As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account and the bank is not allowed to make any fresh loans.
Billionaire Gautam Adani's group is said to be planning a surprise entry into the race to acquire telecom spectrum, which will pitch it directly against Mukesh Ambani's Reliance Jio and telecom czar Sunil Bharti Mittal's Airtel, sources said. Applications for participating in the July 26 auction of airwaves, including those capable of providing fifth-generation or 5G telecom services such as ultra-high-speed internet connectivity, closed on Friday with at least four applications. Jio, Airtel and Vodafone Idea -- the three private players in the telecom sector -- applied, three sources with knowledge of the matter said.
There are no regulations governing virtual currencies in India and the RBI has not given any licence to any entity/company to operate such currencies.
Customers of stressed Punjab & Maharashtra Co-Operative Bank (PMC Bank) will not get up to Rs 5 lakh insurance cover in the first lot as the multi-state co-operative bank is under the resolution process. Deposit Insurance and Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For the first lot, the mandatory 90 days period concludes on November 30.
HDFC Bank, the country's largest private-sector lender, lost to competition wholesale loans of around Rs 50,000 crore after it increased interest rates in May, said Chief Financial Officer Srinivasan Vaidyanathan in an analyst call. "There were some customers who were offered lower rates by other market participants. "But we decided not to cut back on our rates," he said while addressing analysts after the announcement of the bank's Q1 earnings.
'Facilitating conversion of well-run NBFCs into banks is urgently needed.'
Bad loans of PSBs are at Rs 20 trillion. Most of it is, I sense, due to corruption and behest lending. Nobody pays a price for this charade. Not the promoters, the bankers, RBI officials, finance ministry bureaucrats or politicians, points out Debashis Basu.
The Telecom Regulatory Authority of India (Trai) on Wednesday told operators Etisalat DB and STel to continue offering services till June 2, the limit specified by the Supreme Court for expiry of their licences.
Telecom regulator Trai on Thursday said there will not be much impact on customers due to cancellation of 122 2G licenses of eight companies, as around 95 per cent of total subscribers belong to operators which got licences before January 2008.
Company says it has been the victim of a 'mischievous' campaign by rivals.
Private equity (PE) is set to play a bigger role in banks. Of 21 recommendations accepted by the Reserve Bank of India (RBI) out of 31 made by its Internal Working Group (IWG), its stance on non-promoter holdings in private banks is seen with excitement, though it doesn't refer to PEs explicitly. On non-promoter holdings in these banks, the RBI said this will be capped at 10 per cent of the paid-up voting equity share capital in the case "of natural persons and non-financial institutions and entities"; and "at 15 per cent for all categories of financial institutions, entities, supranational institutions, public sector undertaking, or the government." While this is a modification of the IWG's stance for the non-promoter holding in banks at up to 15 per cent, it does open up a huge window for PEs, all the same. This is because, while the RBI has remained silent on the eligibility of industrial houses for bank licences, fresh high-quality capital in large amounts can only come from PEs.
In a business friendly move, the Reserve Bank of India on Friday said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
Unlike any other national asset, which is typically sold to the highest bidder, the profile of the bidder is the most important criterion for a licence to bank, and even for acquiring more than 5 per cent stake, explains Tamal Bandyopadhyay.
Vodafone's operating loss from India business jumped to 692 million euros in April-September from 133 million euros in the same period last year.
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.
The Indian Council of Medical Research will start national-level sero surveys to assess the spread of Covid-19 and all states/Union territories should also be encouraged to conduct them so that information from all geographies can be collected, the Union health ministry said on Friday.
Weak balance sheets due to hefty outgo of funds for new licences will reflect negatively on the 2013 outlook for the sector.
The Court deserves to be complimented for its verdict and indeed for doing what the government should have done long ago.
State Ayurved Department's licence officer Y S Rawat said the notice is being issued to the firm to explain from where it got the permission to launch a 'corona kit' as a cure from the virus.
Vodafone's brass, including chief executive officer Vittorio Colao, told investors roaming policy was applicable to its 3G licences, in spite of claims that it was not.
Despite strong AUM growth, MFs lag behind other popular investment avenues. MFs received only 6 per cent of total household savings in 2021-2022.
Move to ensure deals do not hit govt licence fees, revenue share.
Vodafone m-pesa was one of the 11 firms that was given payments bank licence by the Reserve Bank of India in 2015.
However, this rule will not be applicable to companies holding licences for a period of three years, even if they acquire licences in other circles to expand their operations, according to sources close to the development. The suggestion was made by the DoT to the Telecom Regulatory Authority of India, which will decide on making it a regulation, along with other suggestions on the lock-in period put forward by the licensor.
Meanwhile, new players like Etisalat, Unitech Wireless, Loop, STel and Sistema Shyam Teleservices -- who got the spectrum (radio waves) in 2008 -- paid Rs 80.78 crore (Rs 807.8 million) in spectrum charges and licence fees to the government.
Initial fears of Internet access charges rising by 6-12 per cent following the Telecom Regulatory Authority of India recommendations to impose an annual licence fee for Internet Service Providers appear to be unfounded.
Internet services are likely to get more expensive.
Currently, ISPs pay only Re 1 as annual licence fee while Internet telecom service providers, or telecom operators providing Internet services, pay 6 per cent of their annual gross revenue as licence fee.
Bharti Airtel, Reliance Jio, Vodafone Idea said the Railways should not be permitted to offer commercial services like Wi-fi and voice and video communication.
The department for promotion of industry and internal trade has rejected Walmart-backed Flipkart's proposal seeking approval for entry to the food retail sector, citing a regulatory issue, an official said on Monday. The government permits 100 per cent foreign direct investment in food retail for food produced and manufactured in India.
'There have been many cases where clients have indicated that they feel suicidal as they feel they have no other options to deal with their financial hardship.'
The announcement comes a day after the Subject Expert Committee (SEC) on COVID-19 of the CDSCO recommended granting emergency use authorisation (EUA) to the COVID-19 vaccines Covovax and Corbevax with certain conditions.
As the Centre pushes reforms in the power sector, especially for the beleaguered electricity distribution segment, several states, especially those ruled by Opposition parties, are clamouring against it. Maharashtra, West Bengal, Tamil Nadu, and Kerela have voiced their reservations against the proposed amendments to the Electricity Act, 2003. The irony is the states opposing the amendments on the ground of threat of privatisation already have private partnerships in power supply. The proposed Bill was slated to be placed on the floor of Parliament in the Monsoon session. But it still awaits Cabinet approval amid several states complaining that they have been not consulted on the issue.
Pakistan's electronic media regulator has suspended the licence of US-based Nickelodeon channel for airing cartoons dubbed in Hindi, days after it decided to enforce a complete ban on Indian TV and radio contents amid Indo-Pak tensions.
Vodafone had contended in its plea that DoT instead of signing and executing the ULs had at the last moment informed them that their request for deletion of 'restrictive' clauses in licence pertaining to roaming cannot be accepted.
The department of telecommunication has decided that the existing variable licence fee structure for telecom operators should be replaced with a uniform one. An departmental note suggests a uniform licence fee of 8.5 per cent for all types of services.
India's telecom sector has been through dizzying peaks, troughs, policy U-turns, court battles, brutal competition, and daily controversies. India could go back to a private sector duopoly with just Reliance Jio and Bharti Airtel surviving the mayhem. The third player, Vodafone Idea, could be history.
Trai has asked the department of telecommunication to 'keep in abeyance' the grant of new 2G (mobile) licences till the watchdog finalises its recommendations.
In a major relief to stressed assets, the Cabinet approved the proposed IBC amendment that the licences, permits, concessions, and clearances for a corporate debtor cannot be terminated or suspended or not renewed during the moratorium period. The Cabinet also allowed amending the code to streamline the corporate insolvency resolution process and protect last-mile funding to boost investment in financially distressed sectors.
A paper authored by Rajan said, state-linked banks can be a first step in altering the ownership structure of some PSBs, where the government brings down its stakes to below 50 per cent, creating distance from operations of banks, and improving governance along the way.
