Business News
Clues by Admin • 10 Dec 2018, Monday
RBI clarified that RBI Deputy Governor Viral Acharya has not resigned. A speech by Acharya in October had highlighted tensions between the government and the RBI on various issues ranging from lending curbs, more cash availability to the non-banking finance ... Continue Reading
Read More at The Economic Times
Clues by Admin • 10 Dec 2018, Monday
The Ministry of Electronics and Information Technology (MeitY) has asked the Facebook owned messaging platform WhatsApp to introduce a feature that would first seek the users' approval before adding them to any WhatsApp Group. Currently, any WhatsApp user can be ... Continue Reading
Read More at Business Today
Clues by Admin • 10 Dec 2018, Monday
Reserve Bank of India (RBI) governor Urjit Patel resigned Monday citing personal reasons. “On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve ... Continue Reading
Read More at Livemint
Clues by Admin • 10 Dec 2018, Monday
Reliance Jio Infocomm Ltd., the telecom operator backed by India’s richest man Mukesh Ambani, could be No. 1 in the market in revenue terms by 2021 as it adds more subscribers, said Sanford C. Bernstein & Co. analysts Chris Lane ... Continue Reading
Read More at The Financial Express
Clues by Admin • 10 Dec 2018, Monday
Uday Kotak said that the outcome of the controversial demonetization would have been different if it was planned well. Raising doubts on the logic behind introduction of Rs 2,000 note, the veteran banker said, “If you are taking out Rs 500 ... Continue Reading
Read More at Times Now
Clues by Admin • 10 Dec 2018, Monday
International Monetary Fund (IMF's) Chief Economist Maurice Obstfeld praised India’s fundamental economic reforms like the GST and the Insolvency and Bankruptcy Code.  Obstfeld, 66, who is set to retire this month-end, will be succeeded by Gita Gopinath, ... Continue Reading
Read More at Times Now
Clues by Admin • 10 Dec 2018, Monday
The income tax department has collected Rs. 6.75 trillion in direct taxes this year up to November, accounting for close to half of its full-year target of Rs 11.5 trillion, a jump of 15.7% compared to the same time a year ago, an ... Continue Reading
Read More at Livemint
Clues by Admin • 10 Dec 2018, Monday
Myntra’s chief executive officer (CEO) Ananth Narayanan has resigned from his role. Key Myntra leaders such as chief revenue officer Mithun Sundar, who took charge in April, and human resources head Manpreet Ratia, who also oversaw operations, supply ... Continue Reading
Read More at Livemint
Clues by Admin • 10 Dec 2018, Monday
Share price of Kotak Mahindra Bank fell by as much as 7.3% after it filed a writ petition against the RBI for forbidding the private lender to reduce its promoter holding to under 20% by issuing perpetual non-convertible preference shares (PNCPS). The ... Continue Reading
Read More at Livemint
Clues by Admin • 10 Dec 2018, Monday
The 30-share Sensex closed 713 points lower at 34,959 while Nifty 50 settled 2% lower at 10,488. The markets were jittery due to exit poll results raising concerns over the state assembly election results with BJP in a spot. The election results for five states ... Continue Reading
Read More at Livemint
The Noisy News
  • Business News

    Urjit Patel resigns as RBI governor

    Reserve Bank of India (RBI) governor Urjit Patel resigned Monday citing personal reasons. “On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years. Urjit R. Patel 10th December 2018.”

  • Business News

    Kotak Mahindra Bank takes RBI to court over promoter shareholding issue

    Share price of Kotak Mahindra Bank fell by as much as 7.3% after it filed a writ petition against the RBI for forbidding the private lender to reduce its promoter holding to under 20% by issuing perpetual non-convertible preference shares (PNCPS). The lender had issued PNCPS to raise its paid-up capital to Rs 1,453 crore from Rs 953 crore, thereby bringing down promoter’s stake in paid-up capital to 19.7% from 30.3%. RBI has mandated the bank to reduce promoter shareholding to 20% of paid-up capital by 31 December 2018, and 15% by 31 March 2020.

  • Business News

    Here’s what PM Modi said about Urjit Patel after his resignation

    Few minutes after Urjit Patel announced his resignation, Prime Minister Narendra Modi in his tweet praised the outgoing governor, saying that he is “an economist of a very high calibre with a deep and insightful understanding of macro-economic issues”. “He steered the banking system from chaos to order and ensured discipline. Under his leadership, the RBI brought financial stability,” Modi added. Finance Minister Arun Jaitley also tweeted after his resignation and said that his decision to step down has been acknowledged.

  • Business News

    Demonetisation was poorly executed, says Uday Kotak

    Uday Kotak said that the outcome of the controversial demonetization would have been different if it was planned well. Raising doubts on the logic behind introduction of Rs 2,000 note, the veteran banker said, “If you are taking out Rs 500 and Rs 1,000 notes, why would you introduce Rs 2,000 notes?". However he also attributed demonetization as a crucial factor for rise in financial savings. The executive vice chairman and managing director of the fourth largest private sector lender Kotak Mahindra Bank added that the small businesses are in a difficult situation at present and has welcomed the government focus to revive the sector. 

  • Business News

    RBI says deputy governor Viral Acharya has not resigned

    RBI clarified that RBI Deputy Governor Viral Acharya has not resigned. A speech by Acharya in October had highlighted tensions between the government and the RBI on various issues ranging from lending curbs, more cash availability to the non-banking finance companies (NBFCs), to who controls the institution's reserves. 

  • Business News

    PNB puts up two dozen NPA accounts for sale to recover Rs 1,179 crore

    Public sector lender Punjab National Bank (PNB) has put up for sale two dozen non-performing assets (NPA) to recover dues of over Rs 1,779 crore. These 24 NPA loan accounts are majorly concentrated in Mumbai, Delhi and Kolkata zones of the bank. The accounts are intended to be sold to ARCs/NBFCs/other banks/FIs. The bids will be received through e-auction on the bank’s website. The last date for evincing interest in these accounts is December 10, PNB said. The e-bidding process will take place on December 21. 

  • Business News

    Arundhati Bhattacharya to be SWIFT India Chairman

    Arundhati Bhattacharya, former chairman of SBI, been appointed as the Chairman of SWIFT India Domestic Services, the local unit of SWIFT (Society for Worldwide Interbank Financial Telecommunication) global that facilitates international payments functions for banks. She will succeed MV Nair who retires after about five years of heading SWIFT India.

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