Green signal from Jaitley; CVC okays Hemant Contractor for head of PFRDA
Central bank likely to keep tabs on large wilful defaulters; policy likely by month-end.
'Normally, the system is geared towards counting notes -- it is equipped to do x amount of work and one day you are asking them to do 20 x.' 'The processes involved are very complex.'
RBI has cited "legal impediments" in sharing the reports.
Earlier, the RBI cut its policy interest rate to 6.75 per cent.
RBI has also announced new guidelines to price loans from April 1.
After having raised its key policy rates 10 times in a year-and-a-half to check inflation which remains stubborn, the Reserve Bank of India said on Friday it has no magic wand to bring down the rate of price rise.
Earlier, the Reserve Bank of India was the approving authority.
SBI-led consortium of 17 banks had a total exposure of about Rs 6,500 cr to Kingfisher Airlines.
The finance ministry and the RBI have performed many somersaults in these last 42 days.
ADB too had projected Indian's economic growth for current fiscal at 7.6 per cent
Business is down to such an extent that last year these firms could not even meet RBI's capital norm of Rs 50 million for partnerships and Rs 100 million for public and private firms in this line of business.
Govt reconstitutes body, says will not interfere in senior PSB appointments
There is as yet no clarity on how the process of consulting with the RBI Governor, initiated under Section 7 of the RBI Act, would unfold in the coming days. The government is keen that its suggestions made in the public interest should be heeded by the central bank, says A K Bhattacharya.
The finance minister is ready to present a second financial package. The Centre has ruled out a mega stimulus and will rely on targeted, incremental packages. Industry is clamouring for a bailout, the liquidity upheaval in capital markets is nowhere close to being sorted out, and all budgetary forecasts now stand irrelevant, reports Arup Roychoudhury.
Russia says cash shortage is affecting the functioning of its embassy in New Delhi.
It would be a good idea to create independent oversight committees for each regulatory institution and indeed, even for their appellate bodies, says A K Bhattacharya.
The RBI wants to enforce more transparency in public sector banks. Manojit Saha The Apex bank wants the government t oreduce stakes in PSUs.
High rates of such schemes deter banks from dropping borrowing rates - and thus lending rates
'With 27 days to go, the total bank deposits has come tantalisingly close to the Rs 14 lakh crores of banned notes which was in the financial system on November 8.' 'Black money hoarders may have actually laundered their black money into white,' argues Rajeev Sharma.
Most families had high value currency notes and they used it for making payments during the pre-demonetisation era.
The brokerage said the consolidated fiscal deficit, including that of the Union (3.6 per cent), the states (2.6 per cent) and the off-budget borrowings which are being resorted to increasingly is a worry.
He also made it clear that the pre-2005 notes will continue to be legal tender.
The Centre is pushing for bilateral trade with Cuba and its settlement in rupee as a part of its strategy to internationalise the domestic currency. A delegation from Cuba, including officials from its central bank, met Indian government officials and banks last month to discuss bilateral trade and settlement using the Reserve Bank of India's (RBI's) payment mechanism in rupee, said people aware of the matter. Since the Cuban nation has opened up its economy and is looking to implement reforms to attract investments from India, Cuban banks have evinced interest in opening special rupee vostro accounts (SRVAs) with Indian banks.
Garg had refused to sign on the report finalised by the former Reserve Bank of India governor Bimal Jalan-led committee reviewing the central bank's economic capital framework (ECF).
Following the meeting, Subbarao said the central bank will look into the latest inflation numbers before coming out with the monetary policy review.
'...Rs 137 lakh crores of people's money?' 'It is not the government's money, it is people's money.'
Both the government as well as the RBI took a series of steps to curb imports of gold and other non-essential items in addition to increase foreign exchange inflows.
Spot gold was bid lower at $ 1,298 an ounce in early European trade.
The meeting will be attended by all heads and EDs of public sector banks
With the introduction of new notes, India will have denominations of Rs 1, 2, 5, 10, 20, 50, 100, 200, 500 and 2000.
Accounting for the first Advance Estimates for 2017-18, an additional planned borrowing of Rs 200 billion, the fiscal deficit could come in at 3.35 per cent of GDP.
The issue will now have to be resolved through arbitration.
A senior RBI official said the regulator was focusing on performance of banks' statewise and in each district.
Docomo has now moved the London Court of Arbitration.
The convertibility is RBI Governor's 'next big ambitious goal'.
Government may also consider giving relief to some of the worst-affected sectors.
The RBI wants to include shares and options within the variable salary of the CEOs, proposed to be capped at 200 per cent of their fixed salary; the floor for it is 50 per cent.
The choice clearly is between prompt corrective action and slow but sure destruction, says Tamal Bandyopadhyay.
Licence winners are expected to be announced by the first quarter of 2014.
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