A senior RBI official said the regulator was focusing on performance of banks' statewise and in each district.
'When manufacturing or even services cannot generate the kind of employment they are looking for, they prefer to be unemployed rather than under-employed.'
'Investors with higher risk appetite and longer horizon (more than one year) can invest in longer-duration funds like corporate bond funds, long-duration funds and gilt funds for maximum gain.'
Though the economy has steadily gained momentum and remained resilient since the second quarter of the current fiscal, the Omicron variant of coronavirus remains the major challenge along with rising inflation pressures, says the Reserve Bank in its second financial stability report. In the foreword to the report released on Wednesday, RBI Governor Shaktikanta Das notes that after the destructive second wave in April-May 2021, the growth outlook has progressively improved, though there are headwinds from global developments and more recently from the Omicron virus. A stronger and sustainable recovery hinges on the revival of private investment and shoring up private consumption, which unfortunately still remain below their pre-pandemic levels, he notes.
Foreign portfolio investors (FPIs) have withdrawn over Rs 12,000 crore from Indian equities this month so far, mainly due to a sustained rise in US bond yields and the uncertain environment resulting from the Israel-Hamas conflict. However, the story takes an intriguing turn on observing FPI activity in Indian debt as they have infused over Rs 5,700 crore into the debt market during the period under review, data with the depositories showed. Going ahead, the trajectory of FPIs' investments in India will be influenced not only by global inflation and interest rate dynamics but also by the developments and intensity of the Israel-Hamas conflict, Himanshu Srivastava, associate director - manager research, Morningstar Investment Adviser India, said.
Ajay Banga will be a 'transformative leader', who will bring expertise, experience, and innovation to the position of World Bank President, United States President Joe Biden has said after the top Indian-American business executive was confirmed as the new head of the international lender.
With the Reserve Bank of India allowing retired teachers, kirana shop owners and public call office (PCO) operators to be hired as business correspondents, banks are set to hire over 200,000 people over the next few years to push financial inclusion initiatives.
'We are cautious only on sub-sectors that have seen massive melt-up during the past six months.'
It generates huge end-user benefits as well as dramatic industrial spinoffs.
India's economy grew at 7.6 per cent in 2015-16.
Upcoming payment banks will lift lower income groups in distant villages.
Home Minister Amit Shah on Sunday lashed out at opposition Indian National Developmental Inclusive Alliance (INDIA) parties over Dravida Munnetra Kazhagam leader Udhayanidhi Stalin's remarks against 'Sanatan Dharma', accusing them of insulting 'Sanatan Dharma' for votebank and appeasement politics.
The Reserve Bank is looking to use mobile phones as a medium for taking banking facilities to the remote and far flung areas.
The submissions were made in an affidavit filed in response to a batch of pleas challenging the Centre's 2016 demonetisation decision.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
Payments banks are niche banks which will be allowed to function with several restrictions.
With Narendra Modi about to make his first Independence Day speech, there is a buzz in Delhi that Modi will make some big announcements to signal major reforms and directional shifts. But we have to wait and see if it happens, says Mohan Guruswamy.
Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have been invited to join the grouping.
Bankers have hailed the Prime Minister's call to end "financial untouchability" and opened millions of accounts on the inaugural day itself.
179 million debit cards were issued during December 2016 to June 2018. A mere 2,000 ATMs were opened in the same period.
Like Indira Gandhi, even Narendra Modi seems to be relying on directing public-sector banks through ministry of finance supported by party cadres, says Debashis Basu.
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.
Li also had a difficult meeting with some of the Western leaders on the sidelines, especially Italian Prime Minister Giorgia Meloni, who has signalled Italy's resolve to quit China's famed Belt and Road Initiative for its failure to bring the expected results to Rome.
US president Barack Obama new initiative to help millions of proud Indian-Americans directly invest in India's future.
Microsoft on Tuesday said it will offer commercial cloud services from local data centres in India by 2015 as the tech giant gears for competition for the estimated $2 trillion domestic market opportunity from rival firms like Google and IBM.
After a 25-year stint at ICICI Bank, Mor suddenly quit as he wanted to add more value in the bigger areas of health care and financial inclusion.
Social stock exchange (SSE) saw its first listing on Wednesday, with SGBS Unnati Foundation becoming the first entity to take this route to avail financing. The foundation - engaged in vocational training of youth - raised Rs 1.8 crore from four investors. These include brokerage firm Zerodha and National Bank for Agriculture and Rural Development (Nabard).
The study says living in joint families negatively impacted the level of financial knowledge.
'If rate cuts happen, bond yields will come down and investors will make mark-to-market capital gains on them.'
The Jan-Dhan accounts are zero balance accounts, comes with a life cover of Rs 30,000 per person, and an accidental cover of Rs 100,000. An active user of the account can also get overdraft facility of Rs 5,000 from banks.
In a dazzling resurgence, foreign investors have graced the Indian equity markets with an influx of nearly Rs 1.5 lakh crore in 2023, fuelled by optimism over the country's resilient economic fundamentals amid shadows of a gloomy global scenario. Experts believe that the positive trend may continue in 2024. This follows Indian equities witnessing the worst-ever net outflow of Rs 1.21 lakh crore by FPIs in 2022 on aggressive rate hikes by the central banks globally after net inflows for three consecutive years.
The bad loans of public sector banks were at 4.4 per cent in March 2014 compared with 2.09 per cent in 2008-09, it said, adding, the gross NPA increased by almost four times from March 2010 (Rs 59,972 crore or Rs 599.72 billion) to March 2014 (Rs 2,04,249 crore or Rs 2,042.49 billion).
Brokers also want tax rebates, removal of additional tax on dividends, streamlining of GST...
Chairing an exclusive roundtable with 42 global CEOs and top executives from across 20 sectors, Modi stressed on continued political stability in India, predictability of policy, and pro-development and pro-growth policies.
'Digital India' initiative has a huge potential, he said.
Addressing a press conference after the meeting, Sarma said a total of eight sub groups will be formed with members from the indigenous Muslim community to suggest various developmental measures.
As per the fifth round of the NFHS, there are 1,020 women for every 1,000 men.
Rinku Singh says a burning desire to give his parents a good life while wading through tough times paved the way for his inclusion into the Indian team.
The Indian economy is reviving, helped by positive policy actions.
RBI Governor Shaktikanta Das on Friday called upon G20 nations to resolutely address the challenges, like threats to financial stability and debt distress that confront the global economy. Addressing the inaugural session of the meeting of G20 finance ministers and central bank governors, Das said although the outlook for the global economy has improved in recent months and there is now greater optimism that the world may avoid a deep recession and only experience slow growth or softer recession,"yet uncertainties lie ahead of us." "Together we must resolutely address the challenges that confront us, including those that are of medium to long-term nature such as threat to financial stability, debt distress, climate finance, fractures in global trade and strains on global value chains.
