Expressing his satisfaction over the government's move to slash fiscal deficit target, Das said it will help improve investment by the private sector as crowding out impact will be less.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
'The Jalan Committee has now provided very clear guidelines on how the (RBI's) balance sheet should be looked at, what kind of disclosures should be made, what are the principles on which the Contingency Risk Buffer should be maintained, what should be the revaluation reserves, and the market risk to the Contingency Risk Buffer.'
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
The Reserve Bank of India kept interest rates on hold at 7.50 per cent.
A feature of this year's BRICS summit was economic cooperation.
A day after Chidambaram asked RBI to speed up the process of issuing new bank licences, Subbarao said last Friday that it would not be possible without fulfilling the enabling conditions for the same.
The normal operations, including payment and settlement activities in the Reserve Bank of India (RBI), are likely to be affected on Friday with its employee unions going on one-day strike to press their demands on pension.
Lenders are not enthused because, as brokers, their responsibility towards policyholders will be higher than corporate agents.
Employees of the State Bank of India will go on an indefinite strike countrywide from Monday demanding enhanced pension package.
India Ratings and Research on Friday revised down India's FY22 real GDP growth forecast to 10.1 per cent, from earlier projection of 10.4 per cent, citing the second wave of COVID-19 infections and slower pace of vaccination. At a time when large parts of the country are experiencing tremendous pressure on medical infrastructure, the agency said it expects the second wave to start subsiding by mid-May. Earlier this month, the Reserve Bank maintained its 10.5 per cent GDP growth estimate, but Governor Shaktikanta Das has flagged the rising cases as the biggest impediment to recovery.
Nifty PSU bank index dropped nearly 2%
Gadkari said, infrastructure sector including highways, airports, inland waterways, railways, logistic parks, broad gauge and metro, apart from MSMEs can attract large scale foreign investment.
Moody's on Monday slashed India's growth forecast for 2020 to 5.4 per cent from 6.6 per cent projected earlier, on slower than expected economic recovery. In its update on Global Macro Outlook, Moody's Investors Service said India's economy has decelerated rapidly over the last 2 years and economic recovery is likely to be 'shallow'.
Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
83% of the CEOS plan to hire more in the new year.
Projecting that inflation would touch 8.56 per cent by current fiscal-end, the RBI had sucked out about Rs 36,000 crore (Rs 360 billion) from the banking system to check the rising prices. Over one-year high inflation was led by costlier sugar and potato prices.
The Reserve Bank of India, which mainly factors in retail inflation to decide its monetary policy, has been tasked by the government to ensure the rate of price rise remains around 4 per cent.
With uncertainty prevailing over the rates of Employees Provident Fund, CPI(M)-backed trade union, Centre for Indian Trade Unions, said on Friday that it would oppose any move to keep differential interest rates
The prospect of further falls in remittances is a hindrance for the Reserve Bank of India, as it seeks to bullet-proof the economy against sudden capital outflows
RBI may think twice before agreeing with suggestions of a rate cut.
Rajan said India's good economic fundamentals would allow it to overcome any 'sharp corrections' in global markets
Telecom Minister Kapil Sibal on Thursday contested the claims of former Telecom Secretary Siddhartha Behura over a December, 2007, meeting held regarding entry fees for 2G licences, in which he had said the then Finance Minister P Chidambaram and former Finance Secretary D Subbarao were present.
The Reserve Bank of India's rather sudden and unilateral decision to discontinue the Asian Clearing Union, a move that effectively stops settlements in dollars and the Euro, will most impact Mangalore Refinery, which sources 60 per cent of its crude needs from Iran.
The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
Issuance of new bank licences proves that the apex bank wants the financial sector to flourish.
Value of rupee is an indication of complete failure of the government to achieve the desired results.
RBI promises to take all necessary steps, including liquidity support
While the market for satellite broadband currently is small, the potential is large as an estimated 30 per cent of the country does not have reliable terrestrial broadband services.
Finance Minister Arun Jaitley on Monday presented the Union Budget for 2016-17.
Vikram Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank. A year later, Kothari has reportedly not paid back either the interest or the loan.
The government has no plan to print currency notes to tide over the current economic crisis triggered by the outbreak of COVID-19 pandemic, Finance Minister Nirmala Sitharaman informed Parliament on Monday. To a question on whether there is any plan to print currency to tide over the crisis, the finance minister said, "No Sir". Many economists and experts have suggested to the government to print more currency notes to tide over the difficult economic situation with a view to support the economy ravaged by the spread of COVID-19, and protect jobs.
The Parliamentary Committee on Public Undertakings (COPU) expressed serious concern over outsourcing of printing of Indian currency notes amounting to Rs 1 lakh crore (Rs 1 trillion) to three countries in 1997-98 and said that such a tendency would put India's economic sovereignty at stake.
Inflation dipped to a five-month low of 5.19 per cent in July mainly on account of decline in prices of some food articles, vegetables and protein rich items.
As the 50-day deadline for completion of demonetisation process draws near, there is a growing consensus among bankers that the restrictions on withdrawal would have to continue even in the New Year so as to maintain orderly working at the banks.
'We want to send a notice to the BJP that Rajputs are no longer their slaves.'
Union Bank of India has received the Reserve Bank of India's permission for opening representative offices in Dubai and Doha.
India's macroeconomic authorities must focus on fiscal stabilisation and Mukherjee has to provide the leadership as finance minister.
New ministry will bring much-needed transparency in the functioning of the cooperatives, which so far have been riddled with allegations of political interference and mismanagement.
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