The concept of 'fairness by rulers' is deeply ingrained in Indians and any weakening of this dents the legitimacy of the ruler, warns military historian Colonel Anil A Athale (retd).
The Reserve Bank of India's (RBI's) recent decision to allow credit cards for payments through the Unified Payments Interface (UPI) is likely to attract a merchant discount rate (MDR), said a top payment industry source. For smaller merchants, a subsidy for MDR could be provided. "With credit card-UPI linkage, UPI will not only be a payment instrument but also a lending platform. "How can banks lend without a commercial model? Also, the government has said MDR will be zero for payment products but not for lending products," the source said, indicating the MDR regime for credit card-linked UPI payments.
Heading G20 will give India a foreign affairs year like it has never had in history. You can trust Narendra Modi to exploit this to India's benefit. And, of course, to his own in his election year, explains Shekhar Gupta.
'With English the most rapidly growing medium of instruction in India's schools and accounting now for more than one-sixth of the total (next only to Hindi, which accounts for a half), India is not about to turn its face away from a language that has global currency,' notes T N Ninan.<
The mandatory use of the Indian flag on SCI's ships has been a bone of contention with prospective buyers, on account of the costs it will entail in terms of taxation and vessel registration.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
As stringent sanctions imposed by the European Union and US are crippling business and trade, desperate Russian oil companies are offering huge discounts to India, provided a payment mechanism to bypass the SWIFT ban is quickly approved by the government. According to sources familiar with the development, Russian oil firms are offering 25-27 per cent discount to the dated Brent crude prices. State-run Rosneft is one the biggest oil companies that supply crude to India.
Each postman has undergone a three-tier training process, after which they were evaluated by the National Institute of Banking and Finance and given certificates.
Here's how the move will affect the banks' customers.
In a first for India, bullion derivatives contracts will be settled on a blockchain platform. This will help in global acceptance of gold refined by Indian bullion refineries, giving a fillip to the local industry, exports, as well as investments. From November 1, the National Stock Exchange (NSE) will accept gold delivery only on the blockchain platform.
The CBI has filed a fresh case against absconding diamantaire Mehul Choksi, wanted along with his nephew Nirav Modi in a loan fraud case of Rs 13,500 crore, for allegedly inflating the value of diamonds and jewellery pledged to get Rs 25 crore loan from IFCI, officials said on Monday. The CBI has booked Mehul Choksi, his company Gitanjali Gems and valuers Surajmal Lallu Bhai and Co, Narendra Jhaveri, Pradip C Shah and Shrenik Shah, they said. The central agency has acted on a complaint from Industrial Finance Corporation of India (IFCI) Ltd alleging that Choksi had approached it in 2016 seeking Rs 25 crore working capital loan for which he had pledged shares and gold and diamond jewellery.
On November 12, 2021, the Reserve Bank of India (RBI) decided to ring in uniformity in asset classification and income recognition across all lending institutions. Shadow banks, or non-banking financial companies (NBFCs), like commercial banks, are to test non-performing assets (NPAs) on a daily basis and upgrade them to "standard assets" only when interest and principal arrears are settled by borrowers. This is going to create all manner of headaches for shadow banks and their clientele. Says Y S Chakravarti, managing director and chief executive officer (CEO), Shriram City Union Finance: "NPA levels will go up, especially of small borrowers.
Dhananjaya Y Chandrachud, however, had no qualms about overturning the judgements of father Y V Chandrachud on hot- button issues like adultery and the right to privacy.
The finance ministry has initiated an internal survey of the faceless regime to examine its effectiveness.
If bank and service provider are not compliant, pay manually, or give standing instruction linked to bank a/c, suggests Bindisha Sarang.
'The US will not want to tangle with China landwards.' 'Nor will the US confront the Chinese navy seawards on India's account.'
Shifting to floating rate deposits can work as an anaesthetic gel for some customers, points out Tamal Bandyopadhyay.
The agitating farmers had earlier said they would picket toll plazas to press their demand for a repeal of the three new laws, which were voted through in Parliament in September amid strong protests by opposition parties.
'Ultimately, we have to understand that we don't have the supply at the population scale. 'Therefore, it has to be prioritised.' 'That's what the government has done.'
Any sex worker who is a victim of sexual assault should be provided with all facilities available to a survivor of sexual assault, including immediate medical assistance, in accordance with law, it said.
RBL Bank is no Yes Bank. It's not fraught with fraud. It's a story of limitless ambition and greed for growth under a leader who doesn't want to give up, says Tamal Bandyopadhyay.
Putin is looking beyond the current regime in Kyiv. Of course, if the Western military assistance to Kyiv continues in any form, Washington knows that Russia will regard it as a hostile act and there will be severe consequences, predicts Ambassador M K Bhadrakumar.
The pandemic has changed the way people see the government. It has eroded trust in the administration's ability to tackle a crisis, any crisis, observes Devangshu Datta.
Wait for a while before he does another somersault... But one thing is reasonably certain -- the twice betrayed BJP may not embrace him again, predicts Virendra Kapoor.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
Former Telecom Minister A Raja on Sunday said he was ready to serve life imprisonment if a single rupee or dollar was found in any offshore account in his name.
With corruption rankings, the White-Anglo-Saxon-White Caucasian countries have succeeded in discovering a replacement for the old form of imperialistically deracinating the rest of the world, argues Sudarshan Madabushi.
Employees across segments, including those involved in specialised jobs such as technology, compliance and risk management, have started leaving the bank fold in hordes, observes Tamal Bandyopadhyay.
The rating agency revised the outlook for EXIM, SBI, Bank of Baroda, Bank of Baroda (New Zealand), Bank of India, Canara Bank, Punjab National Bank, ICICI Bank, Axis Bank while affirming their ratings. At the same time, Fitch has affirmed IDBI Bank Ltd's (IDBI) rating, while maintaining the outlook at negative.
The hoarding of cash accentuated from the very start of 2020, when the coronavirus pandemic started taking hold the world over, and fear of the pandemic prodded people to remain liquid for emergency use.
This doctor couple put their faith in India. And in return India has put faith in them.
The tax portal problem is a goof-up by both sides, and making Infosys the only villain in the story is quite unfair, argues Shyamal Majumdar.
At a time when crude oil and natural gas prices are sky-high, public sector behemoth ONGC's haphazard planning and mismanagement in developing showpiece deep-sea KG-D5 block is costing the nation over Rs 18,000 crores due to the delayed output of oil and gas, government officials said. ONGC was originally to start gas production from the Cluster-II fields in block KG-DWN-98/2 (KG-D5) in June 2019 and the first oil was to flow in March 2020. But these targets were quietly shifted to end-2021 because of deferments in awarding the fragmented work packages of the project, two officials with direct knowledge of the matter said on condition of anonymity.
Ajit Balakrishnan on how to arrest a worldwide decline.
New norms are in place to strengthen regulations for this set of lenders which has been playing a critical role in Asia's third largest economy, notes Tamal Bandyopadhyay.
The rankings were prepared after examining the volume of terrorist and rebel alerts, messaging traffic, videos, photos, incidents and the number of killed and injured in a country over the past 30 days.
Noting that the number of unicorns in India has reached the 100-mark this month, Prime Minister Narendra Modi on Sunday said that even in the phase of the Covid pandemic, Indian startups have been creating wealth and value with entrepreneurs emerging from smaller cities and towns as well. In his monthly 'Mann ki Baat' radio broadcast, the prime minister said that on the fifth of this month the number of unicorns in India reached the 100-mark. "The total valuation of these unicorns is more than USD 330 billion, that is, more than 25 lakh crore rupees. "Certainly, this is a matter of pride for every Indian," he said.
Modi is seen as exceptional not only on account of his acts but also owing to his style. He appears to sacrifice his life for the people -- like a fakir, a figure he came to epitomize even more in 2020 by growing a long white beard. Charisma is above accountability, and Modi has grasped these dynamics.
The Reserve Bank's rate-setting panel, Monetary Policy Committee (MPC), began its three-day deliberations on Wednesday amid expectations of a status quo on benchmark rate mainly on account of uncertainty over the impact of the second wave of COVID-19 pandemic. Moreover, the fears of firming inflation may also refrain the MPC from tinkering with the interest rate in its bi-monthly monetary policy outcome to be announced on Friday. The RBI had kept key interest rates unchanged at the last MPC meeting held in April.
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