The All India Bank Officers' Confederation, the apex level organisation of bank officers, has demanded that RBI's proposal to amend the Banking Regulation Act to raise the cap on voting rights beyond the present 10 per cent be dropped.
The Supreme Court is likely to pronounce on Monday the quantum of sentence against fugitive businessman Vijay Mallya, an accused in the bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, in a contempt case where he has been found guilty. A bench comprising Chief Justice Uday Umesh Lalit and Justice S Ravindra Bhat on March 10 had reserved its order on the punishment in the contempt case against Mallya, saying the proceedings against him have hit a "dead wall". The top court had heard senior advocate and amicus curiae Jaideep Gupta on various aspects related to the contempt law and the punishment, and had granted one last opportunity to lawyer Ankur Saigal, counsel for Mallya, to file his written submissions on the sentencing aspect.
The three-year tenure of Raghuram Rajan saw the RBI adding a net of $92 billion to the kitty.
Indian banks on Thursday rejected the loan repayment offer made by Vijay Mallya.
Grover had said a summons was issued by the special court in Ghaziabad against Ayyub for January 27 and therefore the matter be listed urgently.
The Supreme Court on Friday refused to accept in a sealed cover the Centre's suggestion on a proposed panel of experts for strengthening regulatory measures for stock markets in the wake of the recent Adani group shares crash triggered by Hindenburg Research's fraud allegations.
The total foreign exchange reserves had increased by $1.838 billion to $297.28 billion in the previous reporting week.
The states have outstanding liabilities of a whopping Rs 59,89,360 crore as on March 31, 2021, and the new sources of risk have emerged in the form of rising expenditure on non-merit freebies, the Supreme Court was told on Thursday by a PIL petitioner opposing irrational handouts.
A part of Rs 6.5 lakh cr corpus may be used to set up Workers' Bank.
In an appeal filed before the top court against the May 4 order of the high court, the state government said the stay will adversely affect the entire exercise.
The Supreme Court on Thursday asked the Sebi to probe within two months allegations of stock price manipulation by the Adani group and any lapses in regulatory disclosures, and also set up a panel to look into protection of Indian investors after a damning report by a US short seller wiped out more than USD 140 billion of the conglomerate's market value. The top court while directing the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework and for making recommendations to strengthen the process said it was appropriate to set up such a panel of experts in order to "protect Indian investors against volatility of the kind which has been witnessed in the recent past". The court-appointed Justice Sapre panel, which will be provided assistance by the Centre and other statutory agencies including the Sebi chairperson, will have to submit its report in a sealed cover within two months, said the bench which comprised Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala.
It is not clear whether the two judgements will be concurring or dissenting.
India's foreign exchange reserves declined by $685.1 million to $274.81 billion in the week ended August 30 due to a dip in the foreign currency assets, the Reserve Bank said.
The Supreme Court Tuesday said the contempt matter involving fugitive businessman Vijay Mallya, accused in bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, will be dealt with finally on January 18 next year. Observing that the apex court has waited "sufficiently long", a bench headed by Justice U U Lalit said, "We can't be waiting any longer now." The bench noted that Mallya was held guilty of contempt in 2017.
The appeals came against orders of the Central Information Commissioner in various cases.
Gross domestic savings as a proportion to GDP fell from a high of 36.8 per cent in FY08 to 30.8 per cent in FY13, according to the Reserve Bank.
Stamp duty, registration to be included in loan calculation
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
Chanda Kochhar, the high-profile ex-banker had on November 30 moved the Bombay high court challenging "termination" of her employment by ICICI Bank which also denied her remuneration and clawed back all the bonuses and stock options between April 2009 and March 2018 for her alleged role in granting out of turn loans worth Rs 3,250 crore to the Videocon Group which benefitted her husband Deepak Kochhar. A division Bench of justices Ranjit More and SP Tavade allowed her to implead RBI and directed the apex bank to file its reply by December 16.
The Bombay High Court refused to stop publication of photographs of a defaulter firm in newspapers, saying that it was in larger public interest.
The top court said it needs to go through the case files and posted the matter for hearing at 3:30 pm on Wednesday
The current process for selecting auditors could compromise their "independence".
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While the measures are aimed at moderating outflows, RBI added that genuine requirement beyond these limits will continue to be considered under the approval route.
The Aadhaar-enabled payment system, or AEPS, allows consumers who don't have smartphones or debit cards to perform basic banking transactions like cash deposit, cash withdrawal, intrabank or interbank fund transfer, balance enquiry and obtaining a mini statement through biometric authentication at micro-ATMs.
Currently, banks follow system of internal benchmarks, including Prime Lending Rate, Benchmark Prime Lending Rate, Base rate and Marginal Cost of Funds based Lending Rate.
Ten years after Kingfisher Airlines was grounded, its former employees continue to wait for their dues. On Monday, the Supreme Court awarded a four-month sentence to the grounded airline's flamboyant owner Vijay Mallya in a contempt case. The apex court also ordered him to deposit $40 million plus interest in four weeks to avoid attachment of his properties.
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RBI on Wednesday surprised the markets by leaving key policy rates unchanged, notwithstanding persistent high inflationary pressure.
Observing that MSME sector plays an important role in the growth of the Indian economy, RBI said the restructuring of the borrower account has been extended by further one year to March 31, 2021.
A bench of Justices S K Kaul and M M Sundresh referred to the affidavit filed by the CBI Director in pursuance to the top court's earlier direction asking to apprise it about the steps to be taken to strengthen their prosecution unit, the bottlenecks, and also about conviction rate in matters probed by the agency.
Radha Timblo, a Goa-based miner whose name figures in the black money list submitted by the Centre in the Supreme Court, on Tuesday denied having any "undisclosed" bank account in the country or abroad.
Justice Kohli said the advent of artificial intelligence has caused some concerns amongst the legal fraternity.
The RBI, in a notification, said that it is necessary to build a repository of large credits and share with the banks for enabling them to be aware of building leverage and common exposures.
Governments that did not respect the central bank's independence would sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined the regulatory institution, Deputy Governor Viral Acharya warned.
The Unique Identification Authority of India, the apex agency managing the UID project, which aims to give every resident of the country a unique identity, has initiated the process to make this happen, according to chairman Nandan Nilekani.
The Reserve Bank of India (RBI) has clarified that loans which have remained standard without any defaults as of March 1, 2020, will be eligible for restructuring under the pandemic-related resolution framework issued in August.
The apex court was hearing a matter pertaining to review of sentence awarded by it in May 2018 to the cricketer-turned-politician in the 1988 road rage case.
The apex court's 2017 order had come on a plea by consortium of banks led by SBI, which had said that Mallya had allegedly transferred $40 million received from British firm Diageo, to his children in 'flagrant violation' of various judicial orders.
Asked about her reaction on the verdict, Gurnam Singh's daughter-in-law Parveen Kaur said, "We thank Baba Ji (Almighty). We had left it to Baba ji. Whatever Baba Ji has done is right."
The rupee had ended 12 paise higher at 63.70 on Monday.
Solicitor General Tushar Mehta, appearing for the Centre, told a five-judge Constitution bench headed by Chief Justice D Y Chandrachud, which is hearing a batch of pleas seeking legal validation of same-sex marriage, that the government is positive about the suggestion for exploring administrative steps in this regard.
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