Haven't they heard about the 'Tale of Two Brothers'? asks Suveen Sinha.
Ahead of the 2023-24 Union Budget, the thinking at the top level of the central government is clear: Gross domestic product (GDP) growth of 6-6.5 per cent is a comfortable enough target for FY24 and the focus should be on fiscal consolidation to ensure that the sovereign cost of borrowing does not become prohibitively expensive in a high-interest rate environment, according to people in the know. Those aware of deliberations between the Prime Minister's Office (PMO) and the Ministry of Finance said while the Budget would look to strike a balance between infrastructure investment and welfare schemes, it is unlikely to be populist, though it will be the last full-year Budget before the 2024 Lok Sabha election. Incidentally, 6-6.5 per cent GDP growth is what the upcoming 2022-23 Economic Survey is expected to project for FY24.
NITI Aayog has not said what the reasons were for having achieved or not having achieved what was sought to be achieved, or what lessons can be learned for the future, points out Aakar Patel.
While IDBI Bank's 140 million customers and 1800-odd branches will come in handy for LIC to hawk insurance, the bank can use LIC's massive agent network to sell its retail loans. But if it is run the same way it had been in the past and LIC is a proxy of the government, then it has no future, says Tamal Bandyopadhyay.
Free speech is the soul of a great university. By compromising on it, the founders have bartered away its soul, said Rajan.
Former Banque de France head Jacques de Larosire was given the Lifetime Achievement Award for his lengthy struggle for monetary order, the magazine said in a statement on Monday.
In Chanda's defence, one can always say, why would the Videocon Group take care of her husband as a quid pro quo to get a loan? After all, the group has taken money from the entire banking industry and ICICI Bank's share in the pie is not even 10 per cent. So, if it had a quid pro quo with Chanda to get the money, it must have had similar arrangements with other banks, too. If this is not the case, one must accept that it had got money from all banks, including ICICI, without any under-the-table conditions, points out Tamal Bandyopadhyay.
An official said that people in the government were aware of the benefits as well as the drawbacks of issuing overseas sovereign bonds, and there will be consultations with all stakeholders.
'RBI was focusing on public sector banks perhaps thinking that private sector banks are managed efficiently while PSU banks are not.' 'Now, RBI has to focus on private sector banks too.'
Kenneth Rogoff, professor of public policy and economics at the Harvard University, tells Dilasha Seth on the sidelines of the Delhi Economics Conclave that public sector banks will need to take a one-time haircut to address non-performing assets.
In his book, former governor Subbarao says Chidambaram, Pranab were piqued by his tight rate policy.
'These are only passing clouds. The banking industry is a century-old industry and this is not the first time it is going through such a crisis.' 'When the economy revives, those companies that are in the infrastructure fields will also get revived.' 'After all, a lot of money has gone into creating assets like power projects and roads, so you can't say money has been wasted.'
"We did not abuse RBI governors," says Chidambaram.
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Banking as we know it will stand on its head in the next 10 years.
'There are deeper, underlying, forces at work and we need institutional arrangements to guard against them.'
Singh brothers might be stopped by 'fit & proper' hurdle due to US drug norm violations; firm says confident of qualifying.
Interview with former Reserve Bank of India governor by Duvvuri Subbarao.
The finance ministry is not only keen to split the roles of CMD, but also wants to appoint them for a fixed tenure of five years.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
Many bankers say the move will have a serious impact on the chain of command of nationalised banks and that it would only enable the government to dish out favours to a few of their own men.
The 30-share Sensex ended up 292 points at 29,571 and the 50-share Nifty closed up 75 points at 8,910.
In a relief to liquor baron Vijay Mallya, the high court in London has deferred hearings on a plea by the SBI-led consortium of Indian banks, seeking the indebted tycoon to be declared bankrupt to enable them recover a loan of around 1.145 billion pounds from him. Justice Michael Briggs of the insolvency division of the high court granted relief to Mallya, ruling that he should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka high court be determined, allowing him time to repay his debts to the banks in full.
Patel, who headed the RBI from September 2016 till his sudden resignation in December 2018, says in his book thta the government seemed to lose enthusiasm for the new bankruptcy law in the middle of the year he left the central bank. Though Patel does not name anybody in the book, the mid-2018 period he refers to is the time when Piyush Goyal held temporary charge of the finance ministry between May and August.
Business activity contracted in Q2 FY20, the first contraction since 2013-14 and the second since the 2008 global financial crisis, report, Abhishek Waghmare and Anup Roy.
Move to shift powers from RBI without discussions baffles many
India should not be left behind. It should join the seven central banks which are studying feasibility and safeguards necessary to eliminate risks, particularly from hacking, advises former foreign secretary Shyam Saran.
Ramesh Vangal and foreign investors backing him have decided to exit the Nadar community-controlled Tamilnad Mercantile Bank (TMB).
The state's revenue receipts might not afford various freebies announced by the parties, unless revenue deficit and hence fiscal deficit is widened.
The reform priorities are clear: enhance savings, improve productivity. Just 25 basis points of moving interest rate up or down would not boost investment: Former RBI Governor Y V Reddy.
In the five years in politics Priyanka Gandhi has undeniably emerged as a thorn in the BJP flesh, notes Nilanjan Mukhopadhyay. It is time that this thorn is twisted a wee bit more when the elections have become far more uncertain than what it was when the Election Commission announced the poll schedule.
The idea is to boost household savings and turn more of them into growth capital. If the plan succeeds, sustained eight per cent-plus rates of gross domestic product growth should be within reach in a few years.
Rangarajan says there was no need to change the inflation comfort level from four-five per cent.
The Damodaran committee appointed by the Reserve Bank of India (RBI) to revisit the issue of banks' customer services is likely to recommend capping on service charges to small borrowers or vulnerable sections of society.
New notes bearing signature of former Governor D Subbarao are legal tender and the process of changing signature is underway
RBI may also be open to injecting liquidity through open market purchases of bonds but is resisting relaxing capital buffers for banks.
Sharp increase is a major departure from those during former chairman O P Bhatt's regime.
The Lok Sabha contest in Thiruvananthapuram is shaping up to be a significant battle involving key candidates like Shashi Tharoor, Rajeev Chandrasekhar, and Panniyan Ravindran. This three-cornered fight highlights the political dynamics in Kerala's capital city, with each candidate bringing their own vision and promises for the region's development, notes Rajeev Srinivasan.
Hitting back at former prime minister Manmohan Singh for his criticism of the Modi government's handling of the economy, Finance Minister Nirmala Sitharaman on Thursday said he is more remembered for having brought India to "fragile five" and rampant inflation during his term.
Market leaders in this line of business - New India Assurance and Tata AIG - have begun to reassess the premium on risk exposure of their portfolio in the director's and officer's liability business.
The venture is applying to the Reserve Bank of India for approvals.
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