Prime Minister Narendra Modi led-NDA government in its third term must tackle the problem of unemployment in the country, especially in the unorganised sector and in small and medium enterprises, former NITI Aayog Vice Chairman Rajiv Kumar said on Monday. Kumar also emphasised that the government now must finalise the four labour codes as it has been delayed beyond expectations. "We must recognise that post-COVID economic recovery has been a K-shaped recovery.
A 10-part series that explains all you want to know about how India's EPF turns a slice of your monthly salary into long-term savings, pension, and life insurance.
The draft digital personal data protection (DPDP) rules, which require banks to obtain explicit consent from their customers before using their data for purposes beyond the original intent, although is being followed in spirit, leaves no room for regulatory arbitrage, experts said. They said that the potential business impact is difficult to assess at this stage, but the formalisation of these rules will mean banks now need to establish clear data processing agreements with third-party entities to ensure compliance.
Because of lower ratings, these companies would have to pay higher rates if they raised money directly.
In the policy banks, the government can have 100 per cent stake, McKinsey said.
Union Finance Minister Arun Jaitley is set to present the Budget next month.
Though Indian banks don't have large exposure to subprime mortgages, analysts are worried at the rise in their restructured loan portfolios and deterioration in credit quality.
Dissatisfied with the wage hike offer made by Indian Banks' Association (IBA), public sector lenders' employee unions on Monday threatened to go on a two-day strike from February 10.
Ongoing strategic investment into assets abroad, alongside gas purchases being made by India, will soon allow the country to access as much gas as it needs, Petroleum and Natural Gas Minister Hardeep Singh Puri said on the sidelines of India Energy Week (IEW 2025).
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?
Finance Minister P Chidambaram on Tuesday said private sector banks will be forced to cut lending rates sooner than later due to competition from public sector counterparts.
'We plan to launch new initiatives, including cash flow-based lending, to ensure borrowers are not burdened and can access funds more quickly.'
BoI, Union Bank follow, earnings to be impacted.
Here's how the move will affect the banks' customers.
Finance Minister P Chidambaram on Monday favoured mergers in the banking industry so that India can have two-three global sized banks.
In a move to strengthen governance in private sector banks and wholly-owned subsidiaries of foreign banks, the Reserve Bank of India (RBI) on Wednesday directed them to have at least two wholetime directors. Lenders that do not meet the requirement will have to submit the names for the RBI's approval within four months. Banks need prior approval from the banking regulator for the appointment of wholetime directors.
'Growth, liquidity and deposit mobilisation are likely to be discussed during the interaction.'
With recruitment numbers having dropped off sharply since the liberalisation process got under way in 1991, large-scale retirements of people hired during the 1970s and 1980s will leave large gaps in the organisational structures of these banks.
"We do not have a presence there right now and will start operations by end of the third quarter of the next fiscal," said the bank's Chairman and Managing Director Bhaskar Sen.
Sitharaman said the government understands that the contours and tone of issues for each sector varied from one to the other.
In all, 14 unions representing bank employees and officers will be supporting the day-long stir.
Moody's expects that India will record the GDP growth of around 7.5 per cent in 2015 and 2016.
Unions claimed that about 10 lakh staff and officers of public sector banks and some private sector banks are participating in the strike.
The issue is likely to be discussed on Thursday at a meeting of Sebi's board, which would also be apprised of the impact of the Finance Ministry's decision for not agreeing to such a proposal from the capital markets regulator, sources said.
The government has once again tweaked the rules for selection of public sector banks chiefs.
Both the regulator and bank managements will face the challenge of restoring confidence.
Indian economy grew by 7.8 per cent in April-June -- the highest in five quarters -- before the disruptive US tariffs were imposed.
The Securities and Exchange Board of India (Sebi) on Wednesday announced a slew of measures to ease the compliance burden in the stock markets ecosystem, encourage more companies to list on the bourses after reverse flipping to India, and facilitate greater foreign fund flows into government bonds.
The 'bad bank' -- which will help banks clear their balance sheets by transferring the NPAs to special purpose vehicles -- has been one of the most debated ideas for stressed asset resolution.
The central government is looking to strengthen the boards of public sector banks (PSBs) by specifying terms of office and conditions of service for whole-time directors, and also seeking disclosures from all directors about interests in other companies. Through the Banking Laws Amendment Bill, the government is likely to introduce conditions for disqualification of whole-time and independent directors which are not specified in the current legislation. The Centre is seeking to introduce fresh changes that are aimed at strengthening the boards of PSBs, and holding their directors accountable, an official said.
Aimed at reducing recruitment-time and the hassles associated with recruitment -- for both banks and candidates -- there will now be a common all-India entrance test from next year onwards for those seeking to join public sector banks.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
Despite sharp erosion in the net worth of airline companies due to losses in the recent past, banks and financial institutions have decided to sanction loans to some of them including Jet Airways and Kingfisher Airlines, while some of the companies in this sector are still waiting.
Reserve Bank of India (RBI) Governor Raghuram Rajan on Tuesday cautioned against extrapolating the issue of alleged graft charges in a public-sector bank to the entire public sector banking system.
The first quarter of calendar 2023 will see new faces heading four large public-sector banks -- Canara Bank, Bank of Baroda, Indian Overseas Bank, and Bank of India.
The agency said that over the next two years new NPL formation rates would witness a gradual decline.
Let's work flat out and create a policy framework that fosters the growth of Indian non-family business VC and private equity firms. This will allow our Indian startups' dreams to flourish, explains Ajit Balakrishnan.
Public sector banks accounted for a bulk of frauds reported in 2018-19 -- 55.4 per cent of the number of cases reported and 90.2 per cent of the amount involved -- mainly reflecting the lack of adequate internal processes, people and systems to tackle operational risks, the RBI report said.
