Under the watchful eyes of five wise men, who know the industry well, banks will not find it easy to hoodwink the system, says Tamal Bandyopadhyay.
The Reserve Bank of India on Monday released the draft norms for licensing of new banks in the private sector, pegging the minimum capital requirement at Rs 500 crore (Rs 5 billion).
Real estate developer Supertech on Friday was declared bankrupt by the National Company Law Tribunal (NCLT), a move that could have a bearing on 25,000 home buyers of the firm's ongoing projects in the Delhi and NCR region. Acting on a petition filed by the Union Bank of India for non-payment of around Rs 432 crore worth dues, the bankruptcy court ordered the initiation of insolvency proceedings against real estate firm Supertech Ltd, one of the companies of Supertech group. The NCLT said "there has been a default in payment of the financial debt" and appointed Hitesh Goyal as the Interim Resolution Professional (IRP) superseding the board of Supertech Ltd.
'We tightened our risk frameworks once the Covid crisis started.' 'We are slowly lightening this as we see economic activity pick up, salaries getting restored, and people getting back into jobs.'
The Indian regulatory framework forced Citi to hibernate -- contrary to the claim that it never sleeps!
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The RBI has accepted the application withdrawal request, according to the statement.
FinMin advice to include brokers & realty firms, debate over entry of industrial houses slow the process.
The Reserve Bank of India on Thrusday ruled out any concessional finance to developers and units in these zones, saying they should be treated on par with real estate projects.\n
RBI's draft guidelines on computation of base rate, if implemented in its current form, will significantly impact the profitability of banks.
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SpiceJet's ex promoter Ajay Singh is trying hard to pump in huge money into the airline.
Currently, foreign lenders are present in India only through branches or representative offices.
Sources say given the complexity involved in the process of creating a holding company, which will ultimately be the parent company of banking and other businesses, banks are going slow in acquiring stakes in insurance arms or mutual funds of other lenders.
Subbarao said, short-term as well as medium-term prospects or Indian economy continue to be grim. Fiscal deficit is going to be much higher, the debt burden much larger and the financial sector will be in a worse shape.
Crisis-hit HDIL on Tuesday said that loans taken from banks including Punjab and Maharashtra Cooperative Bank were in normal course of business after providing adequate security cover and that it is ready to discuss with the bank to protect the interest of depositors.
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This means individuals like Vikram Pandit, former Citibank chief, can be a promoter only if he comes back to the country permanently.
The stimulus package announced by the government for the revival of the pandemic-hit economy has been found to be "inadequate", according to a Parliamentary panel report. The report of the department-related Parliamentary Standing Committee on Industry on the impact of COVID-19 pandemic on micro, small and medium enterprises (MSME) sector has noted that in the process of economic recovery post-first wave of the pandemic, the second wave has even more vigorously ripped the economy particularly the MSME sector. "The committee observes that the stimulus package announced by the government for the economic revival from the pandemic hit economy has been found to be inadequate as the measures adopted were more of loan offering and long-term measures instead of improving the cash flow to generate demand as immediate relief," it said.
The resignation is sure to create more political firestorms for the government as it comes on the eve of the winter session of Parliament where the Opposition has already made it clear to the treasury benches that infringing on the RBI autonomy would be a big talking point for them.
Information and Technology Minister Ravi Shankar Prasad, after meeting WhatsApp Head Chris Daniels, said the Facebook-owned messaging app has contributed significantly to India's digital story but it needs to find solutions to deal with "sinister developments" like mob-lynching and revenge porn.
The RBI has agreed to consider the application of India Post in consultation with the government.
Using ATMs to withdraw money or for other purposes like balance enquiry beyond five times in a month will attract a levy of Rs 20 per transaction from November 1.
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With new private banks in the play, the going could become more difficult for the old-school state-run banks, already losing business and market position, forcing them to think hard towards consolidating and forming larger entities to garner big-ticket deals.
New regime on loans to one party to kick in by Apr 2019.
The old note will continue to be accepted for other utility bill payments as well as at railway ticketing counters and counters of government or public sector undertaking buses for purchase of bus tickets till December 15
Recently, United Bank of India declared Kingfisher Airlines as well as some three of its directors as wilful defaulters.
The Finance Ministry said on Thursday it is holding consultations with the Reserve Bank f India and will approve the draft guidelines for granting new banking licences within 15 to 20 days.
'67 per cent of our transactions happen digitally and about 93 per cent of transactions happen outside the branch.' 'Despite that, there is ample scope for promoting banking-related activities in branches.' 'So, for some time, we will have to, probably, live with the same structure.'
'We will infuse the next tranche of recapitalisation by mid-December. Close to Rs 42,000 crore remain to be infused as capital in public sector banks in the current financial year,' a senior finance ministry official said.
The regulator had earlier asked these banks to submit a road map and give a time frame for paring promoters' shareholding to 10 per cent.
RBI last year initiated the process for issuing fresh licences by publishing a discussion paper inviting comments from the public.
'If the new rate is lower than your current rate, ask your bank to shift you to it.' 'This can be done by paying a fee of Rs 5,000 to Rs 6,000.'
Bengaluru-based iKaaz Software, a mobile payment solution provider, is launching a new application, MOWA, that works almost like the Apple Pay
Banks can now engage any individual, including those operating common service centres, to work as business correspondents (BCs). BCs conduct banking business as agents of banks at places other than the bank premises.
Ending days of suspense, the Reserve Bank on Wednesday granted banking licences to infrastructure financing firm IDFC and microfinance institution Bandhan from among 25 applicants that included corporate heavyweights ADAG Group, Aditya Birla Group and Bajaj Group.
'GIFT City is now on a growth trajectory,' says Tapan Ray, MD and group CEO, GIFT City, 'The time has come for the GIFT City to take the big leap and emerge as the next financial hub of Asia.'
The central bank tweaked the retail inflation range to 4.8-4.9 per cent in the first half of 2018-19, and 4.7 per cent in the second half.
The Reserve Bank on Friday set up a three-member committee under former Governor Bimal Jalan to scrutinise applications for new bank licences, which are expected to be awarded by January.
Criterion for corporates will effectively rule out entry for business houses.
India's forex reserves recently declined by $704 million to $354.517 billion.
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