RBI Governor Subbarao also said an increase in non-performing assets at lenders was a matter of concern, but added that banks were well capitalised, during a media briefing at the conclusion of the central bank's board meeting.
'There is merit in keeping the central bank's balance sheet strong if the government's fiscal balance sheet is weak.'
'His (Das) approach to work seems that of working as a team with ease in communication.'
It is only after the government's nod that a particular design change come into effect.
In FY24, loans given out by such firms had topped a whopping Rs 146,517 crore, up by 49 per cent year-on-year and spread over 10.19 million accounts (up 35 per cent).
Women politicians bring to politics and policy a sensitivity that most of their male counterparts, at least until a generation back, lacked.
He will be the first bureaucrat to head the central bank in almost five years.
Govt reconstitutes body, says will not interfere in senior PSB appointments
The RBI Board on Friday approved the transfer of Rs 57,128 crore as surplus to the central government for the accounting year 2019-20, the central bank said in a statement.
Dy Governor notes it's an era of job changes for better.
Sebi's mandate restraining mutual funds, stock brokers, and other intermediaries from associating with finfluencers who do not come under the Sebi ambit will impact the earnings of finfluencers through sponsorships, tie-ups, or referral links, as these may dry up due to the restrictions.
Raghuram Rajan will take over as RBI Governor on September 4 at a time when the country is facing a grave economic crisis.
A top-class board is important from a systemic point of view, more so at a time when the wider financial world and India Inc is chasing the same talent as banks.
'So, we would work with our members to ensure that we as an SRO create some sort of due diligence for fintechs.'
When he didn't respond (Mr Saver has lost count of how many relationship managers he has had in the past few years!), the gentleman landed up at his doorstep and started pleading with him to open fixed deposits with the bank, observes Tamal Bandyopadhyay.
Raghuram Rajan, whose current three-year tenure ends on September 4, has already said no to a second term.
The decision by the Reserve Bank of India to introduce a unified regulatory framework on connected lending for all the regulated entities (RE) is expected to reduce the influence of business conglomerates in the Indian lending space, said bankers and experts. "Connected lending pertains to lending to related parties within the same business group. "While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system," said Shivaji Thapliyal, head of research and lead analyst, YES Securities.
Madhabi Puri Buch, the first female chairperson of Sebi, doesn't plan to rest on her laurels in her third and final year in office and has set out an ambitious goal, such as moving towards a same-day and instantaneous settlement cycle for the secondary market.
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A rule change may make Nachiket Mor, among others, eligible to replace Chakrabarty.
Any currency design change must be approved by the RBI central board and the central government.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
The Reserve Bank on Friday set up a three-member committee under former Governor Bimal Jalan to scrutinise applications for new bank licences, which are expected to be awarded by January.
Several mutual funds (MFs) have recently approached the Reserve Bank of India (RBI) as they renew efforts to increase their overseas investment limit. In June 2022, the capital markets regulator Securities and Exchange Board of India (Sebi) permitted MFs to invest in foreign stocks within the aggregate mandated limit of $7 billion after a correction in stocks. One of the proposals shared with the RBI is to link MFs' foreign investment limit to the country's foreign exchange reserves.
Such minutes will be available within two weeks from the date of its confirmation in the next meeting of the central board and on being signed by the chairman in the same meeting, the RBI said in a statement on its website.
For five consecutive policy reviews in 2023, the Reserve Bank of India (RBI) chose to hold rates, citing inflation threat. And when the prices did cool off a bit, it reminded all about the target to get the headline consumer price inflation at 4 per cent and the risks from food inflation. Heading into the new year, all eyes are on when RBI will cut the rates, especially after one of the Monetary Policy Committee (MPC) members stressed on the need for such an action in the face of the US Federal Reserve's guidance for easing rates.
In a proposal to FinMin, the Banks Board Bureau suggests asset sales to PSUs within a deadline to recover bad loans.
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
Fintech companies believe that the impact of Reserve Bank of India's order last week on unsecured loans will be visible in six to 12 months and prompt them to diversify and strengthen their secured portfolio. Fintechs which source funds through banks or non-banking finance companies (NBFCs) are looking at quickly building their secured portfolio options to at least 40 per cent of their total portfolio. "Over the medium to long term, as part of our product strategy, we are evaluating secured products which can be enabled over a digital platform" said Yogi Sadana, the founder of Zype, a lending-focussed fintech.
The reason behind issuing new bank licences is to allow more private sector entities to set up banks
It may be a 'no-go' for banking licences to large industrial houses.
Bad loans of PSBs are at Rs 20 trillion. Most of it is, I sense, due to corruption and behest lending. Nobody pays a price for this charade. Not the promoters, the bankers, RBI officials, finance ministry bureaucrats or politicians, points out Debashis Basu.
India has 26 public sector banks, 22 private sector banks and 56 regional rural banks.
The 42-year-old Acharya's appointment for a three-year tenure was cleared by the Appointments Committee of the Cabinet.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
Reserve Bank of India (RBI) on Friday said its board has approved a dividend payment of Rs 30,307 crore to the government for the financial ended March 2022. The board approved the transfer of Rs 30,307 crore as surplus to the central government for the accounting year 2021-22 while deciding to maintain the Contingency Risk Buffer at 5.50 per cent, RBI said in a statement. The decision on the dividend payment was made in the 596th meeting of the Central Board of Directors of RBI, headed by Governor Shaktikanta Das, held on Friday.
India's captains of industry said they were disappointed at the exit of Reserve Bank of India Governor Raghuram Rajan.
'If there is an RBI majority in the committee, there is no question of a veto.'
The Reserve Bank on Friday approved the transfer of Rs 99,122 crore as surplus to the central government for the accounting period of nine months ended March 31.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
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