A high-level committee on External Commercial Borrowings chaired by Finance Secretary D Subbarao is expected to take a final view on the matter this week. The committee comprises officials of the ministry of finance and the Reserve Bank of India. A high-level committee on External Commercial Borrowings chaired by Finance Secretary D Subbarao is expected to take a final view on the matter this week.
SC asked AG to file an affidavit about the measures undertaken by the govt and RBI to minimise public inconvenience.
The Centre's proposal to call for governance reform in the RBI could, however, take a back seat, a source privy to the development said.
The Reserve Bank of India has recommended the names of State Bank of India and Bank of India to its Pakistani counterpart for allowing them to open of branches in that country.
The Reserve Bank too imposed a series of curbs to restrict gold imports.
According to the consumer affairs department, these chit funds are operating at a small level.
The sharp decline in rupee against the dollar is a cause of concern and there are expectations that steps would be announced to boost the domestic currency, the finance minister said.
Two senior ministry officials, who declined to be named, said the aim was to attract more capital flows from wealth funds in West Asian countries.
Budget-makers in North Block are looking to maintain this fiscal status quo, in spite of tax revenues nowhere close to where the government wants and in spite of possible higher expenditure commitments.
'In macroeconomic policy, timing is all, and by leaving things too late, Mr Modi may have made around 50 seats in the Lok Sabha highly vulnerable,' says T C A Srinivasa Raghavan.
The rupee weakened to 62.58 against the US dollar in the early trade on Thursday.
Chidambaram said there was no tension between the finance ministry and the Reserve Bank of India.
The panel was set up to suggest ways to reform India's monetary policy.
Imports of gold and silver in February 2013 stood at $5.24 billion. In January this year, they were $1.72 billion.
Says licensing of new banks should be a continuous process instead of the current stop-go system
DRs have shares as an underlying asset and are typically issued by a bank, known as the depository bank, on behalf of a company.
A senior government official says the idea is to facilitate mutually beneficial ways to keep the supply going.
The BRICS Summit tonight decided to establish the new development bank with an initial authorised capital of $100 billion.
According to the data available on the Reserve Bank of India's website, net workers' remittances in April-June 2018 were $11.5 billion
The main objective is to determine whether among these companies there are NBFCs that ought to have registered with the RBI for carrying on their NBFI activities.
Employees of the State Bank of India will go on an indefinite strike countrywide from Monday demanding enhanced pension package.
About 150 years ago, in British India, big farmers in the western region of Maharashtra agitated over unfair lending practices and demanded a more fair and inclusive financing structure. People say this is where the seeds of the cooperative movement, now omnipresent in the country, were sown. Today, more than 800,000 cooperative societies thrive in India, with 300 million members, a number close to the population of the United States. Despite a reach this deep--grass roots as they call it--cooperatives do not occupy a lion's share in the Indian economy.
Bibek Debroy raised seven questions about the new institution.
Since December 2018, monetary policy has been eased substantially by RBI with policy rates being cut by 75 bps and policy outlook being changed to 'accommodative'.
India said its economy grew 7.3 percent in the October-December quarter.
India's macroeconomic authorities must focus on fiscal stabilisation and Mukherjee has to provide the leadership as finance minister.
While IDBI Bank's 140 million customers and 1800-odd branches will come in handy for LIC to hawk insurance, the bank can use LIC's massive agent network to sell its retail loans. But if it is run the same way it had been in the past and LIC is a proxy of the government, then it has no future, says Tamal Bandyopadhyay.
Industry fears waiver of interest on interest would distort credit culture, may encourage borrowers who can pay to defer repayment.
Modi is optimistic that the reforms will be passed soon.
Those involved in the discussions say the guidelines for selection of bidders in insolvency cases need to be transparent, otherwise anyone who loses out could take legal recourse, leading to wastage of time and derailing the whole process.
The minister tells Subhomoy Bhattacharjee that he wants to set up a financing corporation for the road and shipping sectors, which will throw up a business opportunity of Rs 25 lakh crore!
The shift was sudden, quite unlike Shukla's departure from North Block, which had been anticipated for some months even before Singh''s first Budget.
The scheme calls for banks, refineries and hallmarking centres to work together.
The first high-level meeting of the Special Investigation Team on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians will be held in New Delhi on Monday.
Bharatiya Janata Party leader Subramanian Swamy on Sunday once again attacked Raghuram Rajan on the monetary policy, over a month after Prime Minister Narendra Modi had disapproved of his criticism of the Reserve Bank of India chief.
Indian government has hiked the import duty on refined gold three times since January 1 and it now is at a record 10 per cent.
Reserve Bank of India Governor D Subbarao on Thursday appeared before Parliament's Public Accounts Committee (PAC) probing the 2G spectrum scam to explain his position during his term as the finance secretary.
FM says government policies aim to contain inflation, spur growth.
Noted economist Arvind Subramanian is favoured as the choice for the government's Chief Economic Advisor (CEA).
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