Banks can, however, continue to provide basic services such as mobile alerts for credit or debit entry, balance enquiry or other services that are in the nature of providing information, the RBI said. Sources indicated that at present there are no norms governing these transactions and the RBI does not want to allow payments in the absence of proper norms.
RBI Governor Shaktikanta Das said the central bank saw economic growth slowdown in February, prompting it to cut rates ahead of the curve and wondered why markets were surprised with the decision to pause rate reduction. Noting that there is a need for an "informed and objective discussion" on the country's economy, Das said the RBI would do "whatever is necessary" to address growth slowdown, spikes in inflation as well to ensure good health of banks and non-bank lenders. The apex bank went for five consecutive rate cuts starting in February this year, making it a cumulative reduction of 1.35 per cent.
Companies are also worried about inflationary pressures building up.
CAD refers to the difference between inflow and outflow of foreign exchange that has a bearing on exchange rate.
Money saved is money earned, and cutting down your expenses could well be the single-most important step towards an organised financial life. Naval Goel shows you how to keep your finances organised.
Slowdown in the global economy and bearish market conditions are impacting inflow of funds from foreign institutional investors even as the current account deficit during the first quarter of 2008-09 soared to $10.7 billion, says a report by the Reserve Bank of India.
The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
Airbus recently bagged large orders from Indian airlines such as Indigo and Go Air.
"The Corporation has decided to offer a voluntary retirement scheme, with a view to enable employees who are not in a position to continue in service of the Corporation due to various personal reasons, to request for grant of voluntary retirement from the services of the Corporation," Bharat Petroleum Corp Ltd (BPCL) said in an internal notice to its employees.
However, the US recession could 'lead to a decline in capital inflows and weaker exports particularly of services. This could affect the capital and current account and put pressure on the balance of payment surplus,' says a Standard & Poor's report.
It is striking how quickly the over-hyped optimism over the evolving India economic story has given way to a reality check in general and pessimism over the economic outlook in particular. Capital inflows into India were attracted by the increasing domestic and global acknowledgement of the favourable structural economic shifts.
A bunch of CEOs in their mid-30s and early 40s are trying to rectify the scenario where shady lending applications trap hapless borrowers with astronomically high interest rates and even bodily harm if the money was repaid. Anup Roy reports.
Earlier, the top court said it had been "taken for a ride" by the Sahara group by its past conduct and asked it to submit a roadmap for paying the balance amount
The government has also hiked excise duty by 11 percent, which is in addition to the 6 per cent that was announced in the budget, he said.
Sahara Counsel told the court that negotiations were underway for selling Sahara Group's offshore properties for raising sufficient fund for Subrata Roy's bail.
Who could have thought that credit card spending offers a peep not only into the financial health but also into the behaviour of a person!
It asked the Sahara chief to discuss the roadmap for future payments with amicus curiae Shekhar Naphade and Sebi, and said if they are convinced, the court could look into it
Reliance announced energy asset sales worth around $ 16 billion; end of the investment cycle in telecom; bringing net-debt to zero in 18 months; value-unlocking options for real estate and financial assets; listing of telecom and retail in five years; and focus on dividends.
'So far, the government has sanctioned more than Rs 300 billion as GST refunds,' Ansh Bhargava and Aditya Singhania point out.
GST would make compliance easier for big businesses, but hurt small scale industries., says SJM
'The Jalan Committee has now provided very clear guidelines on how the (RBI's) balance sheet should be looked at, what kind of disclosures should be made, what are the principles on which the Contingency Risk Buffer should be maintained, what should be the revaluation reserves, and the market risk to the Contingency Risk Buffer.'
Each problem is discussed in detail and appropriate remedies are mentioned along with it.
The tyranny of market prices is that they are too influenced by market liquidity, as distinct from fundamentals.
Secured credit cards offer benefits similar to regular credit cards and hence an applicant should try and get a card with lower fees and more features, suggests Sarbajeet K Sen.
Do not panic if you have a poor credit score. Do not live with the fear of having an important loan rejectd by the lender because of a poor credit score. Here's the solution for your woes
Banks give incentives to splurge through cards during this season. Here's how you can use them to get the best results.
Net sales during the reported quarter rose to Rs 20,594.3 crore, up 14.4 per cent against the year-ago period.
The accumulated interest will increase the principal and you will have to pay a higher rate. Borrowers should take the restructuring plan only after they are convinced they have exhausted all other options.
'Through the course of the year, we expect the economic weakness generated by demonetisation will give way to normalisation of growth conditions.'
CREDAI-MCHI, a body of developers in Mumbai, has pegged the drop in sales booking at around 80 per cent in the February-March period this year. This is the second highest fall in residential sales in the past five years, after Q1, 2017, when the decline, due to the note ban, was 37 per cent.
A wide import-export gap led to India's current account deficit rising to $5.4 billion in the third quarter of 2007-08, despite a higher surplus of earnings from software services, tourism and remittances from abroad.A sharp rise in trade deficit due to rise in imports caused the current account deficit to rise by $1.7 billion from $3.7 billion in the corresponding quarter last year, the Balance of Payment Data released by the Reserve Bank showed.
Given all the turbulence created by Pakistan Foreign Minister Qureshi's unexpected tirade against Saudi Arabia, it is likely to be business as usual between the two countries, albeit with a bit of caution on the part of both, observes Lieutenant General Syed Ata Hasnain (retd).
Goswami was arrested on Wednesday morning by Raigad police from his residence at Lower Parel in Mumbai for allegedly abetting the suicide of architect and interior designer Anvay Naik, and was taken to the Alibaug police station in neighbouring Raigad district.
After all, when you are studying, it is better if all you have to worry about are your grades.
Nomura has forecast the rupee at 61.6 against the dollar in Q1 and at 62 by Q4 of 2015.
In 1991, during the balance of payments crisis, it was an even-money bet that India would become a basket case. In hindsight, it was a great entry-point for investments because the economy made a spectacular recovery. But nobody could have been sure about the turnaround.
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
India is in a state of structural balance of payments surpluses, with the foreign exchange inflow substantially exceeding the demand for it.
News of all that's transpired on and off the football field
