Lenders are not enthused because, as brokers, their responsibility towards policyholders will be higher than corporate agents.
No government can 'ignore inclusiveness in a democracy', Montek Singh Ahluwalia tells Anjuli Bhargava.
They have also called for giving cash to the poor, so that demand is generated in the economy.
The United States on Friday expressed concern over India's crackdown on Ford Foundation and Greenpeace, and said it is seeking "clarification" on the action.
PSB branches will work fulltime on the 1st and 3rd Saturday.
Amid prolonged uncertainty, continued policy support will be crucial for sustained economic recovery from the coronavirus pandemic, Reserve Bank Governor Shaktikanta Das said at the recent meeting of the Monetary Policy Committee. "In this period of prolonged uncertainty, it would be wise to remain agile and respond in a gradual, calibrated and well telegraphed manner to the emerging challenges," opined Das, according to the minutes of the MPC meeting released by the Reserve Bank on Thursday. Observing that economic recovery from the pandemic remains incomplete and uneven, he said, "continued support from various policies remains crucial for a sustained recovery." The governor said the renewed surge in international crude oil prices, however, requires close monitoring.
The government on Friday gave wide-ranging legislative powers to the Reserve Bank of India to issue directions to lenders to initiate insolvency proceedings for the recovery of bad loans.
Mody, the returning officer for the presidential election, said 115 nomination papers of 94 persons were received till Wednesday, of which 107 were rejected for not meeting the required criteria.
Says that inflation is pushed up because welfare schemes.
The CBI, in its FIR, alleged that Mayaram, the UK-based company De La Rue International Ltd and unidentified officials of the finance ministry and RBI hatched a criminal conspiracy to extend undue favour to the firm.
With this relaxation more than 77 per cent of the depositors will be able to withdraw their entire account balance.
The criticism that the Reserve Bank of India was behind the curve in hiking interest rate to tame rising inflation is unfair, former RBI Governor D Subbarao said on Wednesday and asserted that it is difficult for any central bank to anticipate the future more accurately. Earlier this month, Monetary Policy Committee (MPC), the central bank's rate-setting panel, surprised the markets with a 40 basis points hike in repo rate in an off-cycle policy meeting. It was also the first rate hike after August 2018, amid spiralling inflation.
Credit report is a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy. The central bank said it has been receiving complaints, including under RTI Act, that customers are unable to get their own credit report from banks despite the fact that the banks, under Credit Information Companies Act, are required to build a database and be in readiness for effective exchange of credit information.
Lack of decisiveness and courage to deal with PSBs may turn out be the biggest impediment to the Modi government's economic initiatives, says Debashis Basu.
Elections may be a few months away, but the government may get into election mode much earlier than that, predicts A K Bhattacharya.
The central bank also said accepting money under such structures was a cognizable offence
While IDBI Bank's 140 million customers and 1800-odd branches will come in handy for LIC to hawk insurance, the bank can use LIC's massive agent network to sell its retail loans. But if it is run the same way it had been in the past and LIC is a proxy of the government, then it has no future, says Tamal Bandyopadhyay.
Clarity to help operationalise the controversial FDI policy of 2009.
PM raised the CEO salary issue couple of years back. RBI and Sebi, too, flagged it recently. Are companies really paying their CEOs more than their counterparts elsewhere?
Some reactions to RBI's monetary policy announced on Monday.
'There is merit in keeping the central bank's balance sheet strong if the government's fiscal balance sheet is weak.'
Indian economy has good fundamentals and sizeable foreign reserves, RBI Governor Raghuram rajan said.
Interview with former Reserve Bank of India governor by Duvvuri Subbarao.
The Supreme Court in a 4:1 majority verdict upheld the government's 2016 decision to demonetise Rs 1,000 and Rs 500 denomination notes, saying the decision-making process was not flawed.
RBI said these coins are legal tender as provided in The Coinage Act 2011.
'RBI was focusing on public sector banks perhaps thinking that private sector banks are managed efficiently while PSU banks are not.' 'Now, RBI has to focus on private sector banks too.'
'India's economic fundamentals are much too strong to be affected by his resignation,' says B S Raghavan.
Indradhanush-II is likely to chart out the process for resolution of non-performing assets.
The Reserve Bank of India (RBI) is likely to soon notify that the information about an individual captured in 'Aaadhar', issued by the Unique Identification Authority of India (UIDAI), would be sufficient to fulfill the KYC (know your customer) norms for all financial products.
The FDI notification on multi-brand retail by the government will be valid only if amendments made by the Reserve Bank in the FEMA rules are approved by Parliament, the Confederation of All India Traders (CAIT) has said.
India and the United States vowed on Thursday to step up joint efforts to halt illicit money flows.
The RBI wants to enforce more transparency in public sector banks. Manojit Saha The Apex bank wants the government t oreduce stakes in PSUs.
RBI's draft guidelines prescribe that banks with a strong capital base and NPAs below 3% can become brokers.
This month, advertisements for managing directors and the senior management team for the National Bank for Financing Infrastructure and Development or NaBFID, should be out, signalling the start of a financial institution (FI) like no other the country has ever had. For this and other reasons government managers associated with the NaBFID project are convinced it should remain a 100 per cent government-owned entity. This is somewhat different from what former economic affairs secretary Tarun Bajaj said when the NaBFID Bill was being tabled in Parliament earlier this year: "To begin with, it will be 100 per cent government owned.
This misleading information claims remittance of such funds by overseas entities to banks in the country.
Barring a few nuts, no one will dispute that it has done rather a good job of carrying out its remit
If the government cuts wasteful expenditure as it is trying now, the deficit would at most fall to 8 per cent, not less than that.
The judgment was reserved after a marathon hearing which went on for 38 days spanning four months.
Writes to shareholders highlighting its performance, governance practices.
In a circular to the banks, the central bank has clarified that the directions of gram panchayats and municipal councils will not apply to such houses as they neither sanction plans nor issue completion certificates for the same.
