MONEY & BANKING


Moneylife Digital Team 19 December 2018
Dr Ajay Sood, a non-resident Indian (NRI) based in the US has been given the run-around for over four months by Bank of India (BOI) after he found that Rs1.33 crore had suddenly vanished from his account. Today, the Indian Express reports that the police in Chandigarh had arrested two people...

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IANS 17 December 2018
The Engineering Export Promotion Council of India (EEPC) on Monday said reports that the RBI was contemplating to forward cases of non-realisation of export proceeds to the ED, have created panic among exporters who submitted their records about remittance receipts to their...

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Moneylife Digital Team 17 December 2018
The Bombay High Court on Monday refused to grant a stay on the deadline given by Reserve Bank of India (RBI) to Kotak Mahindra Bank for dilution of promoter stake. The RBI had given a deadline of 31 December 2018 for diluting the promoter's stake in Kotak Mahindra Bank. With the High Court’s...

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IANS 14 December 2018
The central board of Reserve Bank of India (RBI), which met under new Governor Shaktikanta Das on Friday, said the governance structure of the central bank needs further examination before deciding on whether it can be board-driven.   "The board deliberated on the governance framework...

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IANS 13 December 2018
The Interpol has issued a red corner notice (RCN) against fugitive Indian diamentaire Mehul Choksi after a request from the Central Bureau of Investigation (CBI), an official said on Thursday.   Choksi, the Chairman of the Gitanjali Group who has taken refuge in Antigua, was one of...

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Moneylife Digital Team 12 December 2018
Shaktikanta Das, who took over as the 25th Reserve Bank of India (RBI) governor, said today in a press conference "I would not like to go into what the issues between the government and the RBI are but every institution has to maintain its autonomy and also adhere to accountability. I will...

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Moneylife Digital Team 12 December 2018
The resignation of the Reserve Bank of India (RBI) governor on 11 December 2018 follows a period of government pressure on the central bank to spur economic growth, and highlights risks to the RBI's policy priorities, says a ratings agency.   In a note, Fitch Ratings says, "The full...

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Moneylife Digital Team 11 December 2018
The union government on Tuesday appointed Shaktikanta Das as the new governor of Reserve Bank of India (RBI). Mr Das is the former secretary for finance and have been appointed as RBI governor for three years. He replaces Dr Urjit Patel, who on Monday resigned from his post citing person...

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Moneylife Digital Team 11 December 2018
The Reserve Bank of India (RBI) has asked all banks to provide facility to exchange soiled notes at all of their branches to all customers irrespective of whether she is an account holder or not. Under RBI rules, banks do not exchange soiled notes unless there is a specific notification from...

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IANS 11 December 2018
Although the All India Bank Employees' Association (AIBEA) had earlier demanded RBI Governor Urjit Patel's resignation, his calling it quits on Monday has left the banking body shocked and disturbed and it has termed it a "dangerous trend".   "The resignation of RBI Governor Urjit...

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DHFL's Promoters have a structured a deal that has allowed them to borrow from two mutual funds and indirectly inject the money into DHFL which boosted its net worth. A higher net worth of DHFL, in turn, has increased its borrowing and lending capacity and also boosted its valuation. In the...

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Moneylife Digital Team 10 December 2018
As expected, Dr Urjit Patel has resigned as governor of Reserve Bank of India (RBI) citing personal reasons. Last month, Moneylife had written that if the feud between the government and the RBI escalates further, there was a good chance that governor Dr Patel will throw in the towel. (

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Moneylife Digital Team 10 December 2018
Kotak Mahindra Bank Ltd, on Monday, had filed a writ petition against Reserve Bank of India (RBI) to validate its position over dilution of promoter stake. In August this year, the central bank had rejected the Bank's position saying that issuance of perpetual non-convertible preference...

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Moneylife Digital Team 05 December 2018
With the digital mode for financial transactions gaining traction in the country, there is an emerging need for a dedicated, cost-free and expeditious grievance redressal mechanism for strengthening consumer confidence in this channel. India is one of the few countries to have separate...

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Moneylife Digital Team 05 December 2018
The Reserve Bank of India (RBI) on Wednesday maintained status quo on repo rate (short-term lending) at 6.5% in its fifth monetary policy review for 2018-19.   Following the move, the reverse repo rate (short-term borrowing) stands at 6.25%. Subsequently, the marginal standing...

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Shobhit Agarwal 03 December 2018
NBFCs account for over 50% of total developer financing - close to Rs4 trillion in FY2018 Real estate has already exhausted over 75% of available credit Consolidation of not only developers but also NBFCs on the cards   As an alternative to the main banking sector,...

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IANS 29 November 2018
Arvind Subramanian kept a studied silence on demonetisation as long as he was Chief Economic Adviser but six months after quitting the job, he has described the note-ban as a massive, draconian, monetary shock that accelerated economic slide to 6.8% in the seven quarters after the decision...

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IANS 28 November 2018
Credit ratings agency A Moody's Investors Service on Tuesday downgraded Yes Bank's foreign currency issuer rating to 'Ba1 from Baa3'.   According to the agency, the developments around leadership transition as well as the governance issues are credit negative.   "Moody's has...

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Moneylife Digital Team 27 November 2018
Day by day, the nuisances of Aadhaar are becoming more and more bizarre. There was a camp organised by IDFC Bank in Bengaluru for providing plastic cards of Aadhaar. There were banners displaying the name of IDFC Bank. However, IDFC Bank denied organising any such camp. In addition,...

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Debashis Basu  and   Clinton Fernandes 27 November 2018
It appears that the high risky route taken by mutual funds in funding Yes Bank’s promoter Rana Kapoor against his personal holdings, without it appearing to be pledged, has also been used by other promoters.    Wadhawan Global Capital (WGCL), the holding company of DHFL (Dewan Housing...

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