BUSINESS
RBI Bulletin: Near-term prospects of economy bright with tapering of second wave, aggressive vaccination
While several high frequency indicators of activity are recovering, a solid increase in aggregate demand is yet to take shape, the Bulletin said.
BUSINESS
RBI bars Mastercard from onboarding new domestic customers: 8 key questions answered
RBI, the banking regulator, said the card company had failed to comply with a requirement to store all data related to domestic customers and transactions within the country.
BUSINESS
RBI bars Mastercard from onboarding new domestic customers from July 22
Notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data, the RBI said.
BUSINESS
Sambandh Finserve: Office assets on sale, CEO arrested. How a scam led to the MFI’s collapse
Sambandh Finserve, once a prominent NBFC-MFI in Odisha, is now facing the regulator’s wrath. The RBI has issued a show cause notice to cancel the firm’s licence.
MCMINIS
Who regulates MFIs?
BUSINESS
MFI Industry mulls creation of a benchmark to assess household income, indebtedness of borrowers
This is likely to be part of the suggestions by the industry in response to the consultative paper. The RBI has given time till July 31 to banks, NBFCs including NBFC-MFIs, industry associations and other stakeholders to give the comments on the proposed rule changes.
BUSINESS
June CPI at 6.26%: Higher inflation adds to MPC’s woes, but growth focus will continue, say economists
The RBI had revised the inflation forecasts for FY22 to 5.1 percent during 2021-22 in the June policy. But the general consensus among economists is that inflation may average above that level in FY22.
BUSINESS
Banking Central| From the 'regulator' to the 'regulated', rules are meant to...
The Reserve Bank of India is a well-respected institution that cannot afford to dilute rules on after-retirement assignments and make mistakes. It is time for a reset.
BUSINESS
LIBOR Transition: What it means for Indian banks
It is widely expected that Secured Overnight Financing Rate will be accepted as the new benchmark rate. SOFR is linked to US treasury market transactions and is an identified replacement for USD LIBOR, which will be phased out at the end of 2021
BUSINESS
Can Carlyle-Aditya Puri combine pass the Sebi hurdle on PNB Housing deal?
SAT’s ruling in this case will be crucial to decide the fate of Carlyle’s Rs 4000-crore proposal in PNB Housing. If the deal doesn’t go through, it will be a big setback for Puri in his second innings.
BUSINESS
What next for banks post the Kingfisher loan recovery?
In fact, the recovery in the Kingfisher-Vijay Mallya case may be the best deal Indian banks may have got in a long time, with lenders recovering almost the entire principal amount by selling Mallya's shares.
BUSINESS
Analysis | Under Sashidhar Jagdishan, HDFC Bank is fighting two enemies simultaneously
At this point, the country's biggest private bank is fighting two battles — the COVID-19 impact and its own internal issues, under the new team headed by Sashidhar Jagdishan. The approaching quarters will tell us how successful the outcome will be.
BUSINESS
Interview | Employment generation is receiving alarmingly-little concerted policy attention: Crisil’s D K Joshi
Reforms have not benefitted the agriculture sector much, even as a disproportionate share of population continues to depend on it. Share of agriculture in GDP has nosedived from 35% in fiscal 1991 to 15% in fiscal 2020, yet the sector continues to employ over 40% of the population.
BUSINESS
Banking Central | Are 'haircuts' turning too costly for bankers?
While IBC cannot guarantee the quantum of recovery for banks but it can ensure that the platform is not misused by influential promoters to get back control of their companies through the backdoor.
BUSINESS
Pew Research: Devoted "all our attention and resources” for India religion survey
Worked with Indian survey companies and their interviewing teams to conduct interviews, says US-based PEW Research after doubts raised about methodology.
BUSINESS
RBI FSR Report | COVID second wave impact on financial institutions less than projected before: RBI Governor Shaktikanta Das
Capital and liquidity buffers are reasonably resilient to withstand future shocks for Indian banks, the RBI report said.
BUSINESS
Exclusive Interview: Pew survey bias in non-US countries cannot be ruled out, says former chief statistician Pronab Sen
For any national survey in India, there needs to be a sample size of minimum 70,000. For a survey that talks about states, sample size needs to be 1,20,000 and for district level surveys, sample needs to be 5.5 lakh to 6 lakh, Sen has said.
BUSINESS
30 years of economic reforms | Bottom 10% of population still do not live a dignified life: Senior economist Madan Sabnavis
This, unfortunately, is the result of market economics or economic Darwinism. The governments have worked to give freebies but have not been able to provide a sustainable living for them, he says.
BUSINESS
Whistleblower’s early alarms to RBI and a dubious audit rating: How the PMC Bank scam festered until it was too late
Eight years before the PMC Bank scam was unearthed, a whistle-blower warned RBI about a gigantic fraud. What did the RBI do? It asked the then CEO to investigate. That man is in the dock facing charges of fraud.
BUSINESS
Banking Central | Insulating co-operative banks from politicians
The collapse of corporate governance at many co-operative banks, which triggered a crackdown by the RBI, has shaken the trust of depositors. The regulator needs to restore the faith of people who have seen a series of crises such as the recent one at the PMC Bank that has left thousands waiting to get back their hard-earned money
BUSINESS
SBI, others have the last laugh in Kingfisher-Vijay Mallya saga
Why didn't banks go ahead and sell the shares before? That's because there was a court stay that prohibited banks from selling the securities in Mallya's name. Also, there was ED attachment on these assets.
BUSINESS
RBI's third party audit of HDFC Bank's IT systems over, await regulator's decision, says MD&CEO Sashidhar Jagdishan
In December last year, the RBI had banned HDFC Bank from new digital launches, including issuing new credit cards and proceeding with the so-called Digital 2.0 plan following a series of technical glitches reported over the last two years.
BUSINESS
Can Tamil Nadu’s dream team of economists make a difference?
Populist politicians rarely listen to their hired economists. To be sure, Tamil Nadu isn’t the first state to appoint global economists as advisers. That credit goes to Kerala, which appointed Gita Gopinath, now Chief Economist IMF, as adviser in 2016. It was an experiment, which had turned out to be a farce
BUSINESS
Explainer| Swiss Bank accounts: What's attracting the rich to these banks?
Swiss Banks are known for their unwavering commitment to client confidentiality and the secrecy of transactions. Why do the global rich prefer these banks over others? What makes these entities different? Here's an explainer.
