Former Banque de France head Jacques de Larosire was given the Lifetime Achievement Award for his lengthy struggle for monetary order, the magazine said in a statement on Monday.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
Modi also invoked Mahatma Gandhi and Buddha to urge the delegates to draw inspiration from India's civilisational ethos and "focus not on what divides us, but on what unites us."
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
Modi cautioning that cryptocurrency can spoil the youth.
Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
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.
The central government has agreed in-principle to Air India employees' main demands. It fears an industrial dissension now could impede the process of privatisation. It has agreed to bear the cost of liquidation loss on account of transfer to the Employees' Provident Fund Organisation (EPFO) from company-owned trusts, inclusion of employees in the central government health scheme (CGHS), and encashment of leaves. The template of the Air India process will be followed for other public sector undertakings up for privatisation at a later date.
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Tata Sons, India's biggest business group, and firms controlled by billionaires Anil Ambani and Kumar Mangalam Birla are among the 26 companies that have applied for licences to open banks.
Rajan said expecting the government to provide all solutions wasn't right.
Plenty of room for all three formats to flourish, says Sehwag
IMF believes it is mostly cyclical, not structural, but because of the financial sector issues, recovery will be not be quick. IMF said, it saw an opportunity with the strong mandate of the new government to reinvigorate the reform agenda to boost inclusive and sustainable growth.
Irani said the "Government of India took a series of measures for ensuring safety, security and well-being of women during the COVID-19 pandemic."
Analysts on Wednesday welcomed the Reserve Bank's decision to grant bank licences to Bandhan and IDFC, but expressed dismay that only two of the over two dozen aspirants made the cut.
The appointment of Yogi Adityanath as UP CM, the revival of the Ram Temple movement, the elevation of a ban on cow slaughter as a national priority, and the targeting of any social behaviour deemed contrary to a set of narrowly prescribed Indian values point to a social regression that contradicts the inclusive and forward-looking impulse that underlies Modi's vision of a modern India.
This sort of property is better suited for an investor rather than an end user.
The Enforcement Directorate (ED) has attached assets worth over Rs 757 crore of one of the country's most known multi-level marketing (MLM) and direct-selling companies, Amway India, as part of a money-laundering investigation. The central agency issued a statement on Monday, alleging that the company was perpetrating a "scam" by running a pyramid "fraud" in the guise of direct-selling MLM network. "The entire focus of the company is about propagating how members can become rich by becoming members. There is no focus on the products. "Products are used to masquerade this MLM pyramid fraud as a direct-selling company," the ED alleged.
According to a communication by the ministry to the heads of PSBs, it will be a bottom-up consultative process from the branch level onwards which will involve discussions at the branch or regional level, state level and national level.
The size of the Indian financial services market could touch around $340 billion in the next few years.
Legislative process in the country is unduly long and tedious
In his opening remarks at the G20 Leaders' Summit at the Bharat Mandapam in New Delhi, Modi said the 21st century is a time of giving new direction to the world.
Pointing out that these recent measures are incremental rather than radical, Moody's said, these steps will sustain higher gross domestic product growth and address some of the constraints on the country's sovereign credit profile.
High interest rate, policy uncertainty in the year of elections, along with risk aversion led to slow takeoff in credit demand on the corporate front.
Wishlist for new PM includes growth boosters, reining in inflation, faster project clearance and reversal of Land Acquisition Act
Group term insurance is far more cost-effective than an individual cover.
Senior Congress leader B K Hariprasad's statements regarding ministerial and chief ministerial posts, along with his veiled dig at Karnataka Chief Minister Siddaramaiah seems to have created a sense of unease within the ruling party in Karnataka.
Using ATMs beyond the permissible free transactions for cash as well as non-cash purposes will cost more from Saturday. As per the Reserve Bank directive issued in June, the banking customers would be required to pay Rs 21 per transaction with effect from January 1, 2022 for transactions beyond the free permissible limit. Presently, banks are allowed to charge Rs 20 for such transactions through ATMs.
The India personal computer (PC) market shipment, inclusive of desktops, notebooks, and workstations, dropped by an overall 30.1 per cent in the first quarter of CY2023 over the previous year, to only 2.99 million units, according to the latest data from the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker released on Tuesday. In Q1CY23, while the demand for desktops was positive, the notebook category witnessed another weak quarter as it declined by 40.8 per cent year-on-year (y-o-y). The consumer segment declined by 36.1 per cent y-o-y primarily due to slowing demand and weak market sentiment.
Prime Minister Narendra Modi on Friday called for developing a template by the Shanghai Cooperation Organisation (SCO) to effectively deal with the challenges of extremism and radicalisation.
India is worried about Pakistan getting the Taliban to ignite trouble in Kashmir, observes Ramesh Menon.
Lauding the pro-reforms approach adopted by Reserve Bank of India Governor Raghuram Rajan, industry body Confederation of Indian Industry on Thursday expressed the hope that the central bank would shift towards an expansionary monetary policy by cutting interest rates to stimulate growth.
Nilekani said new-age technology markets work on a winner-takes-all basis.
Withdrawals from basic savings bank deposit accounts are capped at four a month, including withdrawals via ATMs.
Showing respect to the Indian flag, Prime Minister Narendra Modi on Wednesday immediately picked up the tricolour placed on stage at a BRICS meeting here to mark the standing place of every leader so as not to step on it.
Narendra Modi government, the US Treasury Secretary Jacob Lew on Thursday said India needs more reforms
The president outlined the government's agenda in the coming financial year in his customary address to the joint sitting of both the Houses of Parliament.
Reserve bank is working with the govt to bring suitable amendments in the statutory provisions
Companies don't have to be in the field to nudge people to return money they owe lenders.
Prime Minister Narendra Modi will on Friday launch two schemes of the Reserve Bank of India (RBI) that may go a long way in changing how the household sector invests, and complains if anything goes wrong with their savings. These schemes - retail direct and an integrated ombudsman - will be launched by the Prime Minister virtually, in the presence of Finance Minister Nirmala Sitharaman. With the introduction of retail direct, a common man can directly take a position in government securities (G-Sec), considered to be the safest asset class a sovereign can offer.
The Union Budget on Wednesday outlined several initiatives to drive India's technology agenda and boost digital infrastructure, including new centres of excellence for artificial intelligence, National Data Governance Policy, and Entity DigiLocker.
