The Tata Group is one of the very few Indian MNCs which has carved out a niche in China's highly competitive market, notes Rup Narayan Das.
'The impact of CBDC on deposits and deposit insurance is largely unknown.'
The Deposit Insurance and Credit Guarantee Corporation (DICGC) will pay the depositors of 21 stressed cooperative banks, including the Punjab & Maharashtra Co-Operative Bank (PMC Bank), up to Rs 5 lakh within 90 days. The Reserve Bank of India (RBI) had imposed restrictions on the withdrawal of deposits from these banks. Of the 21 banks, 11 are from Maharashtra, five from Karnataka, and one each from Uttar Pradesh, Kerala, Rajasthan, Madhya Pradesh, and Punjab.
Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
The size of Reserve Bank's balance sheet increased by 11.08 per cent to Rs 70.47 lakh crore as on March 2024, leading to the highest-ever dividend payout to the government, according to the central bank's annual report. In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as on March 2023.
Finance Minister Nirmala Sitharaman on Tuesday asked banks and other financial institutions to ensure that their customers must update nominees to help resolve the problem of unclaimed money in future. "I want the banking system, the financial ecosystem including the mutual funds, stock markets to keep in mind that when someone deals with his (customer's) money, the organisations will have to think about the future and ensure that customers nominate their heirs, give the name and address," Sitharaman said speaking at the Global Fintech Fest (GFF) in Mumbai. According to a report, the banking system alone has more than Rs 35,000 crore of unclaimed deposits, while the overall quantum of the unclaimed money is said to be more than Rs 1 lakh crore.
The Union home ministry has cancelled the Foreign Contribution Regulation Act (FCRA) registration of the Centre for Policy Research (CPR) for alleged violation of laws, a move the public think-tank termed "incomprehensible and disproportionate" and vowed to seek legal recourse against.
Finance Minister Nirmala Sitharaman on Wednesday said the Union Budget strikes a fine balance between growth, employment, and fiscal consolidation, and promotes cooperative federalism. Replying to the discussion on the Union Budget 2024-25 and Union Territory of Jammu and Kashmir Budget in Rajya Sabha, the minister said the government is on track to achieve the pre-announced fiscal deficit target of 4.5 per cent by 2025-26. Sitharaman, also a former defence minister, said the Agniveer Scheme to recruit people in the age group of 17.5 to 21 years, is aimed at keeping the armed forces fit, young and battle-ready.
EPS has had its way on most things, alliance-wise. A week earlier, he reiterated that he would not re-admit OPS and Sasikala Natarajan back in the party. It was a message not just to detractors in the AIADMK. It was even more so for the BJP leadership in Delhi. Even more important for the AIADMK was their demand for accepting EPS as the chief ministerial candidate of any alliance that the party would form, observes N Sathiya Moorthy.
Officials said it had informed the RBI about these alleged malpractices earlier and is regularly updating it about such modus operandi being deployed
China does not have to give up what it took in 2020, it will never give up its claim to Arunachal Pradesh, Ladakh and other areas, and it has all the time now to plan its next surprise, points out Lieutenant General Prakash Katoch (retd).
The Supreme Court on Friday stayed the Bombay high court order directing sale of bankrupt Housing Development and Infrastructure Ltd (HDIL) to ensure the repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank. A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against the Bombay high court order.
Deposit insurance is a system in place in many countries including India that protect bank depositors.
The RBI reminded that the primary role of these banks is to lend for activities related to agriculture and rural development. The central bank said it has come to its notice that certain state cooperative and central cooperative banks have extended finance to the sector.
The dismissal of the five --most of whom have cases registered against them for terror activities -- was ordered under Article 311 of the Indian Constitution.
The NCP leader defeated his cousin Pankaja Munde of the BJP in the just-concluded assembly elections from Parli in Beed district of central Maharashtra.
Making it easier for urban cooperative banks to extend housing loans, the Reserve Bank of India has relaxed the risk provisioning norm for purchase of residential properties up to Rs 30 lakh (Rs 3 million).
As much as Rs 26,697 crore was lying in dormant accounts of banks, including cooperative banks, as on December 31, 2020, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday. This money is lying in nearly 9 crore accounts which have not been operated for 10 years. As per information received from the Reserve Bank of India (RBI), as on December 31, 2020, the total number of such accounts in Scheduled Commercial Banks (SCBs) was 8,13,34,849 and the amount of deposits in such accounts was Rs 24,356 crore, Sitharaman said in a reply.
The syndicate used "stooge" bank accounts and shell companies to transfer the largest amount linked to a single case recorded in the city, the Customs and Excise Department of Hong Kong said.
The stimulus package announced by Finance Minister Nirmala Sitharaman "fails to involve" banks in the economic revival process, a member of the Reserve Bank of India's central board said on Wednesday. The stimulus package is "imaginative and forward looking, yet fails to involve banks as frontline warriors in revival of economy," Satish Marathe, a member of RBI's central board, said in a social media post.
There is not much bank employees can do, but some words of encouragement from the management would have helped. Stretched working hours and the tense atmosphere is taking a toll on their health.
The government on Tuesday announced Rs 900-crore allocation in the Budget for the newly set up Ministry of Cooperation for the 2022-23 fiscal, besides slashing Alternate Minimum Tax (AMT) on cooperative societies to 15 per cent and surcharge to 7 per cent, which nodal minister Amit Shah hailed saying it will boost the sector. Of the total allocation for the next fiscal, a significant amount of Rs 350 crore has been provided for digitisation of Primary Agriculture Cooperative Societies (PACs), while Rs 274 crore for an umbrella scheme 'Prosperity through Cooperatives' which would have a number of sub-components with the aim of all-round development of cooperatives in the country. For the first time, a separate budget of Rs 11 crore has been provided to Vaikunth Mehta National Institute of Cooperative Management (VAMNICON).
The accused were allegedly complicit in causing losses to the tune of Rs 1,000 crore to MSCB between 2007 and 2011.
The discussion paper is released at a time when the central bank is sifting through 26 applications seeking an entry into the fray.
'With a solid investment programme and sustainable development strategy, India can exceed 7 per cent growth per year, or a doubling of high-quality national income within a decade.'
'There's a huge need for advancements in current security incident logging and monitoring practices.'
Loan against gold as a product is catching on fast. Let's keep the momentum going, but aim for sustainable growth. A few bad apples should not ruin the brunch, argues Tamal Bandyopadhyay.
India and the United States vowed on Thursday to step up joint efforts to halt illicit money flows.
'No commercial bank will be allowed to fail. There is nothing to worry about.'
'If you want to win you need to perform.' 'Governments have found a way to buck anti-incumbency, but one policy intervention will not pay in all elections.'
HSBC whistleblower Herve Falciani on Monday said he is willing to "cooperate" with the Indian investigative agencies in their black money probe.
Joy Thomas stated that one large account -- HDIL -- was the sole reason for the present crisis that led to the regulatory action on Tuesday when Reserve Bank of India superseded its management and placed it under an administrator for the next six months.
The Reserve Bank on Monday asked all banks and financial institutions to assess the impact on their balance sheet, asset quality, liquidity, among others, in the wake of the potential threat arising out of the spread of coronavirus disease in India. Several confirmed cases have also been detected in India, which highlight the need of a co-ordinated strategy for handling the emerging situations to protect the resilience of the Indian financial system, RBI said in a notification addressed to banks, urban cooperative banks, NBFCs, payment and small finance banks.
The fourth finance ministerial meeting, to be held in New Delhi, will have Finance Minister P Chidambaram from the Indian side and Hyun Oh-seok, Deputy Prime Minister and minister of strategy and finance, from South Korea.
In view of the economic shock caused by the COVID-19 pandemic, Reserve Bank of India (RBI) on Friday asked scheduled commercial banks and co-operative banks not to make any dividends for the financial year ended March 2020. In view of the ongoing stress and the heightened uncertainty on account of the pandemic, RBI said it is imperative that banks continue to conserve capital to support the economy and absorb losses, if any. The decision is based on review of the September quarter financial performance of banks.
Crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank's takeover by the Unity Small Finance Bank (USFBL) came into effect on Tuesday, with the government notifying the scheme of amalgamation. PMC Bank branches will operate as USFBL branches from Tuesday onwards, the Reserve Bank of India (RBI) said in a statement on Tuesday. The takeover comes into force little over two years after the RBI superseded the board of the PMC Bank after financial irregularities came to light.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
