India may adopt norms similar to the US Federal Reserve model, which regulates conglomerate-led 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.
Vodafone Idea, the promoter of Aditya Bira Idea Payments Bank, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of India.
The central bank said its board of directors had approved the broad contours of the proposals.
YES Bank said that it has not paid any bonus to Kapoor for FY17 and FY18. He drew a salary of Rs 6.48 crore for the ten months he served as MD & CEO, before his tenure ended in January.
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After scrapping the selection of six UPA-appointed bank chiefs, the government has now decided to make significant changes to the selection process.
The central bank gave 11 entities licences to start payments banks.
For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
The most common complaint of financial consumers is cumbersome processes, complicated products, usurious charges, and mis-selling of products, which finally don't deliver what is promised or as expect, notes Debashis Basu.
There will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to Rs 2,000 in line with the RBI direction, a recent NPCI circular said. RuPay credit card has been operational for the last four years, and all major banks are enabled and are issuing incremental cards for both commercial and retail segments. "During credit card on-boarding on the apps, the device binding and UPI PIN setting process shall include and be construed as customer consent for credit card enablement for all types of transactions," the circular dated October 4 said.
In his book, former governor Subbarao says Chidambaram, Pranab were piqued by his tight rate policy.
India's state banks are under pressure to improve profitability.
'The one sector where there is still a sense of crisis is banking, but the government has regrettably set its face against privatising any of the government-owned banks,' says T N Ninan.
A senior official with Muthoot Finance said the group would also want to apply for a universal licence.
Based on this screening, the committee may weed out applications that do not meet the eligibility yardstick or the 'fit and proper' criteria for securing a licence.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
To cut interest rates, the central bank head has to open up a debate on inflation target revision.
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
Rajan was speaking at a news conference.
A section of the media on Thursday reported, quoting an unnamed EC official, that it may not allow RBI to go ahead with the plan before the polls and that they need more clarity from the Mint Road on certain aspects.
The incidence of corruption cases can be checked to a large extent if the suggestions already available with RBI and the government are taken seriously, says Shyamal Majumdar.
The finance minister has said that United Bank has managed to reduce its non-performing assets.
The BJP member also sought to put the LVB-DBS merger on hold in order to facilitate a forensic audit of the takeover of the assets of both banks.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
With many getting payment reminders, confusion prevails among borrowers, term-plan investors and credit cardholders over the implementation of the three-month moratorium on all loan repayments amid disruptions caused by the coronavirus outbreak. As part of measures to alleviate hardships faced by people, the Reserve Bank of India, on March 27, announced a slew of steps, including a three-month moratorium on loan repayments.
The candidate will be expected to have at least two to three years of remaining service.
'Space out when raising funds; Sebi mulls securitisation platform'
What was the RBI doing, what was the PNB top management doing, what were the auditors doing, asks Debashis Basu.
Tamal Bandyopadhyay discusses his latest book Bandhan: The Making of a Bank at Bandhan headquarters in Kolkata.
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.
Bankers seem to be pleased with the government for keeping its promise of not interfering in operational matters, but are apprehensive about the intense scrutiny of their functioning.
The committee had eminent people on it and making any allegations like this is 'outlandish', Sitharaman said.
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.
'The no-rate cut policy and preference to wait for the Budget and clarity on the fiscal front demonstrate RBI Governor Shaktikanta Das is maturing in his new role,' notes Tamal Bandyopadhyay.
Balance is needed in selecting members for the proposed monetary policy committee, says Abheek Barua.
Flagging the issue of lack of enough economists in the country, Reserve Bank India (RBI) Governor Raghuram Rajan has said the inability to get quality talent may be hurting policy making.
"I think, this is something that all Indians should be concerned about because strength of our institutions is really important for our growth, sustainable growth and equity in the economy," said Rajan.
How will the RBI announcement on loan moratorium work for those with home loans, auto loans, personal loans, consumer durables loan? Here's what experts have to say.
Reserve Bank of India (RBI) Governor Shaktikanta Das on Sunday said he has tested positive for coronavirus and will work from isolation while the central bank will continue to function normally. Das said he is asymptomatic and has alerted those who came in contact with him in recent days.
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