To deepen the financial inclusion process, and help get more people under the formal financial system, the RBI has mooted the idea of small banks and payments banks.
"Lady candidates need not apply." So read the postscript in a job notice from Telco (now Tata Motors) on a notice board in the corridors of the Indian Institute of Science, Bangalore (now Bengaluru), in 1974. Irked, Sudha Murty, who was then pursuing her masters in computer science at the institute, wrote a postcard to JRD Tata, expressing her surprise at this gender discrimination, especially since the Tata Group were pioneers on many fronts. Shortly, Murty became the first woman on the firm's shop floor.
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The Reserve Bank released a report on 'Banking Structure in India -- The Way Forward' in August 2013, which covered issues such as consolidation of large-sized banks with a view to have a few global-sized banks and the desirability and practicality of having small, localised banks as preferred vehicles for financial inclusion.
'As part of our D33 strategy, the plan is to establish 30 unicorns in Dubai within the next 10 years.'
The BSE Mid-Cap index was currently up 0.83%. The BSE Small-Cap index was currently up 0.8%.
A senior official with Muthoot Finance said the group would also want to apply for a universal licence.
Government's financial inclusion mission is well intentioned, but it may be putting a severe strain on the banking sector.
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.
Any move of the present government to appease the Marathas may boomerang. Eknath Shinde is a worried man with the agitation not having an easy solution, notes Ramesh Menon.
Gajendra Singh Shekhawat, Vasundhara Raje, Satish Poonia, Kailash Choudhary: Who will it be if the BJP comes to power in Rajasthan next year?
Key questions remain about the operational and financial viability of a completely paperless bank such as India Post, says Mayank Jain.
Like China, India too should connect the dots and move ahead with a long-term perspective in Afghanistan, advises Ambassador M K Bhadrakumar.
Reliance Industries Ltd on Friday reported a 27 per cent jump in its September quarter net profit as earnings from the oil and gas business rebounded, and a pick-up in fashion and grocery helped boost retail revenues. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,394 crore, or Rs 25.71 per share, in July-September - the second quarter of the current 2023-24 fiscal - was 27.3 per cent higher than Rs 13,656 crore, or Rs 19.92 a share, earning a year back, the company said in a statement. The net profit was also higher quarter-on-quarter compared to Rs 16,011 crore earnings in the preceding three months ended June 30.
Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
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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.
Modi cautioning that cryptocurrency can spoil the youth.
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."
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.
She said I treated her like a bachchi. At another moment, she said I had gone to various people and 'bitched' about her. She also threatened to bring the entire matter to the PM's notice. A revealing excerpt from Subhash Chandra Garg's We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.
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.
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.
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."
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.
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.
Legislative process in the country is unduly long and tedious
The size of the Indian financial services market could touch around $340 billion in the next few years.
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.
Plenty of room for all three formats to flourish, says Sehwag
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.
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
This sort of property is better suited for an investor rather than an end user.
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.
Withdrawals from basic savings bank deposit accounts are capped at four a month, including withdrawals via ATMs.
Nilekani said new-age technology markets work on a winner-takes-all basis.
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.
