Even as banking sectors extends its reach in India, especially with the launch of PM’s jan dhan yojana (PMJDY) , number of complaints received by banking ombudsmen against the commercial bank
Reserve Bank of India governor Raghuram Rajan on Saturday sought better student loan schemes as he felt that there were lot of stress on education loans. Taking the theme of rationalizing t
The Reserve Bank of India (RBI) again surprised the nation by holding an unscheduled monetary policy review on Wednesday and reduced the policy repo rate under the liquidity adjustment facility (LA
Non-performing assets (NPA) have become a major concern for the banks and the gross NPAs of the public sector banks stood at Rs 2,60,531 crore, as on December 2014. Highlighting the issue of mounti
Prime minister Narendra Modi on Thursday asked the Reserve Bank India to prepare 20-year roadmap for financial inclusion while focusing on the success of the prime minister’s jan dhan yojan,
The Reserve Bank of India in its first monetary policy statement for the new financial year 2015-16 has not changed both the repo rate and the cash reserve ratio (CRR) due to increased food prices
Sounding impatient, Reserve Bank of India governor Raghuram Rajan on Tuesday made a harsh comment on the banks reluctance to lower consumer interest rates. Rajan`s harsh comments reflect th
India`s economic growth is expected to improve to 7.9 per cent in current fiscal year. This figure has been given by global rating agency Crisil and foreign brokerage Morgan Stanley in their report
The differential interest rates based on whether the term deposits are with or without the premature withdrawal facility come to India. The Reserve Bank of India (RBI) has given gree
After almost 45 years in legislative history, the Rajya Sabha on Friday passed a bill that seeks equal rights for the transgenders. The last private member bill was passed by the Rajya Sabha in 197
While retail inflation in April fell to a four-month low of 4.87 per cent, the annual growth in production at factories, mines and utilities slowed to 2.1 percent in March, the slowest pace since l
In the interest of consumers, the Reserve Bank of India has asked all public sector and large private banks to appoint internal ombudsman. "The internal ombudsman would be desig
To combat ever increasing issues relating to cyber crime the Reserve Bank of India (RBI) is likely to set up an information technology wing. "We`ve to worry about increasi
To combat ever increasing issues relating to cyber crime the Reserve Bank of India (RBI) is likely to set up an information technology wing. "We`ve to worry about increasi
As the Modi government completes one year in office this month, RBI Governor Raghuram Rajan, who oversees nation’s monetary policies, has said that the administration had taken steps to creat
Showing confidence that the economy is in good shape to withstand any turbulence and sending out a strong signal to the banks to cut interest rates for consumers, the Reserve Bank of India (RBI) cu
SS Mundra took charge as the RBI deputy governor on July 31 last year. Previously, he was chairman and managing director of the second largest bank, Bank of Baroda, where he ha
They get fat salary, benefits and more holidays while offering ordinary service. The bankers do not seem to care for the consumers and it takes no less than Reserve Bank’s governor Raghuram R
They get fat salary, benefits and more holidays while offering ordinary service. The bankers do not seem to care for the consumers and it takes no less than Reserve Bank’s governor Raghuram R
In far-reaching and forward looking measure the Reserve Bank of India is going to allow banks to convert debt of defaulting companies into equity and bring about change in management of these compa
In far-reaching and forward looking measure the Reserve Bank of India is going to allow banks to convert debt of defaulting companies into equity and bring about change in management of these compa
The last date for exchanging pre-2005 banknotes of all denominations has been extended till December 31, 2015. The Reserve Bank of India has urged the public deposit the old design n
Admitting that the situation in Greece may impact India in capital inflows and outflows, finance secretary Rajiv Mehrishi on Monday said the government is in touch with the Reserve Bank to deal wit
From today mobile phone users will be able to retain their numbers when they relocate to any part of the country even if they change operators as full mobile number portability (MNP) has come into
In a show of solidarity, nine opposition parties — Trinamool Congress, CPI(M), CPI, JD(U), RJD, NCP, RSP, Muslim League and Aam Aadmi Party — have decided to boycott the Lok Sabha for t
The governor of Reserve Bank of India Raghuram Rajan has received tactical support of his predecessor even as centre and the RBI are close to an agreement on the broad contours of the Monetary Poli
Reserve Bank of India will focus on lower of inflation, faster resolution of distressed assets and ensuring banks have enough capital. Governor Raghuram Rajan said in the central ban
While asking the central banks of advanced economies to "maintain supportive policies" and refrain from raising interest rates too quickly, the International Monetary Front (IMF) has said
The fear has always been in the air and today’s figures add to the anxiety. Deflationary trend continued for the 10th month in a row with inflation plunging to a historic low of (-)4.95% in A
Tall promises made by political parties in their election manifestos got legal sanction as the Supreme Court on Monday refused to tie parties down to their grandiose claims. Refusing to entertain a
The Reserve Bank of India has cut the repurchase, or repo rate by 50 basis points to 6.75%, the lowest the key interest rate has been in four years. In a big boost for the markets and economy, RBI
Kerala government has dismissed the charges that beef curry was served at Kerala House in Delhi. The Kerala government has filed a complaint over entry of activists without permission. Kerala Chief
Gangster Chhota Rajan was brought to Delhi this morning after being deported from Indonesia. He evaded the police in several countries for over two decades. A special plane sent by New Delhi to bri
The 7th pay commission will submit its report to the government at 7.30 pm today. The recommendations of the commission have to be implemented with effect from 1 January 2016 and are likely to furt
Government today expressed its inability before the supreme court in formulating the draft Memorandum of Procedure (MOP) for appointment of judges in the higher judiciary. Attorney General Mukul Ro
The Reserve Bank of India (RBI) chief Raghuram Rajan said on Friday that a drop in public and private investments were the main concerns he had about the country`s economic growth. Speaking in Hong
While nudging the banks once again to hurry up with the full transmission of its cut in repo rate (since January) to borrowers, the reserve bank of India did not change policy rates
While nudging the banks once again to hurry up with the full transmission of its cut in repo rate (since January) to borrowers, the reserve bank of India did not change policy rates
The government will on Thursday announce the names of the first 20 urban areas that will be developed as smart cities. In subsequent years, the government will announce 40 cities each to be develop
Now go and bury it,” said major general Ian Cardozo, then a major with the 5 Gorkha Rifles, during the 1971 Indo-Pak war that led to liberation of Bangladesh. He had accidently stepped on a m
The Reserve Bank of India (RBI) has submitted to the supreme court, in sealed cover, a list of defaulters on loans worth Rs. 500 crore or more, according to
The associated chamber of commerce of India [ASSOCHAM] has asked the Narendra Modi government to change the definition of NPAs [non-performing assets] – from the present 90 days limit t
The banking coverage might be poor in rural parts but in cities many people have at least two bank accounts. Keeping a tab on them is a hassle. More so, if you are managing them on a smartphone. Yo
In the second bi-monthly monetary policy statement of 2016-17, RBI governor Raghuram G Rajan on Tuesday decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged
They live as whole families in small straw huts they made with their bare hands, on a patch of land miles away from the nearest town. It looks desolate. But it is, they tell me, “p
The Reserve Bank of India (RBI) has granted in-principle license to common service centers (CSCs), operating across rural India, to operate as Bharat Bill Payment System Operating Units (BBPO
Has Modi govt erred in Raghuram Rajan`s
Amidst the speculations and debate over serving a second term as Reserve Bank of India (RBI) governor, Raghuram Rajan declared that he would return to academia after his term finished in September.
Commerce minister Nirmala Sitharaman on Monday tried to play down the controversy regarding RBI governor
The level of NPAs with public sector banks accumulating over the last many years has seen a sharp spike and is not going to come down in a short or medium time frame. It is also necessary for us to
Outgoing reserve bank of India (RBI) governor Raghuram Rajan feels that India’s economic growth is below its potential. In a foreword to RBI’s annual report 2015-16, Rajan highl
India’s industrial output declined by 2.4 percent in the month of July after it had climbed 1.95 percent the month before. However, the government data also showed a slower inflation at
In the fourth bi-monthly monetary policy statement, the Reserve Bank of India’s monetary policy committee (MPC) reduced the repo rate by 25 basis points, from 6.5 percent to 6.25 percent. The
Can you imagine a day without cash? The answer is an obvious ‘no’. The rustle of notes and jingle of coins still have the power to light up any face. In fact, more than 99 percent of tr
Hard cash is not free. In fact, the Rs 10 note costs between 70 paise and Rs 1.12 to print. An RTI response on the printing cost of currency notes has revealed that dif
In April, former Reserve Bank of India (RBI) governor Raghuram Rajan launched united payment interface (UPI), a payment technology product by National Payments Corporation of India (NPCI), an umbre
National carrier Air India, which is making operational profit now, is looking to rejig debt worth Rs 10,000 crore under the scheme for sustainable restructuring of bad assets floated by the
Prime minister Narendra Modi’s dramatic Tuesday evening announcement to scrap currency notes of Rs.500 and Rs.1000 denomination is aimed putting an end to the grey economy,
Now that the government has decided to scrap currency notes of Rs 500 and Rs 1,000 denomination, the millions of notes will end up as briquettes that can even be used for land fillings or for makin
Taking Rs 500 and Rs 1,000 notes out of currency is, of course, not enough to fight black money. In the days to come, the Modi government will have to take a series of moves to make this step e
As soon as the government announced its decision to demonetise Rs 500 and Rs 1,000 notes on the night of November 8, there has been an emergency-like situation across the country. With serpentine q
It’s been 10 days of suffering and chaos for people,and the way the government is continuously learning from its mistakes - announcing reliefs and exemptions, and then even rolling back some
By far the most sweeping change in currency policy that has occurred anywhere in the world in decades: that’s what former US treasury secretary and Harvard economist Lawrence H Summers along
The Reserve Bank of India (RBI) on Wednesday doubled the balance that can be kept in prepaid wallets and cards to Rs 20,000. Also, merchants can transfer up to Rs 50,000 per month from these
The Reserve Bank of India (RBI) on Wednesday doubled the balance that can be kept in prepaid wallets and cards to Rs 20,000. Also, merchants can transfer up to Rs 50,000 per month from these so-cal
The sudden announcement of demonetisation came as an inconvenience to 76-year-old SK Nangia. The morning after November 8, he had to travel to Hastinapur from Delhi by road, covering a distance o
Since November 8, never-ending queues, rising tempers, despair and frustration have become a routine. It’s a nightmare for people who are struggling to deposit or exchange money at banks. And
On November 8, the Government of India announced its decision to pull high-value currency notes of Rs. 500 and Rs. 1,000 denomination out of circulation, with immediate effect. A detailed procedure
Dr KC Chakrabarty, former deputy governor, Reserve Bank of India, headed currency management at the central bank before taking premature retirement in March 2014. Known for his frank an
If you are planning to file a revised income tax return following demonetisation, then be warned. The income tax department will be looking out for manipulation or fudging and such cases may be tak
The government has initiated numerous steps to combat the scourge of corruption and black money in the last two and a half years, said NITI Aayog CEO Amitabh Kant on Thursday. Addres
India is in the throes of an unprecedented social experiment in enforced digital disruption, and the world has much to learn from it, said an article: ‘India’s Botched War on Ca
A close friend, stock market wizard and intellectual sparring partner, also a Marvel Comics and Stan Lee fan, has been keenly following the demonetisation debate in media and elsewhere. &ld
The Indian government has audaciously put the demonetisation show on the road, though with little consideration of infrastructural, banking and connectivity back-up. After making his own set of pol
One thing consistent about demonetisation has been the ever-changing rules. Monday saw a new rule in place. One can now deposit the scrapped currency of Rs 500 and Rs 1,000
The longer run impact of demonetisation on formal domestic remittances could be significant. Following up on a major financial inclusion initiative (Jan Dhan Yojana) and new payments banks, this mo
The Reserve Bank of India on Wednesday withdrew its order of December 19 which had stipulated that the demonetised currency notes could be deposited only once in the quantum of Rs 5,000 or mo
Liquidity conditions have undergone large shifts in Q3 so far, said the Reserve Bank of India which added that surplus conditions in October and early November were overwhelmed by the impac
Mangal Bhai Rama Harijan is a craftsman from Kawada village, 50 kilometres from the Great Rann of Kutch in Gujarat, the place where India’s most prominent cultural festival takes place every
How would you describe the post-truth phenomenon in the Indian context? Speaking in the context of post-truth, we have a live instance of it in the demonetisation pl
The right to food campaign is dismayed by the Indian government`s reckless attempt to renew currency notes, known as "demonetization", without any serious attention to the consequences it
Chances are you have already chosen which side of the fence you are on when it comes to the demonetisation debate. Demonetising 86% of the currency is an unprecedented step and India is flying by t
The Reserve Bank of India on Thursday clarified that it was still in the process of reconciling the figures of the demonetized currency, following media reports which said that most of the scrapped
People may recall the passionate justification that prime minister gave on November 8 when he announced the decision to demonetise currency notes of Rs 500 and Rs 1,000 denomination. The entire cou
The implementation of the demonetisation decision carried pain. “It can lead to short term criticism and inconveniences. Drop in economic activity on account of the currency squeeze during th
Moody`s Investors Service and its Indian affiliate, ICRA Limited, see subdued prospects for India`s banks, with both identifying asset deterioration as a key challenge over the medium term.
House and equity prices respond at varying speeds and significantly varying magnitude to monetary policy shocks, signifying that it may turn out to be challenging for policy makers to simultaneou
If you have a Paytm account and there is money in your wallet, then soon you can get interest on your money. The statement came from the Paytm’s blog post, in which the company announced th
The Demonetisation, the black money and the benami property, the three vibrant words in the Indian economy, has impacted the life of people across the country. In the fight against black money, pri
There are considerable uncertainties over the potential positive effects of demonetisation, said global ratings agency Fitch. “Most importantly, demonetisation is a one-off event. People th
The Reserve Bank holds 557.77 tonnes of gold; of which, 265.49 tonnes are held overseas in safe custody with the Bank of England and the Bank for International Settlements (BIS). Gold as a share of
“India is at an exciting but challenging time,” said Viral Acharya who takes over as RBI’s deputy governor on Friday. “As one of the world’s fastest growing
The Reserve Bank of India has said that cooperative banks cannot accept deposits under Pradhan Mantri Garib Kalyan Yojana.
The Reserve Bank of India’s Industrial Outlook Survey has indicated a decline in business sentiments. This round of the survey was conducted during October-December 2016. The s
The Reserve Bank of India has cautioned about virtual currencies, including Bitcoins. The RBI advised that it has not given any licence / authorisation to any entity / company to ope
The Reserve Bank of India (RBI) on Thursday kept the repo rate, which is the short-term lending rate, unchanged at 6.25 percent. Repo rate is the rate at which the central bank of a
If the finance ministry and the RBI are serious about promoting the shift to digitalisation, they’re going to need to increase the incentives and reduce the costs to average citizens, every
The Reserve Bank of India (RBI) has sought public feedback the draft circular on rationalisation of Merchant Discount Rate (MDR) for debit card transactions. MDR is the rate charged
Only a bank that fears losing its deposit base or incurring the wrath of its shareholders is likely to recognise losses in a timely manner. In many of our banks, such market di
“As regards death of currency, it is not a new subject. It has been predicted right from early 1950s,” said R Gandhi, deputy governor Reser
It’s been four months since demonetization took place, yet requests to change the scrapped Rs 500 and Rs 1000 currency notes are still coming at the Reserve Bank of India (RBI).
Overall, the assessment is that the impact of demonetisation on the real economy has been transient, given the information available so far, said a Reserve B
It has been decided to conduct a field trial with plastic banknotes at five locations of the country, said Arjun Ram Meghwal, minister of state in the finance ministry in the Lok Sabha.
The cooperative banks, largely controlled by politicians, are today groaning under the weight of its own contraindication – it is flush with funds following demonetisation, yet it suffers fro
India’s affinity for gold is a well-known fact, so is its dependence on gold imports to meet the domestic demand. More than 98 percent of the gold consumed in the country is met throu
Recent regulatory actions in India suggest the authorities are making a more concerted push to tackle banks` bad loan problems, says Fitch Ratings. "We believe that asset resolu
The Goods and Services Tax (GST) is likely to strengthen cooperative federalism and have far-reaching implications for growth, inflation, public finances and external competitiveness in the India
RBI deputy governor SS Mundra has spoken about the idea of ‘account number portability’, which he had first advocated a couple of years ago. “Back
The Reserve Bank of India on Wednesday kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.25 percent and the Monetary Policy Committee noted that incoming data
The Bharatiya Janata Party is today going to town over the Goods and Services Tax (GST). But, there was a time in the recent past when the party opposed it tooth and nail, with the Gujarat govern
The Goods and Services Tax (GST) is expected to be a game changer. According to the
At the stroke of midnight hour, India got converted into one seamless market, with multiple taxes being replaced with singular Goods and Service Tax (GST). GST was
Banks have advanced a staggering Rs 29,46,060 crore to the industrial sector, of which Rs 6.93 lakh crore are non-performing assets (NPAs). Finance minister Arun Ja
As much as Rs 15.28 lakh crore out of Rs 15.44 lakh crore of the scrapped currency has come back, the Reserve Bank of India said on Wednesday. RBI released its annual report 2017 whic
Over 450,000 villages now have access to banking in one form or the other, said the RBI in its annual report. “As on March 31, 2017, 96 percent (472,136 vil
Beginning with Tamil Nadu in 2016, domino effects have spread in 2017 to several states and the total cost of farm loan waivers announced amounts to around Rs 1,30,000 crores, which is 0.8 pe
The Reserve Bank holds 557.77 tonnes of gold; of which, 265.49 tonnes are held overseas in safe custody with the Bank of England and the Bank for International Settlements (BIS). An
Bolstering the funding sources for efficient but liquidity crunched small and medium-scale enterprises is also likely to be important in arresting the next wave of NPAs, said an RBI paper.
The projection of real Gross Value Added (GVA) growth for 2017-18 has been revised down to 6.7 percent from the August 2017 projection of 7.3 percent, with risks evenly balanced, said the Res
A well-capitalised banking, and in general, financial intermediation, system is a pre-requisite for stable economic growth, said RBI governor Urjit Patel who added that economic history has shown u
Post-demonetisation, there has been a crackdown on shell companies, a way to convert black money into white. Recently, prime minister Narendra Modi said that shell companies would all be elimin
An efficient monetary transmission is a sine qua non for the successful pursuit of its objectives by any central bank. Over the past two decades, it has been the endeavour of the Reserve Bank of In
A fundamental shift is under way in payment habits of the Indian economy, said a RBI document that looked at the impact of demonetisation. RBI’s interventions on promoting elec
The Reserve Bank of India (RBI) on Wednesday the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0 per cent.
A day before a Supreme Court bench takes up petitions opposing mandatory Aadhaar linkage with several government services, the government has
The Reserve Bank of India (RBI) on Friday scotched rumours and said that Public Sector Banks are not being shut down. “The RBI has come across some misinformed communication ci
India’s financial system remains stable, said a report of the Reserve Bank of India (RBI), which added that the overall risks to the banking sector remained elevated due to asset quality conc
Reserve Bank of India (RBI) has informed that “a former governor of RBI in his letter to the Chief Election Commissioner had mentioned the risk of promising loan waivers by political parties
Additional borrowing of Rs 20,000 crore, and not Rs 50,000 crore, is being considered by the government to meet financial needs. Upon a review of trends of revenue rece
The Reserve Bank of India (RBI) has informed that from country-wise data on ratio of non performing loans to total gross loans available on the International Monetary Fund database, it is observed
A top Reserve Bank of India official had waved the red flag, a year back, regarding the SWIFT messaging system. SWIFT was used in a fraud amounting to Rs 11,000 crore at a Punjab National Bank bran
As many as 18 people have so far been arrested in the Punjab National Bank fraud involving diamantaire Nirav Modi and his uncle Mehul Choksi, parliament was informed. As per Reserve
Recalling his thoughts at the Governance Now 1st India Banking Conclave in 2016, when former Reserve Bank of India deputy governor, SS Mundra had said banking sector reform is a journey and not des
Personalised banking, relationship managers, courteous but insistent calls to sell cards, insurance and other services – these are the positives one has come to associate with private and mul
Dhiraj Nayyar’s book, Modi and Markets: Arguments for Transformation (published in October by Westland) came a bit too early. The title would have made for seductive reading had it coincide
The recent uproar in the country regarding the finance ministry apparently coercing the RBI in doing things it is unwilling to do has spiked to such heights that the RBI deputy governor valiantly w
“You will soon be talking to a new foreign secretary,” said prime minister Rajiv Gandhi announcing the sacking of the incumbent at a televised press conference in 1986. Foreign secret
The central board of the Reserve Bank of India (RBI) has decided to transfer Rs 1,76,051 crore to the government, ending a long debate and opening new options for injecting fresh money into the eco
Given the government guidelines under which units have to work and lack of bank support to the MSME sector, a V shape recovery cannot be expected, and the road ahead will be slow and painful.
The fall of financial institutions is largely a result of governance failures and company board members must ensure checks and balances for the larger ecosystem, says entrepreneur Shachindra Nath,
The scheme of amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL) has been approved by the union cabinet on Wednesday. On November 17, to protect dep
The Reserve Bank of India (RBI) and the Monetary Authority of Singapo
An RBI appointed committee to review the working of Asset Reconstruction Companies (ARCs) recently submitted a report containing a set of 42 recommendations. The recommendations have been made to e
Finance Minister Nirmala Sitharaman Tuesday announced the introduction of Digital Rupee to be issued by the Reserve Bank of India starting 2022-23. Presenting the Union Budget 2022-23 in the Parlia
Welcoming the finance minister’s budget announcement of the introduction of Digital Rupee, Nischal Shetty, founder and CEO, WazirX, a bitcoin exchange platform that allows users to buy or sel
The RBI Monetary Policy Committee (MPC) in its bi-monthly policy announcement Thursday kept the repo rate unchanged at 4%. The reverse repo rate is also kept unchanged at 3.35%. The MPC decided to
UPI has become an integral part of our daily lives now. We use it to buy groceries, we use it to send money to friends and family, we use it to purchase tickets, book shows, pay the cab driver, and
The cases of cyber fraud are rising again in India, after a dip in the first year of the pandemic, official figures show. In 2021-22, there were 13,951 cases of fraud, involving an a
Revadi (sweetmeat) or more popular word, ‘freebies’, has been dominating headlines recently. A public interest litigation (PIL) has been filed in Supreme Court to bar all political part
In April 2021, the Reserve Bank of India (RBI) appointed a six-member committee headed by a former Executive Director of RBI to comprehensively review the functioning of Asset Reconstruction Compan
When discussing digital currency, you might think of one or two well-known varieties. There is the digital representation of currency that you access with mobile and online banking services. This c
Green Banking is an initiative taken by the banks to promote environment-friendly practices and reduce carbon footprint of their activities. Green financing (a part of ‘Green Banking’)
Giving the example of India’s Unified Payments Interface (UPI) system during the pandemic and thereafter, RBI governor Shantikanta Das said that digital public infrastructure (DPI) can be uti
The Reserve Bank of India has reached a historic landmark today completing 90 years of existence, prime minister Narendra Modi said here on Monday. He was addressing the opening ceremony of RBI@90,
