Overhauling India's bloated and often sluggish state banks is critical for the government
Banks might hold on to lending rates for the time being.
'We will infuse the next tranche of recapitalisation by mid-December. Close to Rs 42,000 crore remain to be infused as capital in public sector banks in the current financial year,' a senior finance ministry official said.
Tomato prices have been on the boil for more than a month. Data from major cities show that the spike has been between 125 and 150 per cent at the wholesale level. Soaring vegetable prices, including tomatoes, pushed the retail inflation rate to a nine-month high of 5.49 per cent in September, according to government data. Though reports say prices are expected to come down in the next few weeks after supplies improve from Madhya Pradesh and Himachal Pradesh, how long will the respite last is anybody's guess.
Scheduled commercial banks have written off loans amounting to over Rs 10.09 lakh crore in the last five financial years and the process of recovery of dues from the borrowers continues, Union Finance Minister Nirmala Sitharaman informed the Lok Sabha on Monday.
Many individual states experienced higher inflation than the all-India figures during the financial year 2023-24 (FY24). Retail inflation figures in Telangana, Haryana, Rajasthan and Dadra and Nagar Haveli have been higher than national numbers every month of this financial year, shows a Business Standard analysis of state-wise figures, after the March inflation data was released on Friday. Experts noted that persistent high food inflation along with differences in the weights of rural and urban indices plays into the regional variation in inflation rates.
Banks operating in India reported fraud of Rs 4.92 trillion as on March 31, 2021, which represents nearly 4.5 per cent of the total bank credit, showed Reserve Bank of India (RBI) data, which was sought under the Right to Information (RTI) Act by Saurabh Pandhare. The data showed 90 banks and financial institutions reported a total of 45,613 cases of loan fraud till March 31, 2021. State Bank of India - the country's largest lender - reported the highest amount of loans as fraud - Rs 78,072 crore as on March 31, 2021.
The country's total debt, or the total outstanding bonds which are being traded in the market, rose to $2.47 trillion (Rs 205 lakh crore) in the September quarter, according to a report. The total debt amount in the March quarter of the previous fiscal was $2.34 trillion (Rs 200 lakh crore). The central government's debt stood at $1.34 trillion, or Rs 161.1 lakh crore, in the September quarter, up from $1.06 trillion, or Rs 150.4 lakh crore, in the March quarter, Vishal Goenka, co-founder of Indiabonds.com, said, quoting data provided by the Reserve bank of India.
A list of lesser-travelled destinations in India that you must explore this year!
Trading activity was adversely affected at the Interbank Foreign Exchange market early on Wednesday because of thin attendance due to the Mumbai bandh called by the Opposition parties in the state.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
India needs foreign exchange buffer reserves to insulate itself from exchange rate volatility as we have "no friends" for swap lines and Japan was the only country that helped during the taper tantrum in 2013, former RBI Governor Raghuram Rajan said on Tuesday. Participating in a virtual event organised by economic think tank NCAER, Rajan said during the taper tantrum in 2013, India asked for swap lines, and only country who helped was Japan. "We need this (foreign exchange) reserve buffer to insulate ourselves because we have no friends.
Lenders have reported a surge in their bad loans in the six months to March after an asset quality review ordered by the central bank.
A delegation of account-holders went to Sion police station in central Mumbai and submitted the complaint against officials of the bank on which the RBI has imposed operational restrictions. The delegation in its complaint alleged that at least 14 people, including the PMC Bank's chairman and all its directors, were involved in misappropriation of funds of the account-holders.
Consumer activist Jehangir B Gai explains a RBI circular that says the customer is not liable for unauthorised transactions that occur due to contributory fraud, negligence, or deficiency on the bank's part.
From the Sensex basket, Larsen & Toubro, Maruti, Reliance Industries, Nestle, Bharti Airtel, UltraTech Cement, Kotak Mahindra Bank and JSW Steel were among the major laggards. Bajaj Finance climbed nearly 1 per cent higher.
Yes Bank CEO said the private lender is disposing some of the properties in many other cases as well. He, however, declined to elaborate on borrowers against whom such action was underway.
All the existing microfinance businesses of the company and clients will be transferred to the bank
"From the beginning, as of last summer, we've worked closely with our Five Eyes partners, particularly with the United States, where they have gone through a similar pattern of behaviour from India in regards to an attempted extrajudicial killing," Trudeau told reporters at a news conference in Ottawa.
It may be a 'no-go' for banking licences to large industrial houses.
Large urban co-operative banks may come to be solely under the provisions of the Banking Regulation Act, even as the smaller among them are to remain within the exclusive fold of the Registrar of Co-operative Societies. The upcoming changes will bring the curtains down on the vexed issue of dual control of UCBs, which has been in vogue for 54 years. The new framework will affect 1,551 UCBs in the country, which had a total business of Rs 7.36 trillion.
Between April and August, it issued request seeking LoC against 147 individuals to prevent them from leaving the country, the bank said in response to a Right to Information query filed by Pune-based activist Vihar Durve.
'Investors' decisions should reflect their financial goals, risk tolerance, and the amount of gold already present in their portfolio.'
Nationalisation has served its purpose. It's time to move ahead, keeping majority ownership of the government in a few banks to serve the people, argues Tamal Bandyopadhyay.
Telecom department says spectrum can't be used as collateral because it's government property
The Reserve Bank of India's recent decision that require banks and non-bank financial institutions to allocate more capital against unsecured consumer credit will constrain loan growth in the segment, according to a report. This should also reduce the potential for the rising appetite for such lending to weaken financial system stability, a report by Fitch Ratings said on Thursday. "We generally view the tightening as a credit-positive effort by authorities to control emergent systemic risks posed by consumer credit, which has increased rapidly in recent years off a relatively low base," it said.
The ripples from November 8 may be seen in next year's state budgets.
'Inflation is not good for industry. Nor for the economy as a whole.'
The Supreme Court on Thursday refused to examine a public interest litigation (PIL) seeking a judicial probe into the April 22 Pahalgam terror attack in which 26 people were killed.
The Summit could look at the possibility of starting credit facility in local currency by the BRICS Bank.
Banks have as much as Rs 3,652 crore (Rs 36.52 billion) of unclaimed deposits lying with them, with the State Bank of India (SBI) alone accounting for about 15 per cent of the amount, the government informed Parliament on Friday.
The essence of financial inclusion is to ensure that a range of appropriate financial services is available to every individual and enable them to understand and access those services.
The reserves have been surging by over $3 billion for the last two consecutive weeks. The forex reserves stood at $288.316 billion, up by $3.418 billion a week before.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
The Reserve Bank of India on Friday revised upwards the GDP growth projection for the current fiscal to 7.2 per cent from 7 per cent on rising private consumption and revival of demand in rural areas. Unveiling the bi-monthly monetary policy, RBI Governor Shaktikanta Das said estimates released by the National Statistical Office (NSO) placed India's real gross domestic product (GDP) growth at 8.2 per cent in 2023-24. "During 2024-25 so far, domestic economic activity has maintained resilience," he said, adding that manufacturing activity continues to gain ground on the back of strengthening domestic demand.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
Karnataka Deputy Chief Minister D K Shivakumar denied on Monday making any comments regarding changing the Constitution to accommodate four per cent reservation for Muslims in the state. He claimed he was "misquoted" and warned of moving a breach of privilege motion. Shivakumar's remarks came after the BJP forced repeated adjournments in the Lok Sabha over his alleged comments on the matter. The BJP has accused Shivakumar of seeking to change the Constitution for political gain, highlighting the ongoing controversy surrounding reservation policies in India.
Net foreign direct investment (FDI) in India, inflows minus outflows, declined sharply in April-August this year to $2.99 billion from $18.03 billion in the same period last year on moderation in global activities and a rise in repatriation. The Reserve Bank of India's data (October 2023 bulletin) said FDI in India was $7.28 billion and FDI by India, that is money invested abroad from the country, was $4.28 billion in April-August 2023. As for 2022, FDI in India was $22.79 billion and FDI by India was $4.76 billion in April-August.
It is to be seen if SBI under Setty, who will have a three-year term, can ride the economic cycle to take SBI to new heights, navigating some of these challenges.
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