Following is the gist of the controversy over sudden transfer of West Bengal Chief Secretary Alapan Bandyopadhyay, who retired on Monday, to Delhi and related rules.
West Bengal Chief Minister Mamata Banerjee defied protocol in a review meeting chaired by Prime Minister Narendra Modi on the post-cyclonic situation in the state and is misleading on the controversy surrounding chief secretary Alapan Bandyopadhyay, said Government of India (GoI) sources.
Employees across segments, including those involved in specialised jobs such as technology, compliance and risk management, have started leaving the bank fold in hordes, observes Tamal Bandyopadhyay.
The RBI refuses to classify a cryptocurrency as an asset since it doesn't have future cash flow and its value is always fluctuating because of speculation. There is also no consumer protection, observes Tamal Bandyopadhyay, and hence the e-rupee trial run.
There have been speculations since some time about a rift between the TMC and Prashant Kishor's I-PAC.
In Chanda's defence, one can always say, why would the Videocon Group take care of her husband as a quid pro quo to get a loan? After all, the group has taken money from the entire banking industry and ICICI Bank's share in the pie is not even 10 per cent. So, if it had a quid pro quo with Chanda to get the money, it must have had similar arrangements with other banks, too. If this is not the case, one must accept that it had got money from all banks, including ICICI, without any under-the-table conditions, points out Tamal Bandyopadhyay.
Collectively, the pack of 12 has posted a 50 per cent rise in profits -- Rs 25,685 crore. On a quarter-on-quarter basis (that is, September over June), the rise is 68 per cent. Public sector banks have never had such a stellar performance, explains Tamal Bandyopadhyay.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
The Centre has asked him to join North Block on Tuesday but it cannot force an officer to join it without the permission of the state administration, Banerjee told a press conference.
Sources said Tewari, who has publicly lauded the Agnipath scheme and termed it as a much-needed reform in the armed forces, has taken a stand contrary to that taken by his party.
The session will commence with the maiden address of President Droupadi Murmu to the joint sitting of both Houses of Parliament. The address essentially highlights the government's achievements and policy priorities.
Probably 35 bps. There could be even an encore in February 2023 to take the policy rate to 6.5% before the financial year ends, predicts Tamal Bandyopadhyay.
The TMC also announced it would hold talks with other regional parties in their bid to take on the BJP in the crucial 2024 elections but at the same time denied that it was planning a third front, separate from the Congress-led front.
Of the 2,562 customer complaints received between January 2020 and March 2021, a majority relate to illegal apps. At least two dozen suicide cases have been reported, perpetrated by the harassment by loan app operators, points out Tamal Bandyopadhyay.
RS member Derek O'Brien said due to the polls, MPs of his party would not be able to attend the Parliament session.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
During this period, all government and private offices, shopping complexes, malls, bars, sports complexes, pubs and beauty parlours will remain closed.
Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.
If the banks throw caution to the winds for building loan books, the hydra-headed bad loans may resurface and spoil the party, warns Tamal Bandyopadhyay.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
The currency market won't care for our moans, groans, cries and sighs. The rupee will find its own level, explains Tamal Bandyopadhyay.
The start-up mentors debated if they could drive the price further down, but feared an even lower price would raise doubts about its quality, as was the case with the Tata Nano, reports Amrita Singh.
Birla did not name Moitra and urged members not to cast aspersions on the chair as it amounted to disrespect of the House.
In its scheme of things, tackling inflation now comes ahead of ensuring growth in the world's sixth largest economy, points out Tamal Bandyopadhyay.
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.
'The Indian economy and the Indian financial sector today remain resilient and much better placed.'
The West Bengal chief secretary on Friday submitted a report to the Election Commission on the injuries sustained by Chief Minister and Trinamool Congress leader Mamata Banerjee but the poll panel has sought more details by Saturday evening, sources said.
Modi told the leaders that Tomar was just a phone call away for protesting farmers and the agriculture minister had conveyed the same to farmer leaders earlier this month.
Indeed, there were frauds, and the politician-banker-industrialist nexus played a role in the rise of NPAs, but governance issues in Indian banking are far more nuanced and complex, reveals Tamal Bandyopadhyay.
Shifting to floating rate deposits can work as an anaesthetic gel for some customers, points out Tamal Bandyopadhyay.
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.
We'll need to wait a couple of years to see how many restructured loans turn bad and whether some banks fall victim to their obsession for growth, explains Tamal Bandyopadhyay.
The West Bengal government has taken a serious note of the situation in certain areas under the Barrackpore Police Commissionerate, including Bhatpara, which has witnessed a series of clashes since May 19, when the bypoll was held in the assembly constituency.
Flush with liquidity, banks are eager to lend. And, therein lies the problem, warns Tamal Bandyopadhyay.
As soon as the Zero Hour began, several BJP MPs showed placards and raised slogans against the West Bengal government, led by Chief Minister Mamata Banerjee.
Shashi Tharoor has also been retained as the chairman of the panel on Information Technology.
With the rise in interest rates, bond yields have been on the rise; this will dent banks' treasury profits. Also, many retail borrowers may find it difficult to service their loans when the loan rates rise, points out Tamal Bandyopadhyay.
But there are challenges, observes Tamal Bandyopadhyay.
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