When large companies fall into financial difficulties, it always amazes me to see where they turn first for help in overcoming their problems -- to their hourly workers and other frontline employees, who are asked to take pay cuts and reductions in benefits such as health insurance and pensions.
'Whatever I did, I did for the farmers and whatever I am doing, I am doing for the country'
A sense of urgency can be detected in the Congress-led UPA government's attempt to shift its policy stance with a series of initiatives aimed at reinforcing its image as a government for the common man.
The government on Monday said there was "tremendous" need for consolidation to enable banks gain financial muscle and absorb risks in the years to come.\n
Transcript of the chat with the insurance expert held on Thursday.
Industry favours a hike in foreign direct investment cap, a single regulator for insurance and pension sector and long-term debt papers among other reform measures to boost growth in the insurance segment, a FICCI survey said on Tuesday.
A heavy agenda including the ordinance on the Food Security Bill awaits the Monsoon session of Parliament beginning on Monday amid expectations that the short sitting will be more businesslike and smooth as compared to the din and dust in the last few sessions.
Here's a map that visualises the official numbers for percentage of households availing banking facilities as published by the Planning Commission of India in June 2014.
This crisis requires political sophistication and governance skills. This BJP has neither, observes Shekhar Gupta.
The much-delayed Insurance Bill seeks to raise the foreign investment cap in the sector from 26 per cent to 49 per cent, with a rider that the management control rests in the hands of Indian promoter.
Foreign direct investment (FDI) in India has declined by six per cent to $5.47 billion during January-March quarter of the current calender year even as government is making efforts to promote the country as an investment destination.
'We have the more difficult reforms to do such as the reduction of subsidy, the insurance and pension sector reform, eliminating bureaucratic red tape and implementing Goods and Services Tax'
Key drivers of these risks can be arrested or reversed through building more inclusive societies, for which international cooperation and long-term thinking will be vital
According to the report, financial assets of the Indian households are predominantly in the form of bank deposits, followed by life insurance - a pattern that got disrupted after note ban
55 million people already in the social security net
Last year, FDI cap in insurance was hiked to 49%
The investment limit for foreign entities in Indian stock exchanges will be enhanced from 5 per cent to 15 per cent on par with domestic institutions.
India's balance of payments in negative territory.
RIL said it has priced its 144A/Reg S bonds to yield 240 basis points over US Treasuries Note at a 4.125 per cent coupon.
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.
He said while the previous UPA government hid the bad loans, his government has properly recognised them and brought tough laws to deal with defaults and recovery money.
According to a PMO statement, Narendra Modi told banks this would be a source of immense satisfaction for them, and that he himself would recognise the achievements of the best performing branches.
There were concerns that simply opening a bank account wouldn't constitute meaningful financial inclusion, as the poor would rarely use these accounts. However, recent data submitted to Parliament attests to increased account usage, says Ishan Bakshi.
Progress on several parameters creates a tipping point situation.
'Space out when raising funds; Sebi mulls securitisation platform'
The Prime Minister's Office has suggested that EPFO should deploy 15 per cent of its funds as loan for low cost housing saying it would generate a credit flow of Rs 70,000 crore (Rs 700 billion).
The finance minister was speaking after launching the maiden IDF scheme of IIFCL Mutual Fund in New Delhi on Tuesday.
It was widely expected that this time around, the government would be less likely to initiate fresh reforms and rather loosen its belt a little to give various segments of the economy, especially the multitudes that truly constitute India, something to smile about, says Sudip Bandyopadhyay.
Syed Firdaus Ashraf/Rediff.com lists 11 Modi flagship schemes that may have been gamechangers in the Lok Sabha election.
The move is expected to stabilise yields, volatile in the recent past.
All Jan Dhan bank accounts should be linked to Aadhaar, Prime Minister Narendra Modi said on Saturday while asking bankers to speed up this process and redouble efforts on financial literacy.
Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
The government plans a mega launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) by Prime Minister Narendra Modi on August 28, which is likely to see opening of one crore bank accounts on the first day itself.
Accusing the Bharatiya Janata Party of indulging in "shout and scream" practices to disrupt Parliament, Union Minister Sachin Pilot has said government is more than willing to "walk the half way" to debate issues raised by the opposition.
Even today, many MFIs already distribute pension and micro insurance products to low-income households.
South leads; North-East at bottom but moves ahead, finds out the IndiaSpend Team
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