The main objective is to determine whether among these companies there are NBFCs that ought to have registered with the RBI for carrying on their NBFI activities.
With the markets scaling new highs, as many as 43 stocks from the Nifty50 index and 27 of the 30 scrips that are part of the S&P BSE Sensex are trading above their respective 200-day moving average (DMA). The 200-DMA is seen as one of the most relevant trend indicators by investors and traders, who believe that stocks and indices trading above this level possess strength and are likely to rally in the short to medium term, while the ones trading below this level are viewed as bearish and expected to see a sell-off. Wipro, UPL, Kotak Mahindra Bank, Hindalco, Infosys, Cipla, and Adani Enterprises are the only stocks from the Nifty50 pack that are still below their respective 200-DMA, the exchange data suggests.
Misfiring Indian bowlers in focus as India seek series-levelling win over SA in third T20I
Three or four accounts are enough for one family. Having more increases paperwork and can be misused as well.
The central bank is the money manager of the government, and not a guarantor of any debt.
'In their over-enthusiasm to clean up the system, both the banks and the regulator should not forget that the key to the insolvency law is revival of companies -- recovery of bank dues is an offshoot of that,' points out Tamal Bandyopadhyay.
The ED said that the investigation further revealed that there are 78 companies owned by the accused and his family members and it needed to probe whether the money went into these companies.
Tamal Bandyopadhyay discusses his latest book Bandhan: The Making of a Bank at Bandhan headquarters in Kolkata.
Proceeds of the crime had been siphoned off and laundered or concealed, or layered and integrated into the main financial system through the acquisition of properties. His wife Bindu Kapoor has been charged with being aware of the source of monies that were being routed through these companies.
Capital markets regulator Sebi has kept in 'abeyance' the proposed initial share sale of securities depository NSDL. However, the Securities and Exchange Board of India (Sebi) did not clarify further. The National Securities Depository Ltd (NSDL) filed its preliminary papers with the capital markets regulator on July 7.
The rise in consumer price index (CPI) inflation could see the Reserve Bank of India (RBI) in an extended pause mode as regards interest rates, and in turn, keep the market rally in check, believe analysts. Signs of inflation cooling off in the US, however, is likely to provide some cushion as the expectations of a change in stance by the US Fed as regards interest rates is likely to aid sentiment. Back home, CPI inflation surged for the first time in five months to 4.81 per cent in June 2023, and was higher than the street's expectations of 4.58 per cent.
How can you access the bank account of an incapacitated person?
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The rate cut, the industry chambers argued, could have given a positive signal to the manufacturing sector, which is undergoing difficult times.
Banks will need more funds, as they have to provide more capital.
Niti Aayog will prepare the next list of central public sector companies for disinvestment in the next few weeks, its vice chairman Rajiv Kumar said on Thursday and expressed hope that the proposed asset reconstruction and management companies to address banks' bad loan woes will do a good job like the UTI. Days after Finance Minister Nirmala Sitharaman announced the Union Budget for 2021-22 laying out various measures (including disinvestment proposals) to bolster the pandemic-hit economy, Kumar also emphasised that the Modi government has shown consistent commitment for the welfare of farmers and for the improvement of the agriculture sector. "Now the process has begun... We will complete preparation of the next list in the next few weeks, we have got the marching order," Kumar said about the list of public sector companies for the next round of stake sales.
Business is down to such an extent that last year these firms could not even meet RBI's capital norm of Rs 50 million for partnerships and Rs 100 million for public and private firms in this line of business.
In a bid to ensure security of card data, the Reserve Bank of India (RBI) has enhanced the scope of tokenisation and permitted card issuers to act as token service providers (TSP). Under tokenisation services, a unique alternate code is generated to facilitate transactions through cards. The RBI on Tuesday extended the device-based tokenisation to card-on-file tokenisation (CoFT) services, a move that will bar the merchants from storing actual card data. Card-on-file refers to card information stored by payment gateway and merchants to process future transactions.
On the controversial AFSPA, the home minister said, "We will also think of revoking AFSPA."
Investors are increasingly turning optimistic about shares of new-age companies. From broad-based 'sell' calls, analysts are giving thumbs up to Zomato, Paytm, and FSN e-Commerce Ventures-owned Nykaa as these companies have shifted focus to sustainable profits. The shares of Zomato hit a fresh 52-week high of Rs 126 apiece on the BSE on November 7, having rallied 15.4 per cent in one week.
These notes will be legal in Nepal only when India issues a FEMA notification as per the Foreign Exchange Management Act.
'She delivers on promises, especially on security issues which is a core concern for India.'
'The RBI has not allowed any commercial bank to fail in the past three decades.' 'It has always played the role of a matchmaker, but this is the best deal it has stitched,' notes Tamal Bandyopadhyay.
'We will test the waters, ferret out information through our business correspondents, and only then open a branch'
Nivedita Mookerji explains why a timely rollout of 5G may not be easy in India.
Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said.
Land attachment and auction is being undertaken by banks that are controlled by the RBI, Gehlot said, urging the Centre to waive farmers' loans.
The Bombay high court on Monday granted bail to former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in a loan fraud case, saying their arrest was not in accordance with the provisions of law. A division bench of Justices Revati Mohite Dere and P K Chavan held that the arrest of Kochhars was in violation of Section 41A of the Code of Criminal Procedure (CrPC), which mandates sending notice for appearance before the police officer concerned. The couple was arrested by the Central Bureau of Investigation (CBI) on December 23, 2022 in connection with the Videocon-ICICI Bank loan case.
Of the 700-odd Indians having foreign bank accounts, not all can be deemed to be operating these illegally.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
The IMF expressed its opposition to any move that compromises the independence of central banks anywhere in the world.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
Say 30 days not enough to resolve stress; want higher provision norms deferred till economy picks up
All public sector banks have moved to such a regime voluntarily, while private banks are yet to. The state-run banks have introduced repo-linked products for floating-rate home and auto loans, but the RBI said loans to micro, small and medium enterprises (MSMEs) should also be linked to an external benchmark.
A corporate lawyer said that this is the biggest failure of corporate governance in this country. He pointed out that American investors can even take the bank to court for giving false statements to stock exchanges and even file class action suits. Some even questioned how RBI overlooked Kochhar's misdeed.
'There appears to be no larger public interest overriding the right to privacy of the donors and donees concerned'
The Arun Jaitley-led finance ministry reiterated banks should act tough on wilful defaulters.
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Prior RBI permission a hurdle, given its views; business interest needs to be clearer.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
India's voting pattern in the United Nations with regard to the Israel-Palestine conflict is lately marked by a calibrated distancing from Israel, observes Ambassador M K Bhadrakumar.
Bad debt rules are steps in right direction.
