The RBI is of the view that it cannot carry out satisfactory due diligence for granting registration because the funding is from a jurisdiction that has been identified by FATF as having weak measures to combat money laundering and terrorist financing.
Citigroup on Monday said it will repay $20 billion bailout money to the US government, a move that will ease strict government regulations on the financial services provider.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
Spicejet has sought extention from the Airports Authority of India over payment schedule.
The Insurance Regulatory and Development Authority of India (IRDAI) is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity. The proposal, which is a part of the recommendations made by a working group formed by Irdai and the General Insurance Council, suggests that insurance frauds should feature when the risk profiles of individuals are evaluated and should be used to calculate their credit scores. A poor credit score can deprive a person of financial services such as loans and credit cards, and deter him from indulging in fraud.
Other countries with a large number of cases including Brazil, Russia, Spain and the United States of America, all have more people heading to work.
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
In yet another move to close the regulatory gap between banks and shadow banks, the Reserve Bank of India (RBI) has mandated exposure limits to the non-banking finance companies, in line with commercial banks. In the large exposure framework released on Tuesday, the regulator capped aggregrate exposure of NBFCs which are in the upper layer toward one entity at 20 per cent of capital base. The limit can only be extended by another 5% with board's approval. For a particular borrower group, the cap is at 25 per cent, with additional 10 per cent if exposure is towards infrastructure.
Tata Group-owned Air India has informed the Centre that aircraft lessors wish to set up their special purpose vehicles (SPVs) outside India since they aren't enthused about the Indian 'legal structure' and are loath to take risks. Indian airlines have a combined fleet of about 700 planes; over 85 per cent are on lease. A majority of lessors are based in Ireland due to its attractive tax policy, light-touch regulations, and swift legal system.
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Currently, the Shannon Development Centre employs over 200 professionals, delivering IT and business process services' offerings to marquee retail banking and insurance customers across Ireland and the UK.
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
Reliance Jio Infocomm (RJIL) has written to the Telecom Regulatory Authority of India (Trai) stating that a recent complaint against it by Bharti Airtel is a deliberate, malicious attempt at defaming RJIL's consumer-friendly tariff. RJIL has also asked the regulator to warn Airtel against 'making such frivolous complaints in the future'. The move is in response to Airtel recently requesting Trai to bring content aired through broadband under the regulatory fold and keep a check against discriminatory bundling tactics.
The Reserve Bank on Thursday said it will come out with a framework allowing borrowers to switch to fixed interest rate from floating interest rate, a move that would provide relief to borrowers of home, auto and other loans reeling under the impact of high interest rate. Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said under the framework, to be put in place shortly, the lenders will have to clearly communicate with the borrowers about tenor and EMI. "The supervisory reviews undertaken by the Reserve Bank and the feedback and references from members of public have revealed several instances of unreasonable elongation of tenor of floating rate loans by lenders without proper consent and communication to the borrowers," he said.
Shares of Indiabulls Real Estate fell by over 12 per cent, Indiabulls Financial Services by 11 per cent, Indiabulls Power Ltd by 11.8 per cent and Indiabulls securities by about five per cent.
German insurance giant Allianz is planning to widen base in India with foray in banking business through its unit Dresdner Bank, besides expanding its existing non-banking financial services.
Reliance Capital on Wednesday said it has got approval from the Indian market regulator Sebi and the Monetary Authority of Singapore (MAS) for Rs 1,450-crore (Rs 14.5 billion) stake sale in its mutual fund business unit to Japan's Nippon Life.
'Sheikh Abdullah ruled the state with secular values. Post 1953, when he was sacked, corruption took over governance.'
The Anil Dhirubhai Ambani Group's financial services arm Reliance Capital on Friday said it has received approval from the Reserve Bank of India (RBI) for its proposed 26 per cent stake sale in Reliance Life Insurance to Japan's Nippon Life.
There are millions of Indian women who avoid the responsibility of managing their finances due to a variety of reasons, including cultural and social conditioning.
Four more workers, who were hospitalised after a service lift crashed at an under-construction society in Noida Extension, succumbed to their injuries on Saturday, pushing the death toll in the incident to eight, officials said.
Wachovia Bank NA will pay $160 million to the US authorities to settle allegations related to its anti-money laundering compliance programme.
Its statement also said Facebook does not use WhatsApp payments information for commercial purposes.
Shares of telecom services providers - Reliance Industries (parent of Reliance Jio), Bharti Airtel, and Vodafone Idea - have shed up to 23 per cent so far in the current calendar year as growth in the wireless subscriber segment begins to plateau amid higher tariffs and rising costs of smartphones. By comparison, the benchmark S&P BSE Sensex, and sectoral index BSE Telecom have dipped 1.8 per cent, and 12.6 per cent, respectively, ACE Equity data shows. However, analysts expect the trend to reverse soon as telecom services providers focus on the next leg of growth -- fixed broadband (FBB) segment.
The preventive aspect of cancer is strengthened under comprehensive primary healthcare through the Ayushman Bharat Health and Wellness Centre scheme by the promotion of wellness activities and targeted communication at the community level.
'In real estate project insolvency, no one size can fit all.'
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
While the responses of the candidates were predictable, depending on which side they belonged to, an interesting point slipped through when Rahul Shewale cited the Dharavi Redevelopment Project as a scheme that would add to Mumbai's importance. No big infrastructural project in Mumbai, he said, could be successful without the Centre's nod.
Look at the sanctioned plan to know the exact carpet area you will get and pay a law firm to conduct a thorough title check.
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
Barclays further said there is increased momentum in announcements of equity offerings in public sector units, 'which suggests upside risks to our estimate of fiscal divestment proceeds of Rs 25000 crore in the next fiscal,
The SNJPC recommendations cover pay structure, pension and family pension and allowances besides dealing with the issue of establishing a permanent mechanism to determine subjects of service conditions of district judiciary.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
'If the RBI blesses us with a banking licence, we would like to launch a successful bank.'
A panel led by the secretaries of the DEA and the DIPP would conduct a quarterly review on the pending proposals.
Banking is first about trust and integrity and then about technology and the rest.
The report has identified 29 instances where it appears that the loans disbursed to borrowers were in turn utilised by their group companies to repay the existing debt obligations with IL&FS Financial Services Limited.
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
The Reserve Bank on Tuesday allowed banks to open ATMs outside their branches without permission from the central bank.
'If we have to restrict and fight terrorism, first and foremost, we have to ensure communal harmony in the country.'
