Modi knew in his heart that India does not have the financial muscle to support the new bank with offers of co-financing international projects, something China can do from the bank's base in Shanghai. If established in Mumbai, it may have employed a few Indian bankers and satisfied the national ego but there was little financial value to be drawn from it.
Debt-ridden Future Group is now focusing on saving and rebuilding firms such as -- Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer and Future Enterprises, after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors, according to industry sources. However, Future Group's flagship firm Future Retail Ltd (FRL), which has nearly Rs 18,000 crore debt, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). Other companies like Future Enterprises Ltd (FEL), Future Lifestyle Fashions Ltd (FLFL), Future Supply Chain Solutions Ltd (FSCSL), Future Consumer Ltd (FCL) can sustain on their own and can be rebuilt by restructuring their liabilities with the help of current lenders and investors, said an industry source close to the Future Group.
Modi cautioning that cryptocurrency can spoil the youth.
Fugitive diamantaire Nirav Modi's sister and brother-in-law have "turned approvers" in the over $2 billion PNB fraud case against him and they will help the Enforcement Directorate confiscate assets worth Rs 579 crore, including Swiss bank deposits, the agency said on Thursday. Forty-nine-year-old Nirav Modi, who is currently lodged in a London jail, his uncle Mehul Choksi and others are being probed by the Enforcement Directorate (ED) in the Punjab National Bank (PNB) money laundering case since 2018. The diamond merchant's younger sister Purvi Modi (47) is a Belgian national while her husband Maiank Mehta is a British citizen. They are stated to be based abroad and have never joined the probe.
The Reserve Bank of India (RBI) unions have decided to intensify their stir demanding revision of wages, pending since November 2017, and have called for mass casual leave of employees at the central bank on November 30. However, several sources in the RBI told Business Standard that the unions may not have to go on agitation, as the new contours of the wage pact have been almost finalised and could be announced any time. An email sent to the RBI was not answered. The United Forum of Reserve Bank Officers and Employees had deferred its agitation earlier after it was told that RBI Governor Shaktikanta Das was to hold talks with the human resource management department (HRMD).
India and Vietnam on Monday inked seven pacts, including one to enhance cooperation in the strategic oil sector, as they called for "freedom" of navigation in the South China Sea, a remark which could irk China, which has been claiming territorial sovereignty over the high seas.
Miss Grand India Manika Sheokand wants to challenge what people think of a girl child.
Expressing his satisfaction over the government's move to slash fiscal deficit target, Das said it will help improve investment by the private sector as crowding out impact will be less.
Inflation targeting has worked well and the government must stay with it, and the framework is going to work well in the period ahead also, former RBI Governor D Subbarao said on Thursday. He also said low inflation contributes to sustainable growth. Addressing the 'Times Network India Economic Conclave' virtually, Subbarao said the government's proposal to privatise some public sector units is not akin to selling family silver but it is a route for putting India on a sustainable growth path.
Singapore plans to develop a Special Economic Zone in India and has suggested forming a study team for greater cooperation in banking sector as part of efforts to enhance economic ties.
Pakistan has been scrambling in recent months to avoid being added to a list of countries deemed non-compliant with anti-money laundering and terrorist financing regulations.
Both India and China should respect each other and resolve issues through dialogues and join hands together for peace and prosperity, Sitharaman said.
The Supreme Court on Thursday asked the Sebi to probe within two months allegations of stock price manipulation by the Adani group and any lapses in regulatory disclosures, and also set up a panel to look into protection of Indian investors after a damning report by a US short seller wiped out more than USD 140 billion of the conglomerate's market value. The top court while directing the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework and for making recommendations to strengthen the process said it was appropriate to set up such a panel of experts in order to "protect Indian investors against volatility of the kind which has been witnessed in the recent past". The court-appointed Justice Sapre panel, which will be provided assistance by the Centre and other statutory agencies including the Sebi chairperson, will have to submit its report in a sealed cover within two months, said the bench which comprised Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala.
The government has provided no official explanation behind the note ban that is backed by hard data, says Debashis Basu.
Furthering Indo-US cooperation on terrorism, Prime Minister Narendra Modi and President Barack Obama on Tuesday agreed to make "joint and concerted efforts" to dismantle safe havens for terror and criminal networks like Lashkar-e-Tayib, Jaish-e-Mohammad, Dawood-company, Al Qaeda and the Haqqani network.
'Our strategy should be to 'hold the line' in the north on the Sino-Indian land frontier, but maintain and, if possible, enlarge India's current edge in the maritime south.'
The YES Bank family tussle puts focus on RBI guidelines on appointment of directors.
A special court in Mumbai on Monday remanded Shiv Sena leader Sanjay Raut to the custody of the Enforcement Directorate (ED) till August 4 in a money laundering case.
United States Defence Secretary Lloyd J Austin arrived in India on Friday on a three-day visit, aimed at further boosting bilateral defence and security ties in the wake of China's growing military assertiveness in the region including the Indo-Pacific.
It is important the SCO focus strongly on economic development and regional integration that leads to greater benefits for the least developed regions of member-countries, writes Sana Hashmi.
Any additional effort to assuage the growing worldwide hunger for infrastructure funding is more than welcome, says Barun Roy.
The Director told his team of officers to expedite the probe as it involved the trust of common people as well as the Supreme Court in CBI.
India's full membership of the grouping would extend its reach to the Central Asian region in whose peace and stability it is a major stakeholder, says Sana Hashmi.
The Congress president said the PM should apologise for the note ban decision.
An interview with Hiroshi Watanabe, president and chief executive of the Japan Bank for International Cooperation.
The meeting will be attended by Russian President Vladimir Putin, Chinese President Xi Jinping, South African President Cyril Ramaphosa and Brazil's Jair Bolsonaro, according to the MEA.
The seventh round of military talks between India and China held on Monday was "positive and constructive", and both sides agreed to earnestly implement the understanding reached by their leaders to not turn differences into disputes, a joint statement by the two armies said on Tuesday.
There have been concerns in India about limited flow of tax information from Switzerland about Indian citizens, who have allegedly stashed away unaccounted money in Swiss banks.
As a nationwide strike of trade unions hit banking and other services on Wednesday, business chambers pegged the loss to the economy at a staggering Rs 25,000 crore and said such "disruptive" actions can hit India's image as an attractive business destination.
The aim of his visit was to explore how financial institutions can be co-opted in reviving the local economy.
The BRI, a pet initiative of President Xi, is aimed at promoting network of roads, ports and rail networks all over the world to spread China's influence.
Italy, Greece, South Korea, Taiwan and Turkey also figure in the list released by Pompeo, who said over 20 countries have cut their oil imports from Iran, reducing purchases by more than one million barrels per day.
If China's behaviour in the past on ticklish issues is any indication then China could eventually support India's NSG application, says Rup Narayan Das.
The report documents allegations of reprisals and intimidation in 38 countries, some of which are members of the Human Rights Council.
Yes, we (Quad) had a discussion on India-China relations because it was part of how we briefed each other about what was happening in our neighbourhood, Jaishankar said.
The RuPay card is accepted at all ATMs (1.6 lakh plus), 95 per cent of PoS terminals (9.45 lakh plus) and most of the eCom merchants (about 10,000) in the country.
Pakistan will remain on the 'grey list' of the Financial Action Task Force (FATF) until it further demonstrates that action is being taken against Jamaat-ud-Dawah chief Hafiz Saeed and Jaish-e-Mohammed founder Masood Azhar who are listed as global terrorists by the United Nations, the global anti-money laundering and terror financing watchdog said on Thursday.
Here is the full text of the joint statement issued by India and the US.
Move will be a setback for India which wants information on black money probe based on leaked data
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