'They fear their caste privilege will be exposed if there is an OBC caste census.'
Insolvency professionals feel the bankruptcy code will deter defaulters, but NPAs will not cease unless banks are sensitised on credit appraisal and experts are hired by banks to inspect what is happening with their loans.
When banks deposit their money with RBI, the central bank offers government securities of equal value. But now, it could be running out of enough securities to offer banks against the overnight deposits.
At a time when the asset quality of state-owned banks is deteriorating, the Reserve Bank of India is also planning harsher penalties for wealthy promoters of wilful defaulters.
Indians' belief in the country's economic future has diminished in the recent years, with the COVID-19 pandemic taking a further toll on sentiment while pushing many middle-class citizens into poverty, former RBI governor Raghuram Rajan has said. Virtually addressing an event organised by the NALSAR University of Law, Rajan further said the domestic stock market is booming but that does not reflect the reality that many Indians are in deep distress.
'One of the nice things about being a central bank governor is that the markets hang on every word you say'.
The stress in the banking sector, which mirrors the stress in the corporate sector, has to be dealt with in order to revive credit growth.
Reserve Bank Deputy Governor Michael Patra on Wednesday said the central bank's views about cryptocurrencies might have delayed the government's proposed legislation on crypto assets. Emphasising that the Central Bank Digital Currency (CBDC) will be introduced in FY23 as announced by Finance Minister Nirmala Sitharaman in the Budget speech, Patra said India will proceed very gradually on the subject as there are concerns on privacy, its impact on monetary policy formulation and energy intensity. The government had plans to introduce a bill on cryptocurrencies like Bitcoin during the Winter Session of Parliament in November-December 2021 but did not introduce it.
The Reserve Bank of India may consider withdrawing excess liquidity in the system to tame high inflation in its monetary policy review later this month, Suresh Tendulkar, economist and former head of the Prime Minister's Economic Advisory Panel, said on Tuesday.
'In equities, it has diversified portfolios.' 'So the short-term movement of individual stocks does not impact them.'
Strong dollar will impact financial system in India.
The Reserve Bank of India (RBI) is planning to introduce plastic currency notes as an experiment in five cities.
Raghuram Rajan rejected the argument that inflation has come down largely because of "good luck" stemming from low oil prices.
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.
Analysts say strengthening bank's capital will boost earnings, bank needs chief with long stint to run show
Reserve Bank Governor Shaktikanta Das on Wednesday said the country is at the doorstep of economic revival on the back of accommodative monetary and fiscal policies being pursued by the central bank and the government.
'Once the Hon'ble Supreme Court has declared the law, we are obliged to accept it. However, it is necessary to point out that the majority has not upheld the wisdom of the decision; nor has the majority concluded that the stated objectives were achieved,' the senior Congress leader said in a tweet.
'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.'
Govt reconstitutes body, says will not interfere in senior PSB appointments
Sahoo panel suggests India must ease global borrwoging norms for corporate houses.
The additional cash will now give the Centre more headroom for stimulating the economy.
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
The CBI, in its FIR, alleged that Mayaram, the UK-based company De La Rue International Ltd and unidentified officials of the finance ministry and RBI hatched a criminal conspiracy to extend undue favour to the firm.
Giving details of Rajan's 'course schedule' for 2016-17, Chicago Booth School said this course will explore the challenges of corporate finance and investment in a more integrated global economy.
If RBI's recommendations are finalised, it will give more teeth to the existing fair practice code
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With new private banks in the play, the going could become more difficult for the old-school state-run banks, already losing business and market position, forcing them to think hard towards consolidating and forming larger entities to garner big-ticket deals.
The government has asked the Indian Banks' Association to make sure that IDBI Bank's wages are on a par with other banks.
The combined entity is set to be the third largest bank in India, behind State Bank of India and ICICI Bank.
India's Right-wing has sought to own our democracy by making itself appear the stuff of majority, and sometimes, a national ethos older than the Constitution on which our democracy is based, argues Shyam G Menon.
No word on appointment of Shagun Kapur Gogia
India's wholesale price-based inflation is at a 30-year high, leading to a "very alarming" situation for the country, former World Bank chief economist Kaushik Basu said on Thursday. He, however, doesn't see any risk of hyperinflation, but cautioned that if retail inflation follows wholesale prices, it might lead to "inflationary crisis". Participating in a virtual event organised by the Asia Society, India, Basu said the inflationary situation in India is at a "very risky bend".
Subbarao said, short-term as well as medium-term prospects or Indian economy continue to be grim. Fiscal deficit is going to be much higher, the debt burden much larger and the financial sector will be in a worse shape.
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
More than 127 million new bank accounts have been opened.
When a former police constable was appointed Gujarat unit chief, everyone was surprised. Now workers are laying bets on when he will be elevated to the Union Cabinet, notes Aditi Phadnis.
Maharashtra and West Bengal lead the way in bank fraud.
A committee headed by Patel recommended retail inflation targeting and a monetary policy committee.
The former Union minister joined the UPA after holding talks with the Congress leadership.
How can you access the bank account of an incapacitated person?
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
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