Besides urging the Centre for extension of loan moratorium, the hotel and travel industries have also demanded deferment of GST and advance tax payments and waiver of fees for all forthcoming licences and permits.
Finance Minister Nirmala Sitharaman presents her fourth Budget in Lok Sabha on Tuesday.
Tamal Bandyopadhyay offers some unsolicited advice for a government wh,ich came to power, with brute majority and the nation's pragmatic chief money man.
Across Yes Bank branches, the busiest people were the relationship managers, trying to soothe nerves. Many were seen advising clients the situation was only temporary and that their money was safe.
Eighteen months after the economy was battered by the Covid-induced lockdown, employment has not recovered to its pre-pandemic levels, points out Mahesh Vyas.
Is the SBI chairman leaving the bank in a stronger and better position than what it was? Abhijit Lele finds out.
AIBEA said that on April 19 its officer bearers would meet in Punjab to decide the next course of action.
Sarvjit Singh Samra's Capital Local Area Bank offers attractive features.
The Indian authorities feared that these apps were transferring consumer data to locations outside the country, especially China, in an unauthorised and surreptitious manner. With servers in India, the data of local consumers would be stored in the country.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
The crisis in Indian banking has now reached a point where the NPAs of many public-sector banks are higher than their net worth
Taking bank lottery scam to a new level, scamsters are using the name and picture of RBI chief Raghuram Rajan to lure gullible people into making a cash deposit of Rs 15,500 to get a winning amount of Rs 5.50 crore.
Sharma to step down as Axis Bank chief on December 31.
With a view to protect prudent commercial decision of bankers, the government has taken a slew of decisions, including doing away with personal responsibilities of MD and CEO of PSBs for compliance in dealing with large value frauds committed by bank officials.
Embattled retailer Future Retail Ltd (FRL) on Tuesday moved the Supreme Court to avert insolvency proceedings over missing a loan repayment deadline, even as its independent directors rejected an Amazon-supported offer to sell the company businesses at less than a third of what Mukesh Ambani's Reliance is offering. India's second-largest retailer, which operates multi-brand retail chains such as Big Bazaar, Easyday and Heritage, failed to pay Rs 3,494.56 crore to lenders by the due date of December-end and sought a 30-day grace period to resolve the situation. Unable to find money, it moved the apex court seeking to restrain its lenders from declaring the company a defaulter, which can invite initiation of insolvency proceedings.
Slowing inflation prompted the RBI to cut the policy repurchase rate last month by 25 basis points to 6.50 percent, the lowest since 2011.
IBA has commissioned a study to evaluate the pros and cons of keeping banks shut on Saturdays.
Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral free automatic loan for businesses, including MSMEs, to benefit 45 lakh small businesses. Detailing parts of the Rs 20 lakh crore economic stimulus package, she said this loan will have a 4-year tenure and will have 12-month moratorium, she said.
Raising the issue during Zero Hour in the Rajya Sabha, Tapan Kumar Sen (CPI-M) said the move is a 'retrograde step' and asked as to why interest rates on employees' lifetime savings are getting cut when RBI has increased interest rates.
'If she contests it, then these people will have to fight it in court.'
The country's largest bank, which has about 25 per cent market share, has also decided to do away with the charges on fund transfer through mobile phones using the IMPS from August 1.
Former Finance Minister P Chidambaram said he was "disappointed and profoundly saddened" by Rajan's decision against a second term, but was not surprised by the development
Apart from 40 modules of Harvard, SBI has internally developed 500 e-modules for employees.
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.
According to experts, 'Lakshmi' and the logo 'Godesses Lakshmi' have a lot of value in India and are the biggest driver for the Bank. Retaining the Lakshmi name and logo will help DBS.
On the capital raising, where there are reports of the bank needing at least Rs 20,000 crore to spring back to normalcy, Yes Bank administrator Prashant Kumar declined to give an estimate of the requirement but said it would like for most of the fund raising to happen in the first round itself.
According to A Krishna Kumar, Managing Director, the bank will try to maintain the employee strength at current levels even as it keeps expansion programmes in mind.
Finance Minister Nirmala Sitharaman on Thursday announced a new job creation scheme by giving subsidy to those establishments that make new hires. The subsidy would be to cover for retirement fund contributions by employees as well as employers for two years, she said. Employees contribution (12 per cent of wages) and employer's contribution (12 per cent of wages) totalling 24 per cent of wages would be given to establishments for two years, she said. Under the Aatmanirbhar Bharat Rozgar Yojana, every Employees' Provident Fund Organisation (EPFO)-registered establishment taking new employees would get this subsidy.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
With the entire fraud amount becoming a non-performing asset, around 25 per cent of the bank's estimated net worth of Rs 40,000 crore could be affected.
Two to five volunteers, with the support of bank employees, could offer guidance and help to customers.
There is a sharp difference between the total remuneration paid at the public sector and private sector entities
Apart from navigating the bank through the Covid crisis, Jagdishan may also have to deal with the latest development on the auto loan lending practice scam. He will be expected to deliver consistent profit growth of 20 per cent-plus quarter after quarter, irrespective of the operating environment.
He said the short term macroeconomic priorities of the RBI continue to focus on bringing down inflation towards the government-set target of 4 per cent
This is the first time in the RBI's history that a governor is leaving without willing to renew his contract
Around 2,500 engineers and 45,000 cash management employees step up efforts to complete the target of recalibrating 12,500 ATMs every day.
'It's a toss-up between a fire sale of equity or merger with a strong bank,' points out Tamal Bandyopadhyay.
The Reserve Bank of India's ongoing inspection of the book of accounts of Syndicate Bank is unconnected with last week's arrest of S K Jain, its chairman and managing director.
While the scam highlights the need for an overhaul of the oversight mechanism of banks and of their internal controls, questions are being raised on why multiple audits failed to raise an alarm
Poor governance, constant interference of promoters, opposition from unions and talks of being an acquisition target seen as main deterrents.
