Indian brokerage arm of global investment banker Morgan Stanley has sought RBI's approval to start proprietary trading under which it will be able to buy and sell securities on its own account.
The government has sought to put an end to the ambiguities in the implementation of Press Notes 2 and 4, which significantly relaxed foreign direct investment (FDI) guidelines, with the Commerce Ministry requesting the Reserve Bank of India (RBI) to make changes in the Foreign Exchange Management Act (FEMA) to operationalise the guidelines. The direction from the government follows a number of references and queries from investors.
Since the start of the year, the RBI has had to contend with rising inflation and increased liquidity in the financial system causing it to raise CRR and repo rate to reign in the excess money.
The case against Balaji and his aides pertains to his tenure as the state transport minister in the All India Anna Dravida Munnetra Kazhagam government during 2011-15.
A government panel said policymakers and regulators should have an open mind regarding the introduction of an official digital currency in India.
The RBI governor, who made a presentation about the state of the economy as well about the world economy to the 31-member Parliamentary Standing Committee on Finance, stayed clear of controversial questions like government invoking special powers.
Some sectors like aviation, hospitality, travel and tourism, and automobile have witnessed zero cash flow since the lockdown began.
The ministry of corporate affairs (MCA) has launched a probe into the books of Edelweiss Asset Reconstruction Company (EARC) following allegations by a whistleblower of fund diversion and irregularities. The whistleblower, Paras Kuhad, a former additional solicitor general of India, had written to the Prime Minister's Office and the Reserve Bank of India (RBI). Kuhad has alleged that Edelweiss Group and Caisse de depot et placement du Qubec (CDPQ), a Canadian institutional investor, which hold stakes in the ARC, diverted funds and did not adhere to norms while making investments in EARC's instruments. Sources have indicated that a probe has been initiated, but the MCA did not comment on the issue.
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
April policy could be all about RBI communication.
Rajan warned against waiting to act until inflation expectations become entrenched, but also said the Reserve Bank of India would overlook temporary spikes in inflation.
Nothing has ever been done to make bank officers accountable, except for the rare actions when there is a public controversy, argues Debashis Basu.
The Reserve Bank of India's (RBI) new rules for credit and debit cards came into effect from October 1. These include tokenisation, one-time password (OTP) for activation after 30 days, written permission for enhancement of credit limit, and greater clarity on interest calculation.
In a business friendly move, the Reserve Bank of India on Friday said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
The RBI governor, D Subbarao had met finance minister Pranab Mukherjee on December 18, fuelling speculation that the monetary policy would be tightened.
The Reserve Bank of India has observed that several banks were not complying with the guidelines issued by it on reporting revaluation of foreign currency assets and liabilities, which sometimes led to errors.\n\n
North Block is concerned that when India is trying to attract more investment, putting up restrictions on audit firms could create an avoidable bad advertisement.
Remittances by artists and for advertisements, royalty payments, purchase of trademarks, commission to real estate agents and health insurance from abroad would no longer require RBI clearance.
The FIPB referred the matter to the law ministry today.
In a major move aimed at encouraging small investors to become direct investors in government bonds or stated simply to an infinite source of lending to the government, the Reserve Bank on Friday said it will allow them to directly buy government debt, making India the first Asian country to do so and among a handful globally.
The Reserve Bank of India on Wednesday said it is vigilant to the possibility of overheating in the economy and will do everything to prevent such an occurrence.
Could it have been more reformist? Of course, but this is an election year Budget, observes Akash Prakash.
The Reserve Bank of India on Friday said that the Budget 20010-11 presented by Finance Minister Pranab Mukherjee is in line with the path of fiscal consolidation and economic revival.
Finance Minister Arun Jaitley said political parties will be entitled to receive donations by cheque or digital mode from their donors.
The accused, along with other unknown officials, who were entrusted with the responsibility of new currency notes, "fraudulently" gave away new notes to the tune of Rs 1.99 crore to RBI officials and others.
The net outward foreign direct investment went up from $9.1 billion in 2017-18 to $12.6 billion in 2018-19 and moved further north to $13 billion in 2019-20.
Public sector banks are inefficient, poorly governed and beset by largescale corruption.
If raters get away by moving from AAA to D overnight after companies default, as happened with DHFL, YES Bank, RCom, and IL&FS, it shows a complete breakdown in the rating system. It calls for exemplary punishment, not kid glove treatment, says Debashis Basu.
'Flush with funds, lending became a cash management exercise.' 'Road projects, power generation plants, airports etc were financed left and right with apparently no regard for the projects' ability to repay,' explains S Muralidharan, former managing director, BNP Paribas.
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