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Privatising public sector companies would have encountered significant opposition from their managers as well as from strong unions.
The IPO-bound national insurer LIC is not only the largest holder of government debt -- owning 19 per cent of the G-secs -- but also the single largest owner of equities, the largest fund manger as well as holder of household savings, dwarfing even SBI deposits, as per a report. Holding 17 per cent of the over Rs 80.7 lakh crore dated government securities, maturing by 2061, the Reserve Bank is the second largest holder of government debt, while led by public sector banks, commercial banks collectively own around 40 percent. Other insurers cumulatively own only 5 per cent.
Why you must ignore the noise that the India growth story is over and still invest in mutual funds and stock markets.
Did you know that an individual can, in addition to the tax benefits she/he is entitled to, also leverage the benefits available to family members to reduce this liability?
Your promise to protect bankers for their commercial decisions is a huge confidence booster, but how does one define a commercial decision? Are our investigative agencies well equipped to dissect lending decisions of bankers?
The Lashkar-e-Tayiba operative also revealed about his training while he deposed in front of a Mumbai court via video link.
The Supreme Court on Tuesday constituted another five-judge Constitution bench which will hear five crucial cases including the challenge to the central government's 2016 decision to demonetise Rs 500 and Rs 1000 currency notes.
Could it have been more reformist? Of course, but this is an election year Budget, observes Akash Prakash.
'We have delivered a bitter medicine. It will take time to work.'
The Ministry of Corporate Affairs had taken various steps to protect small investors.
A resident of Saran district, which incidentally has been the karmabhoomi (land of work) of his famous namesake, Yadav claims to have already booked a flight ticket to Delhi where he proposes to file his nomination papers on June 15.
If Kerala wants to sustain its room for independent thinking and talk back to Delhi when needed, it should put its finances in order. Or - if one takes the North East example - Kerala's political posturing may end up commensurate with its financial dependence on others, suggests Shyam G Menon.
"We continue to call on China to be transparent in sharing data and to conduct the necessary investigations and share the results. Understanding how the pandemic began remains both a moral and scientific imperative," Ghebreyesus said.
The ministry of finance on Tuesday clarified that public sector banks (PSBs) have intimated they are not going to raise bank charges in the near future in view of the COVID-19 pandemic. The ministry's statement comes after several media reports citing steep increase in service charges by certain PSBs surfaced. No service charge is applicable on the 60.04 crore Basic Savings Bank Deposit (BSBD) accounts, including 41.13 crore Jan Dhan accounts opened by the poor segments of the society, as per the statement.
'FDs should hold your emergency funds, equivalent to around 6-12 times your monthly expenses.'
Many banks' profits will take a hit and a few of them could even end up being in the red because of treasury losses, triggered by a sudden spike in government bond yields in the rising interest rate cycle, notes Tamal Bandyopadhyay.
A Division Bench, comprising Chief Justice S Manikumar and Justice Shaji P Chaly dismissed an appeal filed against a single judge order junking a plea seeking removal of the Prime Minister's photo from the COVID-19 vaccination certificates.
Private sector lenders have been communicating to their customers about their strong capital positions but it has not put depositors at ease.
The restrictions on Punjab and Maharashtra Cooperative (PMC) Bank has been extended for another three months till the end of March next year. Reserve Bank of India (RBI) has extended the restrictions as further action on the draft scheme for the takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB) is in process. The central bank had prepared a draft scheme of amalgamation and the same was placed in the public domain on November 22 as part of seeking suggestions and objections, if any, from members, depositors and other creditors of PMC Bank and USFB.
The Bombay high court on Wednesday granted interim protection from arrest to Bharatiya Janata Party leader Kirit Somaiya in a case of alleged misappropriation of funds collected in the name of saving the decommissioned naval aircraft carrier INS Vikrant.
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
Justice Arumughaswamy said the 500 page report in English was prepared after hearing about 150 witnesses. The Tamil version ran up to 608 pages.
Private sector banks gained market share over their public sector counterparts during the year up to October 8.
More than 3,000 squads under health and local self-government departments have started the process of cleaning houses and public places, official sources said.
For now, the concerns over bad loans have taken a back seat; a bigger challenge for the banking community is credit growth, explains Tamal Bandyopadhyay.
India's permanent mission in Geneva, in a tweet, said advancing a "misleading narrative" only "tarnishes" the reputation of the UN mission.
'It is strange a government that is bold and coercive has meekly chosen to do more of what has repeatedly failed to work in the past.' 'And sadly, rating agencies, the business community, fund managers, and analysts, who know this, have chosen to act as compulsive cheerleaders,' says Debashis Basu.
Nationalisation has served its purpose. It's time to move ahead, keeping majority ownership of the government in a few banks to serve the people, argues Tamal Bandyopadhyay.
Since the first Aadhaar number was issued in September 2010, more than 1.33 billion Aadhaar cards have been generated till June 2022. With the Aadhaar enrolment of adult Indians nearing 100 per cent, the main objective of the Unique Identity Authority of India (UIDAI), which was to give Unique Identification numbers (UID) to all residents of India, is almost achieved, said a senior government official. "Enrolment will now be much more update-based, because people keep updating their mobile numbers and addresses.
Private lender Tamilnad Mercantile Bank's (TMB) is planning an Initial Public Offering ( IPO) of about Rs 1,000 crore by November-December 2021. The IPO will involve combination of fresh capital plus sale of existing shares. The shareholders of the unlisted South-based private bank have already given nod for IPO.
Crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank's takeover by the Unity Small Finance Bank (USFBL) came into effect on Tuesday, with the government notifying the scheme of amalgamation. PMC Bank branches will operate as USFBL branches from Tuesday onwards, the Reserve Bank of India (RBI) said in a statement on Tuesday. The takeover comes into force little over two years after the RBI superseded the board of the PMC Bank after financial irregularities came to light.
The Enforcement Directorate (ED) has attached assets worth over Rs 757 crore of one of the country's most known multi-level marketing (MLM) and direct-selling companies, Amway India, as part of a money-laundering investigation. The central agency issued a statement on Monday, alleging that the company was perpetrating a "scam" by running a pyramid "fraud" in the guise of direct-selling MLM network. "The entire focus of the company is about propagating how members can become rich by becoming members. There is no focus on the products. "Products are used to masquerade this MLM pyramid fraud as a direct-selling company," the ED alleged.
The agency also alleged that Deshmukh exercised undue influence to pass favourable transfers and postings of the police officials.
'Normally, the system is geared towards counting notes -- it is equipped to do x amount of work and one day you are asking them to do 20 x.' 'The processes involved are very complex.'
'The PSBs ended up recording Rs 7,709 crore losses in the March quarter compared to the Rs 11,688 crore profits of their private peers,' reveals Tamal Bandyopadhyay.
BJP candidate and former chief minister Bhajan Lal's grandson Bhavya Bishnoi on Sunday defeated his nearest rival and Congress nominee Jai Prakash in the Adampur assembly seat by-election, retaining the family bastion.
The three year lock-in period enables ELSS fund managers to invest in high conviction stocks for a long period of time because of relatively less redemption pressure, says Dwaipayan Bose
Services such as deposits and withdrawal at branches, cheque clearance and loan approvals would be affected due to the strike.
The Delhi high court on Tuesday proposed to reduce from Rs 20 lakh to Rs 2 lakh the costs imposed on actress Juhi Chawla and two others by a single judge while dismissing her plea against 5G rollout, with a condition that she would have to do some work for public cause, considering that she is a celebrity and has presence in public.
Recorded versions or bhajans being recited by those present at the temples were played out at around 5 am to counter the morning azaan being recited on the loudspeakers.
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