It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
Categories such as lifestyle, food and electronics accounted for over 1,350 sellers across the country last year.
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.
Last year, FDI cap in insurance was hiked to 49%
Superheroes, supervillains, biopics, thrillers, teenage dramas, shaadis, Sukanya Verma offers an all-you-can-eat buffet on OTT this long weekend.
Finance Minister Arun Jaitley on Sunday said the government is planning to bring down its stake in public sector banks to 52 per cent so as to meet Rs 3 lakh crore capital requirement.
Challenges abound but innovation is key for new banks inorder to survive.
The global recovery is expected to be asynchronous and divergent between advanced and emerging market economies, the IMF said on Tuesday, noting that policymakers should take early action and tighten selected macroprudential policy tools while avoiding a broad tightening of financial conditions. "Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks," the International Monetary Fund (IMF) said in its Global Financial Stability report released ahead of the Spring meeting of the global lender and the World Bank. However, actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities, it said.
Prime ministers turning up with such frequency to launch trains is an indication of the political mileage resident in public transport. Will our railways step out of the government's shadow? After all, they are the ones manufacturing trains and running them, notes Shyam G Menon.
The Reserve Bank on Wednesday retained the GDP growth forecast at 9.5 per cent for the current fiscal but cautioned that the economic recovery is not yet strong enough to be self-sustaining and durable.
The Reserve Bank on Thursday permitted banks to increase charges for cash and non-cash ATM transactions beyond free monthly permissible limit from next year. Bank customers will have to pay Rs 21 per transaction, instead of Rs 20, with effect from January 1, 2022, if they exceed the monthly limit of free transactions. "To compensate the banks for the higher interchange fee and given the general escalation in costs, they are allowed to increase the customer charges to Rs 21 per transaction. "This increase shall be effective from January 1, 2022," the RBI said in a circular.
Your promise to protect bankers for their commercial decisions is a huge confidence booster, but how does one define a commercial decision? Are our investigative agencies well equipped to dissect lending decisions of bankers?
PAN will be a must for all transactions, including purchase of jewellery, above Rs 200,000 with effect from January 1, 2016
The FM asserted that nearly Rs 11.85 lakh crore out of the Rs 15.44 lakh crore junked notes were back into the system
The total balance in 255 million Jan Dhan accounts now stands at Rs 66,637 crore against Rs 45,637 crore on November 9.
ICICI Bank chief Chanda Kochhar on Wednesday said "disruption" will happen in the industry due to technology and not because of the entry of new entities in the market.
The G20's Bali Declaration Wednesday acknowledged differences among members on the Russia-Ukraine war but said it was essential to adhere to international law, including protection of civilians caught in conflicts.
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.
Draft guidelines for Small Banks and Payments Banks were issued by the RBI in July and comments were invited till August 28.
This will cost the government Rs 3.1 trillion, about 10 per cent of its annual expenditure, and higher than any other spending item in its Budget.
BJP on Thursday said while claiming the exercise had brought back "hope" into the economy by charting a roadmap for the country's economic resurgence.
After the Insolvency and Bankruptcy Code came into force, which calls for an auction of assets of loan defaulting entities, recoveries have picked up, said Jaitley.
Totackle the serious challenges faced by the banking sector, the government will bring in more professional management and boards in the banks.
The US intends first to cripple the Afghan government financially through sanctions, freezing of assets, denial of access to international banking, etc, and then proceed to do pretty much what it wants to do with scant regard for Afghanistan's sovereignty, predicts Ambassador M K Bhadrakumar.
The Paytm Payments Bank will be headquartered in Noida and kick off its services from east and north to begin with
'Digital India' initiative has a huge potential, he said.
A social stock exchange, broadly, is understood to be a platform that allows investors to buy shares, bonds or units in a social enterprise that has been vetted by the exchange. These allow firms operating in sectors such as health, environment and transportation to raise risk capital.
The apex court observed that the government could not deny benefits to those who did not have not Aadhaar numbers.
The Comptroller and Auditor General of India on Monday reported multiple irregularities in the accounts of units under the IT and telecom ministries, including purchases of hardware and software worth Rs 890 crore by NICSI in contravention of rules. In its audit report for financial years 2017-18 and 2018-19, the Comptroller and Auditor General (CAG) has flagged anomalies in the decision taken by state-run telecom firm BSNL, C-DoT, the Department of Posts, ITI Limited and CDAC that had adverse financial implications. "NICSI procured hardware and software costing Rs 890.34 crore through the 'Strategic Alliance' route in contravention of General Financial Rules, 2005 and departmental instructions and thus failed to ensure transparency and competitiveness in the procurement process," according to the CAG report tabled in Lok Sabha on Monday.
Umesh Sachdev's startup produces software allows people to interact with their phones in local languages.
Any return to 9-10%(economic) growth is some years away.
'In India, a deadly wave of infection with the Delta variant stole 240,000 lives between April and June and disrupted economic recovery. Similar episodes could take place in the near term,' said the report.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
To curb excessive volatility in mid and small cap counters, the BSE has introduced a new surveillance measure for certain stocks having a market capitalisation of less than Rs 1,000 crore. The new measure, add-on price band framework, will be applicable to companies with a market-capitalisation of less than Rs 1,000 crore and on securities in groups -- X, XT, Z, ZP, ZY, and Y, BSE said in a circular on Wednesday. Under the framework, the shortlisted securities will be subjected to additional periodic price limits of weekly, monthly and quarterly.
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
'Imagine taking care of a patient who is infected with Covid. A human nurse is unable to do that due to fear of infection. The robot can do that task, while it is controlled or supervised by the human nurse. So the robot becomes an extension of the nurse.'
It was supposed to be a panacea against corruption, leakage and a magic wand for financial inclusion. But everywhere you look are people who enrolled, only to fall through the cracks again.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
The Analysis lists a number of steps taken by the government that have contributed to both positive short-term outcomes, such as lower food inflation, and the capacity for more equitable growth, through financial inclusion.
What stocks will gain from a normal monsoon?
