'Whether I am optimistic or pessimistic is not the issue; I am just going by the evidence available.' 'The Indian economy and financial sector are now well-placed and very resilient in dealing with any kind of spillover coming from the external world.'
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SBI will hold 30 per cent in RIL joint venture
More than five years ago on an April evening, cash-starved Jet Airways announced temporary grounding of operations after flying as a full service airline for 25 years. Since then, more than 20,000 jobs and money worth thousands of crores owed to lenders, vendors and passengers evaporated while awaiting an insolvency resolution. And today, the Supreme Court ordered the airline's liquidation, marking the formal completion of a turbulent journey into the sunset and shattering lean revival hopes.
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
The GST Council on Saturday postponed a decision on cutting tax rate on life and health insurance premiums, officials said. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided that some more technicalities needed to be ironed out and tasked the GoM for further deliberations.
The committee's suggestion that existing commercial banks be allowed to hold payment banks as subsidiaries is also seen as unviable by RBI and the finance ministry.
Banks submitted bids amounting to Rs 4.75 trillion, around 2.5 times of the notified amount of Rs 1.75 trillion, at the Variable Rate Reverse Repo (VRR) auction conducted by the Reserve Bank of India (RBI) on December 22, a day after the liquidity deficit in the banking system widened to Rs 2.5 trillion. In the most recent VRR auction held by the RBI on December 15, bids totaling 2.7 times the notified amount were received. Banks secured Rs 1 trillion at a weighted average rate of 6.63 per cent.
Gautam Adani, India's second-richest man, and seven others including his nephew Sagar have been charged with paying bribes to unidentified officials of state governments in Andhra Pradesh and Odisha to buy expensive solar power, potentially earning more than $2 billion profit over 20 years.
Out of all the reported digital payment frauds in India, over half (55 per cent) were United Payments Interface (UPI)-related, a new report released on Tuesday revealed. Another 18 per cent are card related, 12 per cent are related to internet banking and nine per cent are from phishing calls. Most of the UPI-related frauds, however, have a low ticket size.
Rediff.com, one of India's pioneering internet companies, on Tuesday announced the appointment of Mr Vishal Mehta as its new Chairman and Managing Director. This key leadership change follows Infibeam Avenues Ltd's acquisition of a majority stake in Rediff.com.
Private sector banks reported the maximum number of frauds in 2022-2023.
RBI had received 72 applications for small finance bank licences.
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Large state-run entities and business houses will not be allowed to set up small finance banks, which will have to comply with statutory reserve requirements.
Future Retail on Saturday said it has missed the due date for payment of Rs 3,494.56 crore to banks and lenders as it could not sell assets due to its ongoing litigation with amazon, impacting its monetisation plans. Future Retail had last year entered into a one-time restructuring (OTR) scheme for COVID-19 hit companies with a consortium of banks and lenders and was to discharge "an aggregate amount of Rs 3,494.56 crore" on or before December 31, 2021. Kishore Biyani-led Future group firm would be "co-operating for completing the monetisation of the specified business within next 30 days" as per directions of the banks to resolve the current situation, said a regulatory filing by Future Retail.
The banking system's liquidity slipped into deficit for the first time in the current financial year (2023-24) due to the imposition of the Incremental Cash Reserve Ratio (I-CRR) for banks and outflows from goods and services tax (GST) payments, according to dealers. Reserve Bank of India (RBI) data shows it injected Rs 23,644 crore on August 21. The last time liquidity was in deficit was on March 27, when the RBI injected Rs 45,575 crore.
While festive offers can reduce costs, borrowers should also consider the lender's transparency and service quality. Customers need to be mindful of their repayment capacity.
Jean Dreze, who is also member of the Central Employment Guarantee Council, Ritika Khera and Anirban Kar - all from the Delhi School of Economics -- have pointed out that though bank payment of wages is seen as a magic solution to delayed payment and non-payment of wages under the Rs 25,000-crore (Rs 250-billion) scheme, making bank payments mandatory is a step taken without necessary precautions.
'We now understand things that we have to correct.'
"You can download mobile applications provided by banks on your phones and I want to urge political leaders, teachers, youth to give training to people on mobile banking," Modi said.
As in the past, it is up to the merchants to decide if they will bear the burden of the charge or bill it to the customers. Subhomoy Bhattacharjee reports.
The liquidity in the banking system could ease in the coming week due to an increase in government spending - a development that would be the key for the Reserve Bank of India (RBI) to decide whether to extend the incremental cash reserve ratio (I-CRR) mandate for banks. There are signs of improvement in the liquidity scenario as banks parked Rs 25, 833 crore with the RBI on Thursday. Market participants expect liquidity to gradually improve by the end of the month or during the first week of September, aided by government spending.
In September, JSW MG Motor India, the newly minted joint venture between SAIC Motor, which is present in 100 countries, and Indian conglomerate JSW Group, launched the Windsor, an electric car that introduced battery as a service (BaaS).
India is expected to be the top recipient of remittances in 2023 as inflows increase 12.4 per cent to $125 billion, said a World Bank report on Tuesday. Mexico will come next by receiving $67 billion and China will follow it at $50 billion. The key drivers for remittance growth in 2023 are a tight labour market in the United States, high employment growth in Europe reflecting extensive leveraging of worker retention programs, and a dampening of inflation in high-income countries. India's growth in remittances is expected to halve to 12.4 per cent in 2023 from a historic peak of 24.4 per cent in 2022.
Flipkart-backed fintech firm super.money is aiming to be among the top five players on the Unified Payments Interface (UPI) leaderboard by the end of this year, a senior company executive has said. The company, which rolled out its beta version in June this year, has processed about 10 million transactions till date. "We have a target of 100 million transactions for the end of the year.
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
More than three weeks have passed since the Reserve Bank of India's (RBI's) new guidelines on e-mandates for recurring payments came into effect but consumers are still taking to social media platforms to complain about the disruptions they are facing. This comes as most stakeholders in the ecosystem have not put in place systems in accordance with the new rules, resulting in many transactions not going through. Industry sources said most banks are still not ready, especially the smaller ones.
A key indicator of corporate efficiency may now be better than at any time since the turn of the millennium. The net working capital cycle - a crucial measure that tracks the time a company takes to convert current assets like inventory into sales and then collect the money from customers - has seen remarkable improvement. According to data from the Centre for Monitoring Indian Economy (CMIE), the average company needed nearly 90 days to complete this cycle in 1999-2000.
A special court in Mumbai denied bail to businessman Sujit Patkar, an aide of Shiv Sena (UBT) MP Sanjay Raut, in the alleged COVID treatment centres scam. The court found that Patkar played with the "life of people" by under-deployment of doctors and staff to generate proceeds of crime. The Enforcement Directorate (ED) alleged that Patkar's firm, Lifeline Hospital Management, fraudulently obtained a contract for supplying medical staff at Dahisar and Worli Jumbo Covid facilities during the pandemic, resulting in the generation of proceeds of crime (PoC) amounting to Rs 32.44 crore. The court noted that there are ample statements of the witnesses to show that a list of more staff members was prepared than being deployed on the instructions of Patkar.
Troubled edtech firm Byju's founder Byju Raveendran on Thursday said that he is willing to pay back the entire money to lenders if they are willing to work with him. During a two-and-a-half-hour call with the media, Raveendran said that lenders will not get any money if the process of insolvency against the company continues. "If they are willing to work with me, I am willing to give them money back before I take a single rupee out.
India's financial sector is dominated by large government-owned and private-sector banks.
Foreign direct investment (FDI) inflows into India have crossed the $1 trillion milestone in the April 2000-September 2024 period, firmly establishing the country's reputation as a safe and key investment destination globally. According to data from the Department for Promotion of Industry and Internal Trade (DPIIT), the cumulative amount of FDI, including equity, reinvested earnings and other capital, stood at $1,033.40 billion during the said period.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
Each postman has undergone a three-tier training process, after which they were evaluated by the National Institute of Banking and Finance and given certificates.
Lenders of bankrupt airline Jet Airways, led by the State Bank of India (SBI), on Thursday told the Supreme Court that successful bidder Jalan Kalrock Consortium (JKC) was "unwilling" to pay the dues and that the "liquidation" was the only option left. The bench led by Chief Justice of India (CJI) DY Chandrachud was hearing the SBI-led consortium plea against the NCLAT's March order upholding ownership transfer of the bankrupt airline to JKC.
HDFC Bank has reshuffled the portfolios of its senior management team. This is the first major rejig after the amalgamation of HDFC Ltd on July 1. "The runway for our growth is large. This change is being done to bring in a very sharp focus on leveraging what we have built and for enhanced execution," said Sashidhar Jagdishan, managing director and chief executive of HDFC Bank, explaining the reason for this overhaul.
'How can one expect fair elections in such a situation when funds to the tune of Rs 270 crore have been freezed or taken away by the Income Tax authorities from Congress party's accounts'
An Iranian delegation is expected to visit India this weekend to discuss an arrangement under which Union Bank will make payments to Halk Bank in Turkey.
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