The Enforcement Directorate (ED) on Friday said it has issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than Rs 5,551 crore.
The Supreme Court on Monday sought response of former ICICI Bank CEO-cum-MD Chanda Kochhar and her businessman husband Deepak Kochhar on a plea of the CBI challenging the interim bail granted to them by the Bombay high court in a loan fraud case. A bench of Justices Aniruddha Bose and Bela M Trivedi issued notice on the plea of the CBI and sought the response of the couple in three weeks.
The proposal to merge the Gujarat International Finance Tec-City (GIFT City) units of the National Stock Exchange (NSE) and BSE has reached an advanced stage, and both bourses could file an application before the National Company Law Tribunal as early as this month, according to a top regulatory official. Sources indicate that the merger proposal has received approval from their respective boards. Both the NSE and BSE are arch rivals when it comes to onshore trading.
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.
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.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
The International Financial Services Centre Authority (IFSCA) plans to operationalise the framework for direct listing of companies at International Financial Services Centre (IFSC) exchanges by the end of the year, said Chairperson K Rajaraman. He added that the amendments would be notified within three months. Further, the GIFT City regulator is also considering the launch of separate payments system regulations - similar to that of the real time gross settlement (RTGS) for banking within a few months.
It is difficult to say if the banking sector will see the worst behind it by March 2020, warns Tamal Bandyopadhyay.
NPCI has launched several consumer friendly systems including one that allows users to transfer money to people over mobile phones across India.
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
Panel to recommend sharing of divisible resources between states and the Centre from 2015 to 2020.
The Supreme Court on Tuesday questioned the CBI over not objecting to repeated extension of the two-week interim bail granted in January this year to former ICICI Bank CEO-cum-MD Chanda Kochhar and her businessman husband Deepak Kochhar in a loan fraud case. A bench of Justices Aniruddha Bose and Bela M Trivedi asked Additional Solicitor General SV Raju, appearing for the CBI, as to why the probe agency did not resist repeated extension of interim bail granted to them by the Bombay high court on January 9. "This order is of January 9 and interim bail was granted for only two weeks. Why have you not resisted? Why are you permitting it to continue for such a long period?
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.
False and acrimonious debates such as Modi versus Manmohan might allow for victories that are political and partisan. But the real loser is the nation, India and Bharat, notes Arvind Subramanian, former chief economic advisor to the Modi government in its first term.
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.
Prime Minister Narendra Modi on Friday claimed that the Congress and Samajwadi Party will run a bulldozer over the Ram temple if elected to power, and asked them to take 'tuition' from Uttar Pradesh Chief Minister Yogi Adityanath 'where to run bulldozers'.
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 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
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.
The Yes Bank Reconstruction Scheme 2020, shall come into force on March 13, the gazette notification said.
'Mumbai main branch (SBI headquarter) has all the data ready-made. It doesn't take even an hour to out the data from the system.'
The committee was appointed by market regulator Sebi in December 2009 to review the ownership and working of capital market infrastructure institutions.
The 55 basis point (bps) spike in the US 10-year bond yield, triggered by a combination of FOMC's hawkish commentary and BOJ's relaxation of the yield control curve (YCC) has made analysts cautious on Asian equities and expect them to trade sideways in the short-to-medium term.
The Bharatiya Janata Party rejected this was any sort of demonetisation and instead reminded the Congress that even during the rule of Manmohan Singh, old currency notes were taken off circulation.
The government is considering a proposal to privatise some state-owned banks in phases.
Foreign banks were ahead in terms of technology, but that is no longer the case as Indian private banks steal the innovation march.
RBL Bank is no Yes Bank. It's not fraught with fraud. It's a story of limitless ambition and greed for growth under a leader who doesn't want to give up, says Tamal Bandyopadhyay.
As many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of Rs 71,542.93 crore in the last fiscal.
The 'bad bank' -- which will help banks clear their balance sheets by transferring the NPAs to special purpose vehicles -- has been one of the most debated ideas for stressed asset resolution.
Nationalisation has served its purpose. It's time to move ahead, keeping majority ownership of the government in a few banks to serve the people, argues Tamal Bandyopadhyay.
Sounding a note of caution, former Reserve Bank Governor Raghuram Rajan has said that India is "dangerously close" to the Hindu rate of growth in view of subdued private sector investment, high interest rates and slowing global growth. Rajan said that sequential slowdown in the quarterly growth, as revealed by the latest estimate of national income released by the National Statistical Office (NSO) last month, was worrying. Hindu rate of growth is a term describing low Indian economic growth rates from the 1950s to the 1980s, which averaged around 4 per cent.
With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the divestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.
With the management of most State-owned banks hardly having time to concentrate on big-ticket business, growing the business of loan disbursals has been pushed down the priority order.
The Bombay high court on Thursday said Chanda Kochhar's termination as CEO of ICICI Bank was prima facie 'valid' and dismissed her interim application seeking post-retirement benefits.
The reason why private banks will play the deposit pricing game strategically is the weakening of banks' deposits base given the competition from MFs and insurance companies due to tax-savings schemes.
The high-level expert group led by former Reserve Bank of India governor C Rangarajan to formulate a jobs plan for Jammu and Kashmir is likely to meet on Friday in New Delhi. The committee was formed by Prime Minister Manmohan Singh as part of the Centre's efforts to end the ongoing cycle of violence there. The committee will initially hold a few meetings with senior officials from various ministries including home, agriculture, external affairs.
'So far as supervision is concerned, there are enough powers but to take action on public sector banks, consultation with the government is needed.'
These recommendations are based on interactions held by the Banks Board Bureau with eligible candidates from PSBs towards appointment against vacancies in PSBs for the period 2018-19
They are small town boys who went on to make it big in global financial powerhouses.
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