Reserve Bank Governor Shaktikanta Das on Thursday described cryptocurrencies as "clear danger" and said that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions. Reserve Bank of India (RBI) has been flagging concerns about cryptocurrencies, which are seen as a highly speculative asset.
In a first of its kind move, the Indian Railways Catering and Tourism Corporation (IRCTC), the ticket booking arm of the Indian Railways, is looking to monetise its bank of passenger data while conducting business with private and government companies. IRCTC has a large bank of data related to every online railway ticket ever generated as it is the country's only railway ticketing platform, an IRCTC official told Business Standard. The public sector undertaking, which has sought the services of a consultant to assist with the monetisation process, plans to raise Rs 1,000 crore through this exercise.
The Essel group founder, Subhash Chandra has settled 91.2 per cent of his debt with 43 lenders, and the remaining dues are in the process of being paid. "I am happy to report that we have come out of the financial stress situation by settling 91.2% of our total debt to 43 lenders in 110 accounts. "About 88.3% of the amount has been paid, while the remaining 2.9% is in the process of being paid. "We are making all the required efforts to settle the remaining 8.8% of our total debt.
One smells a rat when cases are settled for too small a price offered either by the highest bidder or the promoter -- within and outside the legal ambit of insolvency process, observes Tamal Bandyopadhyay.
The trick is to know how long you are supposed to hold which document, observes Bindisha Sarang.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Sebi on Monday imposed a penalty totalling Rs 15 crore on senior officials of Franklin Templeton AMC and its trustee for violating regulatory norms in the case of winding up of six debt schemes in 2020. However, a spokesperson of Franklin Templeton said they disagree with the findings in Sebi's order and intend to file an appeal with the Securities Appellate Tribunal (SAT). A fine of Rs 3 crore has been levied on Franklin Templeton Trustee Services Pvt Ltd and Rs 2 crore each on Franklin Asset Management (India) Pvt Ltd President Sanjay Sapre and its chief investment officer Santosh Kamat, according to the Sebi order. In addition, the regulator imposed a penalty of Rs 1.5 crore each on fund managers -- Kunal Agarwal, Pallab Roy, Sachin Padwal Desai and Umesh Sharma -- as well as former fund manager Sumit Gupta.
It is sad that the legislative pre-consultation on such an important bill is being done in a very biased manner, notes Shailesh Gandhi, former Central Information Commissioner, recounting his experience with Minister Rajeev Chandrashekhar.
Economic activity has regained momentum from late-May after the dent caused by the second wave of COVID-19, and the pandemic's impact on the overall asset quality has been less than expected, Reserve Bank Governor Shaktikanta Das said on Thursday. However, Das flagged rising data breaches and cyber-attacks as among the risks for the recovering economy, along with others like firming global commodity prices. The governor also said the second wave had a "grievous toll" on the country.
Available data obscures the true stress in bank books, and the pandemic will result in balance sheet impairments and capital shortfalls at lenders, RBI Governor Shaktikanta Das said on Monday. Balance sheet impairment and capital shortfalls will be more evident once the regulatory reliefs are rolled back, Das said in the bi-annual Financial Stability Report, asking lenders to augment capital.
Let us contain this raging fire, this tsunami of hate, appeals Sonia Gandhi.
An excerpt from Conde Nast India's Make In India magazine.
'Invest a part of your portfolio in a global currency that can't be printed, or meddled with -- gold,' suggests Chirag Mehta.
'We are very watchful about inflation and growth. But the main challenge is economic revival and growth.'
The government must send out a clear signal that leadership positions at regulatory bodies are not a preserve of retired government officials, argues A K Bhattacharya.
'Largely, new demat accounts are now being opened by the younger crowd, particularly GenZ.' 'This is great news since younger investors start their journey with very little capital, so they are risking less.'
Private equity players said their research had shown that the PE share after COVID-19 could go up to 8-10 per cent.
Though NCLT has extended window to find a buyer, bankers don't see much hope of a deal.
The high-voltage Malabar exercise featuring the navies of all four Quad countries -- India, the US, Australia and Japan -- began on Thursday off the coast of Guam against the backdrop of a resolve by the four nations to solidify cooperation for a free and open Indo-Pacific in view of China's rouge behaviour in the region.
Under the plan, the government has categorised IL&FS group companies into green, amber and red based on their respective financial positions.
'Everything is possible if you are willing to give it your best shot.' 'And while you go about achieving your dreams, don't forget to care for our planet.'
The pandemic has led to the International Finance Corporation massively ramping up its impact investment in the country - its largest client nation globally - at $1.7 billion as of June, a 51 per cent rise over the past 12 months, the largest developmental lender into third world private sector said on Tuesday. This is nearly half of its investment in the whole of South Asia since the pandemic, which touched $3.8 billion as of June 2021, it said. "Our total commitment to India, which is our largest client country globally, at the end of June stood at $1.7 billion representing an increase of over 51 per cent from last year," IFC vice-president for Asia and the Pacific region Alfonso Garcia Mora said in a statement.
The Supreme Court on Thursday said the vault 'B' of the Sree Padmanabhaswamy temple will be opened only after substantial work regarding documentation and preservation of assets unearthed from other 'kalaras' (vaults) of the shrine is completed.
'We know that returning money to unitholders at the earliest is the first and most important step towards resurrecting our brand and regaining investor trust.'
The Supreme Court on Thursday appointed a five-member expert committee to supervise the unearthing and preservation of assets of the Sree Padmanabhaswamy Temple in Kerala. The committee will be headed by Director General of National Museum C V Ananda Bose and will also consist of representatives of the Archaeological Survey of India and the Reserve Bank of India.
Unlike in the past, when old private banks compromised upon underwriting standards to take on the bulk, they've now realised that scaling up at the cost of quality isn't worth the while. These banks have also readjusted growth targets when required, and rebalanced books to preserve capital and asset quality.
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
Patel, who headed the RBI from September 2016 till his sudden resignation in December 2018, says in his book thta the government seemed to lose enthusiasm for the new bankruptcy law in the middle of the year he left the central bank. Though Patel does not name anybody in the book, the mid-2018 period he refers to is the time when Piyush Goyal held temporary charge of the finance ministry between May and August.
Moratorium was only a temporary reprieve to borrowers affected by the pandemic, adding that a longer moratorium period exceeding six months can impact credit behaviour of borrowers and increase the risks of delinquencies post resumption of scheduled payments.
The satellite used in the mission was one of India's existing satellites operating in lower orbit.
Although the Malabar is a routine exercise which has been carried out for several years now, security experts attach a lot of traction to it in view of China's assertive behaviour in the South China Sea, observes Rup Narayan Das.
Many in the US establishment must hope that the crisis would put the brakes on China's growing military might. Well, it ain't gonna happen, says T T Ram Mohan, who was appointed a member of the prime minister's economic advisory council on Wednesday, October 28, 2021.
Fund manager Gautam Sinha Roy shares what he has learnt from Warren Buffett, after attending Berkshire Hathaway AGMs over the years
ISI chief Faiz Hameed coerced the Taliban to announce an interim government guaranteed to preserve Pakistan's control over the levers of power in Kabul, observes Ambassador M K Bhadrakumar.
A US Congress-constituted quasi-judicial body on Wednesday asked the Joe Biden Administration to designate four nations, including India, as "countries of particular concern", alleging that religious freedom conditions there in 2020 continued their negative trajectory.
The Economic Survey prescribed on Thursday a new bankruptcy law for ensuring speedy disposal of insolvency petitions. Tabled in parliament, the survey called for a new bankruptcy law to 'ensure speedy and effective bankruptcy so as to save/preserve assets for alternative use.'
Investors should consider debt mutual funds, banks fixed deposits or high-rated corporate debt instruments.
Not just candidates, but their spouses and dependents too have to reveal source of income and assets, observes the apex court.
In a statement, the central bank said heightened volatility in capital markets in reaction to Covid-19 has imposed liquidity strains on mutual funds (MFs), which have intensified in the wake of redemption pressures related to closure of some debt MFs and potential contagious effects therefrom.
