The reason why private banks will play the deposit pricing game strategically is the weakening of banks' deposits base given the competition from MFs and insurance companies due to tax-savings schemes.
Securities & Exchange Board of India (Sebi) Chairman C B Bhave has for the first time publicly backed the Bimal Jalan committee report on the working of capital market infrastructure institutions (MIIs). The report was placed in the public domain on November 24 and received scathing criticism from industry players.
The committee was appointed by market regulator Sebi in December 2009 to review the ownership and working of capital market infrastructure institutions.
Based on this screening, the committee may weed out applications that do not meet the eligibility yardstick or the 'fit and proper' criteria for securing a licence.
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
India was, relatively, less affected, as the central bank here did not allow the banks to speculate with people's money on the market.
The ban on listing and other roadblocks on ownership have tainted the Jalan Committee report.
The RBI expects the assessment to show if the systemic failure was only in PNB or in the overall banking universe
The high-level expert group led by former Reserve Bank of India governor C Rangarajan to formulate a jobs plan for Jammu and Kashmir is likely to meet on Friday in New Delhi. The committee was formed by Prime Minister Manmohan Singh as part of the Centre's efforts to end the ongoing cycle of violence there. The committee will initially hold a few meetings with senior officials from various ministries including home, agriculture, external affairs.
'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.'
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.
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.
'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.'
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.
Banks should neither be timid nor adventurous while lending as the loans of today should not become NPAs of tomorrow, he said.
India may adopt norms similar to the US Federal Reserve model, which regulates conglomerate-led banks in the country.
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 law minister last month told the assembly that of the lord's total Rs 626.44 crore, Rs 592 crore was kept in Yes Bank. While Rs 545 crore was in the bank as fixed deposits, the remaining Rs 47 crore was in a flexi account.
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.
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.
Given the current crisis in the financial markets, the Reserve Bank should not lower its signalling interest rate and should return to its inflation-targeted policy path, the former RBI Deputy Governor said. "There should be no question of any lowering of the RBI signalling interest rate," he said.
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.
While India has in no way contributed to global financial imbalances, it has a huge stake in the process of unwinding of these imbalances and its impact on exchange rates, former Reserve Bank of India governor Y V Reddy has said. He was speaking at the Indian Council for Research on International Economic Relations.
Rangarajan, 77, who will replace Suresh Tendulkar, gave his resignation to Rajya Sabha chairman Hamid Ansari, who has accepted it.
The Congress wants to reinforce the tax more powerfully now after its four generations reaped benefit of the wealth passed on to them, he said.
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
Twenty-six entities, including the Tatas, Aditya Birla Group, Anil Ambani-led Reliance Capital and Religare, apart from India Post, applied. Videocon Group, later on withdrew its application.
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.
Under Urjit Patel, the then RBI Governor, the central bank had a habit of making complete about-turns on various issues, including electoral bonds and digital payments, former finance secretary Subash Chandra Garg said in his book titled 'We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.' Citing some instances of about-turns by the then RBI Governor Patel, Garg in his book said, RBI had done so on the electoral bond issue and it had so in case of setting up of Payments Regulatory Board (PRB). RBI also made unilateral decisions like ordering complete data localization for participation in the payment system, Garg wrote in the book which will hit the stands on October 1.
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.
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 RBI governors Urjit Patel and Raghuram Rajan have also expressed worry about the Mudra scheme, particularly government's target-setting practice and the rising bad loans.
The Prime Minister's Economic Advisory Council, headed by former Reserve Bank Governor C Rangarajan, had said that it was unlikely that the GDP growth rate would be lower than 6.25 per cent for the current fiscal; buy might reach 6.75 per cent despite the adverse impact of monsoon on farm sector output.
The bank may post a loss of Rs 1,000 crore during October-December 2019-20 quarter, an analyst commented.
Sources close to the development told Business Standard the company was exploring different ways to save on its employee costs and had laid off a few employees on "performance" grounds. "We will see a similar development for the next few months. "The company is fine-tuning its hiring policies and implement rigourous measures to look into employee performance," a source said.
Vodafone Idea, the promoter of Aditya Bira Idea Payments Bank, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of India.
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.
Official sources said the government was of the view that while de-regulating, the rates on small savings' interest rates could either be cut 25 to 50 basis points or linked to the sovereign rate, which is the interest rate on government securities for a specific maturity. The move follows demands from banks and suggestions from RBI.
PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
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