India does not have a unified regulatory regime to counter Ponzi, or pyramid, schemes whose operators typically grab new deposits to meet their promise of guaranteed returns to existing savers, point out Manoj Kumar and Mayank Bhardwaj.
'They fear their caste privilege will be exposed if there is an OBC caste census.'
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
Such a course would require a Constitutional Amendment, requiring a two-thirds majority in both Houses of Parliament. Even assuming that the INDIA combine comes to power at the Centre next year, a two-thirds majority in the Lok Sabha could way off the mark for them, observes N Sathiya Moorthy.
Banks in talks with temple trusts to push gold scheme
The CIC's directive came while deciding on a plea by Lucknow-based activist Nutan Thakur, who had based her RTI application on some media reports that RBI deputy governor Viral Acharya in a lecture in 2017 had said accounts of some loan defaulters have been sent to banks for resolution.
According to a government reply in Lok Sabha, as on June 30, 2017, there were about 109,598 cases pending across debts recovery tribunals, with recovery dues of Rs 635,500 crore.
The finance ministry said on Tuesday that high energy and commodity prices due to the Russian invasion of Ukraine may provide an upside risk to inflation and continued vigil is required. "Going forward, elevated energy and commodity prices may act as an upside risk to the inflation outlook in the near-medium term. "Given the inherently unsustainable nature of high prices, international commodity prices are expected to level off early with an increase in supplies outside the crisis zone," the department of economic affairs said in its latest monthly economic report for February.
Higher for longer' may be the narrative in the developed markets, but interest rates might not stay high for very long in India, with a section of the market expecting rate cuts to begin this year. The six-member Monetary Policy Committee of Reserve Bank of India (RBI) decided to keep interest rates unchanged at 6.5 per cent in the April review - after hiking the policy repo rate in six previous meetings. RBI Governor Shaktikanta Das emphasised that the pause was only for the April policy and that the central bank was ready to act if the situation demanded.
The story of Sahara India Pariwar founder Subrata Roy, who died in Mumbai on November 14 aged 75, is the stuff of movies - of a spectacular rise and an equally spectacular fall. Born in Araria, Bihar, Roy was 30 when he set up Sahara in 1978. He started with a capital of about Rs 2,000, a peon, a clerk and his father's Lambretta scooter in Gorakhpur, eastern Uttar Pradesh, writes Tamal Bandyopadhyay in his 2014 book, Sahara: The Untold Story. Sahara was not his first venture.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
The status quo decision came as a breather as only last week the RBI had pulled up banks for not helping it in monetary policy transmission.
On December 16, 2015, the apex court ordered disclosure of the defaulters' list, and upheld a Central Information Commission order to this effect.
After raising interest rate by a cumulative 250 basis points in 11 months, the Reserve Bank of India (RBI) on Thursday unexpectedly kept benchmark rate unchanged as global banking woes added uncertainty to the economic outlook. Five out of six members of MPC voted to remain focused on the withdrawal of accommodation to ensure inflation aligns with target while focusing on growth, RBI Governor Shaktikanta Das said on Thursday. The Monetary Policy Committee of the central bank decided to take a pause after a rate hike seen in previous six consecutive policies.
'A strong foreign exchange reserve is the best safety net against global spillovers.'
They've also asked to explain how the disclosure of the documents would impact the country's economic interests.
The regulator said that it is vested within its purview to regulate the bank account for payment systems and the settlement systems are finally posted in the books of account of banks with the RBI to attain settlement finality.
India's gold demand declined 18 per cent to 135.5 tonnes in the first three months of this year, mainly due to a sharp rise in prices, according to the World Gold Council (WGC). The demand stood at 165.8 tonnes in the first three months of 2021. In terms of value, gold demand dropped 12 per cent to Rs 61,550 crore in the January-March period. It stood at Rs 69,720 crore in the year-ago period, the 'Gold Demand Trends Q1 2022' report released by the WGC said.
Dy Governor notes it's an era of job changes for better.
The central bank said its board of directors had approved the broad contours of the proposals.
The Reserve Bank of India on Friday decided to leave benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance as the economy faces heat of the second Covid wave.
Earlier, the Reserve Bank of India was the approving authority.
For the longest time, the court did not even hear important matters that the government did not want it to. Of late, it has begun to form benches. Meanwhile a lot of the damage has been done and continues to be done, asserts Aakar Patel.
RBI wants the lending rates to be determined by the market.
Maharashtra and West Bengal lead the way in bank fraud.
The Reserve Bank of India (RBI) unexpectedly kept the country's policy interest rate on hold on Wednesday, despite calling current inflation too high, citing the prospect of easing retail prices and its concerns about the weak domestic economy.
'Which fund manager in the world will put money into a company that hasn't filed its annual account?'
November 8 marks 6 years after demonetisation. A K Bhattacharya reveals how the prime minister and the RBI worked together for months before Modi's 8 pm speech. A riveting excerpt from The Rise Of Goliath: Twelve Disruptions That Changed India.
Outgoing Reserve Bank of India Governor Bimal Jalan talks about market realities like fall of gilt yields and the importance of creating investment fluctuation reserves by banks.
'The temptation of governments, to have a finger in the RBI pie will be just too great to resist, unless extensive amendments are carried out in the RBI Act treating it almost as the fourth branch of the government.'
The action is based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, RBI said.
Does the Union government or the RBI see itself as Krishna beheading Shishupal and what will constitute the 101st or indeed the past many sins for which a Sudarshan Chakra will have to be used? More importantly, what are those sins?
According to a 2021 Redseer report, India's overseas education market is estimated to more than double to $80 billion by 2024.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
Enabling the online booking and payment for Indian Railway tickets is one such case. Amitabh Pandey's book is about how he went about enthusing teams inside the Indian Railways and facilitating online reservations, says Ajit Balakrishnan.
Congress says the notification required to be issued under the RBI Act for printing new currency has not been issued.
What connects P S Jayakumar of Bank of Baroda, V Vaidyanathan of Capital First Ltd and Chandra Shekhar Ghosh of Bandhan?
'The new ceiling will cover around 93 per cent of all deposit accounts, up from 90 per cent earlier,' notes Tamal Bandyopadhyay.
Gandhiji asked me if I had sufficient warm clothes in view of the coming cold season. I said yes. But he verified my statement by asking Miraben to search my bag to make sure. Such was Gandhiji.
'In equities, it has diversified portfolios.' 'So the short-term movement of individual stocks does not impact them.'
