Reserve Bank Governor Raghuram Rajan today criticised multilateral institutions like the IMF and the World Bank saying "they are not immune to cognitive capture".
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
As the results season kicks in, the quarterly earnings numbers of several blue-chip firms -- such as Infosys and Reliance Industries -- along with global trends and trading activity of foreign investors, will determine equity market movement in the holiday-shortened week ahead, according to analysts. The domestic WPI inflation data for June -- scheduled to be announced on Monday -- will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram.
'He's at best a holding-CEO. Not one who will re-imagine the bank,' a senior banker and former colleague tells Raghu Mohan about HDFC Bank CEO & MD Sashidhar Jagdishan.
'We may bite the bullet and draw up plans for privatisation.' 'If that is done now, the sale of the government stake will fetch money; a delay will see erosion in whatever value is left in these banks,' says Tamal Bandyopadhyay.
President Droupadi Murmu on Wednesday emphasised the need to strengthen affirmative action as a tool for inclusion while urging the rejection of divisive tendencies rooted in perceived social hierarchies.
'For the first time ever it has come below 1 per cent, at 0.97 per cent.'
Such actions, it said, deface the banknotes and shorten their life.
New players show up after 3 years; northern states take lead in loan growth.
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The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI, it said. Last month, the RBI had imposed a penalty of Rs 3 crore (Rs 30 million) on SBI for violating know your customer/anti-money laundering norms.
RBI's oversight cadre move creates HR trouble, officers threaten agitation.
Pressure has been mounting on the Reserve Bank of India to cut interest rates in the wake of declining retail inflation and the need to fuel growth momentum. However, the RBI will have to do a tightrope walk as globally interest rates are inching upwards.
The SEBI and the RBI will look into it. Let their reports come in, BJP MP Mahesh Jethmalani said.
'ESG is actually a concept which cannot be applied effectively in the very short run.'
Bankers seem to be pleased with the government for keeping its promise of not interfering in operational matters, but are apprehensive about the intense scrutiny of their functioning.
Tata AIG, ICICI Lombard and Nippon Life have evinced interest for the profit-making insurance arm of Reliance Capital (RCap), joining several prominent financial companies from India and abroad in the race for RCap's assets. The final day to submit an expression of interest (EoI) was March 25 and the bidders will now get access to the latest information about RCap before they make financial bids.
Do not go for riskier options like co-operative bank only for the higher return. Even if you go for them, park only a small portion of your capital there, say Tinesh Bhasin and Sanjay Kumar Singh.
Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
The interest offered is mostly 0.5 to 1 per cent more than what other banks offer. Moreover, customer service and long-term association spanning generations are also other reasons for the popularity.
'Your decisions should not be driven by your view on the market, but by your objectives, risk appetite, and time horizon.'
'Clearly, the depositors of cooperative banks need the maximum protection.'
Ananthasubramanian, 55, started her career in 1982 at Bank of Baroda as a specialist officer in the planning stream.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
The RBI is still a small player in international gold buying among central banks. But in terms of total gold bought in 2019, it is the sixth largest buyer with 25.2 tonnes purchases in the first 10 months of 2019.
Union Finance Minister Arun Jaitley is set to present the Budget next month.
'Infusion of fresh capital, handsome growth in deposits and focus on recovery should bring Yes Bank back on the growth path in the next financial year,' observes Tamal Bandyopodhyay.
The Reserve Bank of India (RBI) has announced a dollar-rupee two-year sell-buy swap auction for $5 billion on March 8, which will suck out rupee liquidity from the system. The swap will be in the nature of a simple sell/buy foreign exchange from the RBI side, in which a bank will buy US dollars from the central bank and simultaneously agree to sell the same amount of US dollars at the end of the swap period. "With a view to elongating the maturity profile of its forward book and smoothen the receivables relating to forward assets, it has been decided to undertake sell/buy swap auction of $5 billion on March 8, 2022," the RBI said in a statement. The auction cut-off will be based on the premium amount in paisa terms up to two decimal points.
Nearly 40 per cent of IITians sitting for placements in 2024 are yet to receive job offers, showing a doubling of the 'unplaced' in the last three years from 19 per cent in 2021-2022 to 38 per cent in 2023-2024.
If struggling with dealing with queues of people asking for new notes wasn't enough, banks are now facing the challenge of storing the old notes in their strong rooms.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
While stocks are at cheap valuations, the volatility can be unnerving.
No new ideas, please, we are Indian. Seventeen years into the 21st century, we are still fixated by the ideas of the 20th century.
Governments that did not respect the central bank's independence would sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined the regulatory institution, Deputy Governor Viral Acharya warned.
The buyout will cost LIC about Rs 100 billion, based on the Rs 248 billion market capitalisation of IDBI Bank as on Friday, and assuming it acquires a 40 per cent equity stake from the government.
Tamal Bandyopadhyay discusses his latest book Bandhan: The Making of a Bank at Bandhan headquarters in Kolkata.
Gold reserve also declined by $340 million to $30.55 billion.
The Congress leader also said that the BJP wants to change the Constitution, and reduce and weaken the rights given to the people through the statute book.
RBI's draft guidelines prescribe that banks with a strong capital base and NPAs below 3% can become brokers.
None of the four benchmarks suggested by the RBI is ideal as banks in India create loan assets from their deposits and not borrowing from the regulator or market, says Tamal Bandyopadhyay.
