'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.'
This facility will be available for cost reduction forex option structures in which the liability of the buyer will not exceed the net premium payable to the bank, RBI said in a notification.
Concerned over the sharp crash in the stock market, industry chamber Assocham on Monday sought a probe by the Reserve Bank of India and Securities and Exchange Board of India into the cataclysmic fall.
...why are the government is running away from a Joint Parliamentary Committee
The government is set to initiate consultations with the Reserve Bank of India (RBI) to devise a new security clearance framework for screening potential bidders of public sector banks (PSBs) as it kick-starts the privatisation process, beginning with the strategic divestment of IDBI Bank. As the government is moving ahead with strategic divestment of IDBI Bank and is looking to privatise two PSBs, the Department of Investment and Public Asset Management (DIPAM) is looking to put in place an appropriate framework as the potential buyers will have to meet the RBI's fit and proper criteria, said an official. The process of bank privatisation would be different from the sale of any other public sector undertaking (PSU), and more restrictions and measures will have to be put in place, the official said.
RBI has sought to stop one of its firms from disposing off assets.
Wholesale price-based inflation eased to a nine-month low of 4.68 per cent in February, while retail inflation slowed to a 25-month low of 8.1 per cent.
The finance ministry and Reserve Bank of India plan to put in place a Tax Information Network proposed by the Kelkar Task Force, in a bid to improve tax administration and check evasion.
In the last few years, zero per cent financing has become quite attractive as consumers aspire to buy the latest products, especially in categories such as mobile phones and television sets.
'On the evening of the 17th, the RBI said the bank was put on moratorium.' 'Within an hour, the RBI said it would be merged with DBS.' 'How did DBS come to know within an hour that LVB was in trouble?' 'It means, what happened was match-fixing.'
The Constitution bench is hearing a batch of 58 petitions challenging the demonetisation exercise.
If the high security notes introduced in 2015 were kept in the system, the pain due to demonetisation can be ameliorated to a certain extent. But unfortunately, such thought process have no place in the hasty demonetisation decision.
Standing committee on finance to also focus on RBI autonomy and citizen's rights.
RBL Bank is no Yes Bank. It's not fraught with fraud. It's a story of limitless ambition and greed for growth under a leader who doesn't want to give up, says Tamal Bandyopadhyay.
Voices from the Treasury are clamouring for lowering rates as this would boost demand.
With the setting of MPC, the interest rate setting powers would move from RBI Governor to the panel.
'It is likely the government may opt for an IAS officer.' 'For the government, an IAS officer will be more easy to deal with,' notes A K Bhattacharya.
State Bank of India (SBI) may carry out a planned Rs 10,000 crore sale of infrastructure bonds in the market this week, with the securities likely to be of 15-year maturity, sources told Business Standard. SBI, the country's largest bank, had last week said its board had approved the issuance of infrastructure bonds in the current fiscal year. It, however, had not mentioned the maturity of the bonds or when the sale would take place.
Paving the way for takeover of crisis-ridden Punjab and Maharashtra Cooperative Bank (PMC), the Reserve Bank of India on Friday granted in-principle approval to the Centrum Financial Services to set up a small finance bank. Centrum Financial Services was one of the applicants for takeover of the PMC Bank. "This 'in-principle' approval has been accorded in specific pursuance to the Centrum Financial Services Limited's offer dated February 1, 2021, in response to the expression of interest notification (November 3, 2020) published by the PMC Bank Ltd," the RBI said in a statement.
A top Sebi official on Friday criticised the RBI's "conflicting" roles as a regulator of the government securities market and as a market participant, suggesting that Sebi was better suited for the regulatory function.
What surprises will the finance ministry and the RBI spring on us next? Put on your thinking caps and predict the next boomerang coming our way!
Banks led the decline with Nifty Bank and BSE Bank index dropping over 3% each.
'The Sangh Parivar's position is that whatever gold that is there in a temple should remain there. It shouldn't be taken away by anyone.' 'See, we are not misappropriating anything; we are only using it for the welfare of the temple and the devotees.'
The reason behind issuing new bank licences is to allow more private sector entities to set up banks
The scrutiny is expected to be over this month itself.
The RBI on Wednesday asked banks to provide an option to jewellery exporters and domestic manufacturers of gold jewellery to repay a part of Gold (metal) Loans (GML) in physical gold. As per the extant instructions, banks authorised to import gold and designated banks participating in Gold Monetisation Scheme, 2015 (GMS) can extend GML to jewellery exporters or domestic manufacturers of gold jewellery. GML are repaid in Indian rupees, equivalent to the value of the yellow metal borrowed.
Policy with regard to the foreign banks is part of his five pillars of reforms, says RBI Governor.
The framework governing customer protection should consist of fairness and transparency of rule.
Last year, the RBI had transfered its Rs 33,010-crore (Rs 330.1 billion) surplus profit to the Centre.
'The CM kept his cool, but his adviser was liberal with filthy language.' Tamal Bandyopadhyay recreates the diary of a general manager in a public sector bank, providing a glimpse of how they balance their work and life.
There will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to Rs 2,000 in line with the RBI direction, a recent NPCI circular said. RuPay credit card has been operational for the last four years, and all major banks are enabled and are issuing incremental cards for both commercial and retail segments. "During credit card on-boarding on the apps, the device binding and UPI PIN setting process shall include and be construed as customer consent for credit card enablement for all types of transactions," the circular dated October 4 said.
Indian companies are planning to increase investments in the new year to expand capacity, acquire companies, and go on a hiring spree, a survey of top executives showed. They, however, cited rising costs, weak consumer demand, and increasing interest rates as major concerns for 2023 which may impact their plans.
'Banking is a business of trust.'
Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender. Kochhar, a regular feature on Forbes top global honchos lists, was arrested by the Central Bureau of Investigation (CBI) along with her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. Kochhars were called to the agency headquarters and arrested after a brief questioning session. Her chapter at ICICI Bank ended abruptly in 2018 when the board of directors approved a request from Kochhar to seek early retirement following allegation of corruption and quid pro-quo while extending loans to the now bankrupt Videocon Industries.
Two straight years of less than 5 percent economic expansion have led to a surge in bad loans for Indian lenders.
The mood at the Indian Institute of Management, Ahmedabad (IIM-A) is festive, with one of its alumnii, Raghuram Rajan taking over as the next Reserve Bank of India (RBI) governor.
Financial institutions are 300 times more vulnerable to cyberattacks than any other industry.
In a proposal to FinMin, the Banks Board Bureau suggests asset sales to PSUs within a deadline to recover bad loans.
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