June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
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.
The judgment was reserved after a marathon hearing which went on for 38 days spanning four months.
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 misleading information claims remittance of such funds by overseas entities to banks in the country.
RBI may also be open to injecting liquidity through open market purchases of bonds but is resisting relaxing capital buffers for banks.
In Reserve Bank offices, 59 CVPS machines are used and each machine is operated by a set of five persons under a supervisor who supervises a cluster of machines
Barring a few nuts, no one will dispute that it has done rather a good job of carrying out its remit
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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.
Writes to shareholders highlighting its performance, governance practices.
The economy is gaining traction with gradual pick up in manufacturing activity and moderation in contraction of services, spurred by comfortable liquidity conditions, an RBI article on Tuesday said. Observing that the retreat of the second wave of coronavirus pandemic has been slow, the RBI in an article on the 'State of Economy' said, the aggregate demand conditions are buoyed by the release of pent-up demand post unlock, while the supply situation is improving with the monsoon catching up to its normal levels and sowing activity gaining pace. "Reaffirming the traction that the economy is gaining, the manufacturing activity is gradually turning around, while contraction in services has moderated.
RBI aiming to bring down headline number to 8% by end of this year and to 6% by the end of next year.
Any bank found issuing or accepting note packets in stapled condition will be liable to be penalised under the existing provisions of Banking Regulation Act, 1949, Reserve bank of India said on Thursday.
Fitch reaffirmed India's rating at 'BBB-' with a Stable Outlook saying the rating balances a still strong medium-term growth outlook compared with similar category peers and relative external resilience stemming from solid foreign-reserve buffers against high public debt, a weak financial sector and some lagging structural factors, including governance indicators and GDP per capita.
The Dun & Bradstreet Composite Business Optimism Index stands at 81.1 during the 2nd quarter of 2016
The Indian government and RBI must keep foreign equity investors happy and avoid crushing growth expectations, notes Akash Prakash.
Given the pressure from India Inc and the banking fraternity, it is surmised that the portfolio rejig will take place before April.
In a big win for the Narendra Modi government, the Supreme Court in a 4:1 majority verdict on Monday gave its stamp of approval to the Centre's 2016 decision to demonetise the Rs 1,000 and Rs 500 denomination currency notes, saying the decision-making process was neither flawed nor hasty.
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
RBI would like to work on examining the regulatory framework for the voluntary withdrawal by the entrepreneur.
Nuclear companies from the US, Russia and France, as well as Indian power majors, have unanimously appealed to the Government of India (GoI) for various changes in the rules to facilitate foreign and private sector investment.
The Reserve Bank of India has said Indian companies merging with overseas firms will continue to be treated as entities resident in the country under the Foreign Exchange Management Act (FEMA). There is no provision for such a merger under the current Companies Act. But a Bill to amend the Act tabled in the Budget session of Parliament proposes to allow Indian companies to merge with overseas companies, under section 205, a move that could introduce greater flexibility in
The home minister said eight people were killed -- six in Madhya Pradesh and one each in Uttar Pradesh and Rajasthan, during Monday's Bharat Bandh.
The finance ministry is not only keen to split the roles of CMD, but also wants to appoint them for a fixed tenure of five years.
Earlier this month, RBI told the Delhi high court that Google Pay is a third party app provider and does not operate any payment systems. Therefore, its operations are not in violation of the Payment and Settlement System Act of 2007.
Discussions are on in government about how to make the process simpler for the poor and more cost-effective for telecom operators, says Subhomoy Bhattacharjee.
Patel, 55, who took over as the 24th Governor of the central bank on September 5, 2016, had the shortest tenure since 1992.
The CBI, in its letter, said the matter was 'analysed' by the agency and it 'revealed violations of RBI guidelines and FEMA regulations'.
The panel was set up to suggest ways to reform India's monetary policy.
Two months before the microfinance sector crisis in October, an internal committee of the Reserve Bank of India (RBI) had warned of possible problems in the sector.
The RBI was not party to the decision to demonetize 500 and 1,000-rupee notes, which was taken at the highest level of India's political leadership.
The objective of the new legislation is to have a uniform law regulating money lending, removing the existing abuses and malpractices in the business and to protect the debtor, particularly farmers, from payment of abnormal interest rates.
The CJI has also kept with himself matters concerning arbitration, habeas corpus, criminal cases, contempt of court and ordinary civil matters.
The government has amended its laws to have a bigger say in the decision making of the Reserve Bank of India (RBI) by having two members on the central bank's board as compared to one now.
The coins will be circular in shape and have a diameter of 23 millimetres.
'No one cares about fiscal deficit now. Or for that matter, inflation.' 'The focus is on growth and growth alone.' 'RBI needs to break the risk aversion of banks and infuse adrenaline in their veins', says Tamal Bandyopadhyay.
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