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.
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.
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 rupee had ended 12 paise higher at 63.70 on Monday.
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.
The CFO will formulate the accounting policy of the bank, maintain the internal accounts and report financial results, and carry out corporate strategy functions like PF policies.
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.
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.
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.
'Urjit Patel's appointment is a right decision and in the interest of the country.'
The top court said it needs to go through the case files and posted the matter for hearing at 3:30 pm on Wednesday
Cautious optimism over US-China trade talks after US President Trump said his trade negotiators had received two "very good calls" from Beijing also influenced the local currency, dealers said.
SC expressed surprise that no steps were taken for recovery.
The central bank's move comes against the backdrop of the government efforts to crackdown on entities, that are illegally raising large amounts of money from the public.
The Reserve Bank said it will launch inflation-indexed national savings securities for retail investors by mid-December.
The apex court made it clear that banks and telecom service providers will have to indicate the last date of linking bank accounts and mobile numbers with Aadhaar in their communications with customers.
This relaxation is available to entities running working capital accounts with any bank with the sanctioned limit of Rs 1 crore or less
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.
Justice Kohli said the advent of artificial intelligence has caused some concerns amongst the legal fraternity.
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."
Spot gold was bid lower at $ 1,298 an ounce in early European trade.
The ministry also said that certain 'references' have been received on the black money issue but declined to make the information public since it will 'impede the process of investigation' as the case is being heard in the apex court.
The Supreme Court on Friday dismissed a plea seeking stay on further sale of electoral bonds ahead of assembly elections.
The Supreme Court Friday assured the home buyers of the to-be-razed 40-storey twin-towers of real estate firm Supertech in Noida that they will be refunded the full amount deposited with the builder. The apex court also asked the Interim Resolution Professional (IRP) of the firm, facing insolvency proceedings, to deposit Rs one crore with the apex court registry. The Supertech's 40-storey twin towers at Emerald Court Project of Sector 93A of Noida are scheduled to be razed on August 28.
The RBI is of the view that it cannot carry out satisfactory due diligence for granting registration because the funding is from a jurisdiction that has been identified by FATF as having weak measures to combat money laundering and terrorist financing.
Verification of 733 persons under the four categories of bedridden, mentally challenged, physically handicapped and those suffering from cancer has been completed, Kasaragod collector said.
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India's trade deficit widened to $20.1 billion in May because of high gold imports while exports declined by over a per cent, raising concerns about economic recovery.
The apex court had earlier asked the Centre and the RBI to review the move to charge interest on deferred EMIs during the moratorium period.
The bench was hearing Kochhar's appeal against the March 5 order of the high court which had dismissed the plea against termination of her services as managing director and CEO of ICICI Bank while noting that the dispute arises from a contract of personal service.
Taxpayers will have to disclose all bank accounts held by them in India.
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.
CJI Lalit concurred with the minority view of Justice S Ravindra Bhat who held the EWS quota as "unconstitutional" for excluding poor among SCs, STs and OBCs.
Financial institutions at the risk of US sanctions as sharing of documents on SC directive amounts to violation of existing agreements.
The Centre on Monday told the Supreme Court that "secret" extradition process was going on to bring fugitive businessman Vijay Mallya to the country but it was not aware about its status. The Centre also told the top court that it was not a party to the proceedings.
'Once the Hon'ble Supreme Court has declared the law, we are obliged to accept it. However, it is necessary to point out that the majority has not upheld the wisdom of the decision; nor has the majority concluded that the stated objectives were achieved,' the senior Congress leader said in a tweet.
In an application filed in the apex court, the Kerala government has also sought a direction to the Tamil Nadu government to control the water level by releasing water from the dam throughout the day instead of releasing a huge quantity of water at the wee hours without giving sufficient warning time.
Several Supreme Court lawyers on Monday wrote to the apex court alleging that they have received calls threatening judges over the case involving the security breach that left Prime Minister Narendra Modi stuck for 20 minutes on a flyover in Punjab last week.
However, growth is expected to bounce back to an average of 7.3 per cent in the second half of 2017 and 7.7 per cent in 2018
Delivering a public speech hours after the RBI launched a rescue act for Yes Bank on March 6, Governor Shaktikanta Das reiterated the RBI's affirmation to do whatever was needed to combat the coronavirus impact. On that day, India had only one confirmed COVID-19 infection, the World Health Organisation was five days off from declaring it as a pandemic and the financially debilitating lockdowns were not even on the horizon. Das' promise on efforts to mitigate COVID-19 impact appeared as a footnote in news reports from the event.
The Supreme Court on Tuesday said limited scope of a judicial review in economic policy matters does not mean that the court will fold its hands and sit back, observing that the manner in which a decision is taken by the government can always be examined.
