The RBI’s contention is that preference shares do not count towards the equity share capital. Many analysts had questioned the Kotak Mahindra Bank move, saying that the move is not in line with the spirit of the RBI’s guidelines on cutting promoter stake in the bank.
After the RBI cut the surplus last year, the government had earlier this year sought an additional Rs 13,000 crore dividend
On February 12 this year, the RBI had issued a ‘Revised Framework for Resolution of Stressed Assets’ that stipulates that default of even a single day in payment of interest or principal amount would trigger a formulation of resolution plan by the committee of creditors.
The Appointments Committee of the Cabinet has approved his appointment as non-official director on the central board of the RBI for a period of four years, an order issued by the Personnel Ministry said.
The name of Gurumurthy, who had termed the demonetisation exercise a “success” and an “investment”, was approved by Prime Minister Narendra Modi-led Appointments Committee of the Cabinet on Tuesday.
Trade skirmishes raise fears of a global currency war. A look at how it can affect India and other economies.
The BSE mid-cap and small-cap indices have plummeted nearly 9 per cent and about 13 per cent respectively in the same period.
He said economists play a vital role in shaping public perceptions and discourses and in designing strategic policies in the corporate sector, central banks, governments and multilateral institutions, but ironically all these go very often unsung.
The Reserve Bank of India needs to pick one battle at the expense of the other, while also acknowledging that either choice leaves apart of economy vulnerable.
While the figures for 2017-18 are yet to be made public, RBI officials said the total number of complaints handled by the Banking Ombudsman at an all-India level is expected to rise by over 25 percent, compared to the previous year.
While the RBI counsel could not give any commitment straightaway, the court told him to file a response by August 9, when it next hears the case.
The rate cuts on over 350 items out of total 1,211 items in the five broad categories of zero, 5 per cent, 12 per cent, 18 per cent and 28 per cent under GST are estimated to result in a revenue loss of about Rs 70,000 crore this year.
The rate hike in June was the first time the benchmark lending rate was raised in over four years. This is now the first time since October 2013 that the central bank has raised the repo rate at two consecutive policy meetings.
Bank of Maharashtra’s Executive Director A C Rout said, “many banks have already started increasing their lending as well as deposits rates and Bank of Maharashtra may review its rates in near future.”
The RBI has now projected inflation at 4.6 per cent in Q2, 4.8 per cent in the second half of 2018-19 and 5.0 per cent in the first quarter of 2019-20, with risks evenly balanced.