'So far as supervision is concerned, there are enough powers but to take action on public sector banks, consultation with the government is needed.'
Focus to be on unbanked areas; initial capital is set at Rs 100 crore; India Post can apply.
Bankers need to take a call on whether they will allow technology firms to run banks or banks themselves will turn into tech firms, says Tamal Bandyopadhyay.
Earlier, the Reserve Bank of India was the approving authority.
'It was like rigorously preparing for a solid, good exam...' 'I don't know what marks I will get, but I felt the rigorous preparation of an exam.' 'You may sweat, but I feel rejuvenated.'
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
The preference for digital banking now cuts across all customer segments.
The size of the hole in today's banking crisis appears to be roughly 10 per cent of GDP.
Global funds, according to Christopher Wood, global head of equity strategy at Jefferies, are now beginning to pay more attention to India with the market now offering 30 companies with a market capitalisation over $25 billion.
Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
At a time when banks are engaged in a fierce battle to gain market share in the credit card segment, Citibank India has been losing its share, both in terms of outstanding cards and spends in the last few years. Still, average spends on Citi cards are higher than any other Indian bank. Last year, the global banking behemoth announced exit from its consumer banking franchises in 13 markets across Europe, Middle East and Asia, including India, citing lack of scale.
Reserve Bank has lowered interest rates by 0.50 per cent since January 2015.
A profile of B Sudershan Reddy, former Supreme Court judge and Opposition's vice presidential candidate, highlighting his career, judgments, and contributions to constitutional law.
ICICI bank waives ATM charges.
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.
India's foreign exchange reserves are at an all-time high.
'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
The US Fed interest rate decision, trading activity of foreign investors and quarterly earnings from corporates would largely drive the momentum in the equity market this week, analysts said. Escalating tensions between India and Pakistan over the Pahalgam terror attack will also remain on investors' radar, they added.
Recent tribunal rulings open prospects of large haircuts and barriers to auctioning of personal guarantees, among other issues
Retail inflation declined to over six-year low of 2.1 per cent in June, nearing the RBI's comfort zone, on account of subdued prices of food items, including vegetables, driven by widespread monsoon.
India has decided to authorise the country's biggest lender SBI to promote rupee trade with Russia and soon Moscow will name its bank to operationalise the mechanism, exporters' body FIEO said on Wednesday. The RBI in July issued a detailed circular asking banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. Currently, a large part of bilateral trade between India and Russia is getting settled in rupee due to sanctions imposed by the US and Europe following Moscow's attack on Ukraine.
What connects P S Jayakumar of Bank of Baroda, V Vaidyanathan of Capital First Ltd and Chandra Shekhar Ghosh of Bandhan?
Wilful defaulters owe SBI Rs 80,000 crore. 10 nationalised banks are owed another Rs 1.5 trillion.
In the aftermath of the PMC Bank mess which was in the RBI's highest rating of 'A' category, trustworthiness of these ratings may be up for a review.
