The Reserve Bank of India is likely to formulate guidelines on outsourcing banking activities by July to improve regulatory oversight for risk management of this segment.
'Facilitating conversion of well-run NBFCs into banks is urgently needed.'
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
The total vehicle registrations in India fell by 29.85 per cent to 1,52,71,519 units in financial year 2020-21, the lowest in the last eight years, the Federation of Automobile Dealers Associations (FADA) said on Monday. Total vehicle registrations were at 2,17,68,502 units in fiscal year 2019-20. All categories of vehicles, except tractors were in red in FY21 with two-wheeler (2W), three-wheeler (3W), commercial vehicles (CV) and passenger vehicles (PV) falling by 31.51 per cent, 64.12 per cent, 49.05 per cent and 13.96 per cent respectively -- the lowest in last eight years and way below the FY13 levels, FADA said in a statement.
Maharashtra Chief Minister Uddhav Thackeray announced a statewide curfew for 15 days from 8 am on April 14 to contain the rapid spread of the coronavirus in its second wave. With Section 144 being imposed across the state, Thackeray essential services have been exempted from the restrictions. The curfew will be in place till 7 am on May 1.
Applicants have also in the past expressed fear about higher capital requirements, stringent priority sector lending norms and rules on promoter shareholding as key deterrents.
Tells RBI this is not the time to consider such a foray, especially given the lack of funds to spare for such a venture.
The Reserve Bank of India on Friday gave freedom to banks in deciding their base rate.
A day after applying for a bank licence, Aditya Birla Group chairman Kumar Mangalam Birla on Wednesday said the new bank licence norms announced by the Reserve Bank are not discriminatory towards large corporate houses.
RBI said that 26 entities have applied for banking licence including Tata Sons, Aditya Birla Nuvo and Department of Posts.
New guidelines by RBI on card usage will make it difficult for swindlers to dupe cardholders, but customers say security has come at the cost of convenience.
The Reserve Bank of India (RBI) on Monday issued new norms to regulate the fast-growing pre-paid cards industry and asked all the entities to comply with the guidelines within three months.
The year 2013 saw the Reserve Bank of India nudge banks to not only improve customer services and reduce bad loans but also look at plugging loopholes in the regulatory system ahead of the entry of new banks.
On Monday, RBI announced that 26 entities, including Tata Sons, LIC Housing Finance, Aditya Birla Nuvo, Department of Posts, Reliance Capital, L&T Finance and Bajaj Finserv, applied for grant of bank licences.
A top Iranian diplomat on Friday said at least four banks from the Middle East country are interested in setting up shop in India, but are facing difficulties due to regulations.
RBI's draft guidelines prescribe that banks with a strong capital base and NPAs below 3% can become brokers.
Kochhar was directed to return about Rs 10 crore in cash bonuses she had received as CEO, and also give up close to 6 million shares of the bank she had as stock option, which was about Rs 350 crore.
Only in case of equities will the nominee will automatically get the money.
Finance Minister P Chidambaram on Thursday expressed hope that some new bank licences would be issued before March next year.
The Reserve Bank of India (RBI), in its second draft guidelines on banks' recovery agents, said, "If a customer has filed a complaint, the bank should not forward the case to recovery agents till it has disposed the complaint. However, in cases where the bank has appropriate proof that the borrower is making frivolous/vexatious complaints, it may continue with the recovery proceedings despite the pending complaint."
'The CEO will neither be able to guide the senior team in operational matters nor decide on their appointment, compensation or removal.' 'Yet, the CEO is responsible for the profit and loss of the bank!' 'Why would the senior executives listen to him?' 'Which self-respecting professional would want to be a CEO with these constraints?' asks Tamal Bandyopadhyay.
He believes that it leads to conflict of interest.
Government's decision comes in the backdrop of several complaints being flagged by domestic traders on heavy discounts being given by e-commerce players to consumers.
As a result of this moratorium, individuals' EMI payments of loans taken will not be deducted from their bank accounts, providing much needed liquidity to borrowers whose income has been disrupted due to the lockdown till May 31.
Section 144 of CrPC, prohibiting assembly of five or more people at one spot, will be in force during the period, Thackeray had said, but refrained from terming the new curbs as a lockdown.
Twenty-six entities, including the Tatas, Aditya Birla Group, Anil Ambani-led Reliance Capital and Religare, apart from India Post, applied. Videocon Group, later on withdrew its application.
The RBI is working on a comprehensive set of guidelines that will make banks responsible for ensuring that their recovery agencies do not recruit individuals with a criminal background.
To increase fund flow in the bond market, market regulator Sebi on Wednesday issued guidelines allowing overseas individual investors to invest up to $1 billion in corporate bonds and debt schemes of mutual funds without any lock-in period.
Faced with a nationwide strike by bank employees, the government on assured that proposed outsourcing would be implemented only under a well defined policy.
The Reserve Bank of India is expected to come out with comprehensive guidelines on the non-banking finance companies that are not involved in taking public deposits.
The Reserve Bank of India (RBI) said directions have been issued in the wake of a rise in the number of cheque-related fraud cases.
The Finance Ministry has asked all banks, including private sector lenders, to open branches in locations with population of more than 5,000 in the under-banked districts by September, 2012.
'Why should my vaccine certificate, which I got paying my own money, have the picture of the prime minister?'
More than a dozen corporates, including big names such as Aditya Birla Group, M&M, L&T, as well as state-owned PFC, LIC and India Post, are likely to apply to the Reserve Bank for licence to open banks.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
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