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 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.
'So far as supervision is concerned, there are enough powers but to take action on public sector banks, consultation with the government is needed.'
They are small town boys who went on to make it big in global financial powerhouses.
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'.
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
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.
Aspirants banking on experience and domain knowledge of veterans
The Reserve Bank on Friday set up a three-member committee under former Governor Bimal Jalan to scrutinise applications for new bank licences, which are expected to be awarded by January.
'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 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 country's new home minister, Palaniappan Chidambaram, today said he prefers a Congressman as his successor in the finance ministry, setting off speculation about the implication of his statement.
The accused were allegedly complicit in causing losses to the tune of Rs 1,000 crore to MSCB between 2007 and 2011.
The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.
In the new decade, the scene will change because the banks till recently had been challenged by the fintechs, but the techfins have now entered the arena, observes Tamal Bandyopadhyay.
The Financial Stability and Development Council members include heads of regulatory bodies like RBI, Sebi and Insurance Regulatory Development Authority.
Prime Minister Manmohan Singh sought an end to the cycle of violence in Kashmir while addressing an all-party meet in New Delhi on Tuesday."The key to the problem in Kashmir is a political solution that addresses the alienation and emotional needs of the people," said the PM. The prime minister proposed the setting up of an expert group headed by Dr C Rangarajan with N R Naryanmurthy, Tarun Das and others to formulate a jobs plan for the state.
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.
Bankers have decided to fight back against 'arbitrary arrests' and 'harassment' by probe agencies.
'He's at best a holding-CEO. Not one who will re-imagine the bank,' a senior banker and former colleague tells Raghu Mohan about HDFC Bank CEO & MD Sashidhar Jagdishan.
Subbarao said he would be "ok" if a sovereign bond issue in foreign currency is done once just to test the waters, but cautioned against using the instrument regularly.
The RBI expects the assessment to show if the systemic failure was only in PNB or in the overall banking universe
Indian economy has a stable system to cope with frequent changes in the political arena to pursue the growth agenda, International Monetary Fund executive director Y V Reddy said.
What was the RBI doing, what was the PNB top management doing, what were the auditors doing, asks Debashis Basu.
For the first time, consumers, including those at the so-called bottom of the pyramid, are monetising gold by taking loans from banks, offering the yellow metal as collateral, says Tamal Bandyopadhyay.
Kochhar was directed to return about Rs 10 crore in cash bonuses she had received as CEO, and also give up close to 6 million shares of the bank she had as stock option, which was about Rs 350 crore.
It has been a year since the Reserve Bank of India (RBI) initiated prompt corrective action (PCA), an exercise that puts weak banks under central bank scrutiny, against the 94-year-old Lakshmi Vilas Bank (LVB). But recently, this low-profile Chennai-headquartered bank found itself attracting some unwonted publicity when 60 per cent of its shareholders voted against a proposal to re-appoint seven directors, including one of the promoters, K R Pradeep (who holds around 2 per cent), and the company's managing director & chief executive officer S Sundar.
Former RBI governor admits to being a 'greenhorn' as he started his stint at the central bank.
Mergers to create at most six state banks
Its obsession for growth, chasing corporate clients and giving up its original mandate of meeting the needs of local trade and businesses. A quarter of its loan book has gone bad. That's an error of business strategy, points out Tamal Bandyopadhyay.
For all its claims to economic glory, the majority of India's population lives vulnerable lives, a situation that has only worsened over the past 15 years, to the extent that the government now fears to release economic data or even conduct a proper Census, notes Rathin Roy.
The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money-laundering charges in Mumbai in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said.
India may adopt norms similar to the US Federal Reserve model, which regulates conglomerate-led banks in the country.
As Election 2024 hurtles towards result day in a medley of mangalsutra, mujra, mutton, machli and other barbs, these may sound like character names from Hindi comics of yore. Instead, these are the mocking, sometimes vicious monikers given by political rivals to each other.
Former Reserve Bank of India governor Yaga Venugopal Reddy said he would have preferred a tighter monetary policy as managing inflation and inflationary expectations were crucial to keep the economy growing.
A new chair in the memory of former Reserve Bank of India Governor IG Patel will be created at the London School of Economics and Political Science.
Nowadays, our politics is habituated to sitting on a high pedestal, hobnobbing with world leaders, generating impressions of a superpower and returning to earth for the purpose of winning elections. In contrast, the yatra never left earth, observes Shyam G Menon.
'There are occasions when the prices of individual items like food raise inflation; then supply-side measures must be taken.' 'But if there is continued inflation, it means liquidity is aggravating the situation.'
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