The central bank filed an affidavit in response to a petition filed by Kochhar last month, challenging her ouster as the chief executive and managing director of ICICI Bank months after she voluntarily left the private sector lender. The bank, while terminating her employment, also denied her remuneration and rescinded the bonuses and stock options given to her from April 2009 to March 2018. She was accused of playing a role in grant of out-of-turn loans of Rs 3,250 crore to Videocon Group, which allegedly benefited her husband, Deepak Kochhar.
Foreign institutional investors are likely to be debarred from taking part in initial public offerings of stock exchanges, while foreign direct investment may be permitted even in pre-IPO stage.
Government is framing a rule that will make it compulsory for regulators like Sebi, Irdai and PFRDA to deposit a significant portion of their reserves into the Consolidated Fund of India.
The use of Section 7 is fraught with risks to the autonomy of the central bank, the credibility of the government and the smooth functioning of the financial markets, says A K Bhattacharya.
The issue is likely to be discussed on Thursday at a meeting of Sebi's board, which would also be apprised of the impact of the Finance Ministry's decision for not agreeing to such a proposal from the capital markets regulator, sources said.
Goyal was questioned by the Serious Fraud Investigation Office on Thursday in Mumbai in connection with allegations of some financial irregularities.
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
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.
The government wants the RBI to part with most of its profit as dividend.
Encouraged by softening inflation, the RBI on Thursday decided to cut the benchmark interest rate by 0.25 per cent to 7.75 per cent with a view to boost growth.
Could it have been more reformist? Of course, but this is an election year Budget, observes Akash Prakash.
Move to increase 90-day window to 120 days to give more time to borrowers to service loans.
Borrowing from BRICS bank will help India avoid other kinds of politics emanating from the West. Overall, the BRICS institutions will necessarily adopt alternative ways of doing things based on their own cultural and socio economic needs, says M K Venu.
A number of listed companies are not to be found on their registered address. The stock exchange has also been unable to contact them through other means. These 50 companies had been suspended for violations for more than six months. The BSE had reached out to them with show cause notices in December 2020.
The Supreme Court on Friday dismissed a plea seeking stay on further sale of electoral bonds ahead of assembly elections.
A bench headed by Chief Justice Ranjan Gogoi asked the parties to furnish 'forthwith' the details of electoral bonds received by a political party till date.
Woefully inadequate infrastructure is just one of the many reasons why a case is not settled within 180 days and even 270 days as envisaged by the law, says Tamal Bandyopadhyay.
Control over PSU banks is what is allowing the government to drive this scheme.
'India is possibly the most fiscally constrained market in the region.'
The main difference of opinion between RBI and FinMin is over the transfer of the RBI's 'excess' capital reserves. The Jalan panel seeks to convince finance secretary Subhash Garg to soften his dissent note language. The move is aimed at maintaining the now-cordial relations between the RBI and the finance ministry.
RBI policy surely cannot impact agflation, in any case.
The poor deployment of WLATMs has tripped what the central bank sought to achieve back in 2012.
It would be a good idea to create independent oversight committees for each regulatory institution and indeed, even for their appellate bodies, says A K Bhattacharya.
New ministry will bring much-needed transparency in the functioning of the cooperatives, which so far have been riddled with allegations of political interference and mismanagement.
Paytm CEO Vijay Shekhar Sharma said on Wednesday that the company's share market performance has been in line with that of global peers in the sector over the past six months due to macroeconomic factors. "Macro factors like quantitative easing, free money due to US monetary policy and other parameters led to a spook in the market in terms of pricing the IPO. "Paytm's shares have received a similar response to that of global peers in the last six months...But that is not a complete reasoning.
Only NIIF has stayed the course as a viable infrastructure financing institution.
Concerned over elevated inflation, Reserve Bank of India on Friday decided to leave the benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying more rate cuts in the future if need arises to support the economy hit by the Covid-19 pandemic.
After hearing a length petition filed by the Anjuman Intazamiya Masjid of Varanasi and other connected matters, Justice Prakash Padia adjourned the hearing of the case till July 6.
Prime Minister Narendra Modi will on Friday launch two schemes of the Reserve Bank of India (RBI) that may go a long way in changing how the household sector invests, and complains if anything goes wrong with their savings. These schemes - retail direct and an integrated ombudsman - will be launched by the Prime Minister virtually, in the presence of Finance Minister Nirmala Sitharaman. With the introduction of retail direct, a common man can directly take a position in government securities (G-Sec), considered to be the safest asset class a sovereign can offer.
'Trust your new governor,' Omkar Goswami advises RBI Deputy Governor Viral Acharya. 'Just because he is from the IAS and doesn't carry a PhD from a US university does not make him unsuitable for the task.' 'If anything, Das will pour oil on troubled waters, and save the RBI's reputation.'
He will be the first bureaucrat to head the central bank in almost five years.
'Last year, Rs 20,000 crore was ripped off from the banking system.' 'The situation has deteriorated under the Modi government.'
The reason for the stickiness in bond yields can be many, but the most responsible is the liquidity deficit stance taken by RBI, says Anup Roy.
The corporate sector does not care from where the money is coming.
The final and most significant reset in the relations between the government and the RBI is the manner in which the process of appointing the governor and deputy governors of the central bank has been changed.
The finance minister's meeting with chief executives and managing directors of banks ahead of the Union Budget assumes significance in view of the critical role the banking sector plays in boosting consumer demand across sectors.
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