The birth anniversary of Dr Bhimrao Ramji Ambedkar, whose political influence has surged with the passage of time, on Monday was marked by bitter trading of charges between the ruling BJP and opposition parties as they fought for his legacy.
"No Yes Bank," Congress leader Rahul Gandhi said on Friday, taking a dig at the Bharatiya Janata Party-led government over the moratorium placed on Yes Bank, and alleged that Prime Minister Narendra Modi and his "ideas" had destroyed the country's economy.
Australia's selectors decided against sending any out-of-form batters Steve Smith and Marnus Labuschagne to play for the Prime Minister's XI against India.
'There is merit in keeping the central bank's balance sheet strong if the government's fiscal balance sheet is weak.'
'Binary fission will happen -- startups will lead to more startups.'
The last time this happened was in 1996.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
New-generation private sector banks such as ICICI, HDFC, Axis, Kotak etcetera owe their existence to the recommendations of the first Narasimham Committee.
India will become the world's third largest economy by 2026 as its GDP in current dollar terms will reach $5 trillion in that year and further rise to $5.5 trillion in 2027, former Niti Aayog vice chairman Arvind Panagariya said on Friday. Delivering the 18th C D Deshmukh Memorial Lecture titled 'India at 125: Reclaiming the Lost Glory and Returning the Global Economy to the Old Normal', he said it is unlikely that GDP in current dollar terms of either Germany or Japan will cross $5 trillion-mark in the coming three years. Japan will have to sustain a growth rate of 3.5 per cent in current dollar terms to reach $5.03 trillion in 2027 from its 2022 level of $4.2 trillion, he said.
The Central Bureau of Investigation on Monday told a special court here that former ICICI Bank CEO and MD Chanda Kochhar misappropriated the lender's funds for personal use. The probe agency, represented by special public prosecutor A Limosin, made this argument while urging the special court to take cognizance of the chargesheet filed against Chanda Kochhar, her husband Deepak Kochhar and others in a case pertaining to cheating and irregularities in sanctioning of loans to Videocon Group firms. Chanda Kochhar was MD and CEO of ICICI Bank between May 2009 and January 2019 in which capacity she was entrusted with the Bank's funds, the CBI told court.
The Budget should undertake further reductions in import tariffs and seriously consider an announcement of India's intention to join one or both of the two Asian mega-regional free trade agreements, suggests Shankar Acharya, former chief economic adviser to the Government of India.
"I mentioned to sir (Ratan Tata) that the son of a fellow army officer was handicapped below the waist and needed a job," he told PTI from Pune where he now lives. "Vijay Bisht, son of my then colleague in M&G area HQ Lt Col B S Bisht, had sustained severe leg injuries after falling from a horse and I came to know he was looking for a job," he added. Tata said the needful would be done. And it was.
The Indian economy will grow at around 6.5 per cent in the current fiscal, notwithstanding high crude oil prices and increased uncertainty due climate changes, NITI Aayog member Arvind Virmani said on Thursday. Virmani also asserted that the gross household savings ratio in India has consistently gone up. In an interview with PTI, he said: "My growth projection (of India's GDP growth) is 6.5 per cent plus minus 0.5 per cent... because my experience is that the fluctuations in global GDP more or less has balanced out for us, assuming normal changes."
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).
Buch, under a cloud over allegations of conflict of interest levelled by United States-based short-seller Hindenburg, was asked to appear before the PAC, which is reviewing the performance of the market regulator.
The ATMs are fully up now and customers can withdraw up to Rs 50,000 from Yes Bank as well as from other banks' ATMs.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.
As many as 80-85 per cent Paytm wallet users will not face any disruption because of regulatory actions, and the remaining users have been advised to link their apps to other banks, RBI Governor Shaktikanta Das said on Wednesday. The Reserve Bank of India on January 31 barred Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts.
With 7 per cent economic growth, India is not creating enough jobs as reflected by the number of applicants for vacant posts in some states, Reserve Bank's former governor Raghuram Rajan said and suggested the government needs to focus on promoting labour-intensive industries to generate employment. Rajan further said some Indians, especially those at upper level, are comfortable and have high incomes, but consumption growth from the lower half of the country has still not recovered to pre-pandemic level.
When he didn't respond (Mr Saver has lost count of how many relationship managers he has had in the past few years!), the gentleman landed up at his doorstep and started pleading with him to open fixed deposits with the bank, observes Tamal Bandyopadhyay.
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
While India has in no way contributed to global financial imbalances, it has a huge stake in the process of unwinding of these imbalances and its impact on exchange rates, former Reserve Bank of India governor Y V Reddy has said. He was speaking at the Indian Council for Research on International Economic Relations.
'I am determined now to celebrate all festivals together.' 'People don't respond much when you try to convince them by talking about principles of secularism etc. But if we revive our shared cultural practices, specially food, we may get a better response.'
When asked the reason for India's abstention from a resolution in the UN General Assembly on October 27, 2023, regarding the protection of civilians and upholding legal and humanitarian obligations, Jaishankar said there were many resolutions in the UN General Assembly and in some India abstained and in some, it voted in favour.
A high-level panel led by former RBI governor Bimal Jalan, set up to decide the appropriate capital reserves that the central bank should maintain, on Wednesday finalised its report.
LVB had faced some serious flak in terms of bad loans, earnings and credit rating downgrades, since 2016.
A 9-10 per cent economic growth rate for India is not sustainable without creating necessary infrastructure like power, ports and roads, warns former Reserve Bank Governor Y V Reddy.
Gill, who studied at Modern School and Hindu College in Delhi, joined Deutsche Bank in 1991 and became its India CEO in 2012.
'For the RBI, for a central bank, reputational risk is the worst risk.' 'Credibility is the worst risk,'
The Prime Minister's Economic Advisory Council, headed by former Reserve Bank Governor C Rangarajan, had said that it was unlikely that the GDP growth rate would be lower than 6.25 per cent for the current fiscal; buy might reach 6.75 per cent despite the adverse impact of monsoon on farm sector output.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
'The Budget needs to focus more on social welfare schemes.'
Observing that there is liquidity overhand of Rs 13 lakh crore in the system, RBI Governor Shaktikanta Das said on Friday that the exceptional measures undertaken during pandemic will be dealt in sync with macroeconomic developments to preserve financial stability. Since the onset of the pandemic, the Reserve Bank has maintained ample surplus liquidity to support a speedy and durable economic recovery, he said while announcing the outcome of the Monetary Policy Committee (MPC) meeting. The level of surplus liquidity in the banking system increased further during September 2021, with absorption under fixed rate reverse repo, variable rate reverse repo (VRRR) of 14 days and fine-tuning operations under the liquidity adjustment facility (LAF) averaging Rs 9 lakh crore per day as against Rs 7 lakh crore during June to August 2021, he said.
It was a protest which held a mirror to the government of a state taking pride in its commitment to democracy, gender equality and social indices.One person, who in his employed days had known governments and political parties at close quarters, told me that public perception of how the Kerala government handled the ASHA workers' strike had been terrible, reports Shyam G Menon.
Madhabi Puri Buch, the first female chairperson of Sebi, doesn't plan to rest on her laurels in her third and final year in office and has set out an ambitious goal, such as moving towards a same-day and instantaneous settlement cycle for the secondary market.
In the backdrop of the crisis brewing at Paytm Payments Bank, major fintech companies are ramping up their workforce and inducting new faces in their leadership teams, industry sources said on Wednesday. Users will not be able to add funds to their Paytm Payments Bank Wallet after February 29, though they will still be able to use the services and the existing balance in the wallets, according to the Reserve Bank of India (RBI) diktat. Industry sources said that competitors to Paytm are investing heavily in offline payments while doubling their salesforce.
He argued that if inflation is low, stable and moving towards the 4 per cent target, why has the RBI not revised downward the bank rate fixed in June 2023?
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
The government is "extremely disappointed" with the latest report of the Moody's rating agency on India's economic outlook. The report, a senior government official said, was highly contradictory and called the rating agency's credibility into question. Referring to the Moody's statement that "India's fiscal strength remains a key weakness in the sovereign credit profile...", the official remarked: "How can my strength be my weakness? Moreover, they are unwilling to have a like-to-like comparison with India."
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