With 7 per cent economic growth, India is not creating enough jobs as reflected by the number of applicants for vacant posts in some states, Reserve Bank's former governor Raghuram Rajan said and suggested the government needs to focus on promoting labour-intensive industries to generate employment. Rajan further said some Indians, especially those at upper level, are comfortable and have high incomes, but consumption growth from the lower half of the country has still not recovered to pre-pandemic level.
Rating agency Moody's has placed 13 Indian banks, including State Bank of India, ICICI Bank and Punjab National Bank, on watch for possible downgrade under a global review of systemic support available for the banking sector.
Finance Minister Nirmala Sitharaman presents her fourth Budget in Lok Sabha on Tuesday.
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.
India's first digital rupee pilot project will commence on Tuesday with nine banks, including SBI, HDFC Bank and ICICI Bank, issuing the virtual currency for transactions in government securities. "...the first pilot in the digital rupee - Wholesale segment shall commence on November 1, 2022," the RBI said in a statement on 'Operationalisation of Central Bank Digital Currency-Wholesale (e?-W) Pilot'. It also announced that the first pilot in digital rupee - Retail segment is planned for launch within a month in select locations in closed user groups comprising customers and merchants.
The notification of the Act comes just a day after Union Education Minister Dharmendra Pradhan was asked when the legislation would be implemented. The minister had said the law ministry was framing the rules.
AIBEA said that on April 19 its officer bearers would meet in Punjab to decide the next course of action.
Dream hillstation project Lavasa, near Pune, is now a millstone around lenders' neck.
The CBI has been carrying out searches at various locations for the past few days to locate assets acquired from the proceeds of the scam, officials said.
At a time when exchange-traded funds (ETFs) were unloading Jio Financial Services from their portfolios, some active fund managers were placing large bets on the demerged financial services arm of Reliance Industries Ltd (RIL), a report by Nuvama Alternative & Quantitative Research shows. Motilal Oswal Mutual Fund and Quant Mutual Fund were the top MF buyers of the stock in August. They bought around 60 million shares each, together investing around Rs 2,800 crore.
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
Four state-owned banks on Friday said the government has extended tenures of their top officials, including managing director and chief executive officers (MD and CEOs) of Punjab National Bank and Bank of Maharashtra. Besides, the government has extended the tenures of executive directors of Punjab National Bank (PNB), Union Bank of India and Central Bank of India. The government sent notifications to these banks on Thursday, informing them about the extensions given to the top-level officials.
BoI, Union Bank follow, earnings to be impacted.
So far 14 Kashmiri Pandits have filed nominations to contest from the valley for the upcoming Jammu and Kashmir assembly elections, aiming to ensure the return and rehabilitation of their fellow community members, whose number run up to 3 lakh.
Banking PSU stocks made a brave comeback on Monday after succumbing to losses Friday following the Union Budget's ignoring a long-standing demand by the sector on FDI limits.
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
Employees of public sector banks (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual.
Executive directors from different banks are eligible to be promoted to the post of chairman and managing director.
A bank employee from Rajasthan was shot dead on Thursday by terrorists in Kulgam district of Jammu and Kashmir, officials said.
Retirement fund body EPFO recorded a net addition of 19.94 lakh members in July this year, the labour ministry said on Monday. Union Labour Minister Mansukh Mandaviya said at a press conference that 10.52 lakh new or first-time workers subscribed to social security schemes run by Employees' Provident Fund Organisation (EPFO). The minister said almost 20 lakh net new members addition (19.94 lakh) was recorded in July this year.
Lenders can now initiate recovery proceedings since the SC has lifted the standstill on asset classification, which protected stressed accounts from slipping into NPAs.
Dr T V Somanathan is the first finance secretary to be appointed Cabinet secretary since 1985. His appointment at this juncture seems to carry much meaning for the forthcoming trajectory of reforms and restructuring of India's steel frame.
The deadly terror attacks, which crippled Mumbai on Thursday also, will not be able to dent the confidence of India's banking and financial system, which, bankers feel, will bounce back to normal soon.
The two-day nationwide strike called by central trade unions to protest the Centre's alleged anti-worker policies evoked mixed response all over country on Tuesday.
A combination of factors, including heavy investments in US Treasury bonds and dollar sales at a healthy profit, facilitated the Indian central bank in transferring a record surplus of Rs 2.11 trillion to the government for 2023-24 (FY24). The RBI's dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy's health.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Scheduled commercial banks have written off loans amounting to over Rs 10.09 lakh crore in the last five financial years and the process of recovery of dues from the borrowers continues, Union Finance Minister Nirmala Sitharaman informed the Lok Sabha on Monday.
A procession of barges will take nearly 7,000 athletes along the river past Paris's most famous landmarks, while more than 300,000 spectators will watch from the banks.
Shah said the present Lok Sabha elections are about "choosing between corrupt leaders of INDI alliance and honest politician Narendra Modi, who despite being Chief Minister and then Prime Minister never had an allegation of single paisa against him."
State Bank of India and IDBI Bank have decided not to go to the IIMs this year.
ICICI Bank, Union Bank of India, Central Bank of India and Dena Bank have all hiked interest rates on NRE and FCNR fixed deposits from January 1.
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.
Unlike any other business, banking is a turf where the captain's role is the most critical. Often a bank is defined by the personality of the CEO who runs it. Both HDFC Bank and Kotak Mahindra Bank are the creation of their CEOs, notes Tamal Bandyopadhyay.
The implementation of this toll collection system, which will eventually eradicate toll booths, necessitates the fitting of an on-board unit (OBU) in every vehicle that can track a vehicle's location in real time.
Those with plans to enter the wealth management business want to first put in place robust processes.
Former Union minister and Congress' Lok Sabha candidate from Ratlam in Madhya Pradesh, Kantilal Bhuria, who has courted a controversy with his 'two wives' remark, has clarified that he passed the comment sarcastically in response to a tribal man's query.
Keeping up his tradition of celebrating the festival with soldiers, Prime Minister Narendra Modi visited Sir Creek near the Indo-Pak border in Gujarat's Kutch district and offered sweets to jawans.
The party was floated exactly two years after Kishor had embarked on a more than 3,000-km-long 'padayatra' of the state.
;The entire INDIA bloc, led by Rahul Gandhi, was against the bonds and they wanted the old system of cut money to rule over politics once again;
