Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
Not all public sector banks are back in the black, but their collective net profit for the year is Rs 32,346 crore against a Rs 9,013 crore loss in the previous year, points out Tamal Bandyopadhyay.
Union Finance minister Pranab Mukherjee said banks have positively responded to his suggestion to reduce credit interest\nrates.
Prime Minister Narendra Modi on Thursday mocked Shiv Sena (UBT) chief Uddhav Thackeray for "handing over the remote control" of the party to the Congress as he took poll battle to Mumbai with less than a week left for voting in Maharashtra.
Conditions attached by RBI ensure it won't take off, contend experts.
Bank Nifty has recovered nearly 300 points at 10,968 from intra-day low of 10,669 touched in early morning deals.
Retail inflation jumped to a 15-month high of 7.44 per cent in July as prices of vegetables and other food items spiked, according to official data released on Monday. The Consumer Price Index (CPI) based inflation was at 4.87 in June and 6.71 per cent in July 2022. Previously, high inflation was recorded at 7.79 per cent in April 2022.
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
The Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market, sources said on Tuesday. The pilot in the wholesale segment, known as the Digital Rupee -Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. "RBI is now planning to go into the interbank borrowing market.
The Reserve Bank of India has sought views of the Union ministry of finance in giving permission for a 'Credit Suisse' Swiss Bank to open its first Indian branch in Mumbai.
Airports across the country witnessed chaotic scenes on Friday after dozens of flights were either delayed or cancelled after a widespread global computer outage that also hit operations like cash withdrawal at some banks, and impacted functioning of some brokerages. Globally, the Microsoft cloud outage led to US airlines cancelling flights, but the tech giant later reportedly said its cloud services outage in the Central US region has been resolved.
Users jocularly wondered if the name of institutions such as the Indian Space Research Organisation, the Reserve Bank of India and the Board of Control for Cricket in India will be changed.
Postings to places at an altitude above 1,000 metres but less than 1,500 metres, between 1,500 and 3,000 metres, and above 3,000 metres entail different rates of allowances -- the higher the location, the bigger the allowance, reveals Tamal Bandyopadhyay.
Ahead of the Union Budget, the banking sector, through the Indian Banks' Association (IBA), has made recommendations to the Union finance ministry on direct tax, including removing Section 194N of the Income Tax Act. According to Section 194N, tax deduction at source (TDS) has to be done if a sum or sums withdrawn in cash by a person in a fiscal year exceed Rs 20 lakh if no income-tax return (ITR) has been filed for the three previous assessment years, and Rs 1 crore if ITRs have been filed in all the three previous assessment years.
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.
The Budget for 2016-17 has announced a massive rollout of ATMs and micro-ATMs.
The central government and the Reserve Bank of India have devised a country-specific plan towards implementation of overseas trade in rupee, people aware of the matter said. To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country. "Small countries that are dollar-deficient have shown interest in doing trade in rupee.
Reserve Bank Governor Shaktikanta Das will hold a meeting with CEOs of public sector banks on Wednesday to discuss issues concerning slow deposit growth and sustainability of high credit demand. As per the Reserve Bank of India (RBI) data, deposits rose by 9.6 per cent as compared to 10.2 per cent on a year-on-year basis, while credit offtake witnessed a jump of 17.9 per cent as against 6.5 per cent a year ago. According to an agenda circulated for the meeting, sources said, sustainability, including pricing and slow growth of deposits, would be discussed.
The banking regulator was uncomfortable with the runaway pace at which consumer credit was growing.
The Reserve Bank of India's move to raise ceiling on NRE rupee deposits have prompted IDBI, Union Bank of India and Yes Bank to increase interest rates on fixed deposits of non-resident Indians.\n\n
'There is no immediate threat to the government, and they would prefer the growth agenda.'
Reserve Bank Deputy Governor S S Mundra on Friday said that he expects banks to cut interest rates
A combination of factors, including heavy investments in US Treasury bonds and dollar sales at a healthy profit, facilitated the Indian central bank in transferring a record surplus of Rs 2.11 trillion to the government for 2023-24 (FY24). The RBI's dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy's health.
The RBI on Friday said maiden Sovereign Green Bonds (SGrBs) would be issued in two tranches for an aggregate amount of Rs 16,000 crore, and proceeds will be utilised for funding public sector projects seeking to reduce carbon emissions. The first auction would be done on January 25 while the second on February 9, the Reserve Bank of India (RBI) said in a statement. The proceeds will be deployed in public sector projects, which help in reducing the carbon intensity of the economy, it said.
Still the Reserve Bank of India will operate as usual and can provide funds via its overnight repo window, traders also said.
With the rise in interest rates, bond yields have been on the rise; this will dent banks' treasury profits. Also, many retail borrowers may find it difficult to service their loans when the loan rates rise, points out Tamal Bandyopadhyay.
India is considering allowing new private sector banks, including by industrial houses, and a roadmap for the same could be announced in the annual Union Budget to be presented later this month.
Fitch Ratings on Monday said the plan to privatise two state-owned banks in the current financial year ending March 2022 could face delays amid renewed challenges for the Indian banking sector due to the second wave of Covid-19. The government in the Budget announced plans to privatise two public-sector banks. NITI Aayog has been entrusted with the task of selecting the banks and one general insurance company for the privatisation.
IBA has commissioned a study to evaluate the pros and cons of keeping banks shut on Saturdays.
Union Finance Minister P Chidambaram said in the Lok Sabha the Reserve Bank of India and the Securities and Exchange Board of India have taken up corrective measures in the IPO scam.
The Reserve Bank of India's (RBI's) latest order on unsecured loans is set to hit the banking sector's growth in the near-term, cautioned analysts, as they see banks slowing down on aggressive retail lending. Besides, cost of funds for non-banking finance companies (NBFC) is expected to inch up as banks will pass on higher capital charge to NBFCs. "We believe the fallout of the RBI action will be mainly on growth, given the rising dependence on unsecured retail loans and lending to NBFCs for growth.
The BJP had registered a one-sided victory on all the 17 SC-reserved seats in the 2014 Lok Sabha elections. But in 2019, out of these 17 seats, it lost Nagina and Lalganj seats to the Bahujan Samaj Party.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
'I am shocked that the BJP makes so many commitments. What did they deliver as the NDA?'
The rising dependence on discounted crude oil has resulted in India's trade deficit with Russia hitting the second-highest place last year, after China, reveals Department of Commerce data. From April through January 2022-23 (FY23), India's maximum trade deficit was with China, at $71.58 billion. This was followed by Russia, where the deficit expanded sevenfold - from $4.86 billion in April-January of 2021-22 (FY22) to $34.79 billion during the same period in FY23.
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