To further strengthen the supervision on non-banking entities (NBFCs), the Reserve Bank on Tuesday issued revised guidelines on a Prompt Corrective Action (PCA) framework for such companies, excluding government-owned ones, effective from October 1, 2022, on the lines of what it had introduced for banks in 2002. The RBI came up with stricter supervisory norms under the PCA framework for banks after their bad loans mounted and balance-sheets bled badly. This involved restricting them from fresh lending, brand opening and, hiring, among others. The RBI said the revised PCA framework is also applicable to all deposit-taking non-banking financial companies (NBFCs), all non-deposit taking NBFCs in the middle, upper and top layers, including investment and credit companies, core investment companies, infrastructure debt funds, infrastructure finance companies and microfinance institutions.
The promoter-brothers, distant cousins to IndiGo's Rahul Bhatia, are eyeing Air India's ground handling subsidiary to augment their aviation services business even as they make a big play in EVs.
The Punjab government blames the slow growth on tax concessions in neighboring Himachal Pradesh and Haryana's proximity to Delhi.
'You have come out with a package for the kisan.' 'You have a package for industry.' 'But has anyone addressed the issues concerning small traders?'
The area-based income compensation scheme says that farmers should be paid the difference between the actual price they get and the state-mandated MSP. The compensation will be determined on a per acre basis by using district-level estimates of marketable surplus and prices in the harvest season.
'Completely disregarding ground reports of starvation deaths owing to Aadhaar and potentially disguising these deaths to look like accidents appears brutal,' says Rajendran Narayanan.
It is a sea of men clad in veshtis with distinctive party colour border design seeking votes with a smile and folded hands for their party candidates. The town is abuzz, with electioneering at its peak, and teeming trendy cars criss-cross the busy roads and bylanes bringing in more and more leaders from elsewhere for campaign.
The United States has described as "discriminatory and restrictive" the Indian government not allowing American carriers operate chartered flights on Indo-US routes even though Air India was doing so under the Vande Bharat Mission.
'And that means all of us have to be very careful.'
Despite the demonetisation of 2016 and the rise in digital transactions that followed, the economy's dependence on cash has remained as high as ever. So when the Reserve Bank of India (RBI) introduced a pilot project of its version of digital cash - called the central bank digital currency (CBDC) - on December 1, many questions were asked. Can the CBDC replace physical cash, even partially? Can it match cash in terms of convenience? Are CBDC transactions truly anonymous?
Aadhaar now has legal backing but it still faces challenges of privacy and data sharing
'We have to go through the process of obtaining informed consent.'
The world's largest cash transfer programme has eliminated around 40 million ghost connections
Punjab has sent an email saying that four deaths suspected to be due to lack of oxygen have been reported in a private hospital in Amritsar district, Union health minister Mansukh Mandaviya said in a written reply.
If the CBDCs don't offer interest, why will people shift from cash to CBDCs?, asks Tamal Bandyopadhyay.
Police escorted the rally all the way, at one point standing in a row to prevent the rallyists from entering a side road where stood a huge mosque. Across the road, an old Muslim woman asked her Hindu neighbour what the rally was all about. The latter shrugged her ignorance, looking on in bewilderment at the young men with their saffron flags, all of them wearing Bajrang Dal T-shirts.
Nowhere on the planet, nowhere in mankind's history has such an idea taken the concrete shape in form of a law. The National Food Security Bill, which will come via ordinance and not after the debate in Parliament, is an incredible economic tool to tackle the hunger of poor Indians. Also, it has already been condemned widely as a political gimmick.
'You will not have a vaccine for everyone initially.'
According to the latest report from Stranded Workers Action Network (SWAN), a voluntary effort started in March 2020 to mobilise relief for stranded migrant workers, almost 92 per cent workers, whom the group contacted between April 21 and May 31, had not received any money from their employer. This was after restrictions were imposed and work had stopped. The survey, which was conducted among 1,396 worker groups, adding up to 8,023 people that included 4,836 women and children, showed that 76 per cent of the workers had less than Rs 200 left with them.
The US on Thursday raised concerns over India's Personal Data Protection (PDP) Bill and draft non-personal data governance framework, claiming these could potentially threaten innovation and economic growth. In its latest 'Special 301' Report, the US Trade Representative (USTR) kept India on the priority watch list, maintaining the country remains one of the world's most challenging major economies with respect to protection and enforcement of intellectual property (IP). In December 2021, a joint parliamentary committee released a report recommending changes to the PDP Bill, 2019, that could undermine important IP protections in India.
Even as India's internet base continues to widen, with the country set to have over 900 internet users by 2025, a parallel rise in cyber threats has become a matter of huge concern. Experts say that the sudden surge in digital adoption left little time to develop a cybersecurity backbone for the country. This has put large amounts of data at risk.
Ahead of the Monsoon session of Parliament, former Congress ally Dravida Munnetra Kazhagam on Monday indicated its support to the UPA's 'game-changer' Food Security Bill even though it has wanted a few changes in it.
Currently, domestic supplies and commercial imports of vaccines attract a 5 per cent Goods and Services Tax, while COVID drugs and oxygen concentrators attract a 12 per cent levy.
Once a Congress-led government is formed at the Centre, the farm laws will be revoked and dumped into the 'dustbin', he said, addressing a gathering in the evening here on the conclusion of his 'Kheti Bachao Yatra' (save the farming march), which began from Punjab's Moga district on Sunday.
The most common symptoms were fatigue, post-exertional malaise -- worsening of symptoms after physical or mental exertion -- and cognitive dysfunction, often called brain fog.
This will cost the government Rs 3.1 trillion, about 10 per cent of its annual expenditure, and higher than any other spending item in its Budget.
In its weekly report on the pandemic, the World Health Organisation said on Tuesday that the incidence of COVID-19 has increased globally, initially driven predominantly by transmission of the Delta variant, particularly in the European region.
The government does not seem inclined, at least in the petroleum sector, to effect sudden and steep upward price revisions to tame its huge subsidy burden and rein in fiscal deficit.
Blockchain's promise: Dramatically speeding up transactions, explains Ajit Balakrishnan.
FMCG firms such as ITC, Parle Products, Marico, Emami, PepsiCo India and CG Corp Global on Wednesday assured uninterrupted supply of their products based on the learnings from the last year's lockdown, even as surge in COVID-19 cases in India forced Maharashtra to declare a 15-day curfew while other states also imposing various restrictions.
It raises three major questions - the incentive compatibility issue, the fairness issue and fiscal challenge, said Panagariya.
New norms are in place to strengthen regulations for this set of lenders which has been playing a critical role in Asia's third largest economy, notes Tamal Bandyopadhyay.
Worried about the adverse impact that price rise could cause to Congress' prospects in Lok Sabha polls, Rahul Gandhi unveiled quick fix policy prescriptions for 12 party-ruled states including reform in PDS and giving farmers a wider choice to sell vegetables and fruits.
It took a lockdown for us in India to even recognise that the plight of migrants needs to be addressed. They were faceless and unrecognised. They were unappreciated and even hounded. They were poorly paid and exploited, notes Ramesh Menon.
Modi stressed on the need for constant genome sequencing to monitor emergence of mutants and also to ensure increased oxygen availability, the Prime Minister's Office (PMO) said in a statement.
In view of the economic shock caused by the COVID-19 pandemic, Reserve Bank of India (RBI) on Friday asked scheduled commercial banks and co-operative banks not to make any dividends for the financial year ended March 2020. In view of the ongoing stress and the heightened uncertainty on account of the pandemic, RBI said it is imperative that banks continue to conserve capital to support the economy and absorb losses, if any. The decision is based on review of the September quarter financial performance of banks.
On a day Narendra Modi attacked the United Progressive Alliance government for its "mis-governance", Congress chief Sonia Gandhi hit back accusing the Bharatiya Janata Party of hatching conspiracies before elections and misleading people in its hunger for power.
After much delay and uncertainty, the landmark Food Security Bill was passed by the Lok Sabha on Monday which seeks to provide cheap foodgrains to 82 crore people in the country, ushering in the biggest programme in the world to fight hunger.
PSB chiefs tried to argue that liquidity is in surplus in the system and the problem was related to lack of demand in the economy, instead of banks' reluctance to lend, but 'the FM said it is a perception issue that loan is not available, which we need to dispel,', reports Somesh Jha.
The vaccine arrives at a critical moment for the US. Hospitalisations due to COVID-19 hit record highs for the seventh day in a row on Saturday.
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