Finance Minister Nirmala Sitharman on Monday held a performance review meeting with heads of public sector banks and asked them to make concerted efforts to garner deposits. Deposits have been growing 300-400 basis points lower than the credit growth in the last few months, creating an asset-liability mismatch for banks. During deliberations on the deposit mobilisation, she said that while the credit growth has picked up, mobilisation of deposits could further be improved to fund the credit growth sustainably, and asked banks to make concerted efforts to garner deposits by conducting special drives.
The Directorate of Enforcement (ED) has launched a preliminary investigation or a pre-open inquiry into alleged violations related to the Foreign Exchange Management Act (Fema) in the Paytm Payments Bank case, according to sources in the know. The probe follows serious concerns raised by the Reserve Bank of India on multiple violations by the Paytm bank, which is a joint venture between One97 Communications, which is the parent company of Paytm, and the group's founder Vijay Shekhar Sharma.
Reserve Bank has directed banks to provide their eligible customers with an option to choose from multiple card networks at the time of issuing credit or debit cards, a move which will benefit card users. The central bank also asked issuers of credit cards not to enter into any arrangement or agreement with card networks that restrain customers from availing the services of other networks.
Some of the proposed policies have been welcomed by pilots and cabin crew, while others have sparked criticism.
The Alliance of Digital India Foundation (ADIF), an industry body for startup ecosystem and app developers, on Monday filed a complaint with the Competition Commission of India (CCI) against technology major Google for alleged anti-competitive practices in online advertising. The complaint outlined Google's dominant position and alleged abusive behaviour in both the online search and online display advertising.
Maruti Suzuki India (MSIL) will issue equity shares on a preferential basis to parent Suzuki Motor Corporation (SMC) to acquire 100 per cent stake in the latter's Gujarat plant. This deal is expected to increase the share base of MSIL by about 4 per cent. And consequently, it will raise SMC's shareholding in Maruti by around 1.8 percentage point. "Whether it is in terms of PAT (profit after tax) or earnings per share (EPS) or dividend per share (DPS) of MSIL, the share-swap option will give shareholders a better deal than any other option such as cash payment," MSIL chairman RC Bhargava told reporters during a press conference.
'The overwhelming evidence from various studies and reports indicates that the current work culture in the IT sector, characterised by excessive hours, has severe consequences for health, productivity, and overall quality of life.'
Going by the RBI directive and the overall narrative, Paytm may have lost the rigour of stress tests, audits and compliance.
The move triggered sharp reaction from the opposition, which has accused the state's BJP government of trying to stifle freedom of expression.
Google on Tuesday began reinstating about 250 Indian apps it had delisted from its Play Store over a billing dispute as it caved in to government criticism, but the squabble may not yet be over.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Vikas Yadav, 39, was employed by the Cabinet Secretariat, which houses India's foreign intelligence service, the Research and Analysis Wing (RAW), the federal prosecutors claimed on Thursday in an indictment filed in a US court in New York.
The agency made the disclosure in a chargesheet filed by it on May 10 against former Telangana chief minister and Bharat Rashtra Samithi leader K Chandrashekar Rao's MLC daughter K Kavitha and four others.
The Paytm application (app) could potentially face a permanent loss of its integrated mobile wallet feature, currently owned by Paytm Payments Bank (Paytm PB). With the recent crackdown on Paytm PB, sources say getting a fresh wallet licence may get tough for the group. "The Paytm app (One97 Communications) has to apply afresh to the RBI for a licence to operate a prepaid payment instrument (PPI) like a mobile wallet within the Paytm app, as PPI is a regulated entity.
Delhi's appeasement strategy may now translate as more mega arms deals with the US, generating substantial business and job creation in the American economy. Make no mistake, Americans will use it to pressure India, predicts Ambassador M K Bhadrakumar.
The National Commission noted that if the policyholder wanted reinstatement, he should have made a written request and should have also cleared the premium till that date, but no such request had been made.
Many users did not know that their entitlement was not coming to their regular bank account but going to an account which they had not applied for.
A bench of justices B R Gavai and Sandeep Mehta told the petitioner's counsel that a coordinate bench of the apex court had last week delivered its verdict on the issue.
Union Finance Minister Nirmala Sitharaman on Tuesday announced that income from digital asset transfers will be taxed at a rate of 30 per cent. This move is seen as 'crypto tax'.
The fee of Rs 6 lakh consists Rs 1.5 lakh in respect of each application for each alleged offence by the company and Rs 25,000 by each of the current and former key managerial personnel for each alleged offence.
The issue price for Sovereign Gold Bond Scheme 2021-22, which will open for subscription for five days from November 29, has been fixed at Rs 4,791 per gram of gold, the Reserve Bank of India said on Friday. The Sovereign Gold Bond Scheme 2021-22 - Series VIII will be open for subscription from November 29 - December 03, 2021. "The nominal value of the bond...works out to Rs 4,791 per gram of gold," the RBI said.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Ahead of the assembly elections in Gujarat and Himachal Pradesh, the government on Monday approved the issuance of the 23rd tranche of electoral bonds that will open for sale on November 9.
Nothing is going to change in a hurry unless attitudes change and punishments are speedy and fair, notes Ramesh Menon.
As on April 1, income tax arrears have increased to Rs 43 trillion from Rs 24 trillion on April 1, 2023.
'Splitting must result in tangible benefits for the customer, otherwise it will only mean more work for them in maintaining the policy and for their nominees.'
To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging from a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi, who chaired the meeting, said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January.
Airports across the country witnessed chaotic scenes on Friday after dozens of flights were either delayed or cancelled after a widespread global computer outage that also hit operations like cash withdrawal at some banks, and impacted functioning of some brokerages. Globally, the Microsoft cloud outage led to US airlines cancelling flights, but the tech giant later reportedly said its cloud services outage in the Central US region has been resolved.
The government is likely to introduce a bill seeking amendments to the Insurance Act, 1938, during the upcoming Budget session to achieve 'Insurance for All by 2047'. Some of the provisions, which could be part of the amendment bill, include composite license, differential capital, reduction in solvency norms, issuing captive license, change in investment regulations, one-time registration for intermediaries and allowing insurers to distribute other financial products, sources said.
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
Since the imposition of lockdown on March 25 by the government to contain the COVID-19 spread, businesses have been facing liquidity or cash crunch, leading to difficulties in paying their mandatory provident fund dues.
Domestic exporters on Monday expressed concerns over the crisis in Bangladesh and said the developments in the neighbouring country would have implications on bilateral trade. However, exporters expect that the situation may normalise soon. According to exporters, they are already facing disruptions in exports to Bangladesh due to a shortage of foreign exchange in that country.
The RBI on April 6 directed all payments service providers to make sure "that the entire data relating to payment systems operated by them are stored in a system only in India."
As in the past, it is up to the merchants to decide if they will bear the burden of the charge or bill it to the customers. Subhomoy Bhattacharjee reports.
The BCB said it has often given additional incentives to its cricketers, topping up what has been due to them from the ICC prize money.
Insolvency appellate tribunal NCLAT on Tuesday upheld the resolution plan of grounded carrier Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium. The NCLAT bench has directed the Jet Airways monitoring committee to complete the transfer of ownership within 90 days. Besides, it has also directed the lenders of Jet Airways to adjust the Rs 150 crore paid by the consortium as performance bank guarantee.
Besides, the department has sought an explanation from officials concerned for the collapse of bridges in East Champaran on June 23 and in Madhubani on June 26.
After the suicides of the brothers, the villagers protested against the police and demanded action against the officer. Following this, Sub-inspector (SI) Hariom Agnihotri and Inspector Mukesh Kumar were suspended on the directions of Aligarh Range Inspector General Shalab Mathur, the police said.
The idea of the payment banks is to provide access to banking for people, especially in rural areas.
This payment of Rs 962 crore is inclusive of the Rs 500 crore DHFL received from exiting its entire stake in subsidiary firm Aadhar Housing Finance Ltd.
