Lenders can now review a borrower account within 30 days of default. Earlier, the banks had to start resolution within one day of default.
The senior Congress leader also said over 90 per cent of jobs are in the SME sector which requires an urgent push to boost the economy.
Chaos in Parliament threw a spanner in the government's efforts to revive the economy and kick-start reforms.
Discussions are on in government about how to make the process simpler for the poor and more cost-effective for telecom operators, says Subhomoy Bhattacharjee.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
Ponzi schemes have characteristics that the informed investor can spot easily.
The government has provided a long-term vision.
The fact that so many victims turn hostile should be a matter of concern. If so many accused persons continue to roam freely in society, this becomes an additional liability to women's safety, points out Rashme Sehgal.
Even Delhi does not have a full-time registrar of chits.
What is required from government is intellectual framework.
The US is still a place for innovation and entrepreneurship, and it is good to see Indian Americans and immigrants contributing to this in a major way, says K V Seshasayee who visited the US after four years and found the gloom had dissipated.
Software employees can opt for company-run programmes, online courses, boot camps to upgrade skills.
Heading to the third year, will Urjit Patel be busy firefighting a currency crisis? Almost no governor of the RBI managed to evade it and Patel perhaps knows it.
Once the patients are identified, the government will decide on the quantum of compensation in each case and then approach J&J for claim settlement.
The 70 accused have been arrested on charge of cracking the pre-medical test conducted by scam-ridden Vyapam, using unfair means.
Woefully inadequate infrastructure is just one of the many reasons why a case is not settled within 180 days and even 270 days as envisaged by the law, says Tamal Bandyopadhyay.
Without bringing sound governance and technical capabilities into the RBI's work, injecting new money sets the stage for a next wave of bad behaviour by banks, warns Ajay Shah.
Son of a Madurai farmer, Dr Vijayaragavan Vishwanathan has built a unique device for agriculture that can save water as well as electricity. Ironically, Vijay got support for his project from different international bodies but is still looking to get support from Indian government organisations when the product was specifically made for India.
Bank CFOs may meet next week to discuss minimum public shareholding and takeover rule issues.
Here's the full text of President Ram Nath Kovind's customary address to the joining sitting of Parliament on the first day of the budget session.
'If there is any industry that is unfit for modern corporate form it is the diamond trade.' 'But no one was asking the right questions.' 'The music was playing and so the game was on,' says S Murlidharan, former MD, BNP Paribas.
If this Budget was not packaged and sold as a Budget for the poor and for farmers, Narendra Modi would have lost the next election.
Taxpayers might face several issues while filing returns this year.
The government has at last commenced important structural reforms.
'We have promised to ensure reduced tax rates.'
'We are at $2.7 trillion and 2024 is not far away.' 'The country will need to grow by 9% every year for 5 years continuously and raise the aggregate investment rate to 38% of GDP to achieve the government's target of turning India into a $5 trillion economy.' 'Given the fact that we are only growing at about 5% and our investment rates are only about 30%, it may take a number of years before we can reach that targeted level.'
Despite the Indian government's recent efforts anecdotal evidence indicates that there has been little change in the extortionist behaviour of a significant proportion of tax and police officials, says Jaimini Bhagwati.
'Government of India has the right to give directions to RBI'.
'More than 114 cases have been registered for spreading fake messages, rumours and fake news on WhatsApp.' 'People on various groups are reporting such crimes.' 'The most heartening development is people are now not tolerating such things.'
But the Abu Dhabi-based airline would first bolster its own network with traffic from India before Jet's turnaround.
'The problem is not lack of evidence, but the unholy alliance between political parties and church authorities.' 'If you are raising a voice against the priest, you and your family will suffer.'
The trio, 'twin shocks' of demonetisation and GST, 'twin balance sheet' problem that has been weakening India's banking system and the 'twin deficit' problem will continue to challenge economic management and performance in the year ahead, says Shankar Acharya.
This Budget plans for an increase to 10.3% of GDP from 9.9%.
The BCCI had been vehemently opposed to signing up with NADA, claiming that it is an autonomous body, not a National Sports Federation and does not rely on government funding.
The changes would be the most ambitious overhaul to date of rules governing the liquidation or revival of companies in India.
Several of his lenders have a lot to answer for.
Is the SBI chairman leaving the bank in a stronger and better position than what it was? Abhijit Lele finds out.
Amid a spate of government proposals at its door, the Election Commission has asked all Union government departments to route their proposals through the Cabinet Secretariat.
Similarities between NDA and UPA on some key policy issues are now becoming too stark to be ignored, says A K Bhattacharya.
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