'Space out when raising funds; Sebi mulls securitisation platform'
'The power sector accounts for much of the financial burden of state governments in India.'
Chidambaram clears holding company for insurance & mutual fund subject to RBI clearance.
The Reserve Bank of India (RBI) will set up a "financial stability unit" for drawing upon inter-disciplinary expertise from across various departments for carrying out periodic stress testing and preparing financial stability reports.
Opposition leaders plan to go to the people to create awareness, as well as protest the "erosion of RBI's credibility" in Parliament, in the coming days and weeks to build public opinion against the Modi government's move to take away the RBI reserves, reports Archis Mohan.
Tata AIG, ICICI Lombard and Nippon Life have evinced interest for the profit-making insurance arm of Reliance Capital (RCap), joining several prominent financial companies from India and abroad in the race for RCap's assets. The final day to submit an expression of interest (EoI) was March 25 and the bidders will now get access to the latest information about RCap before they make financial bids.
'My wife, family members as well as members of the workers will be trustees.' 'The trust will take all decisions -- no family member can individually take any decision.'
The ailing United Western Bank on Thursday submitted a scheme of reconstruction to the regulator Reserve Bank, which has placed it under moratorium due to erosion of networth.\n
Chidambaram sees systemic deficiency in IPO scam.
Earlier, the RBI had imposed similar restrictions on commercial banks and NBFCs.
In an attempt to mitigate the problems faced by the beleaguered diamond industry in Gujarat, the Reserve Bank of India has decided to set up a task force comprising representatives of the state government, the State Level Banking Committee Convener and other bankers.The task force will submit its report by the month-end. Gujarat's diamond industry has been beset with problems, chief among them being lacklustre Christmas-season demand for finished diamonds.
Reserve Bank of India Deputy Governor Viral Acharya is the eighth economist to quit since the Modi government took office.
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Earlier, similar restrictions were imposed on commercial banks.
After opening close to 1,500 branches in 2022-23, HDFC Bank, the country's largest private sector lender, will continue expanding its branch network at the same speed in the current financial year. The lender says branch expansion is crucial for deposit mobilisation. As of March 31, 2023, HDFC Bank had 7,821 branches, up from 6,342 a year ago.
A crucial meet of the Reserve Bank's central board is underway amid a rift between the central bank and the government over future course of policies. Expectations of a positive outcome boosted market mood after the meeting began.
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
Central Information Commission has held that funding from RBI makes an institution is adequate to make it accountable under RTI.
RBI Governor Raghuram Rajan wanted to improve training for staff, through initiatives such as sending them to other central banks for short stints.
Central bank sees action as discriminatory, unfair
It had been pointed out to the banking regulator that one-day default was difficult to monitor in large companies, especially where cash flows are dependent on government payments.
The policymaker said the RBI had not reached the point where specific actions were under consideration.
While selling NPAs, banks are also directed to work out the net present value of estimated cash flows in case of realisation of these assets. The sale price should generally not be lower than the net present value, RBI said.
The draft regulations in this regard are expected to be approved by the board during the meeting.
The Reserve Bank of India's proposed guidelines on bank executives' compensation will be extended beyond just CEOs to all senior executives in private and foreign banks, especially those involved in treasury functions.
India has 26 public sector banks, 22 private sector banks and 56 regional rural banks.
With the RBI capping top managements' tenure at lenders, Kotak Mahindra Bank's head Uday Kotak on Monday said his current term as the managing director and chief executive is till December 2023 and the board will take a call on succession in due course. Kotak also stressed that the commitment to institution building has been a core value for the entity over the last 36 years of its existence. The RBI last week capped MD and CEOs' terms at private sector lenders at 15 years, from October 1 onwards, but has allowed the serving bank heads to complete their current appointments. Uday Kotak, who is also among the promoters of the lender, has been at the helm for over 17 years already.
Regulatory capacity, hyperactivity and excessive prescription are the biggest challenges the financial sector is facing, said Meleveetil Damodaran, former chairperson, Securities and Exchange Board of India (Sebi). Speaking at the Business Standard BFSI Summit on Wednesday, Damodaran highlighted the need for simpler, clear, and continuous regulations in the financial sector. He opined that the industry had felt it challenging to keep pace with the changing regulations.
Has the Modi government been more at odds with institutions than other governments? There is no doubt that there have been more run-ins. While the RBI and CBI cases have drawn attention, there have been others, less publicised, Subhomoy Bhattacharjee points out.
Duvvuri Subbarao recounts how his tensions with P Chidambaram and Pranab Mukherjee, then finance ministers, over monetary policy spilled over into other issues in the central bank in this excerpt from Who Moved My Interest Rate?, his memoir of his term as Reserve Bank of India governor.
Exchange-traded currency futures volume down 80% since Jun
'There is no difference between the earlier government and the present government.' 'They are all following the economic policy based on the Chicago School of thought.' 'This school of thought says the government should have very little role in governing the country and the majority of the work should be handed over to the private sector.' 'This has not succeeded in the US.' 'Yet, it is being tried here by people like Arvind Subramaniam, Arvind Panagariya, Urjit Patel and Raghuram Rajan.'
When he didn't respond (Mr Saver has lost count of how many relationship managers he has had in the past few years!), the gentleman landed up at his doorstep and started pleading with him to open fixed deposits with the bank, observes Tamal Bandyopadhyay.
The parliamentary standing committee on finance has proposed a Securities and Exchange Board of India (Sebi) and Reserve Bank of India (RBI) co-ordination mechanism to monitor foreign investments in the stock market.
To cut interest rates, the central bank head has to open up a debate on inflation target revision.
In yet another step to attract foreign money, the Reserve Bank of India (RBI) has allowed non-resident investors to acquire shares of listed Indian companies through stock exchanges under the foreign direct investment (FDI) scheme.
The Bill -- the Securities and Insurance Laws (Amendment) and Validation, Bill 2010 -- addresses concerns by RBI over its autonomy, by including its Governor as vice-chairman of the joint commission instead of making him just a member.
'Hacking of an ID or an account will have the same impact on a user in a city and one in a small town.' 'Security is like a railroad, you create it to last for every customer.'
The Reserve Bank on Thursday eased foreign direct investment (FDI) norms and allowed banks to provide guarantees on behalf of NRIs to acquire shares and debentures in Indian companies.
...why are the government is running away from a Joint Parliamentary Committee
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