Shaktikanta Das will demit the office on Tuesday after completing six years as the 25th Governor of the Reserve Bank of India. Revenue Secretary Sanjay Malhotra will replace him as the 26th Governor. He was appointed as the Governor on December 12, 2018, after the abrupt exit of Urjit Patel.
The current wage revision for PSBs, as well as some private lenders, is due from November 2017 for five years - up to October 2022.
The central government is looking to strengthen the boards of public sector banks (PSBs) by specifying terms of office and conditions of service for whole-time directors, and also seeking disclosures from all directors about interests in other companies. Through the Banking Laws Amendment Bill, the government is likely to introduce conditions for disqualification of whole-time and independent directors which are not specified in the current legislation. The Centre is seeking to introduce fresh changes that are aimed at strengthening the boards of PSBs, and holding their directors accountable, an official said.
Responding to questions, the World Bank president insisted that this slowdown is temporary.
Does the Union government or the RBI see itself as Krishna beheading Shishupal and what will constitute the 101st or indeed the past many sins for which a Sudarshan Chakra will have to be used? More importantly, what are those sins?
According to the complaint filed by SBI, the account had become non-performing asset on January 27, 2016.
The pilot project for central bank digital currency (CBDC) in the retail segment went live on Thursday with the Reserve Bank of India (RBI) issuing Rs 1.71 crore to four participating banks based on their indents. The central bank has identified four banks for the first phase of the pilot - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank - in four cities, Mumbai, New Delhi, Bengaluru and Bhubaneswar. The highest indent was received from one private sector bank.
This is the first tranche of capital infusion for the fiscal and more funds would be provided in future depending upon the performance of PSU banks.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
A joint forum of central trade unions has given a call for a nationwide strike on March 28 and 29, to protest against government policies affecting workers, farmers, and people. The Joint Platform of central trade unions held a meeting in Delhi on March 22, 2022, to take stock of the preparations in various states and sectors for the proposed two-day all India strike on 28-29 March 2022 against "the anti-worker, anti-farmer, anti-people and anti-national policies" of the central government, a statement said. The statement said that roadways, transport workers and electricity workers have decided to join the strike in spite of the impending threat of ESMA (Haryana and Chandigarh, respectively). Financial sectors, including banking and insurance, are joining the strike, it stated.
A slowdown in India's growth rate, the bank said, has also affected the growth rate of South Asia. As a result, South Asia has fallen to second place after East Asia and the Pacific.
Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
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.
The Union home ministry has cancelled the Foreign Contribution Regulation Act (FCRA) registration of the Centre for Policy Research (CPR) for alleged violation of laws, a move the public think-tank termed "incomprehensible and disproportionate" and vowed to seek legal recourse against.
Banks operating in India reported fraud of Rs 4.92 trillion as on March 31, 2021, which represents nearly 4.5 per cent of the total bank credit, showed Reserve Bank of India (RBI) data, which was sought under the Right to Information (RTI) Act by Saurabh Pandhare. The data showed 90 banks and financial institutions reported a total of 45,613 cases of loan fraud till March 31, 2021. State Bank of India - the country's largest lender - reported the highest amount of loans as fraud - Rs 78,072 crore as on March 31, 2021.
'The finance ministry and public sector banks have tried to keep the names of wilful defaulters secret.' 'Secrecy and concealing information are inbred among banks and even the RBI,' observes Debashis Basu, editor, www.moneylife.in.
'On the evening of the 17th, the RBI said the bank was put on moratorium.' 'Within an hour, the RBI said it would be merged with DBS.' 'How did DBS come to know within an hour that LVB was in trouble?' 'It means, what happened was match-fixing.'
RBI Governor Raghuram Rajan wanted to improve training for staff, through initiatives such as sending them to other central banks for short stints.
In FY24, loans given out by such firms had topped a whopping Rs 146,517 crore, up by 49 per cent year-on-year and spread over 10.19 million accounts (up 35 per cent).
12 banks have been authorised to receive such donations to the Prime Minister's National Relief Fund.
The overarching talking point will be the reluctance on the part of private banks to loosen their purse strings and increase lending substantially, even as the central bank believes there is adequate liquidity within the system.
These recommendations are based on interactions held by the Banks Board Bureau with eligible candidates from PSBs towards appointment against vacancies in PSBs for the period 2018-19
The unions term the introduction of fixed-term employment as a 'modern labour slavery system' introduced through the 'back door'.
The IMF expressed its opposition to any move that compromises the independence of central banks anywhere in the world.
Caste census politics took centre stage on Thursday with the Congress terming the government's decision as a 'diversionary tactic' and a move for headlines management and the Bharatiya Janata Party saying it has exposed the difference between the Centre's 'true intentions' and the 'empty sloganeering' of the opposition party.
Replying to a question about women empowerment, Sitharaman insisted that patriarchy is a concept invented by the Left.
In FY24 alone, 1.34 million fraud cases were reported, amounting to losses of Rs 1,087 crore.
The RBI also looked into the effectiveness of systems and processes for implementation of KYC norms
The mergers will not involve any cash but only share swaps
Bandhan Bank is the first bank to be launched in eastern India post Independence.
"We firmly hold that undermining the central bank is a recipe for disaster and government must desist," All India Reserve Bank Association said in a letter. The association said Acharya's comments about the government's interventionist role vis-a-vis the RBI has created a flutter across the nation. "This is, however, not a sudden outburst, but was waiting to happen due to long simmering discontent," the association said.
A bank employee from Rajasthan was shot dead on Thursday by terrorists in Kulgam district of Jammu and Kashmir, officials said.
The bias for the BSE benchmark index, technical charts suggest, is likely to remain bullish as long as the index holds above 75,600 levels for the rest of the year.
'Consider 40% to 50% in equities, 10% in gold as a hedge, and the remaining 30% to 40% split between multi-asset funds and hybrid funds.'
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
Prime Minister Narendra Modi and US Vice President JD Vance have expressed satisfaction with the progress made in negotiations for a bilateral trade agreement. The two leaders met in New Delhi and discussed a range of bilateral issues, including cooperation in energy, defense, strategic technologies, and other areas. They also exchanged views on regional and global issues of mutual interest.
The gross bad debt of the Indian banking system as of March was at Rs 7.11 lakh crore
Banking on the Budget's tax relief, the BJP seeks to energise Delhi's middle class; the AAP is doing its bit too. But will their outreach mobilise this politically crucial yet disengaged electorate?
The move to make the appointment process more robust comes after last month's arrest of S K Jain, chairman and managing director of Syndicate Bank last month, over graft charges.
Finance Minister Nirmala Sitharaman on Saturday said she is likely to introduce the new income tax bill, which will replace the six-decade-old I-T Act, in the Lok Sabha in the coming week.
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