Private consumption is back driven by festive spending, and the medium-term economic outlook remains bullish as the innate strength of the macro-fundamentals reasserts itself, the Reserve Bank Bulletin said on Wednesday. Global economic activity remained resilient during Q4:2024 amidst fragile confidence and rising protectionism, said an article on 'State of the Economy' published in the November Bulletin.
Two key depts in ministry cold to rationale for one; postal dept says it's more eligible than IDFC or Bandhan, feels 'strong lobby' scuttling its plans.
The evolving RBI-government relationship, a reversal in the interest rate cycle and return to profitability will dominate bankers' conversation this year, says Tamal Bandyopadhyay.
Shaktikanta Das will demit the office on Tuesday after completing six years as the 25th Governor of the Reserve Bank of India. Revenue Secretary Sanjay Malhotra will replace him as the 26th Governor. He was appointed as the Governor on December 12, 2018, after the abrupt exit of Urjit Patel.
The Reserve Bank of India (RBI) has recognised the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organisation (SRO) in the fintech sector, the central bank announced on Wednesday. The banking regulator received three applications for fintech SRO. Of the remaining two applications, one has been returned by the RBI with a provision for resubmission after meeting specific requirements, while the third application is still under examination, said Governor Shaktikanta Das at the Global Fintech Fest in Mumbai.
This was among the few times that TCS had to deploy rapid application development mode, which means changes in the application happen on-the-go.
Non-performing assets of banks have been on the rise for past several months due to slowdown in the economy.
The combined market capitalisation of the 21 listed PSU banks declined by about Rs 76,000 crore to Rs 425,800 crore during the month.
ICICI Bank has the largest proportion of SDR loans as a percentage of its total, followed by state-run United Bank of India and Canara Bank.
Unless RBI temporarily relaxes the norms on recognising of bad loans, the pressure on this front could rise in the December quarter.
The government has asked the Indian Banks' Association to make sure that IDBI Bank's wages are on a par with other banks.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
Tata Steel, SBI, L&T and Sun Pharma advanced 2-5% each.
The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money-laundering charges in Mumbai in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said.
'There's a huge need for advancements in current security incident logging and monitoring practices.'
Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
The 17-lender consortium led by State Bank of India has also put the Flying Models, Funliner, Fly Kingfisher and Flying Bird Device on the block.
'2025 is the year to build a portfolio for the future. Focus this year should be on valuations and visible growth.'
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Banking as we know it will stand on its head in the next 10 years.
The Reserve Bank of India (RBI) conducted two overnight variable rate reverse repo (VRRR) auctions on Tuesday, marking the first instance of such action in a single day. The move aimed to reduce liquidity from the banking system, which has been largely in deficit mode for the past four months. Market participants noted that the central bank held the second VRRR auction due to its awareness of funds being released to banks during the day.
The share of equity and investment funds in the total financial wealth of households increased by more than 50% between 2011-2012 and 2022-2023.
The Kolkata-based firm already has a presence in 22 states with over 2,000 branches and 5.9 million borrowers.
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