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.
For withdrawals through cheque, the weekly cap has been hiked to Rs 24,000 from Rs 20,000
Anticipating panic and rush at bank counters, the Reserve Bank of India as well as the government has set up control rooms in Mumbai and the national capital to avoid any crisis, Department of Economic Affairs Secretary Shaktikanta Das said.
A panel report would give a policy direction to tax officers on applicability of MAT on FIIs.
'It was because of the huge selloff in the Indian equities that the rupee fell so sharply against the dollar on Friday.'
'Even if there is a third wave or a fourth wave, it is hard to see the economy will suffer like that (during the first wave).'
SBI is the third state-run lender to lower the lending rates after Indian Overseas Bank Tuesday and Bank of Maharashtra which also lowered their loan prices by 5 bps on loan tenors of one year and above, effective April 10.
FM had proposed an enabling provision to levy cess at 2%
The FIPB rejected two proposals -- Nigeria's Mokeme Chiwetal Izuchukwu and Lanarth Developers Pvt Ltd.
Stressed MSME borrowers would be eligible for restructuring of debt, if their accounts were classified standard.
Today, the economy requires a certain amount of push not just from the monetary policy but also from its transmission: Das.
Reversal in the declining economic growth trajectory is clearly the need of the hour and all steps should be taken to bring about this change.
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.
The comments from Das assume importance as the government for two consecutive terms have missed its fiscal deficit targets by 10 bps
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
Stating that recent agriculture reforms have opened new opportunities, the RBI Governor said the farm sector is emerging as a bright spot.
Members of Parliament, state legislatures, and local governments not eligible to be members of PSB boards
An official said that people in the government were aware of the benefits as well as the drawbacks of issuing overseas sovereign bonds, and there will be consultations with all stakeholders.
The Enforcement Directorate on Tuesday arrested Financial Technologies India Limited founder Jignesh Shah in connection with its probe into the Rs 5,600-crore National Spot Exchange Limited money laundering scam.
Panagariya, who heads the government's main economic advisory body NITI Aayog, is also India's Group of 20 summit negotiator
The Finance Ministry's Economic Survey had projected a growth rate of 7-7.75 per cent.
Calling Rajan "no less patriotic", he virtually ticked off Swamy saying "if anybody considers himself above the system then it is wrong".
The government aims to further bring down the fiscal deficit -- the gap between expenditure and revenue -- to 3.5 per cent.
Watal a 1978-batch Andhra Pradesh cadre IAS officer.
Last month, the bank was placed under Prompt Corrective Action due to high level of bad loans, lack of sufficient capital to manage risks and negative return on assets for two consecutive years.
Delivering a public speech hours after the RBI launched a rescue act for Yes Bank on March 6, Governor Shaktikanta Das reiterated the RBI's affirmation to do whatever was needed to combat the coronavirus impact. On that day, India had only one confirmed COVID-19 infection, the World Health Organisation was five days off from declaring it as a pandemic and the financially debilitating lockdowns were not even on the horizon. Das' promise on efforts to mitigate COVID-19 impact appeared as a footnote in news reports from the event.
Given the pressure from India Inc and the banking fraternity, it is surmised that the portfolio rejig will take place before April.
India has expressed concern over the hike in visa fee by the US, saying it is "discriminatory" and largely affects Indian IT professionals.
How will the RBI announcement on loan moratorium work for those with home loans, auto loans, personal loans, consumer durables loan? Here's what experts have to say.
Several leading industrialists, including Reliance Industries CMD Mukesh Ambani, Vedanta Resources Limited executive chairman Anil Agarwal, chairman emeritus of Tata Sons Ratan Tata, Mahindra Group chairman Anand Mahindra, Paytm Founder and CEO Vijay Shekhar Sharma, Welspun Group chairman and Assocham president B K Goenka, attended the swearing-in ceremony.
Arundhati Bhattacharya, chairman of country's largest lender State Bank of India said demonetisation of high value notes won't be a problem as the bank has done it before.
Among the states due for election next year are AP, Haryana and Odisha, which have a fair share of agri credit. If these states individually announced debt relief, the combined waiver would be at least around Rs 600 bn to Rs 700 bn. Clearly, this will be a frightening challenge for Indian banks.
In his maiden Budget presented in Parliament on July 10, Finance Minister Arun Jaitley has tried to provide relief to the middle class by increasing tax exemption limit by Rs 50,000 to Rs 250,000.
The scheme calls for banks, refineries and hallmarking centres to work together.
Observing that the economic recovery was not yet fully entrenched, the RBI Governor said recovery is likely to be gradual.
The government, however, amended the tax laws with retrospective effect to undo the Supreme Court judgement and claim taxes.
The government will notify categories of employees who will be excluded from the controversial tax proposal on provident fund withdrawals.
The Governor said the MPC had voted to maintain its accommodative stance, implying more rate cuts in the future if the need arises.
Government on Monday asked income tax department to take steps to unearth domestic black money.
'India remains a bright spot amid the global slowdown.'
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