At the Interbank Foreign Exchange (Forex) market, the domestic currency commenced weak at 62.54 a dollar from last close of 62.36.
He stated that he is looking into matter to find solutions.
These have been prosecutable offence with rigorous imprisonment up to 10 years.
Stressing that “big bang unthinking reforms” will only lead to problems later on, the Reserve Bank of India (RBI) Governor Raghuram Rajan said the central bank is instead keen on implementing “steady regular reforms at a measured pace”, including ensuring over time a fully convertible rupee and thereby a completely open capital account. In Washington […]
The IMF and the World Bank have forecast that India’s growth rate would be fastest in the world.
The government has also asked banks and insurers to develop a common infotech module by June.
The apex bank has received 72 applications for small finance bank.
HDFC has also revised downwards its deposit rates across various maturities.
Rajan hinted that RBI might issue licenses for setting up of payment banks, small finance banks and a postal bank.
According to a DBS Bank official, benefits of easier monetary policy have yet to reach the real economy.
SBI, HDFC Bank cut lending rates by 15 bps each; ICICI slashes by 25 bps.
On inflation, the RBI said it will stay focussed on ensuring that the economy disinflates gradually and durably.
Gross collections for KVP were as high as Rs 21,631.16 crore in 2010-11, which was the year before it was discontinued.
The repo rate will continue to be at 7.5 per cent and the cash reserve ratio will remain at 4 per cent.
Foreign investors are not shy of investing in rupee debts even in overseas locations, Padmanabhan said.
Mumbai is also likely to report a lower collection than its target of Rs 2.30 lakh crore for FY15.
Jaitley said key challenges before the govt remain maintaining focus on infrastructure, increasing investments in agriculture and manufacturing.
SBI chief Arundhati Bhattacharya’s proposal came after the finance ministry complained to top bankers that banks are not meeting the credit needs of stalled projects.
The Micro Units Development Refinance Agency (MUDRA) Bank Bill will now give finality to the plan for regulation of the sector.
The RBI had lowered its policy rate by 25 basis points to 7.5 per cent on March 4.
Reserve Bank of India is unlikely to lower the interest rates during its annual monetary policy review on Tuesday.
The CBI had filed two cases against Jain accusing him of receiving a bribe of Rs 50 lakh and abusing his official position.
The RBI has told SBI it would need more time to study the implications before coming to a decision.
Majority located in Delhi, Maharashtra, Karnataka, Haryana & TN
He encouraged banks to build on the success of schemes such as the Pradhan Mantri Jan-Dhan Yojana and Direct Benefit Transfer.
Strong national institutions should be nurtured, says Raghuram Rajan.
Modi said that however powerful an idea, unless there is an institutional framework, it will not work or succeed.
RBI said banks will be required to provide a minimum capital of $ 20 million to the IFSC banking units (IBU).
Following the merger, all the tangible and intangible assets have been transferred to Kotak Mahindra Bank.
Under the new norms, applicants to such posts must have a graduate degree with at least 20 years of experience and should be less than 67 years of age.
Bank shares gained ground on the bourses following the RBI decision.
The RBI proposal has come at time when many of the top business groups are reeling under heavy debt burden.
Banks would only be allowed to lend up to 25 percent of their core capital...
Jaitley emphasised the need to encourage the use of plastic currency and cheques in place of cash.
Loans that are written off require full provisioning by banks, thereby impacting their profitability.
The inflow of foreign funds also lifted the rupee against the dollar.