On Thursday, in his first interview with the local media since assuming office, Muizzu said India was instrumental in providing aid to the Maldives and has implemented the "greatest number" of projects.
Even as RBI allowed banks to charge ATM transactions beyond five in metros, the lenders are yet to restrict the number of free withdrawals for their own customers at home ATMs.
Fund managers are withdrawing after a two-year long run in public sector bank (PSB) stocks. Domestic mutual funds (MFs) were net sellers of PSB stocks for the first time in nine quarters, offloading shares worth Rs 1,800 crore in the March quarter, said a report by ICICI Securities. In the previous eight quarters, fund houses had invested more than Rs 10,000 in PSBs amid deep discounts in valuation vis--vis their private sector peers.
With the Reserve Bank of India's (RBI's) draft reconstruction scheme for the troubled lender suggesting a permanent write-down of these bonds outstanding as of March 5, bondholders who have invested RS 10,800 crores are up in arms, reports Hamsini Karthik.
Rediff.com's A Ganesh Nadar takes a tour of banks in a Chennai suburb and finds that nothing has changed in one month since demonetisation.
'All those who participated in the agitation were branded as anti-nationals.'
The submissions were made in an affidavit filed in response to a batch of pleas challenging the Centre's 2016 demonetisation decision.
Joy Thomas stated that one large account -- HDIL -- was the sole reason for the present crisis that led to the regulatory action on Tuesday when Reserve Bank of India superseded its management and placed it under an administrator for the next six months.
Independent market analyst Ambareesh Baliga points out the red flags that retail investors should not have ignored and lists three scenarios -two of these scenarios offer a glimmer of hope to retail shareholders of Yes Bank - that could play out in the coming days.
He said trust and confidence were the backbone of any financial system and one should never underestimate the power of ethics and values.
The ongoing tussle between the Nitish Kumar government and the Raj Bhavan further escalated with the Bihar education department inviting applications for the post of vice-chancellors (VC) in different universities days after Governor (Chancellor) Rajendra Vishwanath Arlekar's secretariat issued a similar advertisement.
"As our region returns to the trend, exit strategies for fiscal stimulus must be carefully timed. If left too long, deficits will be unsustainable; if withdrawan too soon, the region's recovery could be derailed."
The fiscal measures announced by the government and the monetary measures by the Reserve Bank of India were aimed at mitigating the effects of the economic downturn.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
The mutual fund industry continued with the positive momentum in the September quarter, attracting Rs 34,765 crore, although it was a massive reduction as against the Rs 1.85 lakh crore inflow in the preceding quarter, primarily due to withdrawal from debt segment. Most of the asset classes saw net inflows during the July-September period of the current financial year barring the fixed-income or debt segment, which witnessed net outflows. Overall, flows started on a strong note during the quarter under review, with net inflows of Rs 82,467 crore in July, which dipped to Rs 16,180 crore in August and ended with a disappointing Rs 63,882 crore of net outflows in September, according to a report by Morningstar India.
Low cost airline SpiceJet and Swiss firm Credit Suisse AG on Thursday told the Supreme Court they have resolved their financial dispute. The apex court then permitted SpiceJet to withdraw its appeal against a Madras high court verdict ordering that the airline be wound up on account of alleged non-payment of dues to Credit Suisse AG. "There is a settlement which has taken place on May 23, 2022 as per the consent terms.
Small queues were witnessed at some bank branches on Tuesday for the exchange of Rs 2,000 notes against smaller denominations as part of the withdrawal exercise. As per the RBI guidelines issued on Friday, the exchange of Rs 2,000 facility is available from Tuesday. A person can exchange up to a limit of Rs 20,000 at a time without filling any form or requisition slip.
It is time the political leaderships in this country arrived at a common ground over issues of foreign and security policy concerns. There has to be a greater communication between the government and the Opposition leaderships for the nation to present a unified face against the rest of the world, advises N Sathiya Moorthy.
Israeli Finance Minister Benjamin Netanyahu resigned on Sunday to protest the planned withdrawal from the Gaza Strip and part of the West Bank, but the dramatic step was unlikely to scuttle next week's pullout.\n\n
Amazon customers can now use their Rs 2,000 notes to top up their Amazon Pay balances during cash-on-delivery orders, as it offers a doorstep solution to ease the stress of exchanging such currency. Customers can deposit cash of up to Rs 50,000 per month, including notes of Rs 2,000 denomination, Amazon said. The cash load at doorstep service by Amazon Pay is helping consumers convert high-value notes for digital transactions.
The flow of money into Non-Resident Indians (NRIs) deposits witnessed a substantial increase, touching $2.14 billion in the first quarter of this financial year (Q1FY24), compared with $349 million in the same period in FY23. The outstanding NRI deposits rose by $2.5 billion, standing at $141.28 billion at the end of June 2023, up from $138.77 billion in May 2023, according to Reserve Bank of India (RBI) data. RBI released the updated data in the bulletin after almost three months.
Many sections of the society including small traders, restaurant owners, transporters started feeling the heat as the dependence on cash is very high
Bank stocks rose sharply by up to 12 per cent after the government's move to withdraw 500 and 1,000 rupee notes from circulation as part of black money crack down
The interest offered is mostly 0.5 to 1 per cent more than what other banks offer. Moreover, customer service and long-term association spanning generations are also other reasons for the popularity.
Summers dogged by controversies over past views
Maharashtra was followed by Delhi with 33 cases from April 2005 to September 2008 and the money involved was little over Rs 47 lakhs (Rs 4.7 million), minister of state for Finance Pawan Kumar Bansal said in a written reply in Lok Sabha. In the current fiscal till September this year, 66 cases have been reported in the country where the money involved is more than Rs 100,000 while 46 incidents have come to notice where amount involved was less than Rs 100,000.
Among the Sensex firms, Asian Paints, NTPC, Tata Motors, Bharti Airtel, State Bank of India, Larsen & Toubro, Wipro, Tech Mahindra, Tata Consultancy Services, ITC, HDFC Bank and Maruti were the biggest winners. Hindustan Unilever, Infosys, UltraTech Cement, Bajaj Finance, Nestle, Axis Bank, Reliance Industries and HDFC were among the laggards.
Opinions vary, but fund managers remain bullish.
The focus of the deliberations was on finalising modalities for disengagement of troops in eastern Ladakh.
Following are the highlights of the RBI's first monetary policy statement of 2022-23 unveiled by Governor Shaktikanta Das: Policy repo rate unchanged at 4%; marginal standing facility rate & bank rate too remain unchanged at 4.25%. Monetary stance to be accommodative with focus on withdrawal of accommodation to keep inflation within target. GDP growth projection for FY'23 slashed to 7.2% from 7.8%; growth projections based on assumption of crude oil (Indian basket) price at $100 a barrel during FY'23. Inflation forecast hiked to 5.7% for FY'23 from 4.5%.
Fraudulent emails exhorting people to deposit cash for reward are on the rise.
The Bharatiya Janata Party on Friday criticised Uttar Pradesh government for withdrawing sedition charges against Kashmiri students studying at a private university, saying the Samajwadi Party government is only bothered about its vote bank.
M&M was the biggest loser in the Sensex pack, declining nearly 3 per cent, followed by TCS, Bajaj Finance, Wipro, Kotak Bank, Tech Mahindra, HCL Tech and Tata Motors. In contrast, Titan, Bharti Airtel, ICICI Bank and L&T were among the gainers, rising up to 0.93 per cent.
'Clearly, the depositors of cooperative banks need the maximum protection.'
The objective behind the move is to "retain the membership of PF subscribers and to address the social security needs at the time of unemployment."
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Digitisation is changing the banking business. This shift has resulted in a change in banking job profiles.
Under Urjit Patel, the then RBI Governor, the central bank had a habit of making complete about-turns on various issues, including electoral bonds and digital payments, former finance secretary Subash Chandra Garg said in his book titled 'We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.' Citing some instances of about-turns by the then RBI Governor Patel, Garg in his book said, RBI had done so on the electoral bond issue and it had so in case of setting up of Payments Regulatory Board (PRB). RBI also made unilateral decisions like ordering complete data localization for participation in the payment system, Garg wrote in the book which will hit the stands on October 1.
