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.
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 FM asserted that nearly Rs 11.85 lakh crore out of the Rs 15.44 lakh crore junked notes were back into the system
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.
PAN will be a must for all transactions, including purchase of jewellery, above Rs 200,000 with effect from January 1, 2016
The total balance in 255 million Jan Dhan accounts now stands at Rs 66,637 crore against Rs 45,637 crore on November 9.
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.
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.
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.
Draft guidelines for Small Banks and Payments Banks were issued by the RBI in July and comments were invited till August 28.
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.
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.
Totackle the serious challenges faced by the banking sector, the government will bring in more professional management and boards in the banks.
'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.
Despite strong AUM growth, MFs lag behind other popular investment avenues. MFs received only 6 per cent of total household savings in 2021-2022.
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.
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.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
The talks took place in a beach resort in Benaulim on the sidelines of a meeting of the Council of Foreign Ministers of the Shanghai Cooperation Organisation.
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 Paytm Payments Bank will be headquartered in Noida and kick off its services from east and north to begin with
Jeswin Aldrin, who had already qualified for the championships, however missed the cut.
'Digital India' initiative has a huge potential, he said.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
The apex court observed that the government could not deny benefits to those who did not have not Aadhaar numbers.
'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.'
Umesh Sachdev's startup produces software allows people to interact with their phones in local languages.
The Indian Olympic Association presented cash rewards worth Rs 20 lakh, 10 lakh, and 7.5 lakh to the gold, silver and bronze medallists respectively.
Any return to 9-10%(economic) growth is some years away.
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
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.
Archana Ramanan, a homemaker from Tamil Nadu, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
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.
'In FY21, as of October, LIC has booked a profit of Rs 18,800 crore through sale of equities.'
What stocks will gain from a normal monsoon?
This survey also shows how things have moved forward since the last large-scale sample survey conducted by NSSO in 2012-13
To help the country emerge as a true welfare State, political parties must put the country's interests first before strategising to win elections and short-term goals, argues Ramesh Menon.
Due to the prevailing uncertainty, the risk of loans going bad has certainly increased. This may result in lenders following risk-based pricing more diligently, notes Naveen Kukreja, CEO, Paisabazaar.com
The Ministry of Information and Broadcasting runs various awareness programmes for the citizens leveraging the Internet and the social media.
