HDFC Bank on Tuesday said the Reserve Bank of India (RBI) has appointed an external IT firm for carrying out a special audit of its IT infrastructure in the aftermath of repeated service outages at the country's largest private sector lender over the past two years. "RBI has appointed an external professional IT firm for carrying out a special audit of the entire IT infrastructure of the bank under Section 30 (1-B) of the Banking Regulation Act, 1949..., at the cost of the Bank under Section 30 (1-C) of the Act.
The mystery surrounding the alleged fund diversion from Zee Entertainment Enterprises (Zee) by founders Subhash Chandra and Punit Goenka has thickened with speculations of an amount multiple times higher than that cited by the ex-parte interim order passed by the Securities and Exchange Board of India (Sebi) dated June 12, 2023. While Zee shares witnessed a fresh selloff on Wednesday, news reports of accounting fraud left investors guessing about the hole in the media broadcaster's books. An order by the Securities Appellate Tribunal (SAT) in October 2023 had clearly hinted that Sebi's investigation had found a deeper rout.
The minders of the Modi government's economic policy believe it would take 7 to 8 quarters -- or till around late 2018 -- for the economy to reap the rewards of demonetisation.
The awarding of in-principle licences for 10 small finance banks is likely to be a game changer in a way which may not be adequately realised right now.
Modi was honoured with the 'Order of Zayed', the UAE's highest civilian award, in 2019 as a mark of appreciation for his efforts to boost bilateral ties between the two nations.
The finance ministry on Friday asked state governments to accord priority to employees of banks and insurance companies for Covid-19 vaccination, saying they are exposed to high risks during these difficult times.
Payments banks are niche banks which will be allowed to function with several restrictions.
China's intended role for AIIB is not so different from the existing Western lenders like the World Bank.
The Congress and JD-S have made much of Amit Shah's remarks about milk co-operatives. 'If the Opposition harps on the statement, it could add to the narrative that Gujarat was trying to take over Karnataka.'
The International Monetary Fund (IMF) on Tuesday slashed India's growth forecast for 2022-23 (FY23) by 80 basis points to 7.4 per cent, citing less favourable external conditions and rapid policy tightening by the central bank. In its update to the April World Economic Outlook, the IMF said that though a global recession in 2022 was ruled out with a growth estimate of 3.2 per cent, the balance of risks was squarely to the downside, driven by a wide range of factors that could adversely affect the global economic performance. "The risk of recession is particularly prominent in 2023, when in several economies growth is expected to bottom out, household savings accumulated during the pandemic will have declined, and even small shocks could cause economies to stall.
RBI Governor Shaktikanta Das on Friday said the government and the central bank are in discussion with South Asian countries to have cross-border trade in rupee. He also said the central bank digital currency (CBDC) is in trial phase and the RBI is moving very carefully and cautiously on digital rupee launch. After the successful launch of the wholesale pilot, the Reserve Bank of India (RBI) on December 1, last year, began its retail CBDC pilot project.
They had gathered at Maharashtra government's Sahyadri Guest House nearby when they were stopped while moving towards Varsha, the official said.
Leaving it to Parliament the issue of amending laws to provide heavier penalty on banks indulging in such acts, RBI Governor D Subbarao also dismissed perceptions that the central bank was going soft on errant banks.
'Those who feared that I would have run one hell of a campaign targeting the most powerful people in India snatched away my democratic right from me.' 'I will expose these democracy-killers.'
SBI's ownership should give confidence to depositors and lenders about the bank's solvency.
North Block is concerned that when India is trying to attract more investment, putting up restrictions on audit firms could create an avoidable bad advertisement.
India, the bank's second biggest shareholder after China, is looking to borrow from the AIIB.
Banks to be permitted to raise long-term funds for lending to infrastructure sector with minimum regulatory pre-emption such as CRR, SLR and Priority Sector Lending.
India will allow three major Singapore banks to set-up wholly owned subsidiaries in the country to boost investments as part of the bilateral comprehensive economic cooperation agreement cleared by the cabinet on Monday.
'There are occasions when the prices of individual items like food raise inflation; then supply-side measures must be taken.' 'But if there is continued inflation, it means liquidity is aggravating the situation.'
'The two sides should support rather than undermine each other, strengthen cooperation rather than guard against each other, and enhance mutual trust rather than be suspicious of each other'
Assuming we still have a Modi-led majority government after May 2024, there is no guarantee that reforms will move at anything more than a snail's pace, though we must be thankful even for that, notes R Jagannathan.
El-Sisi welcomed Modi, who is on a two-day state visit to Egypt, at the Presidential Palace where the two leaders were closeted for one-on-one meeting after which the two sides signed a memorandum of understandng.
Foreign Secretary Vinay Kwatra on Wednesday refused to speculate on whether the G20 foreign ministers' meeting would be able to come out with a joint communique against the backdrop of widening differences between the West and Russia on the Ukraine conflict.
'If you give your ID and password to somebody else, how can anybody blame the technology for that problem?'
Renowned women's rights activist and founder of the Self Employed Women's Association (SEWA) Ela Bhatt passed away in Ahmedabad on Wednesday due to age-related ailments, her associates said.
The silver lining for India's presidency is likely to be the support by almost all G20 countries to its proposal to include the African Union as a permanent member of the bloc that has emerged as perhaps the most influential multilateral forum after the United Nations.
The World Bank's move came as it told the two countries that it was responding to their separate proceedings initiated under the Indus Waters Treaty 1960.
'Modi wants to reverse everything Nehru did, but is shy of touching his daughter's most unwise policies.' 'There is no example of this more stark than bank nationalisation,' says Shekhar Gupta.
The main issue has been that of a higher Asset Management Ratio as has been prescribed by the Monetary Authority of Singapore for qualifying full banks from India.
India and China agreed during their military talks on Sunday to stay in close touch and work out a mutually acceptable solution to the "remaining issues" in eastern Ladakh at the earliest, but there was no indication of clear forward movement in ending their three-year-long border standoff.
No form or requisition slip is required for exchange of Rs 2,000 notes up to a limit of Rs 20,000 at a time as part of exercise to withdraw high-value currency notes from circulation. RBI on Friday in a surprise move announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. Unlike the November 2016 shock of demonetisation, when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will continue to be a legal tender.
During Abe's tenure, Japan had announced support for a number of major projects. These included the bullet train project between Mumbai and Ahmedabad, besides allocations for a freight corridor between Mumbai and New Delhi.
Chinese foreign ministry spokesperson Mao Ning told the media in Beijing on Monday that the two sides held an in-depth exchange of views on expediting the resolution of relevant issues.
Russia and the US are the major partners in the ISS programme, which also includes Canada, Japan and several European nations like France, Italy and Spain.
Financial Intelligence Unit data show many of these societies have become the biggest draw for laundering money. Subhomoy Bhattacharjee reports.
Foreign ministers of G20 major economies will meet in the national capital on March 1 and 2 to deliberate on pressing global challenges amid escalating confrontation between Russia and the West over the Ukraine conflict that entered the second year this week.
Private banks are assumed to be more efficient at intermediating between depositors and investors.
With India's G20 presidency ensuring several tangible outcomes, world leaders at the two-day summit in New Delhi hailed Prime Minister Narendra Modi for his 'decisive leadership' and for championing the voice of the Global South, sources said on Sunday.
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