'Expect India to keep doing well irrespective of geopolitics.'
As RBI governor, Sanjay Malhotra will have to give the highest priority to the interest of the economy while deciding on the growth-inflation trade off at Mint Street.
Anandu Krishnan, a 26-year-old man, has been arrested for allegedly defrauding people of several crores by promising scooters, sewing machines, home appliances, and laptops at half price using fake CSR funds from major companies. The total fraud is estimated to be around Rs 600-700 crore. Krishnan was operating the scam since 2022 by registering societies and convincing people that he was the National Coordinator of the National NGO Federation and that he had been entrusted with managing the CSR funds of various companies. He collected money through 62 "seed societies" and used his political links to convince the victims. The police are investigating the role of certain political leaders in the fraud.
India's real estate market is poised for growth across categories - residential, commercial, and rental. Currently valued at Rs 24 trillion, or about $300 billion, it is projected to surge to $1.3 trillion by 2034, and then grow further to $5.17 trillion by 2047, indicates a report by the Confederation of Real Estate Developers Associations of India (Credai).
It lacks experience in financial sector that other applicants have demonstrated.
If as critics point out, the environmental impact assessment study was commissioned only after the auction process got underway with not all the stakeholders getting to know of it, then the government has already compromised the trust it could have enjoyed with Kerala's public including its coastal communities, points out Shyam G Menon.
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
The Reserve Bank of India (RBI) on Friday said nearly 97.26 per cent of the Rs 2,000 bank notes have been returned to the banking system, and only about Rs 9,760 crore worth of the notes are still with the public. On May 19, the RBI announced the withdrawal of Rs 2,000 denomination bank notes from circulation. "The total value of Rs 2,000 bank notes in circulation, which amounted to Rs 3.56 lakh crore as at the close of business on May 19, 2023 when the withdrawal of Rs 2,000 bank notes was announced, has declined to Rs 9,760 crore as at the close of business on November 30, 2023," the RBI said in a statement.
'Tax rate and stock markets are entirely two different things.'
State-owned Life Insurance Corporation of India (LIC) has realigned its commission structures for its distributors in accordance with new surrender value norms but has no plans to introduce any "clawback", it said in a post-earnings analyst call on Friday. "It depends on our experience because the new products have been filed from October 1," said Siddhartha Mohanty, managing director and chief executive officer. The insurance regulator has revised the surrender value norms, and the revised ones came into effect on October 1.
Union Finance Minister Nirmala Sitharaman's call for making lending rates affordable may not resonate anytime soon as banks still struggle with margin compression, and await clues from the Reserve Bank of India (RBI) on liquidity and rate action. Hinting that any lending rate cut was some time away, State Bank of India (SBI) managing director Vinay M Tonse said there was still some aggression in the market regarding deposit pricing.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
Be wary of co-operative banks which have historically been most vulnerable.
Temples across Uttar Pradesh were packed with devotees on Sunday for Ram Navami, with Chief Minister Yogi Adityanath leading prayers at the Gorakhnath Temple. Heavy crowds were witnessed at temples in Lucknow, Gorakhpur, and Varanasi, where security was heightened. In Gorakhpur, Adityanath performed the traditional kanya pujan ritual, while in Varanasi, a 51-foot statue of Lord Ram has become a major attraction. The festival was celebrated with enthusiastic fervor across the state.
The Congress on Wednesday criticized the Centre and the Uttar Pradesh government for a stampede at the Sangam during the Maha Kumbh, blaming mismanagement and a focus on VIP movement instead of common devotees for the tragic incident. Rahul Gandhi called for reining in "VIP culture" and improving arrangements for devotees. Congress leaders expressed condolences to the families of the deceased and demanded action to prevent such incidents in the future.
'It was inspired by the Hamas attack and was like their attack -- well planned and well executed.'
Emerging out of the ED grilling in Mumbai, Rohit Pawar denied any wrongdoing and asserted struggle was imminent in fight for ideology while declaring he wasn't scared.
UCO Bank, Bank of Maharashtra, Bank of India, Indian Overseas Bank, Indian Bank, and Central Bank of India don't have a non-executive chairman.
It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan's entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country's microfinance sector. Subsequently, the RBI awarded small finance bank licences to nine MFIs.
Bharatiya Janata Party leader Kirit Somaiya on Sunday alleged that ad firm director Bhavesh Bhinde had paid Rs 46 lakh as bribe to a company of the wife of then GRP commissioner, who gave permission to install a hoarding which collapsed in Mumbai last month.
The Indian Post Payments Bank will be a boon to Indians who live in rural areas. India has 154,000 post offices, of which 139,000 are rural.
At least 13 candidates are in the race for the position of managing director and chief executive officer (MD & CEO) of Punjab National Bank (PNB), the second-largest public sector bank (PSB), according to multiple sources familiar with the matter. "Among the candidates, some are executive directors (EDs) and managing directors in major PSBs. "Financial Services Institutions Bureau (FSIB) will conduct the interviews next month," said a source.
The government may save over Rs 70,000 crore (Rs 700 billion) on capital and revenue expenditure allocated towards new schemes in the FY25 Budget that are yet to be implemented.
'The BJP lacks a credible mass leader who matches Mamata Banerjee's popularity.' 'Given the division of votes among Opposition parties, the West Bengal government's dole-giving strategy, and the consolidation of the poor, significant sections of scheduled caste groups and Muslim minorities behind the ruling party, it will be difficult to dislodge the Trinamool from power.'
Between March 2022 and September 2023, HDFC Bank added 56,310 employees.
The Maha Kumbh, billed as the world's largest gathering, concluded on Wednesday after 45 days, with lakhs of devotees taking a dip in the Sangam, the confluence of the Ganga, Yamuna, and mythical Saraswati rivers. Despite a stampede that killed at least 30 people, millions continued to visit the Kumbh, seeking salvation through the ritual bath. The event saw a mix of faith, tradition, and technology, drawing pilgrims and tourists from across the globe.
EPS has had its way on most things, alliance-wise. A week earlier, he reiterated that he would not re-admit OPS and Sasikala Natarajan back in the party. It was a message not just to detractors in the AIADMK. It was even more so for the BJP leadership in Delhi. Even more important for the AIADMK was their demand for accepting EPS as the chief ministerial candidate of any alliance that the party would form, observes N Sathiya Moorthy.
As banks' chase for customers to collect cheap deposits is not fructifying, they are forced to offer inflation-beating real interest rates on fixed deposits now, and state-run banks led by Punjab & Sind Bank tops the chart offering 8-8.50 per cent per annum deposit rate. Banks are forced to offer inflation-beating deposit rates for a tenor ranging from 200 to 800 days as credit growth has been far outpacing deposit mobilization throughout this fiscal, leading to a funding crunch.
The Indian rupee is likely to depreciate further against the US dollar through the end of 2024. This is due to the continued strengthening of the greenback, combined with the weakening of the Chinese yuan, which is expected to keep pressure on the Indian currency.
Both new and completed project values as of December 2024 remain below pre-pandemic levels seen in 2019.
rediffGURU Mahesh Padmanabhan answers readers' personal income tax queries.
Receiving Ganga water by post could be a reality soon as the government endeavours to tap the e-commerce platform to bring the holy water at the doorsteps.
'Unless a comedian is involved in something society deems unforgivable...'
We as customers have to be conscious and careful to sidestep numerous types of frauds made possible under a mindless shift to a digital ecosystem without customer-redress procedures, warns Debashis Basu.
A peek into the life of a public-sector banker who did well professionally, but paid a price for it, points out Tamal Bandyopadhyay.
Former Prime Minister Manmohan Singh's 1991 budget unshackled India's economy, significantly enhancing the economic prospects for hundreds of millions of Indians, first deputy managing director of the International Monetary Fund (IMF) Gita Gopinath said on Friday.
The Reserve Bank Officers Cooperative Credit Society, which caters to the credit needs of RBI officers posted all over India, has a fixed deposit of Rs 105 crore in the bank on which the RBI has placed various curbs for six months following revelations of irregularities.
'Mrs Gandhi had nothing to do in the day-to-day working of Dr Singh's government.' 'People say Mrs Gandhi's office used to give orders, which is nonsense.'
As on April 1, income tax arrears have increased to Rs 43 trillion from Rs 24 trillion on April 1, 2023.
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