Among the assets in question include the Force India and Indian Empress super-yacht - which was fitted with an Elton John piano around 2015, a fleet of high-value cars and some artwork from Mallya's Ladywalk property in the English village of Tewin in Hertfordshire.
Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.
Reconstruction efforts after the Russia-Ukraine war will be dominated by the heft of the membership of major nations across international organisations. India is hamstrung because it does not play host to any major global institution nor does it hold positions of significant influence in the ones in which it has membership. As a result, the world's sixth largest economy is obliged to follow the rules set by most of them.
'Credit expansion is probably the quickest way to get the economy going again.' 'Easy credit is like a shot of nitro in a race car: In timely, small, quick, doses it can give a tremendous boost but carried to extreme it can destroy the engine,' points out S Muralidharan, former managing director, BNP Paribas.
Populism gains momentum during election periods, and this trend is evident in at least four states: Telangana, Rajasthan, Madhya Pradesh and Chhattisgarh.
The party also promised reservation to minorities on basis of their population after the caste census.
If indeed we want the board to manage the RBI, probably the government should take a close look at the US Federal Reserve system which has a two-part structure - a central authority in Washington, DC, and a decentralised network of 12 Federal Reserve Banks located throughout the country, says Tamal Bandyopadhyay.
From social engineering to bearing the cost of COVID-19 treatment to financial reconstruction of Tamil Nadu's debt the debutant chief minister is emerging as a leader with a difference, says Shjne Jacob
A fierce competition among parties to offer freebies and guarantees, a scramble for tribal, OBC, women votes and a touch of Hindutva -- all have combined to make the Madhya Pradesh assembly polls a high-stakes battle with main rivals BJP and the Congress pulling out all the stops to gain power.
Never before has the need for creating an ambience for economic policy reforms been as critical as it is now, points out A K Bhattacharya.
India's chief economic adviser, Raghuram Rajan has been appointed as the governor of the Reserve Bank of India.
While the total disbursement of housing loans by PSBs as well as HFCs witnessed a deceleration in 2016-17, there was significant growth for the lower slabs
'When the youth population is so large, in a globalised world, they look for opportunities. Are there enough opportunities for the youth in India?' 'The idea of affirmative action has to be creating capability. All individuals have potential. Unfortunately, there is capability deprivation because of the State's inaction.' 'Nation building has been a disaster in India mainly because we lacked the work ethic compared to the US and European countries.'
Telecom Minister Kapil Sibal on Thursday contested the claims of former Telecom Secretary Siddhartha Behura over a December, 2007, meeting held regarding entry fees for 2G licences, in which he had said the then Finance Minister P Chidambaram and former Finance Secretary D Subbarao were present.
A feature of this year's BRICS summit was economic cooperation.
'If she contests it, then these people will have to fight it in court.'
Indradhanush-II is likely to chart out the process for resolution of non-performing assets.
'We can go somewhere between 35 per cent and 40 per cent.'
Property buyers fund the project cost and the entire debt and entire equity servicing, and yet, have no locus standi in the IBC process, points out Debashis Basu.
Rajan, 57, who was RBI governor for three years until September 2016, is currently working as a professor at the prestigious University of Chicago.
The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
Reversing the burden of evidence means that the principle of innocent until proven guilty does not apply. It is exactly the opposite: Guilty as charged, until you can convince the judges of the contrary, points out Shekhar Gupta.
The RBI governor, who made a presentation about the state of the economy as well about the world economy to the 31-member Parliamentary Standing Committee on Finance, stayed clear of controversial questions like government invoking special powers.
RBI has announced a 50 bpc rate cut, India Inc cheers the move.
Traditionally, Prime Minister picks the RBI Governor after consultation with the finance minister.
In his first interaction with the media after taking charge, former PNB chairman and managing director K C Chakrabarty said, "When the government is giving a certain interest rate on small savings, it is not logically correct for banks to provide a lower rate of interest. When we are saying that interest rates are coming down, that means the small savings rate should also come down."
The Reserve Bank of India, in its Second Bi-Monthly Monetary Policy Statement for 2014-15, kept the key interest rate unchanged at 8 per cent.
'Hacking of an ID or an account will have the same impact on a user in a city and one in a small town.' 'Security is like a railroad, you create it to last for every customer.'
'It is far too early to celebrate the numbers.' 'They are still fairly weak compared to the pre-pandemic level.'
Rakesh Mohan, one of India's former senior-most economic policy makers, says the public sector offers a challenging and fulfilling career and the country's young professionals must mull over joining such services rather than solely focused on lucrative jobs in non-government fields.
A yellow glow is likely to stand out amid grey geopolitical clouds in 2023, with gold price projected to touch Rs 60,000 per 10 grams in the Indian market as more investors veer towards safe-haven assets. In a year where volatility was more a norm than an exception, gold prices in the international market oscillated from a peak of $2,070 per ounce in March to a low of $1,616 per ounce in November and is steadily recovering since then, according to market experts. At the beginning of 2022, gold prices were around $1,800 an ounce.
The offer is to close on April 26 and the price is fixed at Rs 1,440 a share.
Raghuram Rajan, a former chief economist at the International Monetary Fund, takes charge at the RBI as the country faces its worst economic crunch since a balance of payments crisis two decades ago.
Dr Mohan will be representing India along with Bangladesh, Bhutan and Sri Lanka on the 24-member Executive Board of the IMF.
Indian banks might meet the Reserve Bank of India's projection of an 18 per cent growth in credit, K V Kamath, chairman of the country's second largest lender ICICI Bank said in Mumbai on Tuesday.
The bosses of SBI, Union Bank and Central Bank have been driving down to their offices everyday to take stock of the biggest loan drive ever undertaken for MSMEs, discovers Tamal Bandyopadhyay.
Former RBI governor Raghuram Rajan, who faced a stinging attack from Finance Minister Nirmala Sitharaman for presiding over the "worst phase" of the Indian banking sector, on Thursday reminded her that two-third of his tenure as the head of the central bank was under the Bharatiya Janata Party government.
'Those who come from outside are surprised at the relatively small strength of the RBI supervisory cadre, relative to the needs of the country and the needs of the financial sector.'
The Department for Promotion of Industry and Internal Trade (DPIIT) will soon start public consultation for a national retail trade policy, which is likely to include an insurance scheme aimed at providing financial protection against losses caused by theft, accidents or natural calamities. The policy will also spell out ways to give traders access to low-cost finance, promote digital inclusion, and create necessary infrastructure to support them, a senior government official told Business Standard. This is expected to offer relief especially to traditional traders, who are facing stiff competition from large e-commerce players.
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