The Reserve Bank of India will soon initiate discussions with Indian banking entities to introduce Basel-II accord, prudential norms including risk management and capital adequacy guidelines, for smooth transition to the new regulatory framework.
'The committee has been constituted. Different government departments and FSDC members are part of it.'
India's foreign exchange reserves declined $1.15 billion to $571.56 billion for the week ended July 22, according to RBI data. The reserves has been declining amid continuing volatility in the rupee which has also significantly depreciated against the US dollar. In the previous reporting week, the overall reserves had declined by $7.54 billion to $572.71 billion.
In his letter to President Droupadi Murmu, SCBA President Adish C Aggarwala urged her to seek presidential reference of the apex court judgement in the electoral bonds scheme case.
The Reserve Bank of India has convened a meeting of bank chairmen and managing directors on September 16 to discuss ways to formulate the benchmark prime lending rate, which is expected to be introduced by this month-end.
The Reserve Bank of India on Tuesday cut the bank rate by 0.25 per cent to 6 per cent with effect from close of business hours.
The response was tepid in other parts of the country even as several INDIA bloc parties as well as other non-BJP outfits extended their support to the bandh.
A five-judge Constitution bench headed by Chief Justice D Y Chandrachud, which was hearing an application filed by the Election Commission (EC) seeking a modification of the operative portion of its March 11 order in the electoral bonds case, directed its registrar (judicial) to ensure that the data filed earlier by the poll panel before it in a sealed cover be scanned and digitised.
'Mumbai main branch (SBI headquarter) has all the data ready-made. It doesn't take even an hour to out the data from the system.'
In its verdict last month, the top court directed the SBI to furnish the details to the Election Commission (EC) by March 6.
Congress general secretary in-charge communications Jairam Ramesh said "surprisingly" the prime minister is grounded in New Delhi on Wednesday and not travelling around the country for new "inaugurations", for rebranding, or for claiming credit for past work.
The unions are opposing the government's move to take away the public debt management from the Reserve Bank and curtail its powers on the monetary policy.
The avoidable stresses and strains in ties helped in one way. It showed for the entire region how a matured India handled diplomatic relations, especially with a smaller and suspicious neighbour, with practised dignity and patience, unruffled by provocations in word, deed and action, observes N Sathiya Moorthy.
Tokenisation is the process of replacing debit and credit card numbers with a set of characters or tokens.
Government unlikely to bring in an ordinance to address the developments arising out of the Supreme Court order.
In a circular, the ministry said all NGOs which were registered under the Foreign Contribution Regulation Act should receive donations from abroad in a single designated bank account.
The assertion comes in the wake of the Supreme Court directing the SBI to submit the details of the electoral bonds purchased since April 12, 2019 to the EC.
State Bank of India, HDFC Bank, Kotak Mahindra Bank, and IDFC Bank have filed a petition against the notice, in a last-ditch attempt by the banking system to keep the information confidential. The notice was given to the lenders under Section 11(1) of the RTI Act, seeking third-party disclosure requirements. While the apex court's original directive in 2015 applied to the full report, it was subsequently agreed that not the entire report but only relevant portions, such as those on bad debts and borrowers, would be made public.
The NCLAT said the RBI cannot restrict it from prohibiting banks from 'asset classfication' and observed that any change in this order would upset the entire resolution process of the IL&FS
A person availing the services of a bank for 'commercial purpose' is not a consumer under the Consumer Protection Act, the Supreme Court has said. The apex court stated that to come within the ambit of the consumer, a person will have to establish that the services were availed exclusively for earning his livelihood by means of self employment. A bench of Justices L Nageswara Rao and B R Gavai said there cannot be any straitjacket formula and such a question will have to be decided in the facts of each case, depending upon the evidence placed on record.
A five-judge constitution bench headed by Chief Justice DY Chandrachud had on May 11 reserved its verdict on the pleas after a marathon hearing of 10 days.
A voter's right to know is 'far too important' in democracy than the privacy of a donor, Supreme Court judge Justice Sanjiv Khanna said on Thursday as the apex court scrapped the 2018 electoral bond scheme for funding political parties.
A five-judge Constitution bench of the Supreme Court is scheduled to commence a crucial hearing from Tuesday on a batch of pleas challenging the validity of the electoral bonds scheme for funding political parties.
Eminent economist and Nobel laureate Amartya Sen on Monday described the electoral bonds scheme as a scandal and welcomed the Supreme Court's recent judgment annulling it.
Among bank groups, PSBs, which constitute the largest market share in bank lending, have accounted for the bulk of frauds reported in 2018-19.
According to the cause list for December 11, Monday, uploaded on the apex court website, a five-judge constitution bench headed by Chief Justice D Y Chandrachud would deliver the verdict.
The Enforcement Directorate on Tuesday said it has attached over a dozen properties worth Rs 12.78 crore of suspended Trinamool Congress leader Shajahan Sheikh including bank deposits, an apartment, and agricultural and fishery land in Sandeshkhali and Kolkata in West Bengal.
Hospitals and blood banks can now only charge processing fees for blood as the apex drug regulator has decided to do away with all other fees to check the practice of overcharging.
The ECI data covers 20,421 bonds worth Rs 12,769 crore. The ADR data, however, collated information on 27,811 bonds worth Rs 16,492 crore. The gap is nearly Rs 4,000 crore and involves over 7,000 bonds.
The country's foreign exchange reserves rose by $21.1 million to $280.19 billion, the Reserve Bank said.
"But the BJP wants it to be done after Lok Sabha elections. The tenure of this Lok Sabha will end on 16th June and SBI wants to share the data by 30th June," Kharge said.
The Reserve Bank of India on Friday raised the retail inflation target for the current financial year to 5.7 per cent on the back of rising global prices amidst the ongoing geo-political tensions, even as it expected the prices of cereals and pulses to soften on prospects of good winter crop harvest. "Global food prices along with metal prices have hardened significantly. "Economy is grappling with a sharp rise in inflation... Inflation is now projected at 5.7 per cent in 2022-23 with Q1 at 6.3 per cent; Q2 at 5 per cent; Q3 at 5.4 per cent and Q4 at 5.1 per cent," RBI Governor Shaktikanta Das said while unveiling the first monetary policy review for the current fiscal year.
The Supreme Court of India on Wednesday said the problem with electoral bonds scheme is that it provides for "selective anonymity" and "selective confidentiality" as the details are available with the State Bank of India (SBI) and can also be accessed by the law enforcement agencies.
India's forex reserves decreased by $587 million to $635.08 billion for the week ended December 24, the RBI said on Friday. In the previous week ended December 17, the overall reserves had decreased by $160 million to $635.67 billion. The kitty had touched a lifetime high of $642.45 billion in the week ended September 3, 2021.
The total reserves had gone up by $982 million in the previous reporting week.
The Lokpal was functioning without its regular chief since Pinaki Chandra Ghose completed his term on May 27, 2022.
In a circular, the ministry said all NGOs registered under the Foreign Contribution Regulation Act should receive foreign donations in a single designated bank account.
The top court said a considerable amount of direct control is exercised by the client over the manner in which an advocate renders his services during the course of his employment.
A bench comprising Justices Sanjiv Khanna and Dipankar Datta took note of the submissions of lawyer Prashant Bhushan, appearing for NGOs 'Common Cause' and the Centre for Public Interest Litigation, that the plea needed to be listed for hearing at the earliest.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.
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