'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.
RBI in its policy review last month kept interest rates unchanged and said it sees an upside risk to inflation.
A bench headed by Justice L Nageswara Rao also directed the central bank to review its policy to disclose information relating to banks under RTI, saying "it is duty bound under the law".
In policy review meet in June, RBI Governor Raghuram Rajan kept interest rates intact.
Observing that it does not propose to run the administration in Manipur, the apex court said necessary verifications shall be carried out before issuing the Aadhaar cards expeditiously.
Chakrabarty would succeed V Leeladhar as the deputy governor in charge of banking in the apex bank. The official notification is expected soon and Chakrabarty is likely to assume office on Monday, banking sources said.
The RBI has agreed to consider the application of India Post in consultation with the government.
The Delhi high court has directed SpiceJet to deposit "forthwith" Rs 75 crore that has to be paid to media baron Kalanidhi Maran and his Kal Airways towards interest on an arbitral award of Rs 578 crore. The high court said, admittedly, there is no modification of the February 13, 2023 order passed by the Supreme Court in the case, and hence it needs to be followed. "Since the judgment debtor (SpiceJet) had failed to pay an amount of Rs 75 crores to decree holder (Maran and Kal Airways), hence in terms of para 15 (ii) of the order dated February 13, 2023 of the Supreme Court, there is no other alternative except to call upon the judgment debtors to deposit the entire outstanding amount qua interest forthwith, thus is so directed.
The "opaque" electoral bonds scheme for funding political parties will "destroy democracy" as it promotes corruption and does not allow a level playing field between the ruling and opposition parties, the petitioners challenging the validity of the scheme told the Supreme Court, which on Tuesday observed election funding was a "complicated issue".
'Corporates who donated to political parties were guaranteed by the electoral bond scheme that their names and to who they were donating funds will be not disclosed.'
The apex bank is taking away the 'psychological hook' that schemes with zero interest have on consumers.
The Reserve Bank on Thursday asked card companies not to issue unsolicited credit cards or upgrade an existing card without the explicit consent of the customer, failing which they will have to pay double the billed amount as penalty. It also asked card issuers and third-party agents not to resort to intimidation or harassment during recovery of dues from customers. In its master directions on credit card and debit card issuance, the RBI said "the issue of unsolicited cards/upgradation is strictly prohibited".
India's reserve position with IMF rose by $ 7 million to $ 3.636 billion.
Prime Minister Narendra Modi has honoured Hindu, Buddhist, Sikh and Jain refugees by giving them citizenship through Citizenship (Amendment) Act (CAA), Union home minister Amit Shah said on Tuesday and maintained there is no provision of stripping of anyone's citizenship in the new law.
A plea has been filed in the Supreme Court seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
How much will the banks' bad assets grow in March? It could be anywhere between Rs 1.2 trillion and Rs 2 trillion, observes Tamal Bandyopadhyay.
Finance Minister Nirmala Sitharaman on Friday said the entire fiscal stimulus announced by the government would be funded by borrowings and revenues, and taxpayers will not be charged even a single penny. "I am not expecting the stimulus to be funded by taxpayers. Not a rupee from the taxpayer. The entire amount .... is shown as revenue and borrowings. "The government is borrowing to spend, but it is not taking from people," she said while interacting with journalists at the IWPC (Indian Women's Press Corps).
The RBI projection of 6.9 per cent GVA growth for the current fiscal comes on the back of the Economic Survey last week forecasting economic growth of 6.5 per cent.
Foreign currency assets, which are a major component of the overall reserves, rose by $646.4 million to $386.762 billion.
The Reserve Bank of India has ordered a special audit of private sector lender Bank of Rajasthan's accounts, suspecting violation of operational norms by the lender, including transparency in lending.
An expert committee, set up by the Supreme Court to probe allegations against the Adani group following a bombshell report from a US short seller, has members with potential conflict of interest, a fresh petition filed in the apex court on Monday said.
"The economy is going through a very difficult patch and business confidence has plummeted. New investments have slowed down," Assocham President Rajkumar Dhoot said during his interaction with RBI Governor D Subbarao ahead of the central bank's monetary policy review scheduled on April 17.
Gold reserves remained unchanged at $19.943 billion.
The electoral bonds scheme for funding political parties should not become a tool for "legitimisation of quid pro quo" between power centres and people who are benefactors of that power, the Supreme Court said on Thursday as it underscored the need for reducing the cash component in the electoral process.
'Prevention is better than cure' seems to be the focal point of the latest action points of the Reserve Bank of India (RBI) in the Annual Conference of Banking Ombudsman. So, the apex bank is looking at setting a template of good customer service that will prevent consumer grievance.
RBI is scheduled to announce the annual credit policy on May 3.
Low cost airline SpiceJet and Swiss firm Credit Suisse AG on Thursday told the Supreme Court they have resolved their financial dispute. The apex court then permitted SpiceJet to withdraw its appeal against a Madras high court verdict ordering that the airline be wound up on account of alleged non-payment of dues to Credit Suisse AG. "There is a settlement which has taken place on May 23, 2022 as per the consent terms.
Holding that the electoral bonds scheme was not fool-proof, the Supreme Court said on Thursday that information about funds received by a political party is essential for voters to exercise their freedom to vote effectively.
Ahead of RBI's monetary policy review, SBI on Monday expressed hope the apex bank will cut interest rates by 0.5 per cent and CRR by up to one per cent to boost sagging growth.
The Supreme Court on Wednesday agreed to hear on February 17 a fresh plea of a Congress leader seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
A bench of Justices B R Gavai and Vikram Nath said the matter requires to be heard.
The Reserve Bank of India raises Cash Reserve Ratio by 75 basis points at 5.75 per cent. RBI, hwoever, has kept the repo and reverse repo rates unchanged at 4.75 per cent and 3.25 per cent, respectively.
In the previous week, the reserves had fallen by $121.3 million to $360.905 billion.
According to the Reserve Bank of India, the total flow of financial resources (rough estimates) from banks and non-banks to the commercial sector during April-December 2010 stood at Rs 9,01,000 crore (Rs 9,010 billion), up from the Rs 6,36,000 crore (Rs 6,360 billion) during the year-ago period.
The Reserve Bank on Wednesday said it will soon start issuing banknotes of Rs 1,000 denomination in non-sequential numbering.
The value of the gold reserves increased $78.2 million to $22.764 billion
"Heard. Judgement reserved. Learned counsels of the Union of India and Reserve Bank of India are directed to produce the relevant records," the bench, also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna, said.
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore. E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of fake credit as it has to be generated before the transaction. "The default has been reported mainly in businesses with a turnover between Rs 5 crore and Rs 20 crore," a senior official informed
The Commerce Ministry wants the Reserve Bank to reduce interest rate for dollar credit in its forthcoming monetary policy to help sustain the fledgling recovery in the exports sector.
Reserve Bank of India will announce the Monetary and Credit Policy for 2003-04 on April 29.\n\n\n\n
