State governments are building land banks, using both private and common lands, to attract investment in manufacturing and infrastructure, but at the cost of people’s rights.
Over the last five years, wilful defaults have risen by over Rs 84,000 crore, according to data put out by credit rating agencies.
It’s not easy to defend a failing flagship policy, especially when the central premise is shaky. When the foundation is built on wishful thinking, the supporting ‘evidence’ is bound to stray into fiction too.
Obese banks are generally unhealthy for the economy. But the government is happily fattening banks thinking they are becoming “stronger” in the process.
Former RBI head says he warned of the potential pitfalls if preparation was not adequate, concludes that demonetisation has not been an “economic success”.
Former finance minister P. Chidambaram also questioned the Narendra Modi government whether its demonetisation decision was designed to convert black money into white.
Roughly 89 million of the 6.7 billion Rs 1,000 notes in existence were not deposited following demonetisation and still remain in circulation.
While the demonetisation tsunami sorely hurt the microfinance industry, Bandhan Bank offers a good template for what MFIs can do after acquiring banking licenses.
The new denomination has a motif of Sanchi Stupa on the reverse, with bright yellow being the base colour of the note, RBI said in a statement.
While firms in the FMCG and auto sectors have done well, certain power, steel and telecom companies – where access to natural resources and political connections are crucial to success – have performed horribly.
Customers with savings bank account balance of Rs 50 lakh and above will continue to earn interest at 4% per annum.
When India was divided in 1947, the RBI also grappled with a number of tasks that “posed several delicate problems”.
The Swiss People’s Party has said that India and ten other countries are “too corrupt” and that it will get enough support in the country’s parliament to halt the tax information exchange process.
An RBI research paper revealed ‘unusual’ cash deposits totalling Rs 1.6-1.7 lakh crore during demonetisation.
The results are the first since SBI merged with five of its subsidiary banks and also took over a niche lender for women from April 1.
An excerpt from Y.V. Reddy’s ‘Advice and Dissent: My Life in Public Service’ on his time as RBI governor.
As of July 21, 2017, credit growth has decelerated by Rs 1.5 lakh crore, a new historic low.
The central bank, in the previous year, had paid a dividend of Rs 65,876 crore to the government.
The partnership defies 20th-century notions of a public private partnership and offers a glimpse of the private sector tipping its hat to the sovereign function and prerogative in identifying and authenticating the beneficiaries of a digital service.
If Switzerland’s Federal Supreme Court rules in his favour in a case brought against him by Swiss prosecutors, Rudolf Elmer will release account data from Julius Baer bank that he still holds.
SBI introduced a two-tier interest rate structure,cutting the rate for accounts with less than Rs. 1,00,00,000 to 3.5%, while those above it still net 4%..
A weekly column on the sessions of parliament.
A new study has, for the first time, unveiled a complex global web of offshore financial centres that rob the world economy of US$500-650 billion annually, including US$200 billion from developing economies.
The National Stock Exchange has surged 22% this year, just behind South Korea’s and Hong Kong’s markets making it South Asia’s third-best performing market this year.
The display of such largesse should be a troubling signal for shareholders who worry about corporate governance.
Finance Minister Arun Jaitley said that these two reforms combined will “certainly lead to greater compliance, greater digitisation,” adding that “expansion of the tax base of direct and indirect taxes is already visible.”
The extra provisioning needed would reduce the profits of creditor banks by about a quarter in the financial year to March 2018, according to India Ratings.
The central bank said that making the list public would “hurt the business climate in the country and endanger the jobs of thousands working in these entities”.
If you are the owner of a credit or a debit card, there is a non-negligible chance that you may be subject to fraud. Here’s how to stay safe.
India has gone further than any other country in legislating on corporate social responsibility, but the law should be revised to be more precise and engage company stakeholders better.
On Thursday, telecom minister Manoj Sinha will meet with various industry players to discuss their demands. Most banks and telecom operators (barring Reliance Jio) want a number of sops to prevent industry loans from turning into NPAs.
Prachi Mishra, a Columbia University-trained economist who spent nearly 10 years working for the IMF, joined the RBI as a “specialist adviser” in November 2014.
State Bank of India, the biggest lender to the airlines, has pegged its losses at Rs 900 crore, however, the actual losses may be even higher than these estimates.
The Prevention of Money Laundering Act will likely need to be amended for mandatory Aadhaar-bank account linkage. The punishment for non-compliance, however, is without doubt unconstitutional.
Jaypee Infratech, Electrosteel Steels, Monnet Ispat, Alok Industries, ABG Shipyard and Jyoti Structures are also among the firms reportedly singled out.
Existing bank account holders have been asked to furnish the Aadhaar number issued by UIDAI by December 31, 2017, failing which the account will cease to be operational.
The RBI said it has identified accounts which owe more than Rs 50 billion and in which at least 60% of the assets have been declared non-performing already.
The latest refusal to cut rates, and the MPC’s decision to decline meeting with finance ministry officials before its deliberations on monetary policy, will be hailed by those who are interested in good governance.
It is not the CBI’s business to decide interest rates for loan settlement or set any banking benchmarks, especially if the RBI and Centre have had nothing to say on the matter.
Finance ministry officials were scheduled to meet with all six members of the monetary policy committee before its policy statement today, in a move that had raised worries over the MPC’s independence.