Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
Allaying fears that the Indian stock markets will collapse, Finance Minister P Chidambaram assured on Tuesday that the Indian stocks markets are sound and still very attractive for investors.
Other gainers included Kotak Bank, HCL Tech, ONGC, Asian Paints, Vedanta, HDFC Bank, Bajaj Finance, Maruti and TCS, gaining up to 1.41 per cent. Sun Pharma was the top loser, cracking 8.58 per cent.
'The virus of trust deficit seems to be taking a toll of the friendship built over the years by succeeding leaderships of the two countries,' notes Rup Narayan Das.
The three main regulators have different approaches to grievance redressal and different standards to stop harmful from coming pitched at the consumer.
The Union Budget 2016-17 has cheered the NBFC sector
Last October's circular meant that downstream investment by such funds by way of subscription or acquisition of shares would have been considered "indirect foreign investment" if their investment manager or sponsor is owned or controlled by a non-resident. The finance ministry has now said that mutual funds that invest more than 50 per cent in equity shall be omitted from the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
the training department in most banks is content with asking branch managers to send employees for drab classroom sessions once a year. The perception about such training is obvious from the fact that most branch managers send the names of employees they can do without.
'Unemployment barely figures in the Budget except as a derived demand from the industry and infrastructure.' 'There is no effort at direct attack on unemployment.'
A large percentage of total tourism business activity of India, which is estimated at $28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year.
The Niti Aayog vice chairman noted that green shoots of recovery are already visible in multiple sectors. In 15-16 sectors, businesses are coming back to pre-COVID levels," he said.
The Reserve Bank of India (RBI) is precariously balancing two opposing objectives - maintaining easy financial condition in the domestic market, while ensuring external stability - and economists have started taking note. They say India is going through the classic trilemma of the 'Impossible Trinity'. The RBI cannot have an independent monetary policy (setting domestic interest rates) in an environment of an open capital account and flexible exchange rates. What is even more complicated for the central bank now is that financial market stability overlays all the other three objectives.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
Among the Sensex constituents, Larsen and Toubro emerged as the top performer with a gain of 2.76 per cent after the company announced winning large contracts from domestic clients.
'The government should refrain from 'adventurism' and 'megalomania'.' 'But this should be true of reckless government action against every Indian, whether or not they are wealthy or have access to the finance minister even when he is in hospital,' says Aakar Patel.
Very gradual fiscal consolidation glide path with looser-than-expected fiscal policy; good quality spending mix and reasonable assumption on fiscal math; and focus on privatisation, asset monetisation and long-term funding for infrastructure investments, according to Morgan Stanley, are the three key themes from the Budget 2021.
'The macro-economic stresses -- high interest rates, rupee depreciation and capital flows -- have receded now.' 'Interest rates have come down, inflation is down and the rupee has bounced back.' 'If oil prices continue at this level, there will be no vulnerability.' 'Growth is a different story.'
Bharat Krishak Samaj demanded that the Pradhan Mantri Fasal Bima Yojana should be replaced with a new crop insurance and compensation scheme.
The BRICS model will need to demonstrate the efficacy of a second alternative governance structure to reform the Bretton Woods legacy.
Is the RBI unable to accept with grace that beyond 55, one can have the ability to head the compliance functions in a bank, asks Tamal Bandyopadhyay.
Rumours in the bureaucracy on his successor include the names of Sajjid Chinoy of JP Morgan, Rathin Roy of the National Institute of Public Finance and Policy, Neelkanth Mishra of Credit Suisse and the principal economic advisor, Sanjeev Sanyal.
In a first, the Comptroller and Auditor General's (CAG) officers reached out to several ministries in the last week of April as part of a confidence-boosting measure. The meeting brought the CAG officials and those from the ministries across the table to discuss the pain points in their relations. CAG of India Girish Chandra Murmu took this novel step because of growing tensions between those audited and the auditor.
'All regulatory agencies must be made Constitutional bodies like the Election Commission, the Supreme Court, and the CAG.' 'That way they will become independent of the minister,' recommends T C A Srinivasa-Raghavan.
Markets
With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai's real estate market over the past year. Sudhir Valia, the promoter, was a co-founder and executive director of India's biggest pharmaceutical firm, Sun Pharmaceuticals, and is a close relative of Dilip Shanghvi.
Sena said many banking frauds have come to fore during the Modi regime.
The Reserve Bank of India has opposed Finance Minister P Chidambaram's budget proposal to use part of the foreign exchange reserves of over $200 billion to provide "credit wrap," or credit guarantee insurance, for financing infrastructure projects.
Piyush Goyal, who held the post of finance minister when Arun Jaitley was undergoing treatment, told the Confederation of Indian Industry's annual session: "All stakeholders, including the RBI, should introspect on their respective roles (on low economic growth)."
Over 5 million alumni from the Indian Institutes of Technology, Mumbai University and Institute of Chemical Technology, Mumbai, plan to raise Rs 21,000 crore to start the world's largest infection testing lab in Mumbai.
The brand new bankruptcy process is being brazenly gamed by those with connections and money. The touts and fixers of the previous regime have been replaced by a new set close to this one, observes Debashis Basu.
The culture of freebies burdens coming generations with the huge bill for the flagrant abuse of power by preceding governments, points out Virendra Kapoor.
Gold loan companies offer loans to financially-excluded customers and MSMEs by enabling them to monetise their gold without the need for documentary proof of income
The BJP's manifesto speaks about the Prime Minister's vision of making 'Atmanirbhar Bihar'.
A good monsoon could rein in food inflation. Largely good corporate results mean better days are ahead. Nifty may reach record levels, points out Devangshu Datta.
The Budget would have been the perfect vehicle to introduce some bold initiatives.
That opportunity has been lost through this Budget, observes Shreekant Sambrani.
"It is about time that India and its institutions are protected from these 'institution wreckers'," said Jaitley.
'Outside investors don't want to get tangled up in a religious war.'
It was a year of big gains for equity investors.
On the 30-share index, Maruti was the biggest loser, shedding 3.60 per cent. Other major laggards were Yes Bank, IndusInd Bank, Tata Steel, Hero MotoCorp and NTPC -- ending up to 2.33 per cent lower.
A total of 11 international banks have publicly distanced themselves from the project.
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