The next wave of bank consolidation is planned during the Oct-Dec quarter of the current fiscal with the Finance Ministry starting to seek information from PSBs on possible targets for amalgamation / mergers and acquisitions with justification on how such an initiative will synergise operations and strengthen the bank. Government sources said that heads of all PSBs have been asked to be ready with their consolidation plan so that it could be placed before the alternative mechanism (AM) of the new Govt as soon as it is formed.
The RBI Governor Shaktikanta Das called on outgoing Finance Minister Arun Jaitley here on Sunday. Das in a tweet said that it was a courtesy meeting.
The Central Information Commission (CIC) has directed the RBI to disclose the list of big loan defaulters it had sent to banks for resolution. The CIC's directive came while deciding on a plea by Lucknow-based activist, who had based her RTI application on some media reports that RBI Deputy Governor Viral Acharya in a lecture in 2017 had said accounts of some loan defaulters have been sent to banks for resolution.
The NCLT has dismissed an insolvency plea filed by ICICI Bank against Hyderabad Ring R oad Projects, observing that there was "duplicacy of the claims" of the bank.
The Delhi High Court today asked RBI to file response on a plea challenging PayTM Post Paid wallet operation stating that it is illegal and unauthorized. A Division Bench asked RBI and PayTM payment banks to file reply on the plea and listed the matter for Sep 3 for further hearing.
Facebook has been in contact with US and British financial regulators with a view to launching its own cryptocurrency
next year, the BBC reported.
India's slowing economic growth is of serious concern and the country needs to urgently cut tax and interest rates to revive the economy, the Federation of Indian Chambers of Commerce & Industry (FICCI) said today.
BSNL is confident of making timely payment of staff salaries for the month of May, Chairman & MD Anupam Shrivastava said.