The Supreme Court on Tuesday constituted another five-judge Constitution bench which will hear five crucial cases including the challenge to the central government's 2016 decision to demonetise Rs 500 and Rs 1000 currency notes.
Discussion paper fixes Rs 1,000 cr as minimum capital for these specialised banks
Sources say given the complexity involved in the process of creating a holding company, which will ultimately be the parent company of banking and other businesses, banks are going slow in acquiring stakes in insurance arms or mutual funds of other lenders.
EC received the RBI proposal in the first week of this month, soon after the model code of conduct came into force on March 5.
The judiciary, the police, the lawyers and the public will have to know the new laws. It will also endanger settled jurisprudence on the old laws and open up all sorts of minor and major problems that currently do not exist. Whose then was asking for the change? Not the judges or police or lawyers or citizens, points out Aakar Patel.
We must stop stigmatising business failures. Particularly when startups are mushrooming all around, the financial system, backed by the RBI and the government, can explore ways of extending support to restart the journey of a failed entrepreneur by finance as well as counselling, recommends Tamal Bandyopadhyay.
For FY21, CSB is looking at growth of around 25 per cent and is confident of doubling it in two years. And it is also exploring options to acquire a mid-size bank with a good client base and branches in the north to acquire an all-India presence.
'BJP has lot of money. Even a rich person like me is scared of taking on the financial muscle of the BJP.' 'What is the point of throwing money? Result toh aane wala nahi hai.'
The lawyer of Videocon Group promoter Venugopal Dhoot on Friday argued before the Bombay high court that the industrialist's arrest in the ICICI Bank loan fraud case was unwarranted as he was cooperating with the probe. The Central Bureau of Investigation (CBI), on the other hand, claimed that he was trying to avoid probe. Dhoot, arrested by the CBI on December 26, 2022, and presently in judicial custody, has moved the high court seeking to quash the First Information Report, and has also sought interim bail.
The RBI has agreed to consider the application of India Post in consultation with the government.
'Infusion of fresh capital, handsome growth in deposits and focus on recovery should bring Yes Bank back on the growth path in the next financial year,' observes Tamal Bandyopodhyay.
It is learnt that Pandove had applied for indemnity under Rule 34 of BCCI constitution where the organisation pays on behalf of the member if he is slapped with a penalty while discharging his function.
'People in politics have lost the value of being connected to their own people.' 'Now it's all about vote share, vote bank, how many parties can you break and make them join you.'
If Tamil Nadu voters preferred the DMK combine, it owed to the Modi-Annamalai combo's ideological battle which often crossed the line of political decency and also challenged 'Tamil pride', argues N Sathiya Moorthy.
Tobin tax and a financial sector levy could be considered, says former RBI governor. India should manage its capital account irrespective of high or low inflows, Y V Reddy, former governor of the Reserve Bank of India (RBI), said.
India saw growth of around 213 per cent in the number of real-time payments processed over the past year.
The Reserve Bank on Wednesday said it plans to issue new bank licences around January, "consistent with the highest standards of transparency and diligence."
Former RBI Governor Subbarao blamed Chidambaram for undermining the autonomy of RBI and putting pressure on him to cut interest rates.
BK Modi-promoted group registers company 10 days before the deadline
The quizzing of the 48-year-old daughter-in-law of superstar Amitabh Bachchan and Samajwadi Party MP Jaya Bachchan comes weeks after her husband Abhishek Bachchan was questioned by the agency in another case emerging from the same set of papers linked to the offshore leaks case, they said.
Khara will replace SBI Chairman Rajnish Kumar, whose three-year term comes to an end on October 7.
India's forex reserves recently declined by $704 million to $354.517 billion.
Financial institutions are 300 times more vulnerable to cyberattacks than any other industry.
Prime Minister Manmohan Singh and UPA Chairperson Sonia Gandhi will inaugurate country's first all-women Bharatiya Mahila Bank in Mumbai on November 19, the birth anniversary of former Prime Minister Indira Gandhi.
The pre-budget Economic Survey, which is tabled in Parliament ahead of the Union Budget to present the state of the economy and suggest policy prescriptions, quite often misses on the GDP forecast, sometimes by a significant margin. This time, Finance Minister Nirmala Sitharaman will table the Economic Survey for 2021-22 in the Lok Sabha on Monday soon after the President's address to both Houses of Parliament. She will present the Union Budget for the next financial year beginning April 1, 2022, on Tuesday.
The Supreme Court in a 4:1 majority verdict upheld the government's 2016 decision to demonetise Rs 1,000 and Rs 500 denomination notes, saying the decision-making process was not flawed.
'The Jalan Committee has now provided very clear guidelines on how the (RBI's) balance sheet should be looked at, what kind of disclosures should be made, what are the principles on which the Contingency Risk Buffer should be maintained, what should be the revaluation reserves, and the market risk to the Contingency Risk Buffer.'
'They fear their caste privilege will be exposed if there is an OBC caste census.'
Banks feel happy shifting their toxic assets from loan books to investment books while the ARCs enjoy the management fees with a smile, observes Tamal Bandyopadhyay.
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
The committee had eminent people on it and making any allegations like this is 'outlandish', Sitharaman said.
Among possible new members, former chief economic advisor Arvind Virmani's name is doing the rounds.
For the baning sector, 2018 was a 'Year of Exits' - borrowers fled from the country as loans went kaput and many bank CEOs were forced to leave
'In equities, it has diversified portfolios.' 'So the short-term movement of individual stocks does not impact them.'
The central bank can directly print money and finance the government, but it should avoid doing so unless there is absolutely no alternative, former RBI governor D Subbarao on Wednesday said while pointing out that India is 'nowhere' near such a scenario. In an interview with PTI, Subbarao suggested that to deal with the second wave of COVID-19 induced slowdown in the economy, the government can consider Covid bonds as an option to raise borrowing, not in addition to budgeted borrowing, but as a part of that.
The Jalan panel has recommended to the RBI to keep shady entities out of banking licence race.
A corporate lawyer said that this is the biggest failure of corporate governance in this country. He pointed out that American investors can even take the bank to court for giving false statements to stock exchanges and even file class action suits. Some even questioned how RBI overlooked Kochhar's misdeed.
The ED said that the investigation further revealed that there are 78 companies owned by the accused and his family members and it needed to probe whether the money went into these companies.
Proceeds of the crime had been siphoned off and laundered or concealed, or layered and integrated into the main financial system through the acquisition of properties. His wife Bindu Kapoor has been charged with being aware of the source of monies that were being routed through these companies.
The Bombay high court on Monday granted bail to former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in a loan fraud case, saying their arrest was not in accordance with the provisions of law. A division bench of Justices Revati Mohite Dere and P K Chavan held that the arrest of Kochhars was in violation of Section 41A of the Code of Criminal Procedure (CrPC), which mandates sending notice for appearance before the police officer concerned. The couple was arrested by the Central Bureau of Investigation (CBI) on December 23, 2022 in connection with the Videocon-ICICI Bank loan case.
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