Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
The Union Cabinet on Wednesday approved amendment to the DICGC Act to provide account holders access to up to Rs 5 lakh funds within 90 days of a bank coming under moratorium to ensure timely support to depositors. Last year, the government raised insurance cover on deposit five-folds to Rs 5 lakh to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative (PMC) Bank. Following the collapse of PMC Bank, Yes Bank and Lakshmi Vilas Bank too came under stress, leading to restructuring by the regulator and the government.
The government today said the proposed Financial Stability and Development Council, an inter-regulatory agency headed by the finance minister, would not act as a super regulator.
Companies think they are too big to bow before regulators.
'The finance ministry and public sector banks have tried to keep the names of wilful defaulters secret.' 'Secrecy and concealing information are inbred among banks and even the RBI,' observes Debashis Basu, editor, www.moneylife.in.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
In a circular, the ministry said all NGOs which were registered under the Foreign Contribution Regulation Act should receive donations from abroad in a single designated bank account.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
DBS Bank India on Monday said customers of Lakshmi Vilas Bank, which has now been merged with it, can continue to access all banking services, and interest rates on savings and fixed deposits are unchanged as of now. Lakshmi Vilas Bank (LVB) has now been amalgamated with DBS Bank India Ltd (DBIL), the wholly-owned subsidiary of DBS Group Holdings Ltd, DBS Bank India said in a statement.
'A possible post-election growth momentum may be lost.'
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
In another retrospective change, which forms part of the Securities Laws Amendment Ordinance promulgated by the President of India last week, the individuals and companies being probed by Sebi can settle their pending investigations.
National auditor says a significant part of NPAs was due to fraud and may never be recovered
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
Writes to shareholders highlighting its performance, governance practices.
Kumar said the Commission will follow the time-tested methods of consultations and consensus building in bringing about any reforms and will not shy away from tough decisions, according to an Election Commission (EC) statement.
'The upper caste elite's belief that they are casteless is a belief that is available only to the upper castes. Because all the lower castes are reminded by society every day what their caste is.'
BJP spokesperson Sambit Patra claimed that the home ministry's decision to cancel the FCRA licences of the Rajiv Gandhi Foundation and the Rajiv Gandhi Charitable Trust for alleged violation of laws has "exposed" their corruption.
The country's largest lender State Bank of India (SBI) will revamp its banking application (app) YONO and position it as a complete digital bank (DB) under a new rubric 'Only YONO' for enhancing customer experience and ease of use. The bank plans to bring in a consultant to help draw up the project plan, keeping in mind business goals for the next five years. With 54 million monthly active users (MAUs), SBI YONO has seen growth of over 35 per cent in MAUs in 2021.
Capital markets regulator Sebi has kept in 'abeyance' the proposed initial share sale of securities depository NSDL. However, the Securities and Exchange Board of India (Sebi) did not clarify further. The National Securities Depository Ltd (NSDL) filed its preliminary papers with the capital markets regulator on July 7.
'Expectations are high regarding the change in LTCG with respect to equity investments.'
Following several instances of poor drafting of Cabinet notes and bills in the recent past, on September 11, the Cabinet Secretariat wrote to all ministries and departments to read up paragraph 55 of the 'Handbook of Writing Cabinet Notes'. Archis Mohan reports.
Investors may have to wait a little longer for Unified Payments Interface (UPI)-based block mechanism in the secondary market even as the market regulator has set the effective launch date as January 1, 2024. Several brokerage firms said they may take a few months more to implement it. Investors will be able to register for this facility only if the stock broker has opted for the UPI block facility.
The Securities and Exchange Board of India (Sebi) may allow non-resident Indians (NRIs) and Overseas Citizens of India (OCIs) greater exposure to domestic equities if their investments are sent through foreign portfolio investors (FPIs) registered at the GIFT City International Financial Services Centre (IFSC). The proposal will be taken during Sebi's board meeting on Saturday along with other key agenda items such as easing of voluntary delisting mechanism and introduction of a regulatory framework for real estate fractional ownership platforms, said people in the know. At present, the combined holdings of NRIs and OCIs in a global fund have to be less than 50 per cent, while that of a single NRI or OCI is capped at 25 per cent.
The Central Bureau of Investigation on Wednesday challenged before the Delhi high court the trial court order directing the withdrawal of the lookout circular against Amnesty International India Board chair Aakar Patel in connection with a case for the alleged violation of the Foreign Contribution (Regulation) Act.
Moving from pricing control to a free market means stiff competition.
Get a new QR code from an alternative provider. PhonePe, Google Pay, Pine Labs, etc are some of the other service providers.
Chief Economic Adviser V Anantha Nageswaran on Thursday said cryptocurrencies are akin to 'a world of Caribbean pirates' in the absence of a centralised regulatory authority and are yet to pass the test of a fiat currency. He said that the government is pursuing a 'high-wire balancing act' to ensure that the gains in growth, inflation, and rupee stability of the last four years are not frittered away. He said the recent development in Terra-Luna cryptocurrency, which witnessed a massive meltdown last month, is a 'very important cautionary tale'.
The Lokpal was functioning without its regular chief since Pinaki Chandra Ghose completed his term on May 27, 2022.
Govt reconstitutes body, says will not interfere in senior PSB appointments
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
After the finance minister directed public sector banks to join the account aggregator (AA) ecosystem, 5-6 major ones, including State Bank of India (SBI) and Bank of Baroda are expected to go live by July-end. Sahmati, an industry alliance for the AA ecosystem, has been working with PSU banks to get them onboarded for quite some time now. So far, Union Bank of India and Punjab National Bank (PNB) have gone live on the AA ecosystem. While Union Bank has been live for a while, PNB went live earlier this month.
The objective of the new legislation is to have a uniform law regulating money lending, removing the existing abuses and malpractices in the business and to protect the debtor, particularly farmers, from payment of abnormal interest rates.
For now, Modi's government appears singularly focussed on demonstrating that it is not in any way inhibited by the BJP's loss of a majority, and will continue along its patented path of bulldozing all opposition and doing just as it likes, asserts Prem Panicker.
The RBI is considering permitting FII and commercial banks to trade on Indian commodity exchanges.
Nationalisation has served its purpose. It's time to move ahead, keeping majority ownership of the government in a few banks to serve the people, argues Tamal Bandyopadhyay.
The need to maintain people's confidence in digital banking resulted in the action against HDFC Bank for service outages, RBI Governor Shaktikanta Das said on Friday and exhorted lenders to invest more on the technology front.
The agency has registered a case against Roy, his wife Radhika and RRPR Holdings for allegedly causing losses of Rs 48 crore to ICICI Bank, CBI sources said.
