Reserve Bank carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
The Central Bureau of Investigation on Monday questioned former Indian air force Chief S P Tyagi and two others in connection with alleged irregularities in the AgustaWestland helicopter deal.
'This prime minister thinks he knows everything.' 'He has to consult, he has to talk and he has to mobilise the best people, but having seen him function, I have no expectations from him.'
New Delhi should resist any temptation to act as spoiler and instead should cooperate with its SCO partners in reaching a regional consensus behind the formation of an interim government in Kabul, argues Ambassador M K Bhadrakumar.
Its entry will increase competition especially when WhatsApp too has received approvals to launch payment service.
Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
The searches are in connection with alleged violation of foreign direct investment norms that is linked to an earlier case of revocation of Foreign Contribution (Regulation) Act licence of the NGO by the Union home ministry in 2010, the ED said.
In absolute terms, the CAD stood at $4.6 billion in the current fourth quarter, compared with $13 billion in the year-ago quarter and $17.7 billion in the third quarter of fiscal year 2018-19.
Payment for imports do not require these two forms.
T K S Elangovan has alleged senior bank officials forged documents and faked authorisation from the RBI, to transport huge sums of hawala money during recent elections in the state.
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On Wednesday, RBI reduced the cap on individual remittances abroad from $200,000 (about Rs 1.2 crore) to $75,000 (Rs 45 lakh) and also barred individuals from using funds under the scheme to buy immovable properties abroad.
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According to the global financial services major, the country's Current Account Deficit, which is the difference between the outflow and inflow of foreign currency, has the potential to 'surprise favourably'.
Oil and gold had accounted for 45 per cent of India's imports bill in 2012-13.
Advertising firm Grey India Inc will hold 1,88,260 equity shares of Grey Worldwide (India) as a non-resident shareholder on repatriation basis and has ceased to be an overseas corporate body following an approval from the FIPB.
Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
According to the report, the magnitude of internal migration is about two-and-a-half times that of international migration.
Barring rice, spices, iron ore and pharmaceuticals, all the remaining 26 key sectors registered negative growth in May. Imports too plunged 51 per cent to $22.2 billion in May.
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
Of the 700-odd Indians having foreign bank accounts, not all can be deemed to be operating these illegally.
If net forex outflows turn out to be relatively high in the next few years, the rupee could depreciate beyond Rs 80 to a dollar by 2022. The causal reasons could, for example, include unmet expectations of FPI and FDI investors about the performance of the Indian economy, sharp rise in prices of imported oil and decrease in FX remittances. The RBI has to ask itself whether guaranteeing future rupee-dollar exchange rates on FX forward contracts is a reasonable way to use its risk-bearing capacity, says Jaimini Bhagwati.
The 30-share Sensex ended up 203.97 points to trade at 18,516.91 and the 50-share Nifty rose 63.30 points at 5,471.75 levels.
The broader markets gained with mid-caps and small-caps rising 0.7-0.9 per cent on the BSE.
This is SBI's second forex technology initiative.
The year 2020 could see the worst global economic fallout since the Great Depression in the 1930s, with over 170 countries likely to experience negative per capita income growth due to the raging coronavirus pandemic, IMF Managing Director Kristalina Georgieva said on Thursday. Georgieva made the remarks during her address on 'Confronting the Crisis: Priorities for the Global Economy' in Washington, DC, ahead of next week's annual spring meeting of the International Monetary Fund and the World Bank.
UAE Exchange partners ElectraCard Services to launch 'gocash', which enables cardholders to use appropriate currency loaded on the card.
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Large state-run entities and business houses will not be allowed to set up small finance banks, which will have to comply with statutory reserve requirements.
Exchange rates play an important factor in international fund transfers
The Reserve Bank of India (RBI) has liberalised the procedure for facilitating the import of rough diamonds (termed roughs in the trade).
Giving more freedom to individuals travelling abroad, they may soon be allowed to spend $2 lakh overseas in a year as against the present ceiling of $75,000.
There are allegations that Wal-Mart put money into the domestic multi-brand retail chain despite a ban.
Sanjay Kumar Singh suggests key factors investors need to keep an eye on while choosing the direct investment route.
Higher imports and moderating exports growth has lead to the widening of the CAD.
Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
Inoperative accounts are those accounts where contributions are not made for more than 36 months. The Employees Provident Fund Organisation has stopped crediting interest in these inoperative accounts.
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