India has been relatively insulated from the severe headwinds in the West. However, with a third of the global economy expected to slip into recession in calendar year 2023, the impact will strongly be felt on India's exports and trade economy, leading economists said in a panel discussion at the Business Standard BFSI Insight Summit in Mumbai on Wednesday. The panel comprised former Reserve Bank of India executive director and former Monetary Policy Committee member Mridul Saggar, State Bank of India Chief Economic Advisor Soumya Kanti Ghosh, Citibank India Chief Economist Samiran Chakraborty, ICRA Chief Economist Aditi Nayar, and IndusInd Bank Chief Economist Gaurav Kapoor. The topic of the panel discussion was No recession in sight: Is India decoupled from developed economies?
The Supreme Court on Friday refused to entertain former ICICI bank managing director and CEO Chanda Kochhar's plea seeking retirement benefits from the bank. A bench of Justices Sanjiv Khanna and SVN Bhatti said, "Not a case for interference. We are not inclined to interfere with the high court order. "The special leave petition is dismissed." At the outset, senior advocate Harish Salve, appearing for Kochhar said the high court had dismissed the petition without any discussion or finding.
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
The Reserve Bank of India has been actively doing OMOs or buyback of government bonds to manage liquidity in the system over the last few months.
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.
Sharma to step down as Axis Bank chief on December 31.
The proposed four per cent inflation target is onerous, considering India is currently battling near-double-digit increases in prices.
"I'm taking a minute to respond... I do respect Raghuram Rajan as a great scholar who chose to be in the central bank in India at a time when the Indian economy was all buoyant," Sitharaman said during the lecture organised by the Deepak and Neera Raj Centre on Indian Economic Policies of the Columbia University.
Terming payment systems as the backbone of a nation's financial infrastructure, N R Narayana Murthy, chief mentor of Infosys, on Wednesday called for widening the reach of the electronic payment system to rural areas.
'...because it is still a legal tender.'
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.
Flush with liquidity, banks are eager to lend. And, therein lies the problem, warns Tamal Bandyopadhyay.
The Reserve Bank of India on Monday directed all banks and financial institutions to provide information and documents sought by the Special Investigation Team (SIT) set up to unearth black money.
The BJP MP said the guidelines for grant of licences were 'brazenly flouted'.
Rajan was expected to join the search committee to appoint three external members of a new six-member RBI Monetary Policy Committee
HDFC and HDFC Bank's merger - touted as India's biggest-ever corporate merger - pumped up shares of the two entities on the bourses. Shares of Housing Finance Development Corporation (HDFC) skyrocketed 9 per cent while those of HDFC Bank zoomed 10 per cent. In comparison, the benchmark S&P BSESensex and the Nifty50 indices settled 2.2 per cent higher on Monday.
Uday Kotak has resigned as the managing director and chief executive officer of Kotak Mahindra Bank, the bank said in a stock exchange filing on Saturday.
'Should the government be in the business of running banks?' 'Particularly when it does not have the fiscal strength to continuously infuse capital into such banks?'
Reddy's performance as RBI governor has won him admiration the world over. A year after leaving the RBI, he is a much sought after speaker on matters economic.
'The Budget needs to focus more on social welfare schemes.'
The government has extended the term of Reserve Bank of India Governor Shaktikanta Das by another three years upto December 2024, according to an official order.
NPCI has launched several consumer friendly systems including one that allows users to transfer money to people over mobile phones across India.
The RBI working group's proposal to allow corporate houses to set up banks is a "bombshell" and at this juncture, it is more important to stick to the tried and tested limits on involvement of business houses in the banking sector, according to an article jointly written by former RBI Governor Raghuram Rajan and ex-Deputy Governor Viral Acharya. They also said that the proposal is "best left on the shelf".
Panel to recommend sharing of divisible resources between states and the Centre from 2015 to 2020.
Securities & Exchange Board of India (Sebi) Chairman C B Bhave has for the first time publicly backed the Bimal Jalan committee report on the working of capital market infrastructure institutions (MIIs). The report was placed in the public domain on November 24 and received scathing criticism from industry players.
Two whole-time directors KVS Manian and Shanti Ekambaram of Kotak Mahindra Bank are in the race for the post of managing director and CEO, the position vacated by Uday Kotak last week. Kotak stepped down as MD and CEO of the bank effective September 1, 2023, four months ahead of his term was to end. The RBI will soon decide on Kotak's replacement as the new MD and CEO of Kotak Mahindra Bank, as the new person has to take charge on or before January 1, 2024.
Image used for representational purpose only. Photograph: Jayanta Dey/Reuters The Congress also said demonetisation has come a full circle and added that the Rs 2,000 note was a "band-aid to cover up the foolish decision of demonetising" Rs 500 and Rs 1,000 notes.
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?
Kochhar's counsel argued that according to Section 35B (b) of the Banking Regulation Act, prior approval of the RBI is required to terminate the contract of a bank's chairman or managing director. But in this case, the RBI approval came after the termination letter was served.
As Pranab Mukherjee resigned to contest the Presidential poll, Prime Minister Manmohan Singh on Tuesday took charge of the finance ministry portfolio at a time when the country's economy is going through a bad phase.
Users jocularly wondered if the name of institutions such as the Indian Space Research Organisation, the Reserve Bank of India and the Board of Control for Cricket in India will be changed.
Amid concerns over minorities being targeted in India, former Reserve Bank governor Raghuram Rajan on Thursday cautioned that an 'anti-minority' image for the country can lead to loss of market for Indian products and may also result in foreign governments perceiving the nation as an unreliable partner. India enters the perception battle from a position of strength, the professor at Chicago's Booth School of Business said, alluding to credentials like democracy and secularism, but warned that this battle is "ours to lose". The comments came a day after bulldozers tore down several concrete and temporary structures close to a mosque in Jahangirpuri as part of an anti-encroachment drive, days after the northwest Delhi neighbourhood was rocked by communal violence.
It is difficult to say if the banking sector will see the worst behind it by March 2020, warns Tamal Bandyopadhyay.
Based on this screening, the committee may weed out applications that do not meet the eligibility yardstick or the 'fit and proper' criteria for securing a licence.
Reserve Bank of India has turned down Hongkong and Shanghai Banking Corporation Ltd's plans to pick up about 20 per cent stake in UTI Bank by restricting its approval for acquisition of only 14.6 per cent stake
India was, relatively, less affected, as the central bank here did not allow the banks to speculate with people's money on the market.
The ban on listing and other roadblocks on ownership have tainted the Jalan Committee report.
Reserve Bank of India's former governor Raghuram Rajan on Wednesday joined Rahul Gandhi during the Congress-led Bharat Jodo Yatra in Rajasthan.
Mumbai-based Weizmann, part of a diversified group, will take to court its former partner Western Union Holdings, the American money-transfer giant, alleging that the United States-based company has imitated its trademark and logo. This, its lawyers say, constitutes a case of infringement and dilution of its intellectual-property rights.
The committee was appointed by market regulator Sebi in December 2009 to review the ownership and working of capital market infrastructure institutions.
