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.
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.
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.
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.
The RBI's decision to hike the benchmark interest rate will make home loans costlier and affect housing sales, especially in affordable and mid-income segments, according to property consultants. The RBI on Wednesday hiked the key benchmark rate by 50 basis points. Property consultancy firms Anarock, Knight Frank India, JLL India, Colliers India, India Sotheby's International Realty and Investors Clinic said that the RBI's move was on the expected line to control inflation and this would result in an increase in interest rates on home loans.
The RBI has agreed to consider the application of India Post in consultation with the government.
In policy review meet in June, RBI Governor Raghuram Rajan kept interest rates intact.
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 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.
'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.
"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.
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".
The apex bank is taking away the 'psychological hook' that schemes with zero interest have on consumers.
The Supreme Court on Thursday directed the Election Commission of India (ECI) to produce before it in sealed cover the "up to date" data of funds received by political parties through electoral bonds till September 30, 2023.
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 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.
The top court law officer said the power of judicial review is not about scanning state policies for the purposes of suggesting better or different prescriptions.
India's reserve position with IMF rose by $ 7 million to $ 3.636 billion.
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.
SBI has suggested that banks be exempted from handing over the complete forensic audit report to the borrower as it would hamper future investigation and forewarn the borrower by way of disclosure of confidential information.
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.
The Lokpal was functioning without its regular chief since Pinaki Chandra Ghose completed his term on May 27, 2022.
A five-judge constitution bench of the Supreme Court is scheduled to commence hearing from October 31 a batch of pleas challenging the validity of the electoral bond scheme for political funding of parties.
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".
"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.
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).
Foreign currency assets, which are a major component of the overall reserves, rose by $646.4 million to $386.762 billion.
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.
'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.
Gold reserves remained unchanged at $19.943 billion.
The Supreme Court on Tuesday quashed the defamation complaint against Rashtriya Janata Dal leader Tejashwi Yadav over his alleged 'only Gujaratis can be thugs' remark after he agreed to withdraw the statement.
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 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 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.
Future Gaming of lottery king Santiago Martin was the biggest purchaser of electoral bonds at Rs 1,368 crore, of which nearly 37 percent went to the DMK.
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.
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.
The Reserve Bank on Wednesday said it will soon start issuing banknotes of Rs 1,000 denomination in non-sequential numbering.
