The Indian economy is growing at a robust pace, driven by strong domestic demand, low inflation, and the healthy balance sheets of banks, said a Reserve Bank report released on Wednesday.
Reserve Bank of India (RBI) Governor Sanjay Malhotra, with Deputy Governors Poonam Gupta, Swaminathan J, T Rabi Sankar, and M Rajeshwar Rao, responded to a range of queries in the post-policy interaction with the media
Given that a sizeable part of this money is part of the coveted current accounts and savings accounts, it is surprising that banks are not in a hurry to revive these accounts, notes Tamal Bandyopdhyay.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
'Self-declaration from the customer in case of no change in KYC information or change only in the address details may be obtained.'
The Reserve Bank on Monday said asset quality of banks improved further and their gross non-performing assets (GNPA) or bad loans ratio declined to a 12-year low of 2.6 per cent in September 2024 on the back of falling slippages and steady credit demand. The RBI also flagged concern over a sharp rise in write-offs, especially among private sector banks (PVBs), which could be partly masking worsening asset quality in unsecured lending segment and dilution in underwriting standards.
'Spend, but create assets, spend but make sure that people benefit from it.' 'This has been a beautiful guiding principle. And I think as a finance minister I owe so much to the prime minister for keeping this path clear before us.'
'The committee has been constituted. Different government departments and FSDC members are part of it.'
The bad assets or gross NPAs of commercial banks fell to a 12-year low of 2.8 per cent in March 2024 and may go down further to 2.5 per cent by the end of the current fiscal, said the RBI's Financial Stability Report (FSR) released on Thursday. Scheduled Commercial Banks' (SCBs) gross non-performing assets (GNPA) ratio fell to 2.8 per cent, and the net non-performing assets (NNPA) ratio to 0.6 per cent at the end of March 2024. "The asset quality of SCBs recorded sustained improvement, and their GNPA ratio moderated to a 12-year low in March 2024. Their NNPA ratio too improved to a record low," said the June FSR.
Madhabi Puri Buch, the first female chairperson of Sebi, doesn't plan to rest on her laurels in her third and final year in office and has set out an ambitious goal, such as moving towards a same-day and instantaneous settlement cycle for the secondary market.
Borrowing from a fraudulent loan app subjects the borrower to a variety of risks.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
Will take their views on improving investment climate and boosting economy.
Gold and silver imports during April, 2013 jumped by 138 per cent to $7.5 billion against $3.1 billion in the year-ago period.
The government has proposed a new regulatory architecture for large financial institutions, by establishing "a college of supervisors" comprising representatives from various regulatory agencies.
RBI unveiled a few weeks ago its discussion paper on the proposed holding company structure for financial conglomerates, there were no murmurs of protest from any of the other regulators.
Amid decelerating manufacturing growth, the Reserve Bank wants the government to come out with measures in the Budget to give a boost to the sector, which can employ surplus labour from agriculture.
Fraud in Citibank's Gurgaon branch broke out in December involving nearly Rs. 400 crore being siphoned out from 20 accounts of high net-worth individuals.
Finance Minister Pranab Mukherjee on Friday discussed the economic situation with financial sector regulators, including Reserve Bank of India Governor and Sebi chief, and sought their inputs for the 2011-12 budget that will be unveiled on February 28.
The government today said the proposed Financial Stability and Development Council, an inter-regulatory agency headed by the finance minister, would not act as a super regulator.
Drawing parallel with the Financial Stability Oversight Council in the US, the sources maintained that the proposed FSDC in India will not breach the autonomy of the regulators, a concern which has been voiced by the RBI.
The FM's proposal on new banks and a Financial Stability and Development Council could spark tension with RBI.
The meeting will review the current global and domestic economic situation and financial stability issues, including those concerning banking and NBFCs.
The 21st meeting of FSDC comes against the backdrop of the economy hitting a six-year low growth rate of 5 per cent in the first quarter of 2019-20. Even some of the macroeconomic data for the second quarter does not portray an encouraging picture of the economy.
As households age, they pile up debt, a peculiarity unique to Indians, a Financial Stability and Development Council report has found. Here are the key takeaways.
Sebi's stewardship code for mutual funds and alternative investment funds lays down six principles to improve corporate governance standards in their investee companies, reports Jash Kriplani.
Rajan will be closely working with the RBI governor and the four deputy governors to gain familiarity with the central bank's stance on various issues.
'IPOs not clicking is cause for worry,' says Sebi chairman.
The Financial Stability and Development Council meeting on Tuesday started with an air of tension in the room. An official present described the participants' body language as "tetchy". However, once presentations and discussions begun, the mood considerably eased.
In 2009, FinMin proposed to move regulators' reserves into public account. These accounts were finally opened in 2013-14. However, no funds have been deposited in it so far.
KYC done while opening a bank account can be used to open a mutual fund account.
The Financial Stability and Development Council members include heads of regulatory bodies like RBI, Sebi and Insurance Regulatory Development Authority.
India is better prepared to deal with any further US Fed tapering, but the country needs to remain vigilant to face eventualities, Reserve Bank Governor Raghuram Rajan said.
The Gujarat International Finance Tech-City, or Gift City, is expected to be spread over 886 acres and will have a special economic zone on 261 acres.
Retaining the GST rate assumes importance since states are under pressure to increase their revenues, hit hard by lockdown. Also, the Centre has not fully compensated states for their revenue losses on account of GST for 2019-20.
The Financial Sector Legislative Reforms Commission, chaired by Justice B N Srikrishna, has suggested a non-sectoral, principle-based approach to revamp the existing framework.
In the worst-case scenario, it will be next to impossible for tech companies like Amazon and Google to run any service that requires user biometrics.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
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