State Bank of India has embarked on a drive to cut the Know Your Customer (KYC) process to a single one across its branches, a top official said on Tuesday.
Finance Minister Nirmala Sitharaman on Tuesday said the Russia-Ukraine crisis and the ensuing jump in global crude prices are a challenge to financial stability in India. The two issues were discussed at the meeting of Financial Stability Development Council (FSDC), which comprises all the financial sector regulators, Sitharaman told reporters in Mumbai. "It is difficult to say how it (crude prices) will go.
The government is considering a common appellate authority for insurance and all instruments traded on the stock or commodity exchanges. This comes after the formation of the Financial Stability Development Council, a statutory body to coordinate the functioning of financial market regulators.
Rajan addressed a group of investors in Boston on Thursday.
The finance minister has said that United Bank has managed to reduce its non-performing assets.
Monetary transmission has been an issue for the Indian banking sector.
Officials say a fall in global oil prices will reduce the government's subsidy burden, giving it a greater chance of hitting its ambitious fiscal deficit target of 4.1 percent of gross domestic product in the fiscal year to March.
RBI aiming to bring down headline number to 8% by end of this year and to 6% by the end of next year.
Raghuram Rajan explains the rationale for his policy stance and other issues.
'The critics are getting carried away.' 'The challenge for the RBI is not any erosion of autonomy caused by demonetisation.' 'It's the whole attempt to reduce the RBI's stature and role that has been under way,' says T T Ram Mohan.
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