The ED slapped criminal charges of money laundering on the basis of the Mumbai Police FIR that was filed in August this year, which itself was filed on the basis of a similar complaint by the state economic offences wing.
For the cooperation ministry, the government made a total budget outlay of Rs 1,150.38 crore for 2023-24, lower than the revised estimate of Rs 1,624.74 crore for 2022-23.
Industry players believe the new DFI model will be initially risk capital, which will then be used to mobilise additional resources from development agencies such as World Bank.
Mudra Bank will be a Rs 20,000-crore institution, which would "primarily be responsible for refinancing all micro-finance institutions.
India must do away with policy paralysis to ensure growth in agriculture.
Multiple organisations of different kinds with overlapping goals would be a dream situation for those who believe in competition and innovation.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
The race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.
Bank, bankruptcy reforms, Nabard Bill amendment on agenda.
Bihar Chief Minister Nitish Kumar on Wednesday lamented that a section of people start "chanting" 'Jungle Raj' after every incident of crime in the state and said the government has decided to set up a battalion for safeguarding banks and other such establishments.
Passengers can now look forward to enjoying home cooked local food supplied by self-help groups during their train journey.
The government has asked the Indian Banks' Association to make sure that IDBI Bank's wages are on a par with other banks.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
The total direct tax collection stands at a little over Rs 9 trillion, giving the taxman just few days to reach the 2018-19 revised target of Rs 12 trillion., reports Shrimi Choudhary.
RBI Governor has dismissed the notion that the rural employment guarantee programme is behind the massive spurt in wages in rural areas.
'We need to be far more careful given the fact that while this is group lending, it's essentially unsecured.'
He was granted bail by a court in Ahmedabad.
The Budget emphasises on capacity building and empowerment of marginalised sections of society including farmers.
The scheme, which would give Rs 6,000 to small farmers in a year or Rs 500 a month, will add more money to the account of these cultivators than the money he/she saves every month on an average.
Farmers have been availing crop loans upto Rs 300,000 at 7%.
The appeals came against orders of the Central Information Commissioner in various cases.
Control over PSU banks is what is allowing the government to drive this scheme.
Where do the four members of the Supreme Court appointed panel to interface with farmers stand on the Modi government's farm laws?
If more commodities which have seen a sharp rise in MSP are to be procured, such as pulses, oilseed and cereals, there could be a storage problem. Also, if state-owned Cotton Corporation of India joins in, this problem will aggravate.
'If because of El Nino, the monsoon is affected adversely in the current year, naturally it will affect income projections and consequently Budget numbers.'
Enthused by higher than expected GDP numbers in the fourth quarter of 2022-23, Chief Economic Adviser (CEA) V Anantha Nageswaran on Wednesday said India's economic growth may exceed the initial estimate of 6.5 per cent in the current fiscal and the country can look for another year of solid economic performance.
Bandhan Bank is the first bank to be launched in eastern India post Independence.
Commercial banks are also expected to be soft on loan repayments and restructure the loans, if not write them off.
Most farmers depend on rainwater for farming.
That apart, farmers will get loans for post-harvest storage of their produce at a subsidised interest rate of 7 per cent for six months.
Some believe the shift to mobile-based transactions will be seamless considering that the urban tele-density is 148%. In rural areas, it is touching 51%. But smartphone penetration in India is a mere 12%. Growth of mobile money has been extremely slow: It is currently 1%.
The government also proposed promoting 'one product one district' for better marketing and export of horticulture crops. It also called on states for early implementation of three key central model laws on land leasing, agriculture produce and livestock marketing and contract farming.
Economist Abhijit Sen, a former Planning Commission member and one of the country's foremost experts on rural economy, died on Monday night. He was 72.
The Prime Minister's Office has suggested that EPFO should deploy 15 per cent of its funds as loan for low cost housing saying it would generate a credit flow of Rs 70,000 crore (Rs 700 billion).
With a sole mandate of inflation targeting, RBI wears many hats.
Banks cannot shirk their responsibility in cases of frauds.
The deadline for officers to decide on their career path in the biggest organisational rejig in the central bank's 85-year history ends on January 31. The immediate fallout could be its disruptive impact on the supervisory process for 2020 -- and beyond -- given the manpower shortfall, even as more entities are set to come under closer central bank scrutiny.
Analysts say there is still no visibility of earnings improvement.
Uttar Pradesh and Punjab have announced loan waivers for farmers, while Maharashtra has not despite Opposition pressure. Sanjeeb Mukherjee reports.
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