Analysts say strengthening bank's capital will boost earnings, bank needs chief with long stint to run show
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 former RBI Governor also emphasised on the need to boost economic productivity and attract investments.
"The nakli Shiv Sena wants to bury me alive. They abuse me in such a way that it will be liked by their favourite vote bank," Modi said.
The situation is currently under control, Beed Superintendent of Police Nandkumar Thakur told PTI.
Raghuram Rajan rejected the argument that inflation has come down largely because of "good luck" stemming from low oil prices.
'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.'
'In equities, it has diversified portfolios.' 'So the short-term movement of individual stocks does not impact them.'
Disgruntled executives are already pinning hopes on the new banks, too.
Unlike any other business, banking is a turf where the captain's role is the most critical. Often a bank is defined by the personality of the CEO who runs it. Both HDFC Bank and Kotak Mahindra Bank are the creation of their CEOs, notes Tamal Bandyopadhyay.
The evolving RBI-government relationship, a reversal in the interest rate cycle and return to profitability will dominate bankers' conversation this year, says Tamal Bandyopadhyay.
Aspirants banking on experience and domain knowledge of veterans
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.
The government has asked the Indian Banks' Association to make sure that IDBI Bank's wages are on a par with other banks.
The former Union minister joined the UPA after holding talks with the Congress leadership.
One can expect significant changes at India's banks in ensuing months.
If RBI's recommendations are finalised, it will give more teeth to the existing fair practice code
Currently, the fee is Rs 15 per financial transaction. This has been recommended to be revised to Rs 16.50, plus service tax (12%), taking the amount to Rs 18.48.
What was the RBI doing, what was the PNB top management doing, what were the auditors doing, asks Debashis Basu.
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.
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 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.
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
Most banks led by the State Bank, have or are going to declare DHFL account as NPA in the third quarter.
No word on appointment of Shagun Kapur Gogia
With the July 1 deadline to apply for bank licence fast approaching, aspirants are scrambling to meet the Reserve Bank of India's (RBI) eligibility criteria to apply.
Financial institutions are 300 times more vulnerable to cyberattacks than any other industry.
Rajasthan is reeling under a huge financial burden with the state's debt having gone beyond Rs 5.59 lakh crores. Rajasthan has increased expenditure on education by 203.4 percent, by 105.4 percent on health, by 227.14 percent on housing. Its expenditure on social welfare schemes has increased by almost 2,475 per cent.
Foreign banks were ahead in terms of technology, but that is no longer the case as Indian private banks steal the innovation march.
The RBI has been critical of banks for using restructuring schemes to hide the stress.
More than 127 million new bank accounts have been opened.
Observing that it is not yet clear to him what the government means by 'Atmanirbhar Bharat', Rajan said if it is about creating an environment for production, then it is a re-branding of the Make in India initiative.
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Reliance, Birla Group, Airtel eye small finance banks.
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.
The combined entity is set to be the third largest bank in India, behind State Bank of India and ICICI Bank.
Senior bankers are trying to impress upon the central bank that the shift to external benchmark-linked lending be postponed to April 1, 2020.
Arvind Subramanian was appointed CEA in October 2014 and got a year's extension in September 2017
Recent tribunal rulings open prospects of large haircuts and barriers to auctioning of personal guarantees, among other issues
Payments banks are niche banks which will be allowed to function with several restrictions.
Bangladesh is in turmoil, which is not good news for India, which shares a porous 4000 km border with it. There is a danger of fundamentalism growing there, and India has to move in to reset its ties with the new dispensation before China and Pakistan make capital out of it, alerts Ramesh Menon.
