Withdrawals from basic savings bank deposit accounts are capped at four a month, including withdrawals via ATMs.
Narendra Modi government, the US Treasury Secretary Jacob Lew on Thursday said India needs more reforms
The president outlined the government's agenda in the coming financial year in his customary address to the joint sitting of both the Houses of Parliament.
Reserve bank is working with the govt to bring suitable amendments in the statutory provisions
Exchanges believe its legal status may now change, with the government pushing for digitised transactions.
Reliance Jio Infocomm (RJIL) has written to the Telecom Regulatory Authority of India (Trai) stating that a recent complaint against it by Bharti Airtel is a deliberate, malicious attempt at defaming RJIL's consumer-friendly tariff. RJIL has also asked the regulator to warn Airtel against 'making such frivolous complaints in the future'. The move is in response to Airtel recently requesting Trai to bring content aired through broadband under the regulatory fold and keep a check against discriminatory bundling tactics.
RRBs were formed under an Act to provide credit to small farmers, agricultural labourers and businesses in rural areas.
The department of financial services has decided to give banks commission, to ensure these accounts are kept active.
It's time to re-examine government's role as owner of banks,
Now, 83 per cent males and 77 per cent females have formal bank accounts but they are hardly using them
Aditya Birla Nuvo gets board's nod, Videocon submits application.
Unemployment rate in the country has zoomed to a high of 8.3 per cent in December, the highest in 2022, according to data from Centre for Monitoring Indian Economy (CMIE). The unemployment rate during November was at 8 per cent, while in September it was the lowest at 6.43 per cent and was at the second highest level during the year at 8.28 per cent in August, the CMIE data stated. While the urban unemployment rate was at 10 per cent during the last month of 2022, rural joblessness stood at 7.5 per cent during December.
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
Mukesh Ambani said the Digital India initiative has the potential to transform the lives of 1.2 billion Indians using the power of digital technology.
'Professors can teach even when they are 90 because they don't lose their skill with words. Go deeper and there's spirituality in it.'
The pandemic has led to the International Finance Corporation massively ramping up its impact investment in the country - its largest client nation globally - at $1.7 billion as of June, a 51 per cent rise over the past 12 months, the largest developmental lender into third world private sector said on Tuesday. This is nearly half of its investment in the whole of South Asia since the pandemic, which touched $3.8 billion as of June 2021, it said. "Our total commitment to India, which is our largest client country globally, at the end of June stood at $1.7 billion representing an increase of over 51 per cent from last year," IFC vice-president for Asia and the Pacific region Alfonso Garcia Mora said in a statement.
From auto, refrigerator, and mobile handset makers to real estate firms, companies are tying up with banks to dole out attractive finance schemes and discounts to make buying more affordable.
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 government is encouraging consumption through fiscal spending in a bid to push up economic growth in the face of a slowdown in corporate investment and exports.'
The move to ban Rs 500 and 1000 notes may not curb the root cause of black money.
The first stage of the inclusion strategy was focussed on opening bank accounts, logically seen as creating the last-mile channels for financial access.
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.
'The end of WFH has made achieving work-life integration more challenging for women.'
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
The Pradhan Mantri Jan Dhan Yojana will provide accident insurance of Rs 100,000 to all people who open bank accounts under this scheme.
A culture of science and innovation must be embedded in society wherein people not only use new technology but understand it as well. Without this, obscurantism and blind faith can sit side by side with digital technology and, in fact, use the same technology to reinforce their hold on people, says Shram Saran.
Barring stray references such as the 'dual control' of banks and shifting the goalposts during demonetisation, he is not in a fault-finding mode with the government, notes Tamal Bandyopadhyay.
Policies to break down the business group format are far more likely to be effective, argues Simon Commander.
The Blinken visit indicated that the Biden administration is still somewhat tentative about the specifics of its relations with India, observes Ambassador T P Sreenivasan, who has served multiple stints at India's embassy in Washington, DC.
It might be difficult to repeat the SKS success with VAYA Finserv, say analysts
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
India said on Tuesday that terrorist safe havens and sanctuaries must be dismantled immediately and terrorist supply chains disrupted for enduring peace in Afghanistan as it called for zero tolerance for terrorism in all its forms and manifestations including cross-border attacks.
'If we don't want to be the poorest large economy even in 2030, we need to be doing very much more than is being attempted.'
It is widely believed that Nandan Nilekani's meeting with Prime Minister Narendra Modi saved the ambitious Aadhaar project from oblivion or a takeover by the home ministry.
Equity benchmarks Sensex and Nifty ended on a mixed note on Wednesday as the euphoria about the Budget fizzled out, with investors going for profit-taking ahead of the Fed interest rate decision. The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 per cent to settle at 59,708.08 after it trimmed most of the intra-day gains. During the day, it had zoomed 1,223.54 points or 2 per cent to 60,773.44.
Banerjee, 58, was educated at the University of Calcutta, Jawaharlal Nehru University and Harvard University, where he received his Ph.D in 1988. He is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology.
Never one to mince words, Rajan will walk away with a mixed legacy
At present, 58 per cent of the population has bank account.
India has a unique window of opportunity to effectuate long-lasting structural change in its banking sector, says Riju Agrawal.
Receiving Ganga water by post could be a reality soon as the government endeavours to tap the e-commerce platform to bring the holy water at the doorsteps.
