Banks cannot shirk their responsibility in cases of frauds.
Despite the growing clamour from the central government on India turning digital, and banks requesting direct bank account transfer, the state government decided to hand over cheques to the farmers, which can be immediately converted into cash.
China's covid crisis could provoke a raw material crunch for India's EV industry later this year.
Banks are likely to cut rates even further, say finance minister Arun Jaitley.
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
'It has also saved the government about $ 9 billion in fraud and wastage because by having that unique number you eliminate fakes and duplicates from your beneficiary and employee list,' Nilekani said at an event on the sidelines of the annual meeting of the International Monetary Fund and the World Bank.
A Japanese official who led the successful bid for the Tokyo 2020 Olympics said on Wednesday the Japanese Olympic Committee (JOC) plans to investigate the bidding.
'Although strong arm tactics do cause inconvenience, they have not been able to stop us from carrying out our campaigns.' 'Allegations about being 'anti-development' mean very little when people in the country are still going hungry.' Greenpeace India chief Ravi Chellam on the challenges ahead.
'The Khalistanis get bulk of the money from abroad.' 'Where did Amritpal's Mercedes come from, which costs well over Rs 60 lakhs?' 'Where does his fleet of vehicles come from?' 'Local Punjabis can certainly not contribute this kind of money.'
India's state banks are under pressure to improve profitability.
'The day-to-day control of banks is in the hands of political bosses and bureaucrats who are not answerable.' 'The political system uses the banks as a helicopter to throw money to the sector they want to patronise in order to win the next election.'
There is no clarity yet on how an estimated 10.9 million new jobs would be created every year.
He also made an appeal not to 'overblow' the issue of data breach.
Lenders now use your phone data, utility bill payment records and other non-traditional parameters to determine if you are creditworthy.
While the government has not made the report public, sources said the panel had recommended a sharp cut in all taxes on the gold business, including import duty and goods and services tax which amounts to over 13%.
The rhetoric that we are fed daily needs to be measured against performance and the facts. That is not happening, points out Aakar Patel.
The fresh round of cancellation process of the 4,470 NGOs started on May 6.
Earlier, Arun Jaitley had said 60 prosecutions had been launched on the 'HSBC list'.
The International Olympic Committee said on Thursday it saw no reason to doubt assurances from Tokyo about the legitimacy of payments made during its successful bid to host the 2020 Games.
'In plain simple English, these practices amount to a looting of our country's future by some in the business community, in cahoots with some lenders,' says RBI Governor Dr Urjit R Patel.
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
It is likely he will rope in an international ATM manufacturer as a strategic partner with equity stake.
More people will be literate, on the Internet, linked to the national identification scheme and likely to receive electricity, especially from alternative-energy sources.
India's economy is unlikely to see double-digit growth and may grow between 8 per cent and 9 per cent this fiscal year (2021-22, or FY22), against the estimated 11.5 per cent, according to leading economists and rating agencies. The downward revision of growth projections to as low as 10 per cent is mostly on account of stringency in restrictions by states, relatively slow vaccination pace, and the possibility of a third wave of the pandemic. However, they say the impact will not be as severe as the first wave, and expect the first quarter to see positive growth.
In a bid to control the coronavirus pandemic, Saudi Arabia said it has barred international visitors from making the Islamic pilgrimage.
A combination of one of the lowest labour costs and a large surplus workforce, which will continue to grow until 2031, is one of the key competitive edges that India is leveraging to challenge its rivals in Southeast Asia in the race for a China-Plus-One strategy. Apart from India, the countries in the race to woo global companies that manufacture in China, as well as the supply chains to their country include Thailand, Indonesia, Malaysia, the Philippines, and Vietnam. On the labour front, India is a clear winner.
Earlier, the Home Ministry had raised concerns over the use of Aadhaar number as a single source of identity verification.
'When there is unlocking, there is demand revival.' 'This is going to be the main growth engine in this kind of an economic scenario.'
Gold demand in India -- one of most avid purchasers -- is interwoven with culture, tradition, the desire for beauty and the desire for financial protection.
While the CPI-M in a statement after the secretariat on Friday maintained that Balakrishnan, who is also a Polit Bureau member, had sought leave for further treatment which had been accepted, the leader of opposition in the state assembly Ramesh Chennithala dubbed the move as a delayed dawning of wisdom.
The money stashed away in tax havens is estimated at between $5.6 trillion and $32 trillion, numbers to make your eyes pop, asserts T N Ninan.
Around 55 per cent of land in the 36 operational special economic zones (SEZs) in Tamil Nadu is lying vacant owing to various reasons, including the recent economic slowdown.
He is the first high-profile person who has deposed before the ED in this case.
RBI Governor Raghuram Rajan wanted to improve training for staff, through initiatives such as sending them to other central banks for short stints.
'... and without necessarily calling them Economic Surveys.' 'One should stick to the main focus, which is to give people a good perspective on how the economy is doing.'
BharatPe co-founder Shashvat Nakrani has accused Ashneer Grover, with whom he had co-founded the payment startup, of creating a false narrative about the company, and said the board acted quickly and decisively in unseating him after receiving finds of a PwC report. BharatPe, which allows shop owners to make digital payments through QR codes, last week stripped Grover of all titles and positions over his alleged "misdeeds" and may take further legal actions, including clawing back of some of his shareholding. In a letter to employees, Nakrani said the Grover episode was an aberration and not the norm at BharatPe, and went on to defend the board who he said were celebrated names in the banking and financial services industry.
'It could tempt investors to pick stocks that are not fundamentally sound.'
India's projected economic growth for 2022 has been downgraded by over two per cent to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on Thursday. The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection for 2022 to 2.6 per cent from 3.6 per cent due to shocks from the Ukraine war and changes in macroeconomic policies that put developing countries particularly at risk. The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-East Asia.
Pahal looks to cut down diversion and eliminate duplicate.
The Covid-19 pandemic has forced a whopping 8.7 lakh expatriates from Kerala to return home, most of them from the Gulf, since last May, with a majority of 5.67 lakh citing job loss as the reason for it, according to official data.
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