'We have to think of the repercussions if public sector banks are privatised and if they go to foreign hands.'
The finance ministry on Friday said 5.52 crore (55.2 million) bank accounts have been opened till October 7 and deposit of Rs 4,268 crore (Rs 42.68 billion) have been mobilised under Pradhan Mantri Jan Dhan Yojana (PMJDY).
Withdrawals from basic savings bank deposit accounts are capped at four a month, including withdrawals via ATMs.
The Alibaba-backed company had introduced the fee on March 8 after it found multiple users using its platform to get free credit by using credit cards to top up their mobile wallets and then transferring the money back to their bank accounts at zero transaction cost.
FMCG major HUL on Friday announced the appointment of Rohit Jawa as the managing director & chief executive officer to succeed Sanjiv Mehta who will retire from the company after leading it for a decade. Jawa, presently the Chief of Transformation for Unilever, would take over the leadership role for a term of five consecutive years with effect from June 27, 2023, the company said in a statement. "The appointment of Rohit Jawa as a whole-time director and MD & CEO will be subject to approval of Shareholders and other statutory approvals as may be applicable," it added.
It might be difficult to repeat the SKS success with VAYA Finserv, say analysts
If the CBDCs don't offer interest, why will people shift from cash to CBDCs?, asks Tamal Bandyopadhyay.
Narendra Modi government, the US Treasury Secretary Jacob Lew on Thursday said India needs more reforms
'The fiscal pressure will be there, but the intent of the government behind this move is to spur demand and growth.'
The two states account for 24% of total accounts opened under financial inclusion scheme.
Sitharaman cancels Myanmar trip at last moment citing launch of Modi's Jan Dhan Yojana.
However, the report pointed out that the implementation of the grievance redressal process still has many gaps as "only 22 per cent of the consumers involved in a grievance redressal process were satisfied due to the uncertain timelines involved". The Real Estate (Regulation and Development) Act, 2016, was passed by Parliament in March 2016.
Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said.
The advice your mother gave you about choosing your friends wisely got a whole new meaning with lenders looking at your social media posts
The ruling Bharatiya Janata Party in poll-bound Karnataka on Friday sought to woo farmers, women and younger generation with a slew of welfare measures in its last budget in the current term, also earmarking Rs 1000 crore towards development and renovation of various temples and maths in the state.
Never one to mince words, Rajan will walk away with a mixed legacy
Though Narendra Modi doesn't know it, he is a victim of this deep-rooted infection.
What is it about Arohan that puts it in the top league of microfinance institutions in the country?
The government must expedite its plan for asset sale and privatisation, both of which hardly got any mention in the Budget speech, points out A K Bhattacharya.
Raghuram Rajan optimistic about passage of GST
Vodafone Idea, the promoter of Aditya Bira Idea Payments Bank, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of India.
SBI chief Rajnish Kumar said the focus going forward will be on cost reduction, rationalisation and reskilling of workforce, improving staff productivity and redeployment of workforce from admin offices to sales roles.
As per the fifth round of the NFHS, there are 1,020 women for every 1,000 men.
In stock market parlance, "meme stock" was certainly the word of the year. Coined to mean those stocks that gain sudden popularity on the internet with resultant high prices, it was used to derisively describe the behaviour of retail traders globally who entered the market in huge numbers in the two Covid-19 years. A recent study, "Market Concentration and Retail Participation in India", by the National Stock Exchange economics team led by their chief economist Tirthankar Patnaik shows unlike these impressions, the retail investors, at least in India, have not performed inconsistently.
Adani Enterprises became the fourth listed company of Gautam Adani Group to cross Rs 4 trillion market capitalisation (market cap), as the stock hit a new high on the BSE in Tuesday's intra-day trade. At 01:24 pm; with Rs 4.04 trillion market cap, Adani Enterprises stood at number 15th position in overall market cap ranking on the BSE, data shows. Adani Transmission is at top of the group companies list, with market cap of Rs 4.48 trillion, followed by Adani Total Gas (Rs 3.96 trillion), and Adani Green Energy (Rs 3.72 trillion).
Per capita income has more than doubled to Rs 1.97 lakh in around nine years. Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years. Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
FM says government policies aim to contain inflation, spur growth.
As many as 14,091 civilians and 5,356 security force personnel lost their lives to militancy in Jammu and Kashmir between the 1990s, when militancy first reared its head in the valley, and 2020.
CreditSights has dialed back on its language on debt levels at richest Indian Gautam Adani's group but has maintained that the group's leverage is elevated. In a new note published after discussions with the group's management, CreditSights, a Fitch group firm, said it "has discovered calculation errors" in its recent debt report on two Adani Group companies but these did not change its investment recommendations. On August 23, CreditSights stated that the Adani group was "deeply over-leveraged" and may "in the worst-case scenario" spiral into a debt trap and possibly a default.
I feel it is utterly silly to disproportionately celebrate academic achievements in school and college when there is so much life and transformation by life yet to happen, states Shyam G Menon.
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
The government is working to provide healthcare schemes to poor people under the Jan Dhan initiative.
Among other things, the agenda is likely to focus on increasing private investment, employment generation and giving relief to the farm sector
The government has created a comprehensive budget with sharp focus on sustaining economic activity and investment but more clarity is needed on areas like taxation framework for adopting remote working on a long-term basis, IT body Nasscom said on Monday. The industry association noted that the IT/ITeS (Information Technology-enabled Services) industry has been a key driver of growth and jobs in 2020 and there is an opportunity to significantly accelerate it further. "For the IT sector, one of the biggest needs ahead of us is the development of future business models, with hybrid working becoming a reality. "We look forward for the government to provide clarity on providing a framework in direct taxes and indirect taxes for the industry to adopt WFH/remote working on a long-term basis," Nasscom said in a statement.
RBI had earlier permitted minors to open fixed and savings deposit bank account with mothers as guardian.
Floats from 13 states, including Bihar, West Bengal, Odisha weren't present at parade
State Bank of India does not levy any charge for non-maintenance of a minimum balance in basic savings account.
Listing three such 'unknown knowns', UBS said that these initiatives -- Aadhaar unique identity programme, GST tax reforms and a Dedicated Freight Corridor rail infrastructure project -- are real and their effects will be felt in the foreseeable future irrespective of which political party is in power after the elections.
Wipro founder-chairman Azim Premji believes the Indian IT industry revenues will grow in double digits in the current financial year. Throughout the pandemic, which saw lockdown measures to curtail the spread of the virus, the information technology industry has kept the world running and has also adapted to the changes, Premji said, speaking at an event of the Bombay Chartered Accountants' Society on Tuesday evening. As per Nasscom, the IT industry revenues stood at $194 billion in FY21. The lobby group has ceased giving estimates of the topline growth a few years ago.
Banks looking to raise capital via bond sales to fund decade-high credit growth were compelled to put some of these debt issuances on hold amid a sharp rise in yields since late September, sources told Business Standard. A major private lender, Axis Bank, has not yet followed through with a planned issuance of infrastructure bonds worth around Rs 3,000 crore. This is because volatility in the bond market in late September led to investors seeking higher yields, sources said.
