Reversal in the declining economic growth trajectory is clearly the need of the hour and all steps should be taken to bring about this change.
How will the RBI announcement on loan moratorium work for those with home loans, auto loans, personal loans, consumer durables loan? Here's what experts have to say.
The revenue department had sent notices to FIIs.
Promising swift action on the debit card data compromise issue, Economic Affairs Secretary Shaktikanta Das on Friday said there was no need to panic over the feared security breach that affected over 32 lakh cards.
The government has also announced a slew of measures to ease cash flow for the rural sector.
A total of 16 secretaries have been appointed to various central government departments.
'The banking sector appears to be on course to recovery,' declares the RBI governor.
'You can't take money from Shaktikanta Das (the RBI governor) and give it to Nirmala Sitharaman (the Union finance minister). She will blow it away on Modi.'
The committee had eminent people on it and making any allegations like this is 'outlandish', Sitharaman said.
It also recommended that the RBI accounting year (July-June) may be brought in sync with the fiscal year (April to March) from the financial year 2020-21 as it could reduce the need for interim dividend being paid by the central bank.
Vodafone is facing tax liability over its $11 billion acquisition of a 67 per cent stake in the mobile-phone business owned by Hutchison Whampoa in 2007.
India's factory output climbed 22.4 per cent in March, benefiting from the base effect of the lockdown-marred month a year back as well as a turnaround in the manufacturing sector, while retail inflation slipped to a three-month low of 4.29 per cent in April. The high positive annual growth in the index of industrial production (IIP) in March 2021 came on back of a contraction of (-)0.9 per cent and (-)3.4 per cent in January and February 2021 respectively, according to the data released by the National Statistical Office (NSO) on Wednesday. This turnaround was led by recovery in the mining, manufacturing and electricity sectors.
The bonds will likely be simultaneously launched in major financial centres such as London, Singapore, Hong Kong, New York for a term of no less than 20 years.
'We can go somewhere between 35 per cent and 40 per cent.'
The reason why private banks will play the deposit pricing game strategically is the weakening of banks' deposits base given the competition from MFs and insurance companies due to tax-savings schemes.
After unseasonal rains, supply disruptions and pandemic-induced woes pushed retail inflation well over the Reserve Bank's comfort zone in 2020, the scenario is likely to stay that way at least in the short term as economic recovery slowly gains foothold. For most part of this year, pricier food items pushed the retail inflation, based on Consumer Price Index (CPI), higher in the range of 6.58-7.61 per cent, except for March when the reading was 5.91 per cent. Experts believe retail inflation is likely to average around 6.3 per cent this fiscal and mostly will remain sticky going forward owing to pick-up in demand across sectors.
'Reports in a section of media regarding Union Minister Shri Arun Jaitley's health condition are false and baseless. Media is advised to stay clear of rumour mongering,' Government Spokesman Sitanshu Kar tweeted.
For the first time, the value of card and mobile payments of Rs 10.57 trillion was more than ATM withdrawals of Rs 9.12 trillion in Q4 of fiscal 2019-20. In the months of lockdown, the gap may have widened further, but cash could be back in vogue when the situation normalises.
The Reserve Bank on Friday retained the real GDP growth projection at 9.5 per cent for 2021-22 as domestic economic activity has started normalising with the ebbing of the second wave of the virus and the phased reopening of the economy. In the June monetary policy, the RBI had lowered the growth projection for 2021-22 to 9.5 per cent from 10.5 per cent estimated earlier. Unveiling the bi-monthly monetary policy, RBI Governor Shaktikanta Dad said high-frequency indicators suggest that consumption (both private and government); investment; and external demand are all on the path of regaining traction.
Many banks' profits will take a hit and a few of them could even end up being in the red because of treasury losses, triggered by a sudden spike in government bond yields in the rising interest rate cycle, notes Tamal Bandyopadhyay.
Tech giant allowed to set up fully owned shops, with 30% local sourcing like everyone else.
As a result of this moratorium, individuals' EMI payments of loans taken will not be deducted from their bank accounts, providing much needed liquidity to borrowers whose income has been disrupted due to the lockdown till May 31.
'Given the 50 per cent or thereabouts increase in borrowing that has been announced, it is a reasonable estimate to say that at this time, an increase of 1.7-1.8 per cent on the 3.5 per cent budgeted fiscal deficit target is being anticipated,' Chief Economic Adviser Krishnamurthy Subramanian said on Friday.
Among the states due for election next year are AP, Haryana and Odisha, which have a fair share of agri credit. If these states individually announced debt relief, the combined waiver would be at least around Rs 600 bn to Rs 700 bn. Clearly, this will be a frightening challenge for Indian banks.
All public sector banks have moved to such a regime voluntarily, while private banks are yet to. The state-run banks have introduced repo-linked products for floating-rate home and auto loans, but the RBI said loans to micro, small and medium enterprises (MSMEs) should also be linked to an external benchmark.
Stressed MSME borrowers would be eligible for restructuring of debt, if their accounts were classified standard.
According to the RBI proposal, companies can now take the ECB route for raising 10-year funds which is capped at five years now.
Since April, India has seen multiple strains of the coronanavirus sweep the nation, upending life and businesses alike. Out-of-home retail and discretionary categories such as durables, auto, fashion, lifestyle, hospitality, food services, travel, and tourism have been the worst-hit as Covid cases remain high, leaving state governments with no option but to curtail mobility and economic activity.
Members of Parliament, state legislatures, and local governments not eligible to be members of PSB boards
An official said that people in the government were aware of the benefits as well as the drawbacks of issuing overseas sovereign bonds, and there will be consultations with all stakeholders.
'In the real economy, the scars of the pandemic will continue to define 2021.' 'It is still hard to tell the effect on unemployment, migrant workers, poverty, and the informal sector of the lockdown and of the pandemic,' observes Mihir S Sharma.
Asked about the Congress's opposition to the GST Bill, Santosh Kumar Gangwar said no party opposes GST outside Parliament.
There has been criticism of the new tax forms with experts and consultants saying government was seeking too much data. They felt that the addition of new information would make the process of filing returns difficult.
November 8 marks 6 years after demonetisation. A K Bhattacharya reveals how the prime minister and the RBI worked together for months before Modi's 8 pm speech. A riveting excerpt from The Rise Of Goliath: Twelve Disruptions That Changed India.
Several leading industrialists, including Reliance Industries CMD Mukesh Ambani, Vedanta Resources Limited executive chairman Anil Agarwal, chairman emeritus of Tata Sons Ratan Tata, Mahindra Group chairman Anand Mahindra, Paytm Founder and CEO Vijay Shekhar Sharma, Welspun Group chairman and Assocham president B K Goenka, attended the swearing-in ceremony.
In the last financial year, GDP growth was 7.3 per cent.
Jaitley assured that both the banking system and the government will make the resources available to them.
Take a look at the famous faces who exercised their democratic right.
Govt sets up task force to monitor circulation of fake currency; suspicious Jan Dhan accounts under scanner.
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