarter (Q3FY23) will likely be revised upwards. "The notion of using the letter 'K' to denote urban and rural is somewhat wrong because it is almost as if one is growing and one is contracting. "I would say one segment's slope is more positive, and the other one slope is less positive but it is positive," Nageswaran said.
The Reserve Bank of India had taken steps to tighten liquidity in a bid to curb volatility in the forex market after the rupee fell to a record low of 61.21 to the dollar on July 8.
RBI governor is seen succeeding International Monetary Fund (IMF) chief executive officer, Christine Lagarde, next year.
Economists and investors want RBI to retain independence in setting rates
Banks shall not charge fees for transactions settled on IMPS and UPI in excess of rates charged for NEFT for transactions above Rs 1,000, the order said.
Income tax department sends out notices to cryptocurrency investors on suspicion of tax evasion.
Issuance of new bank licences proves that the apex bank wants the financial sector to flourish.
Post office savings of 1, 2 and 3 year term deposits and 5-year recurring deposit currently fetch 8.4 per cent interest per annum.
RBI's draft guidelines prescribe that banks with a strong capital base and NPAs below 3% can become brokers.
The Supreme Court on Wednesday allowed banks and financial institutions to provide services related to cryptocurrencies by setting aside the RBI's 2018 circular which had prohibited them. A three-judge bench, headed by Justice R F Nariman, said the Reserve Bank of India circular is liable to be set aside on the ground of "proportionality". "Accordingly, the writ petitions are allowed and the circular dated April 6, 2018 is set aside," said the bench, also comprising justices Aniruddha Bose and V Ramasubramanian.
The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020.
"We firmly hold that undermining the central bank is a recipe for disaster and government must desist," All India Reserve Bank Association said in a letter. The association said Acharya's comments about the government's interventionist role vis-a-vis the RBI has created a flutter across the nation. "This is, however, not a sudden outburst, but was waiting to happen due to long simmering discontent," the association said.
India is the largest importer of gold after China.
It has been a year since the Reserve Bank of India (RBI) initiated prompt corrective action (PCA), an exercise that puts weak banks under central bank scrutiny, against the 94-year-old Lakshmi Vilas Bank (LVB). But recently, this low-profile Chennai-headquartered bank found itself attracting some unwonted publicity when 60 per cent of its shareholders voted against a proposal to re-appoint seven directors, including one of the promoters, K R Pradeep (who holds around 2 per cent), and the company's managing director & chief executive officer S Sundar.
Giving more freedom to individuals travelling abroad, they may soon be allowed to spend $2 lakh overseas in a year as against the present ceiling of $75,000.
The finance ministry is not only keen to split the roles of CMD, but also wants to appoint them for a fixed tenure of five years.
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