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RBI Governor Urjit Patel Hits Out At Farm Loan Waiver

Urjit Patel

Reserve Bank of India (RBI) Governor Urjit Patel said that there is a need for national consensus on loan waiver schemes that these promises are not made during elections. He said that a consensus is required at national level so that loan waiver promises are eschewed. Otherwise, sub-sovereign fiscal challenges could eventually affect the national balance sheet. He claimed that with such schemes the ... Read More »

No leniency to banks over bad loans, says RBI Governor

Taking a tough stance over the issue of bad loans, RBI Governor Urjit Patel today said banks will have to deal with such loans themselves. He said that RBI will no longer show any leniency in such cases and banks would have to function strictly as per the regulatory norms related to managing bad loans. However, Patel promised that RBI ... Read More »

No plans to demonetize Rs 2,000 notes : Government

On Wednesday, Government said that there are no plans to demonetize the new Rs 2000 currency notes. Government is seizing fake currency. As far as rumors are concerned, such rumors should not be considered stated  Minister of State for Home Kiren Rijiju in the Rajya Sabha. The minister said fake currency has mostly been seized from Gujarat and West Bengal. ... Read More »

Kerala’s Big Cash Crunch: ATMs, Salaries and Pensions Hit

The ghost of demonetisation has come back to haunt and this time the most literate state of India, Kerala, is facing the wrath.  Since the start if the April month, most people in Kerala are not able to withdraw money from ATMs due to the cash crunch. The Kerala government said that the cash crisis hit the treasury and is ... Read More »

T.N. man deposits Rs.246 Crore, to pay 45% tax

  An unidentified individual from Tamil Nadu has deposited Rs.246 crores into his account. The money was deposited from Tiruchengode in Namakkal district in an Indian Overseas Bank branch and all the funds were of demonetised currency – Rs.500 and Rs.1,000 The man has agreed to pay 45% of it as tax under the amnesty scheme. The Govt of Tamilnadu ... Read More »

RBI talks to Centre to find bad loans recovery ways

RBI is regular on talks with Centre and other investors to look for means to recover its bad debt; the bank wants to strength the bad debt recovery mechanism said by Deputy Governor of RBI, SS Mundra. SS Mundra said that the controller has given many ways for bad loans recovery; however, some of these ways need to be reinforced. ... Read More »

Tamilnadu to issue Smart Cards from April 1

  Tamilnadu to issue smart cards to its 1.93 users or ration cards from April 1 onwards. This smart card will have QR Codes. These cards will replace the existing ration card which has few pages inside. The Government of Tamilnadu has announced that the existing ration book would be valid for few months as the replacement drive would take ... Read More »

6.73 Lakh has given up LPG Subsidy

  The Central Government of India has announced that around 6.73 lakh people has given up gas subsidy till date under the “Give It Up” scheme. This figures out to 10,200 members opting out of subsidy each month. LPG is one of the highest subsidised essential commodity where the Central Government bears the brunt. It is noteworthy to point out ... Read More »

India’s Current Account Deficit Jumps To 1.4% Of GDP In December Quarter: RBI

CAD

The Reserve Bank of India (RBI) has revealed that the current account deficit (CAD) widened to $7.9 billion in the Oct.-Dec. quarter of the current financial year. The current CAD is 1.4% of GDP as compared with $3.4 billion, or 0.6%, recorded in the preceding quarter. CAD was $7.1 billion in the third quarter of the fiscal 2015-16. The RBI has ... Read More »

Making Cash Transaction above Rs 2 Lakhs? Wait!!

  In another fresh attempt to have an effective check on Black Money Hoarding, Government of India is planning to make all the cash transactions above Rs.2,00,000 as illegal. It is also making AADHAAR Number mandatory for filing tax returns which can also help in checking income above RS.10,00,000 which would by default nullify the subsidy on LPG Cylinders. This ... Read More »

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