In a dramatic turn of events in May 2019, an Emirates aircraft en-route to Dubai was asked to stop while it was taxiing for a take off in Mumbai. The pilot was given no reason and ordered to immediately return to the parking bay. As the aircraft returned to the terminal, two passengers from the first class - Naresh Goyal and his wife Anita - were offloaded by the immigration authorities, who said the duo cannot leave the country. Goyal, founder of Jet Airways, was stunned. The man, who ruled the aviation sector for two and a half decades with an iron hand, did not expect to be offloaded in this fashion.
Bank employees will get a lumpsum that should be used to meet financial goals.
The dismissal of the five --most of whom have cases registered against them for terror activities -- was ordered under Article 311 of the Indian Constitution.
While seeking responses of various governments, a bench of Justices K S Radhakrishnan and Deepak Misra said it is 'very serious issue.'
Jaitley said the government had earmarked Rs 25,000 crore (Rs 250 billion) for recapitalisation.
Lone, who is contesting the Lok Sabha polls from Baramulla constituency, said one of the reasons he wants to go to Parliament is to strive and advocate for the same set of laws for the children of Kashmir and the rest of the country.
Infosys chief mentor, N R Narayana Murthy is likely to become the non-executive chairman of the National Payment Corporation of India (NPCI) being set up to handle the retail payment operations of the Reserve Bank of India.
Say 30 days not enough to resolve stress; want higher provision norms deferred till economy picks up
The RBI's projection for WPI inflation for this fiscal is 5.5 per cent.
'The finance ministry and public sector banks have tried to keep the names of wilful defaulters secret.' 'Secrecy and concealing information are inbred among banks and even the RBI,' observes Debashis Basu, editor, www.moneylife.in.
The Indian economy recovered from the Covid-induced downturn during 2022 and is poised for further improvement in the coming quarters though downside risks emanating from geopolitical tensions, strengthening dollar and elevated inflation will continue. The positive trajectory in the growth trend and improved fundamentals will help the nation in neutralising the impact of global headwinds which are expected to have a bearing on the country's exports in the months to come. The challenges before the government and the Reserve Bank in the new year would be to arrest inflation, check declining value of rupee against US dollar and promote private investment and growth, with a view to ensure that the country remains one the fastest growing major economies of the world.
The government has asked the Indian Banks' Association to make sure that IDBI Bank's wages are on a par with other banks.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
The Supreme Court stayed the National Consumer Commission's order, which had capped the interest rate chargeable on credit card holders at 30 per cent. The verdict will allow banks to levy any interest rate they consider applicable to card holders. In their appeal, the banks said they were following the guidelines of the RBI, which was the only authority to regulate the fixing of the interest. The commission had no jurisdiction to pass an order directly to the banks.
Finance Minister P Chidambaram said on Tuesday the Reserve Bank of India and Indian Banks Association have no objections on raising bank credit to minorities but difference of opinions need to be reconciled before a policy position is brought out.
Severe skilled, unskilled shortage threatens to pull emergency brakes on India's industrial engine.
Bankers have requested RBI to keep interest rates stable this fiscal, in lieu of sufficient liquidity in the system.
The Indian Banks Association and Indian Cards Council have joined hands to set up a data of telephone numbers whose owners do not wish to receive telephone calls from banking telemarketers for financial products or services.\n\n
'We expect the bull-market phase to still persist, but now led by large-caps which offer better valuation and benefit from FII inflows.'
'We expect continued pressure on midcaps, but any sharp correction looks unlikely from here on.'
The Supreme Court on Monday admitted the appeals of Standard Chartered Bank, HSBC and Citibank challenging the order of the National Consumer Commission imposing restriction on charging credit card holders an interest rate in excess of 30 per cent.
Foreign Portfolio Investors (FPIs) selling spree continued as they dumped Indian equity worth over Rs 5,800 crore this month so far on rising interest rates and geopolitical tensions in the Middle East. This came after such investors withdrew Rs 24,548 crore in October and Rs 14,767 crore in September, data with the depositories showed. Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period.
Foreign investors pumped in Rs 11,119 crore in the Indian equities in December, making it the second consecutive monthly inflow, despite increasing concerns over the re-emergence of Covid-19 cases in some parts of the world. However, foreign portfolio investors (FPIs) have turned cautious in recent days. The inflow in December was much lower compared to Rs 36,239 crore invested by FPIs in the month of November, data with the depositories showed.
The Reserve Bank will take some action by this month end after consultations with the Indian Banks' Association.\n
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
This was discussed at a meeting chaired by the Prime Minister's Principal Secretary, TKA Nair, on January 12 with the Indian Bank Association, industry bodies and human resource development ministry officials.
The decision is in response to the strike call given by United Forum Of Bank Unions, which has more than 10 lakh (1 million) employees and officers of banking Industry under its umbrella.
The biggest bounce is in the realty sector, where the industry index jumped 80%. There's been a turnaround also in automobiles and ancillaries (up 45%). The pharma and health care indices have a welcome return of roughly 35%.
"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 Reserve Bank of India will encourage banks to set up a payment corporation to streamline payment system.
Electing Union Bank of India chairman V Leeladhar as the new chief, the Indian Banks Association on Thursday said it has constituted a committee to draw up a long-term perspective 'Vision Plan' for the banking industry.
Reserve Bank Governor Shaktikanta Das on Monday said despite the latest headwinds arising from the Jackson Hole summit leading to extreme volatility, our banking system and financial markets are strong enough to withstand such pressures. Taking the markets by surprise, US Fed chair Jerome Powell had told the annual Jackson Hole summit of central bankers and economists last week that he would have to keep raising federal fund rates to tame inflation, which remains the biggest challenge to the world's largest economy. He also warned of the pains that such monetary policy actions would create on growth and jobs.
Finance Minister P Chidambaram will meet bankers on June 3 to review operations of banks, firm up next generation banking reforms and set targets for credit flow to sustain 7 per cent growth in economy.
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