A staunch defender of demonetisation, it would be interesting to see how he handles the government's increasing demand for more cash from the RBI, and letting some weak banks get out of prompt corrective action.
The SBI board has given the largest lender an "in-principle" approval to invest in the capital-starved Yes Bank. The central board of SBI discussed the matter at a meeting on Thursday, it informed the exchanges.
The additional cash will now give the Centre more headroom for stimulating the economy.
'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
India's current limit of $25 billion for ownership of government bonds by FIIs is fully utilised, leading to calls for increasing it
The finance ministry and the Reserve Bank of India will work together to ensure price stability and benign interest rates in the economy, Finance Minister P Chidambaram said on Saturday.
The career bureaucrat-turned-central banker walked into the 19th floor corner room of the Reserve Bank on December 12, 2018. Since February 2019, the Das-led RBI has cut the repo rate by a whopping 135 basis points to support the sagging growth, including an unprecedented 35 bps reduction in August. As he completes one year at the helm, woes in the NBFC sector, overall health of the banking sector and steeply falling economic growth are among the major challenges that needs to be tackled sooner than later.
A 10-hour RBI central board meeting, on November 19, decides to set up a panel on the economic capital framework for the central bank and directs it to give forbearances to small businesses.
Khara will replace SBI Chairman Rajnish Kumar, whose three-year term comes to an end on October 7.
Talks of a merger between HDFC Bank and parent HDFC Ltd had gained steam nearly eight years ago, when the Reserve Bank of India allowed banks to issue long-term bonds to fund infrastructure and affordable housing. At that time, key executives at both entities denied any such proposal. And today, the merger has been officially announced by the two players.
Under the co-lending model, banks have to take their share of the individual loans on a back-to-back basis on their books while NBFCs are required to retain a minimum of 20 per cent share of the individual loans on their books.
Y H Malegam, 80, will head the panel that will look into non-performing bank assets and their relation to the Rs 114-bn PNB scam.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
The Reserve Bank did not issue the final merger scheme for Lakshmi Vilas Bank (LVB) with DBS India on Friday as stated earlier and is likely to do so only next week, according to a central bank official. While placing LVB under a moratorium and then issuing a draft amalgamation scheme on November 17, the RBI had said it would issue the final merger scheme on November 20 (Friday) so as to help complete the resolution for the 94-year-old lender by December 16. However, as of 2200 hrs on Friday, the central bank did not issue the final merger scheme. When contacted, a senior RBI official told PTI that the same would now be issued early next week.
'For the first time ever it has come below 1 per cent, at 0.97 per cent.'
Reserve Bank of India (RBI) Governor Shaktikanta Das on Sunday said he has tested positive for coronavirus and will work from isolation while the central bank will continue to function normally. Das said he is asymptomatic and has alerted those who came in contact with him in recent days.
'If Urjit Patel had resigned after the five-state elections results people would have taken a different view. So this was the right time for him to resign.' 'He rightly resigned as he felt the differences with the government were not getting settled.'
If appointed interim head, Vishwanathan would head the central board meeting scheduled this Friday
His nomination is effective from November 11, 2014, RBI said on Monday.
Most banks led by the State Bank, have or are going to declare DHFL account as NPA in the third quarter.
RBI's oversight cadre move creates HR trouble, officers threaten agitation.
The bank's board has already established a search and selection committee comprising three members from the existing nomination and remuneration committee along with two external experts to identify Kapoor's successor.
The former bureaucrat said he will take measures which the economy requires in a timely manner and as the first step, will meet the heads of public sector banks.
Sources close to the development told Business Standard the company was exploring different ways to save on its employee costs and had laid off a few employees on "performance" grounds. "We will see a similar development for the next few months. "The company is fine-tuning its hiring policies and implement rigourous measures to look into employee performance," a source said.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
This is the fifth increase in withdrawal limit since the bank was placed under its direct control with an administrator on September 23. Since then as many as nine depositors have lost their lives including a 74-year-old man from Thane on Monday.
After removing three PSBs - BoI, Mahabank and OBC from the framework, RBI, on Tuesday, took out three commercial banks - Allahabad, Corporation and Dhanlaxmi from the said list.
Since the RBI is the 'lender of the last resort', as per terms of arrangement, Yes Bank would have to exhaust immediate liquid assets before accessing this fund.
Chanda Kochhar, the high-profile ex-banker had on November 30 moved the Bombay high court challenging "termination" of her employment by ICICI Bank which also denied her remuneration and clawed back all the bonuses and stock options between April 2009 and March 2018 for her alleged role in granting out of turn loans worth Rs 3,250 crore to the Videocon Group which benefitted her husband Deepak Kochhar. A division Bench of justices Ranjit More and SP Tavade allowed her to implead RBI and directed the apex bank to file its reply by December 16.
It is only after the government's nod that a particular design change come into effect.
RBI said aggregate demand during the year so far suggests that the shock to consumption is severe, and it will take quite some time to mend and regain the pre-COVID-19 momentum.
Resisting the Supreme Court's attempt to revisit the 2016 demonetisation exercise, the government said on Friday the court cannot decide a matter when no tangible relief can be granted by way of "putting the clock back" and "unscrambling a scrambled egg".
The central bank has not set a deadline for banks to conclude the stress-test exercise, but senior bankers opine that some were already looking at this, and will now fast-track it by September-end, when they will have a better picture of their books after the moratorium on the servicing of loans and a 180-day view on the performance of borrowers' accounts.
She said I treated her like a bachchi. At another moment, she said I had gone to various people and 'bitched' about her. She also threatened to bring the entire matter to the PM's notice. A revealing excerpt from Subhash Chandra Garg's We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.
Given the pressure from India Inc and the banking fraternity, it is surmised that the portfolio rejig will take place before April.
'Government of India has the right to give directions to RBI'.
This is being done for two reasons: to avoid conflict of interest and bring in transparency in the functioning of the banking regulator.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
All three have cited personal reasons for giving up thepositions.
RBI proposed that at least half of the compensation of a CEO should be variable. It also said that stock options should be part of the variable pay, against the extant practice of keeping it beyond and above the scope of the official compensation package.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances