The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
India and China achieved a major milestone this year when their bilateral trade crossed the landmark figure of $100 billion but it did not generate any fanfare in both capitals as the two Asian giants are going through a "particularly bad patch" in their relations due to a set of actions by Beijing in violation of agreements that led to the military standoff in eastern Ladakh. Starting with a modest $1.83 billion in 2001, the bilateral trade crossed $100 billion-mark in the first 11 months this year, a significant milestone for which the two countries carried out campaigns to boost trade and build it as a major stakeholder to improve the relations between two nations, whose ties otherwise remained frosty over the festering boundary dispute and strategic rivalry. According to last month's data from China's General Administration of Customs (GAC), the India-China bilateral trade totalled $114.263 billion, up 46.4 per cent year-on-year from January to November 2021.
'Those who come from outside are surprised at the relatively small strength of the RBI supervisory cadre, relative to the needs of the country and the needs of the financial sector.'
As probe into suspected black money stashed abroad by Indians gathers steam, banks in Switzerland are running from pillar to post to safeguard their interest.
Leading the Opposition attack over the Adani-Hindenburg issue in the Lok Sabha, Rahul Gandhi on Tuesday linked Gautam Adani's meteoric rise to Prime Minister Narendra Modi's coming to power and said "magic" happened after 2014 that propelled the businessman from the 609th to the second spot on the global rich list.
'While most companies were bullish before the second wave of double-digit sales growth in FY22, that may not be the case now.'
However, survey by Japanese firm shows India as most preferred Asian market for Japanese investors.
It is likely he will rope in an international ATM manufacturer as a strategic partner with equity stake.
As the border standoff entered the sixth month, an early resolution to the row appeared dim with close to 100,000 Indian and Chinese troops remaining deployed in the high-altitude region and showing readiness for a long-haul. There is no official word on the talks yet but sources said the agenda was to finalise a roadmap for disengagement of troops from all the friction points.
The sources said the situation in eastern Ladakh remained 'tense' and that around 30-40 soldiers of China's People's Liberation Army (PLA) are holding up at a position close to an Indian post in the Rezang-La ridgeline in eastern Ladakh.
Prime Minister Narendra Modi on Wednesday called for focus on 'repair and prepare' as the nation emerges out of a devastating pandemic. "Over the past year, we have witnessed a lot of disruption in different sectors. Much of it is still there. Yet, disruption does not have to mean despair," he said at VivaTech Summit. "Instead, we must keep the focus on the twin foundations of repair and prepare," he said referring to the need to augment healthcare infrastructure in the country as well as prop up the economy.
The former Chief of Army Staff said India faces the most complex threats and challenges spanning a full spectrum of possible conflict -- from nuclear to sub-conventional -- but asserted that the armed forces are ready to deal with them.
The sources said both sides held extensive deliberations on modalities for disengagement of troops from all the friction points in eastern Ladakh at the talks.
Tan said that China has always stressed that military cooperation of relevant countries, especially on exercises and training activities, should not be targeted at any third party, but rather serve to help maintain regional peace and stability.
BBPS allows you to pay electricity, telephone, water supply, gas and DTH bills. Its scope will be expanded to include other payments like school and university fees, government taxes, insurance premiums, mutual fund investments, even credit card bills.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
There was no breakthrough on the disengagement of troops from the friction points in eastern Ladakh during the seventh round of military talks on October 12. "The eighth round of military talks is likely to take place this week," said a source on Tuesday.
Kamath also said that the new bank, set up by India and four other members of the BRICS grouping, will strive to approve its first loan before end of the current fiscal.
"The window (for NRIs) is open till June 30 in which people can deposit cash. And after adding all these, we will give out the number," Mundra said.
The only real solution to the jobs crisis, whether in India or abroad, is to direct tech innovation towards job enhancing sectors, and disincentivising job-replacing ones, observes R Jagannathan.
Superseding the boards of two non-banking financial companies (NBFCs) in the Srei group will neither create liquidity challenges for sound entities, nor build systemic crises because the markets have factored in the problems with the Kolkata-based firms. Such regulatory steps will help in making the NBFC space more robust, bankers and market experts said. The action should have begun earlier because the Reserve Bank of India (RBI) had done a special audit last financial year and asked the group to make provisions for assets considered stressed, analysts said.
A new framework has been put in place for automatic exchange of information between Switzerland and India to help check the black money menace with effect from January 1, 2018. The funds held by Indians through fiduciaries alone used to be in billions till 2007 but began falling after that amid fears of regulatory crackdown. It is now at second-lowest level in 20 years.
This is the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1997.
The two sides signed a maritime security agreement after extensive talks between Prime Minister Narendra Modi and his Mauritian counterpart Pravind Jugnauth.
The Chinese military on Friday confirmed that the troops of China and India have begun the process of disengagement from the Patrolling Point 15 in the Gogra-Hotsprings area of eastern Ladakh in a 'coordinated and planned way'.
'Indian and Iranian sources both confirmed to me that India and Iran are moving ahead to implement a payment system on buying oil from Iran and hope to finalise it very soon,' says Aveek Sen.
If the interest rate on bank deposits is linked to any external benchmark, it would jeopardise the banks' fund-raising ability. Interest rates on small savings schemes are likely to be reduced very shortly, to maintain parity. All these steps would indeed affect retired people, and particularly those dependent on interest income, says Arindam Gupta.
'A total overall of the existing way of working by abolishing taxes and allowing citizens to help themselves without any government bottlenecks and impediments,' observes Rahul Mishra.
A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
Eco affairs secretary says double counting possible; cash availability to improve in three weeks.
Fuming at the defiance of its recommendations, the Supreme Court-appointed Lodha panel directed banks, where the Board of Control for Cricket in India holds accounts, not to disburse any funds for the financial decisions taken by the Board at its Special General Meeting in Mumbai on September 30.
The Supreme Court on Monday awarded a four-month sentence to fugitive businessman Vijay Mallya, accused in a bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, in a contempt case.
The Income-tax department has conducted searches at multiple premises of Chinese telecom company Huawei in the country as part of a tax evasion investigation, official sources said on Wednesday. The raids were launched at the company's premises in Delhi, Gurugram (Haryana) and Bengaluru in Karnataka on Tuesday. Sources said the officials looked at financial documents, account books and company records as part of a tax evasion investigation against the company, its Indian businesses and overseas transactions.
'Wang Yi said the border issue is important and we should stay committed to peacefully addressing it through consultation and coordination.'
The decisions were mentioned in a joint statement issued by the two armies late Tuesday, a day after the sixth round of Sino-India Corps commander-level talks that lasted for 14-hours.
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
The Supreme Court on Monday asked a crypto-currency scam accused to disclose the username and password of his bitcoin wallet to the Enforcement Directorate and cooperate with the investigation in the money laundering case against him.
'The hardliners in Delhi are in for a big disappointment,' predicts Ambassador M K Bhadrakumar.
While all the Aam Aadmi Party MLAs present in the House voted in favour of the motion as expected, there was no vote against it due to the absence of BJP legislators.
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