'The CEO will neither be able to guide the senior team in operational matters nor decide on their appointment, compensation or removal.' 'Yet, the CEO is responsible for the profit and loss of the bank!' 'Why would the senior executives listen to him?' 'Which self-respecting professional would want to be a CEO with these constraints?' asks Tamal Bandyopadhyay.
'The transmission sector is going to be the next sunrise industry.'
'Banking is a business of trust.'
'If some measures are implemented quickly, they can help revive growth.'
The cryptocurrency industry on Wednesday urged the government to take a nuanced approach towards regulating crypto assets in India and asked investors in the country to remain calm and not arrive at a rushed conclusion, a day after the government listed for introduction a Bill to ban all such cryptocurrencies, with some exceptions.
India's policy focus in recent months has been, on containment of fiscal deficit, along with measures that would boost investment levels in the economy.
'He is positive and likes to get work done,' is how a retired bureaucrat described him. 'I assume he will push the reform agenda with strength.'
The Indian economy appears to have slowed down in 2018-19 due to lower private consumption, tepid growth in fixed investment and muted exports, a finance ministry report has said.
The government is drawing up a relief package for industry with steps such as relaxation of asset-classification norms by banks, thus allowing companies to delay the repayment of loans, and tax holidays for the worst-hit sectors like aviation and hospitality. But it might not be enough to stop more bankruptcies from getting filed.
The RBI panel has also recommended a government-sponsored 'fund of funds' of Rs 10,000 crore to support the venture capital and private equity firms investing in the MSME sector.
Summary of sports events and persons who made news on Friday
Inflation targeting has worked well and the government must stay with it, and the framework is going to work well in the period ahead also, former RBI Governor D Subbarao said on Thursday. He also said low inflation contributes to sustainable growth. Addressing the 'Times Network India Economic Conclave' virtually, Subbarao said the government's proposal to privatise some public sector units is not akin to selling family silver but it is a route for putting India on a sustainable growth path.
'The rate of interest from the EPF is still attractive compared to the rates on fixed deposits, National Savings Scheme, Public Provident Fund...'
Cash-rich Central Public Sector Enterprises (CPSEs) have to either invest their surplus funds or give it to someone for investment purpose, Finance Minister P Chidambaram has said.
'Initially, Gift City was just another real estate project, but all that changed with Modi moving to New Delhi,' notes Tamal Bandyopadhyay.
In yet another secretary-level change, government appointed Hasmukh Adhia, a 1981 Gujarat cadre IAS officer, as the new Financial Services Secretary replacing G S Sandhu.
'When we say we want to increase pension participation, do we want to increase participation through the savings route?' 'Or do we want people to save in specific pension products?' asks Renuka Sane.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
Special Judge O P Saini issued notice to the agency and sought its response by October 8.
In simple terms, it refers to a deduction allowed in income tax, irrespective of expenses incurred or investment made by assessees.
If banks cannot charge interest from borrowers during the moratorium, who will bear that cost? Should the depositors subsidise the borrowers by foregoing interest on deposits? In that case, we will turn banking on its head! notes Tamal Bandyopadhyay.
The richest Hindu temple in the world could soon come to the rescue of Prime Minister Narendra Modi's plan to recycle tonnes of idle gold and cut economy-hurting imports.
Relax fiscal consolidation, boost public capex and reduce cost of finance, industry tells Centre
Hero MotoCorp was the top gainer in the Sensex pack, spurting 4.46 per cent. IndusInd Bank, Tata Motors, Vedanta, SBI, M&M, Sun Pharma, Tata Steel, HDFC and HDFC Bank too rose up to 3.63 per cent.
Suggests cheque-only transaction for transaction beyond certain threshold.
The 15 proposals were cleared following recommendations by Foreign Investment Promotion Board.
The Union Cabinet on Monday cleared the proposal to set up Cabinet Committee on Investment under the Chairmanship of Prime Minister Manmohan Singh to accord expeditious approval to projects of over Rs 1,000 crore (Rs 10 billion).
Pakistan will buy sugar and cotton from India, newly appointed Finance Minister Hammad Azhar announced on Wednesday, lifting a ban on their import from the neighbouring country imposed in the wake of heightened tension over Kashmir in 2019. The decision was taken at the meeting of the economic coordination committee (ECC), which was chaired by Finance Minister Azhar.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
Government to pay disproportionately high interest for borrowings from savings, overturning a nearly two-decade-long process of reforms in the management of public debt.
'Although Hong Kong weathered many a storm and displayed a remarkable resilience to bounce back, the developments in the territory have raised question marks with regard to its future stability and prosperity.' A revealing excerpt from Rup Narayan Das's Hong Kong Conundrum: Pangs of Transition.
Apart from them, Chidambaram's wife -- Nalini -- has been chargesheeted by the CBI in the Saradha chit-fund scam for allegedly accepting a bribe of Rs 1.4 crore.
The government hopes that the PLI schemes would provide 200,000-300,000 direct employment over five years, according to sources in the know.
The ED had filed the first chargesheet in the case against Chidambaram's son Karti; later, a supplementary chargesheet was also filed against him.
The Reserve Bank on Friday approved the transfer of Rs 99,122 crore as surplus to the central government for the accounting period of nine months ended March 31.
Sitharaman, a newcomer on the Forbes most powerful women list, is ranked 34th. The Forbes 2019 list of 'The World's 100 Most Powerful Women' has been topped by German Chancellor Angela Merkel, followed by President of the European Central Bank Christine Lagarde in the second spot and Speaker of the US House of Representatives Nancy Pelosi, ranked third. Also on the list is Bangladesh Prime Minister Sheikh Hasina (29).
The parliamentary standing committee on finance has proposed a Securities and Exchange Board of India (Sebi) and Reserve Bank of India (RBI) co-ordination mechanism to monitor foreign investments in the stock market.
Chidambaram's son Karti has been questioned twice by the ED in this case.
Banks will need more funds, as they have to provide more capital.
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