The central bank has also decided to constitute an expert committee under Y H Malegam, a former member of the Central Board of Directors of RBI, to look into the reasons for high divergence observed in asset classification and provisioning by banks and the steps needed to prevent it.
"As much as we talk about investment in innovation and technologies, we have to invest in universities, research and our thinkings to ensure we have the right ecosystem in place for the right people at the right time for innovation."
Besides, the state has also signed 104 proposals with the Centre worth Rs 3.90 trillion for investments in various infrastructure projects, he said.
Demand for logistics and warehousing space was largely concentrated in Bengaluru (39 percent), Delhi-NCR (20 percent) and Chennai (13 percent).
The central bank said it had alert at least 3 times on potential malicious use of the SWIFT infrastructure.
This blog will give you the latest news and updates on the Rs 11,400-crore PNB fraud case.
There are many more developments in the Punjab National Bank (PNB) fraud case. In an interview with CNBC-TV18, Former Finance Minister Yashwant Sinha shared his views and readings on the matter.
The Reserve Bank of India (RBI) has released a statement to strengthen its "SWIFT" mechanism. This Rs 11,400 crore Nirav Modi fraud is centred on SWIFT or Society For Worldwide Interbank Financial Telecommunication. The RBI has also said that it warned the banks as early as 17 months ago about SWIFT-related fraud. Comments come after Finance Minister Arun Jaitley broke his silence on the matter and blamed the then Punjab National Bank (PNB) management, the auditors and even the RBI's role in the scam.
It has emerged that all the 20 PSBs, including PNB, do not have a workman or an officer director on its board, a mandatory practice as per the Bank Nationalisation Act.
Backed by aggressive marketing and promotion strategy, the heritage fabric has taken the next big step to make itself a household name.
Piyush Goyal, Railway Minister addressed a press conference on key decisions taken by the cabinet.
While making the announcement, he also said that connecting naxal-affected areas through railways is the government's priority.
Announcing the decision taken by the CCEA, Coal and Railways Minister Piyush Goyal said the reform is expected to bring efficiency in the coal sector by moving from an era of monopoly to competition.
"The Cabinet Committee on Economic Affairs chaired by the Prime Minister Narendra Modi, has given its approval for six-laning of Nidagatta - Mysuru Section of NH-275 from km 74.2to km 135.3 on Hybrid Annuity Mode in Karnataka," Ministry of Road Transport and Highways said in a statement.
The tunnel will reduce the travel distance from Dharasu to Yamunotri by about 20 km and travel time by about an hour.
Under the PMAY(U), the housing and urban affairs ministry targets construction of about 1.2 crore houses for the urban poor.
The total cost of the capacities under this scheme would be Rs 1.4 lakh crore. The Centre will provide Rs 48,000 crore financial assistance under the scheme.
"The current outlook is one of cautious optimism," said R. Chandrashekhar, president of the National Association of Software and Services Companies (NASSCOM), in a statement.
Moody's has also placed the Delhi-based lender's Baseline Credit Assessment (BCA) and adjusted BCA of Ba3 and the Counterparty Risk Assessment (CRA) of Baa3(cr)/P-3(cr) under review for downgrade.
The current BBB Chairman Vinod Rai's term expires at the end of March.
The fraud-- the biggest ever in the banking history-- has raised questions on both internal and external risk controls as well as the quality of management supervision considering that the fraud went undetected for several years, it said.
The I-T Department has written to its counterparts in Jersey, Bahamas, Cyprus, Singapore and Mauritius.
Assam Governor Prof Jagdish Mukhi today said the state government is pushing for development of infrastructure facilities and increasing trade ties with ASEAN countries.
While underlining that each smart city is unique, L&T Construction chief marketing officer Joy Rajan Cheruvathoor argued that "each smart city is unique and a cookie cutter approach does not work to design them. The best way forward to achieve this is to engage the citizens better."
SP activists led by its state president Rabi Behera staged a demonstration before the CBI state headquarters here and submitted a memorandum to the premier investigation agency.