An RBI-appointed panel on Monday recommended hosts of customer-centric initiatives for banks, including online settlement of claims by heirs of deceased account holders, flexibility for submission of life certificates by pensioners and a centralised KYC database. The report of the Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) has also suggested that the operations of accounts should not be stopped pending periodic Know Your Customer (KYC) updates. It recommended that there should be a time limit for the return of property documents to borrowers after the closure of the loan account, failing which a penalty should be imposed on the lender.
Outward remittances under the Reserve Bank of India's (RBI's) liberalised remittance scheme (LRS) surged by 50.64 per cent to $9.1 billion in the April-June quarter (first quarter, or Q1) of 2023-24 (FY24), driven by healthy growth across segments due to a revision in the timeline of tax collected at source under the LRS scheme and normalisation in international travel. Major drivers include equity and debt investments, deposits, and the international travel segment, among others. According to the latest RBI data, the amount remitted under LRS stood at $9.1 billion in Q1FY24, compared with $6.05 billion in the same quarter last year.
The Bharatiya Janata Party's Telangana president and MP Bandi Sanjay Kumar on Wednesday said his party, when it comes to power in the state, would abolish minority reservations and provide the benefit to Scheduled Castes (SCs), Scheduled Tribes (STs) and others.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
About 21 per cent Indians born between the mid-1990s and mid-2010s say a potential partner not aligning politically with them is a dating red flag.
'Earnings will be the catalyst for markets to march higher from here on out.'
It was reacting to lawyer Mathews Nedumpara's email to the top court in which he claimed the apex court has been hearing only constitution bench matters, which have no public interest involved, and not the cases of ordinary citizens.
The caste survey in Bihar was conducted in two rounds between January 7-21, and April 15-May 15.
If the interest rate on bank deposits is linked to any external benchmark, it would jeopardise the banks' fund-raising ability. Interest rates on small savings schemes are likely to be reduced very shortly, to maintain parity. All these steps would indeed affect retired people, and particularly those dependent on interest income, says Arindam Gupta.
The solicitor general said that the PM CARES Fund is a 'voluntary fund'. "It is a public trust. It is a body where you can make voluntary contributions and no budgetary allocations to the NDRF or SDRF are being touched. What has to be spent will be spent," the law officer said.
Modi wants the BJP to gets an additional 10% of the vote share from what it won in 2019. Plans are afoot to get new faces to replace MPs with poor chances of winning. Sources say more than 100 MPs are like to be axed, notes Modi biographer Ramesh Menon.
'Gold prices thrive on volatility and more so when the stock markets trend downward.'
The BSE Realty index-a gauge of real estate stocks-rose 4.2 per cent on Monday, extending its two-day advance to 7.8 per cent. The latest gains came on the back of robust sales posted by realty developers in the March quarter of financial year 2022-23 (Q4FY23). On Thursday, the rate-sensitive index had gained 2.9 per cent following the Reserve Bank of India's decision to pause interest rate hikes in its latest monetary policy review.
The Supreme Court of India, by a majority view of 3:2, on Monday upheld the validity of the 103rd Constitution amendment providing 10 per cent reservation to people belonging to the economically weaker sections (EWS) in admissions and government jobs.
They will enable the people to access and enjoy the same rights, same privileges and same facilities as their fellow citizens in the rest of the country, he said.
Accretion to India's foreign exchange reserves showed a lower growth of $6.6 billion in the first half ended September 2004, against a rise of $16.2 billion in April-September 2003.
The Union Budget's focus on capital expenditure is expected to crowd-in private investment and push the GDP growth rate close to 7 per cent in the next financial year beginning April 1, said a Reserve Bank article on 'State of the Economy'. In 2023-24, capital expenditure is budgeted at Rs 10 lakh crore which will constitute 3.3 per cent of GDP. "We believe that India will decouple from macroeconomic projections of current vintage and also from the rest of the world.
'The cost of financing the fiscal deficit will decrease, as new passive investors join in.'
CEOs have complained that high interest rates have blocked their investment decisions. At the same time, customers are also deferring their purchases for new consumer durables, cars, and homes.
The Indian economy recovered from the Covid-induced downturn during 2022 and is poised for further improvement in the coming quarters though downside risks emanating from geopolitical tensions, strengthening dollar and elevated inflation will continue. The positive trajectory in the growth trend and improved fundamentals will help the nation in neutralising the impact of global headwinds which are expected to have a bearing on the country's exports in the months to come. The challenges before the government and the Reserve Bank in the new year would be to arrest inflation, check declining value of rupee against US dollar and promote private investment and growth, with a view to ensure that the country remains one the fastest growing major economies of the world.
While the market for satellite broadband currently is small, the potential is large as an estimated 30 per cent of the country does not have reliable terrestrial broadband services.
"Happy to state that the Government of Gujarat has decided to implement 10% EWS reservation benefits from 14th January, 2019. It will be implemented in all ongoing recruitment process too wherein there is only advertisement published but first stage of examination is yet to held," Chief Minister Vijay Rupani said in a tweet.
Scheduled commercial banks have written off loans amounting to over Rs 10.09 lakh crore in the last five financial years and the process of recovery of dues from the borrowers continues, Union Finance Minister Nirmala Sitharaman informed the Lok Sabha on Monday.
A Congress leader on Wednesday moved the Supreme Court seeking review of its verdict upholding the 10 per cent reservation introduced in 2019 for the economically weaker sections (EWS) in educational institutions and government jobs that excluded the poor among the SC/ST/OBC categories.
Passed by a voice vote, the Himachal Pradesh Freedom of Religion (Amendment) Bill, 2022, also bans "mass conversion" - described as two or more people converting at the same time - through force or allurement .
The politically crucial Malwa-Nimar region of Madhya Pradesh played a key role in propelling the Congress to power in 2018 after a gap of 15 years and the party is utilising the Rahul Gandhi-led Bharat Jodo Yatra to strengthen its position in the belt a year ahead of the assembly polls.
The Allahabad high court on Thursday allowed the Archaeological Survey of India (ASI) to conduct a scientific survey at the Gyanvapi premises in Varanasi to determine whether the 17th-century mosque has been constructed over a pre-existing structure of a Hindu temple.
'This segment has performed very well for us and this is reflected in our bounce rate which is about three to four per cent.'
Economically Weaker Sections (EWS) have been given 10 per cent quota in admissions and jobs out of 50 per cent general category seats for the first time without eroding the "totally independent" reservation for SCs, STs and OBCs, the Centre told the Supreme Court on Tuesday.
The recent Supreme Court judgment on reservation on Mondau came in for criticism in the Lok Sabha, with members claiming that it would hit80 per cent population of the country comprising Scheduled Caste, Scheduled Tribe and Backward Classes.
The Jamia Millia Islamia University was on Tuesday granted minority institution status by the National Commission for Minority Educational Institutions, a first for any central university which will allow it to reserve up to 50 per cent seats for Muslims.
The government on Thursday announced a 27 per cent quota for OBCs and 10 per cent reservation for the economically weaker sections in the all-India quota scheme for undergraduate and postgraduate medical and dental courses from the current academic year, 2021-22.
Since March 31, 2022, the PSBs' market cap has risen 43.7 per cent, from Rs. 7.29 trillion to Rs. 10.47 trillion. It's time for the government, the majority owner of public sector banks, to reap the benefit of the rally in bank stocks, recommends Tamal Bandyopadhyay.
The merger of ZEE Entertainment and Sony has reached an advanced stage of completion, and the issues faced by promoters with Sebi should not become a problem for the company, debarred ZEEL MD Punit Goenka has said in a letter to employees, according to sources. Goenka, who along with his father Subhas Chandra, was denied any interim relief against a Sebi order that barred them from holding the position of director or key managerial post in any listed company, in the letter ZEE Entertainment Enterprises Ltd (ZEEL) staff asserted that the merger of Culver Max (earlier known as Sony Pictures Networks India) is at a very important juncture. With the Securities Appellate Tribunal (SAT) restricting him from holding a directorial or key managerial position in a listed company, Goenka told the employees that the ZEEL board has constituted an interim committee of senior executives to ensure smooth operations and day-to-day functioning.
'The government and corporate sector must join hands to implement action which allows all of India to develop. It would be good for the corporate sector in the long run.' 'It is not that talent is a monopoly of a few castes who have been privileged over centuries. Talent also exists in other groups. They need opportunity and exposure,'
Maharashtra Chief Minister Eknath Shinde on Friday said the proposed refinery project at Barsu village in Ratnagiri district will not be implemented without the local people's consent, and appealed for calm in the area.
Image used for representational purpose only. Photograph: Jayanta Dey/Reuters The Congress also said demonetisation has come a full circle and added that the Rs 2,000 note was a "band-aid to cover up the foolish decision of demonetising" Rs 500 and Rs 1,000 notes.
The Biden administration has proposed a massive hike in immigration fees, including the much sought-after H-1B visas for high-skilled foreign workers, which is very popular among Indian tech professionals. Under the proposed rule, published by the US Citizenship and Immigration Services (USCIS) on Wednesday, the application for the H-1B visa increases from $460 to $780, and L-1 from $460 to $1,385. The application fee for O-1 visas has been proposed to increase from $460 to $1,055.
Stating that the right to live with dignity includes not being "tied down by casteism", the Delhi high court has directed the CBSE to comply with the request of two siblings belonging to the Scheduled Caste community to update their father's surname, which he has changed due to social stigma, in their Class 10 and 12 certificates.
