Banking sector wrap: How companies 'shop' for favourable ratings and mislead investors; HDFC Bank Q2 profit jumps 27%
The forex reserves had increased by a higher $4.24 billion to a new high of $437.83 billion in the previous reporting week.
The economy grew at its weakest pace since 2013 in the June quarter, expanding at just 5%, as consumer demand and government spending slowed amid the global trade frictions.
There has been a strong demand for a cut in GST rates and income tax as well, to boost consumer demand. However, given the current fiscal situation, it looks less likely that the government will go for such measures.
Instead of engaging in a futile blame game, the union finance ministry has to address the deep rooted malaise afflicting the financial sector
Evolution of high-frequency indicators suggests further growth downgrade likely.
A few members of the board voiced their concerns over the the supervision performed by RBI officials.
The protesters marched from Patel Chowk to Reserve Bank of India protesting against the suspension of banking operation since September 24.
The meeting with Das, deputy governor and other senior officials of the Central bank came after police authorities confirmed the death of one more depositor, Fattomal Punjabi (61) due to natural causes.
There is room to do away with the tax levied on interest earned on deposits for senior citizens, including the Senior Citizens Savings Scheme.
Some analysts also wonder if the economy is headed towards "stagflation", which is characterised by persistently high inflation and low economic and jobs growth.
Ideally you should be investing in these products with a three-year time frame to benefit from the tax treatment for long-term capital gains
The meeting comes a day after the bankers met finance minister Nirmala Sitharaman in the Capital.
Forensic Auditors, appointed by the bank’s Administrator, are also looking into the related transactions, the RBI said.
Banking sector wrap: Depositors switch to long term maturities in hunt for higher rates; commercial paper issuances slump on stricter SEBI norms
He pointed out that the fiscal deficit of the country 'conceals' a lot and might push down Asia's third-largest economy.
The increase in reserves in the reporting week was on account of rise in foreign currency assets (FCA), a major component of the overall reserves.
Deposit insurance in India protects up to Rs 1 lakh of a depositor’s money — an incredibly low figure by whichever way you seek to measure it. This level was fixed over a quarter century ago in 1993.
Moody’s estimates corporate tax cuts will add 0.1 percentage point to India’s GDP growth.
"The waiver will continue for proposals sourced up to October 15," the circular read
RBI’s rejection of the deal basically indicates that it does not trust the books of non-bank companies, particularly, those with links to the real estate sector. That would have ripple effect across the sector and increases the risk of contagion as fear and a trust deficit spreads throughout the financial system.
The RBI governor and other officials will be called to discuss issues related to slow down, interest rates and reserves, the sources said.
The bank was placed under the PCA framework on September 27.
The DA hike for government employees comes at a time when their private counterparts find it tough to convince their employers for a parity of treatment.
As the rates go down, depositors tend to lock in at longer maturities in anticipation of more cuts.