Move to increase 90-day window to 120 days to give more time to borrowers to service loans.
'The government and corporate sector must join hands to implement action which allows all of India to develop. It would be good for the corporate sector in the long run.' 'It is not that talent is a monopoly of a few castes who have been privileged over centuries. Talent also exists in other groups. They need opportunity and exposure,'
History would not see the institution kindly if it continues to avoid, as appears to be the case, hearing and deciding some of the most pressing issues of our time, asserts Aakar Patel.
The ministry sought to allay the rating agency's concerns and said economic growth was on an upward swing.
The Bombay high court on Friday heard prosecution and defence arguments on the applications of former ICICI Bank CEO and MD Chanda Kochhar and her businessman-husband Deepak Kochhar, challenging their arrest by the Central Bureau of Investigation (CBI) in an alleged loan fraud case, and reserved its verdict which will be delivered on Monday. The Kochhars, along with Videocon group founder Venugopal Dhoot, were arrested by the CBI late last month for their alleged roles in the case and the trio is currently in jail under judicial custody. The Kochhar couple has termed their arrest as "illegal" on the ground that no sanction was obtained prior to the CBI action as required under provisions of the Prevention of Corruption Act (PCA).
A Bank Investment Company to act as a holding company for state-owned banks would go a long way in minimising government interference and improving governance.
Upcoming payment banks will lift lower income groups in distant villages.
If Uddhav continues in this mode as a serious-minded, capable leader with his hands firmly on the steering wheel, and succeeds in enabling Maharashtra weather the current storm, there is every possibility of his emergence as a leader who will be seen as someone who is ready to play a larger role, observes Amulya Ganguli.
Companies owned by fugitive diamantaire Mehul Choksi have allegedly siphoned off over Rs 6,344.96 crore from the Punjab National Bank (PNB) using fraudulent letters of undertaking and foreign letters of credit, a CBI investigation into the scam has detected. The findings were submitted by the CBI in a supplementary chargesheet filed before a special court in Mumbai last week, where the agency said the PNB was conned by its employees who were allegedly hand in gloves with Choksi and his company executives and who facilitated the scam as part of a criminal conspiracy. The PNB officials at the bank's Brady House branch in Mumbai issued 165 letters of undertaking (LoUs) and 58 foreign letters of credit (FLCs) during March-April 2017, against which 311 bills were discounted.
New ministry will bring much-needed transparency in the functioning of the cooperatives, which so far have been riddled with allegations of political interference and mismanagement.
Strong dollar will impact financial system in India.
With organisations like the Bharatiya Mazdoor Sangh, which is a front of the Rashtriya Swayamsevak Sangh, telling Finance Minister Nirmala Sitharaman they want OPS back, the government is in a bind, report Shiva Rajora and Aditi Phadnis.
Since end-May there has been volatility in the foreign exchange market.
While experts' views are divided, the move is aimed at improving the coordination between the government and the regulator.
Sahoo panel suggests India must ease global borrwoging norms for corporate houses.
He speaking in New Delhi on the occasion of release of a copy of India's Rurural Infrastructure Report prepared by National Council for Applied Economic Research (NCAER).
Senior Congress leader Jairam Ramesh also asked the RBI to make public details of FDI inflows from Cayman islands since demonetisation.
Gokarn was the first Indian central banker who regularised warnings to the government, through the monetary policy statement, on the need to reduce fiscal deficit.
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
An initial reading of the guidelines indicates two factors - potential rise in borrowing cost and lower returns on investment book - could hit the spread of NBFCs.
Not only were Urjit and Rajan outsiders, they also hired laterally, bypassing the existing talent, especially in the field of economics
The Economic Survey has acknowledged the measures taken by the UPA government on the macro stabilisation front and the successes achieved in containing the current account deficit and reducing the fiscal deficit.
RBI Governor Raghuram Rajan plans to write on 'academic issues' after leaving the Reserve Bank.
Terming the 23.9 per cent fall in economic growth in the June quarter alarming, former Reserve Bank Governor Raghuram Rajan has said bureaucracy should come out of complacency and take meaningful action. The current crisis requires a more thoughtful and active government, he said, adding, "Unfortunately, after an initial burst of activity, it seems to have retreated into a shell."
If banks cannot charge interest from borrowers during the moratorium, who will bear that cost? Should the depositors subsidise the borrowers by foregoing interest on deposits? In that case, we will turn banking on its head! notes Tamal Bandyopadhyay.
'Normally, the system is geared towards counting notes -- it is equipped to do x amount of work and one day you are asking them to do 20 x.' 'The processes involved are very complex.'
Y Venugopal Reddy, currently executive director of International Monetary Fund will be the new Governor of Reserve Bank of India, succeeding Bimal Jalan.
Rajan's departure from the RBI is an end to 'outside interference' in policy making, government insiders feel.
Overall, the record of the second term reveals a contradiction between the image and the reality. The image, especially on media and social media, is one of the man at the height of his power, and unstoppable. The reality on governance is someone who has found it difficult to get things implemented and unsure of what to do next, points out Aakar Patel.
The panel may include or seek inputs from former RBI Governor Urjit Patel, former chief economic advisor Arvind Subramanian, Sajjid Chinoy of the PM-EAC, Rathin Roy, among others.
Unlike the first two stimulus packages, this time the focus would be on boosting demand.
"I am an academic and I have always made it clear that my ultimate home is in the realm of ideas," Rajan said in a letter to staff.
Green signal from Jaitley; CVC okays Hemant Contractor for head of PFRDA
Reserve Bank of India (RBI) governor Raghuram Rajan says global markets are at risk of a "crash" should investors start bailing out of risky assets created by the loose monetary policies of developed economies.
The RBI is understood to be dithering since it would want more clarity on the cost of the fiscal policies the new government would undertake before it decides to cut rates, even though it has pencilled in a lower gross domestic product growth rate for this fiscal year.
There has been criticism of the official statistics ever since MoSPI came out with new methodology to estimate the GDP on the base year of 2011-12 compared to earlier 2004-05.
Concerned by GDP slowdown and unrealistic tax targets, the economists urged Finance Minister Nirmala Sitharaman to implement long-term structural steps like land and labour reforms. Warning against any off-Budget financing the economists said the government should prepare a statement of intent for its social, rural and welfare sector expenditure.
Disagreeing with Reserve Bank's projection on the price situation, former RBI Governor and PM's Economic Advisory Council chairman C Rangarajan said WPI and CPI may not be as high as being projected by the central bank.
Announcing her appointment, IMF Managing Director Christine Lagarde hailed the Mysore-born Gopinath as "one of the world's outstanding economists with impeccable academic credentials, a proven track record of intellectual leadership and extensive international experience".
