Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
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 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.
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.
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.
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.
Sanjay Kumar Singh suggests key factors investors need to keep an eye on while choosing the direct investment route.
There are allegations that Wal-Mart put money into the domestic multi-brand retail chain despite a ban.
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.
India cannot afford to be complacent about a possible Pakistan resort to military options across the LoC, warns Rana Banerji, who headed the Pakistan desk at the Research and Analysis Wing, India's external intelligence agency.
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.
Higher crude oil prices also translate into better corporate earnings for India's top companies
The Enforcement Directorate has begun a probe into the source of alleged foreign funds received in the accounts of journalist Syed Mohd Ahmad Kazmi arrested in connection with the bomb attack on an Israeli embassy vehicle.
'There will be no flying unless the company pays us substantial salaries and provides a road map,' the National Aviators Guild, the pilots union, said in a message to its members.
'By treating Nepali politicians as shabby buffoons to be pampered one day and collared another day, India badly exposed itself.' 'A belief got entrenched in the Nepalese mind that we are a dangerous neighbour,' observes Ambassador M K Bhadrakumar.
Once formulated, this will be the fifth case against the ousted premier by the NAB.
A total of 41 companies had applied for the permit
Post Office has 1,54,000 rural branches.
Overseas Indian Affairs Minister Vayalar Ravi said the diaspora community has been contributing significantly to India's economy by sending billion of dollars in remittances and government is launching the scheme to support them on their return to the country.
The Enforcement Directorate on Monday questioned the wife of journalist Syed Mohammed Ahmad Kazmi, arrested in the Israeli diplomat car bombing case, in its probe into the source of alleged foreign funds received by the couple.
'Make sure you provide enough support (income, nutrition, healthcare, and housing) to migrants stuck (and their households), so they are not compelled to seek work or migrate back.' 'Otherwise, the risk of contagion is extreme.'
Short-term lending rate unchanged at 7.75 pc.
Kerala, which largely depends on remittances of around two million Malayalis working in the Gulf, has now become a thriving job market for workers hailing from Assam, West Bengal, Bihar and Orissa.
The Board of Control for Cricket in India on Saturday refuted allegations that it violated India's foreign exchange regulations while conducting the second edition of the Indian Premier League in South Africa in 2009, insisting that all the payments were "bona fide and legitimate".
The allegations of DDT evasion is connected to some transactions the Indian entity has made while buying shares of the company from the Mauritius and US companies of Cognizant.
It was primarily due to a higher trade deficit ($41.6 billion) brought about by a larger increase in merchandise import.
However, the Indian economy is expected to bounce back in 2021, the World Bank said.
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
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