The value of the Indian Premier League went up 6.5 per cent to USD 16.4 billion (around Rs 134,858 crore) in 2024, according to a report by American investment bank Houlihan Lokey.
Making a strong case for banning cryptocurrencies, Reserve Bank Deputy Governor T Rabi Sankar on Monday said they are even worse than ponzi schemes and threaten the financial sovereignty of a country. Observing that crypto-technology is underpinned by a philosophy to evade government controls, he said they have been specifically developed to bypass the regulated financial system. More substantially, he added, cryptocurrencies can wreck the currency system, monetary authority, banking system, and in general the government's ability to control the economy.
The Centre on Monday extended the ban on terrorist group Students Islamic Movement of India (SIMI) for five years for its involvement in fomenting terrorism and disturbing peace and communal harmony in the country.
Shigeru Ishiba is expected to prioritise strengthening Japan's military capabilities and fostering deeper international partnerships, particularly with India, with whom Japan shares significant strategic interests, explains Dr Rajaram Panda.
Banks are also weighing the option of hiring experts for help in specialised areas.
The apex bank has sent a communication in this regard to Indian Banks' Association and this is expected to be implemented shortly, IBA chairman K Ramakrishnan told PTI. Since April 1, RBI had declared third party ATM usage, including cash withdrawals and account enquiries, free for all customers and said that banks can charge Rs 18-20 per month from other banks in case of third party ATM transaction.
The bank will have around 501 branches.
Foreign Portfolio Investors (FPIs) continued their buying spree and poured close to Rs 4,800 crore in the Indian equity markets in the first week of January driven by confidence in the country's robust economic fundamentals. Additionally, they injected Rs 4,000 crore in the debt market during the period under review, data with the depositories showed. With expectations of a prolonged decline in US interest rates in 2024, there is an anticipation that FPIs will likely escalate their purchase, particularly in the initial months of the New Year leading up to the general elections, V K Vijayakumar, chief investment strategist at Geojit Financial Services, said.
Bank employees will get a lumpsum that should be used to meet financial goals.
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.
'Investing abroad helps mitigate currency risk for foreign-currency denominated goals, such as children's higher education and international travel.'
Tamil Nadu-based Lakshmi Vilas Bank (LVB) with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore's DBS Bank. The debt-ridden 94-year old old bank's fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday.
Say 30 days not enough to resolve stress; want higher provision norms deferred till economy picks up
The World Bank has approved loans totalling $1.75 billion (about Rs 13,834.54 crore) to fund India's PM Ayushman Bharat scheme and private investment to boost the economic growth. Of the total loan, $1 billion will go towards the health sector, while the rest $750 million will be in the form of development policy loan (DPL) to fill the financing gaps through private sector investment in the economy. The World Bank Board of Executive Directors approved two complementary loans of $500 million each to support and enhance India's health sector.
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.
'If their allocation to certain segments have become high due to strong returns over the past three-four years, they should rebalance their portfolios and bring them in line with their long-term asset allocation.'
The RBI's projection for WPI inflation for this fiscal is 5.5 per cent.
Severe heatwaves, responsible for thousands of deaths across India over the last few decades, are increasing with alarming frequency and soon the country could become one of the first places in the world to experience heatwaves that break the human survivability limit, according to a new report.
There is a definite attempt to put the landslides on the backburner because news of them and climate change worry Wayanad's tourism and real estate businesses greatly. Whatever I experienced of Wayanad's 2024 by-elections; the July landslides were not a burning issue, observes Shyam G Menon.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
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.
The government has asked the Indian Banks' Association to make sure that IDBI Bank's wages are on a par with other banks.
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
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.
'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 Reserve Bank will take some action by this month end after consultations with the Indian Banks' Association.\n
US Vice President Kamala Harris, who is of Indian and African heritage, has formally secured the Democratic presidential nomination becoming the first Indian-American to win the nomination from a major political party, and chose Minnesota Gov Tim Walz as her running mate on Tuesday.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
