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).
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.
A trends study conducted by India's Financial Intelligence Unit (FIU) has expressed suspicion that cryptocurrency is being used across the country in serious criminal acts like terrorist financing, fuelling secessionist activities, cybercrime, narcotics trafficking, illegal betting and gambling. The report, which was based on suspicious transaction reports and operational analysis, shared these trends and credible intelligence with law enforcement agencies.
The RBI, which has no interest or mechanism to get feedback from bank customers, is unaware of this. If made aware, it remains silent, proving that it has no problem in allowing lenders to short-change its customers, says Debashis Basu.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Banking operations are likely to be hit hard on Friday as three employees unions have called for a nationwide strike to oppose outsourcing of services, demand recruitment of staff and one more pension option.
Banks and builders are offering lower rates and freebies, but there is also a case for price correction in the future. Wait, if you are not desperate.
Cyber crimes in 2016-2017: 1,372 cases. Cost: Rs 423 million.
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 government's step to curtail fiscal deficit is helping the central bank's monetary policy, Rajan 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.
The government is looking to give Bharat Global Ports a certain amount of domestic exposure after it set up the state-owned consortium to increase India's global maritime heft, officials aware of the development said. The intended domestic exposure is meant to give the consortium experience and build its credentials for international projects.
About 196 Regional Rural Banks will participate in the nationwide strike called by central trade unions and federation of bank employees on May 21, in protest against the 'anti-labour' policies of government.
The Lok Sabha passed the Waqf (Amendment) Bill, 2025, with the ruling NDA defending it as beneficial for minorities while the opposition called it "anti-Muslim". All amendments moved by the opposition were rejected and the bill was passed with 288 votes in favor and 232 against. Union Minorities Affairs Minister Kiren Rijiju asserted that India is the safest place in the world for minorities, refuting claims of their insecurity.
The Supreme Court on Thursday refused to examine a public interest litigation (PIL) seeking a judicial probe into the April 22 Pahalgam terror attack in which 26 people were killed.
Department of financial services secretary Sanjay Malhotra held a meeting with heads of PSBs, insurance companies and financial institutions for identifying ways to support Agniveers on completion of their tenure of duty.
The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance.
The strike by bank employees is part of the one-day all-India general strike, called by major central trade unions.
While sources in Iran confirmed the dispute, officials of the central banks of both countries are set to meet on Friday.
The Reserve Bank of India (RBI) unions have decided to intensify their stir demanding revision of wages, pending since November 2017, and have called for mass casual leave of employees at the central bank on November 30. However, several sources in the RBI told Business Standard that the unions may not have to go on agitation, as the new contours of the wage pact have been almost finalised and could be announced any time. An email sent to the RBI was not answered. The United Forum of Reserve Bank Officers and Employees had deferred its agitation earlier after it was told that RBI Governor Shaktikanta Das was to hold talks with the human resource management department (HRMD).
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
Replying to a question about women empowerment, Sitharaman insisted that patriarchy is a concept invented by the Left.
The Sensex closed higher by 170 points at 26,128 and the Nifty rose 59 points to end at 7,943.
The decision is in response to the strike call given by United Forum Of Bank Unions, which has more than 10 lakh (1 million) employees and officers of banking Industry under its umbrella.
'The Insolvency and Bankruptcy Code is neither beneficial to banks nor helpful for the borrower.' 'Genuine people who are caught in economic stagnation will lose everything and thousands will lose jobs.'
In FY24 alone, 1.34 million fraud cases were reported, amounting to losses of Rs 1,087 crore.
Union Minister for Road Transport and Highways Nitin Gadkari has announced that the long-delayed Mumbai-Goa highway will be completed by June this year. He also revealed that a new toll policy will be announced within the next 15 days, which will eliminate physical toll booths across the country. Gadkari attributed the delay in the highway project to legal disputes and land acquisition issues. He expressed confidence in India's infrastructural future, stating that the country's road infrastructure will be better than that of the United States in the next two years.
Chief Minister K Chandrasekhar Rao-led Bharat Rashtra Samiti has pinned hopes on the development work his government undertook during the past ten years, while opposition Congress and BJP bank on anti-incumbency and the alleged failures of the incumbent.
To manage anxious crowds, as many as 3,400 personnel of paramilitary and Delhi Police along with 200 quick reaction teams have been deployed at ATMs and banks.
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.
'Karur could still impact Jana Nayagan's box-office success if Vijay and the TVK do not get their act together,' points out N Sathiya Moorthy.
Banks cannot shirk their responsibility in cases of frauds.
Collectively, the pack of 12 has posted a 50 per cent rise in profits -- Rs 25,685 crore. On a quarter-on-quarter basis (that is, September over June), the rise is 68 per cent. Public sector banks have never had such a stellar performance, explains Tamal Bandyopadhyay.
A case has been registered against Union Minister of State Rajeev Chandrasekhar for allegedly making statements that promote enmity between different groups, police said on Tuesday.
Foreign ministers of G20 major economies will meet in the national capital on March 1 and 2 to deliberate on pressing global challenges amid escalating confrontation between Russia and the West over the Ukraine conflict that entered the second year this week.
The next Census' findings will help identify the extent of India's ageing population and vulnerability levels.
'I hear that there are some 10,000 Indians stuck in Iran, including nearly 4,000 students from Kashmir. But, I do not know any of them. Here I am all by myself and the embassy has asked me not to venture out far from my hotel. People here are going about their daily lives despite the bombings'
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
The current situation in Kerala politics is perhaps best described as a case of the state's traditional two front politics now seeing a third front (the BJP) muscling in with the potential outcome being either a messy three front affair or a renewed endorsement of the two front pattern but with one of the old fronts compromised or quashed, observes Shyam G Menon.
The dismissal of the five --most of whom have cases registered against them for terror activities -- was ordered under Article 311 of the Indian Constitution.
