The former finance minister said it “is part of a deeper game plan to control the banking industry.” New Delhi: Former Finance Minister P Chidambaram has harshly criticized the Reserve Bank’s proposal to allow companies to enter the banking sector and establish banks, calling it a “dangerous agenda” that is …
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MUMBAI: Ancient Reserve Bank of India Governor Raghuram Rajan and Lieutenant Governor Viral Acharya he has vigorously criticized the proposal to open banking licenses for businesses, describing the proposal as a “bomb” that is “best left on the shelf.” The warning came even as other central bankers and S&P Global …
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Former Reserve Bank of India (RBI) Governor Raghuram Rajan and Lieutenant Governor Viral Acharya on Monday criticized the recommendation of the central bank’s internal working group (IWG) to allow industrial houses to float banks. “Why now? Have we learned anything that would allow us to override all previous precautions about …
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India’s banking regulator seems to have tuned in once again to “the changing times” of American singer Bob Dylan. In the span of a week, the Reserve Bank of India (RBI) has not only allowed a foreign bank to buy a private sector bank and thus gain more presence in …
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EEB (Photo credit: Kamlesh Pednekar) Continuing their move north, the benchmark indices rose another 0.5 percent on Wednesday to settle for new closing peaks. The S&P BSE Sensex broke the 44,000 mark to end the day at 44,180 levels, up 227 points, or 0.52 percent, while NSE’s Nifty closed the …
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The Reserve Bank of India (RBI) took control of Lakshmi Vilas Bank (LVB) on Tuesday due to a “serious deterioration” in its finances. Withdrawals from the bank, which has been seeking a partner since last year to meet minimum capital buffers, had also been temporarily limited to 25,000 rupees, the …
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Immediately after deferring the private bank Lakshmi Vilas Bank (LVB) and replacing its Board of Directors, the Reserve Bank of India (RBI) announced a draft scheme for its merger with DBS Bank India Ltd (DBIL). RBI placed LVB under a 30-day moratorium that would end on December 16, according to …
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Negative real rates in India and the recovery in growth coupled with high inflation suggest that its central bank has little room for more monetary stimulus, but policy is likely to remain flexible, economists and analysts said. Industrial production in September grew for the first time in six months, while …
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What did the RBI warn about falling GDP amid the pandemic and what awaits us? The story so far: The latest monthly newsletter of the Reserve Bank of India (RBI) features an article by an official in its Monetary Policy Department titled ‘An Index of Economic Activity for India’, where …
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Atmanirbhar Bharat 3.0 stimulus measures include additional funding for many sectors New Delhi: The government today announced new measures to support the manufacturing sector and create jobs after the Reserve Bank of India said the country would enter a recession with estimates of another quarterly contraction. The country’s economy has …
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