According to a letter issued by Saswata Mishra, Principal Secretary of the Finance Department, Odisha government, the decision was driven by the banks' "consistently poor performance" in key flagship schemes over the past two financial years, along with "generally unsatisfactory banking parameters".
The Trust had last week called for the suspension and prosecution of HDFC Bank MD and CEO Sashidhar Jagdishan, accusing him of involvement in a series of financial frauds concerning the Trust.
Student remittances had peaked at $4.98 billion in FY2019-20, just before the pandemic, when Indian students were flocking to foreign universities in large numbers.
The central board of the RBI is likely to meet on May 23 to determine the dividend amount to be transferred to the government for FY25, in line with the revised Economic Capital Framework.
"Considering that employees had knowledge of incorrect accounting and/or its impact but traded in shares of IBL during the period may also require a determination from an insider trading perspective," it said.
These findings come amid tightening regulatory measures aimed at curbing rising consumer credit and growing household debt, which is increasingly fuelling consumption rather than asset creation.
The weighted average domestic term deposit rates (WADTDRs) on fresh and outstanding deposits increased by 253 bps and 199 bps, respectively, during the recent tightening cycle, i.e., May 2022 to January 2025.
The RBI data shows that gross NPAs rose from Rs 5,250 crore in December 2023 to the current level, a rise of nearly Rs 1,500 crore, amid a slowdown in the economy.
The reserves fell by $2.54 billion in the reported week, the most in a month. The reserves had risen by a total of $14.3 billion in the prior three weeks.
In the spot market, the RBI’s dollar sales stood at $45 billion in the third quarter—$15.15 billion in December 2024, $20.22 billion in November and $9.27 billion in October—while it bought dollar worth $9.63 billion in September 2024, according to RBI data.
The interest rates on various small savings schemes undergo a quarterly review and the rates for the next quarter (April-June) will be announced by March-end.
Similarly, net non-performing assets (NNPA) rose to Rs 11,588 crore, with the NNPA ratio increasing by 15 basis points to 0.46 per cent from 0.31 per cent a year ago.
Further, CIC should inform the customers by email or SMS when their credit information is sought by a bank or NBFC and banks should inform customers when they are in default.
The committee, to be headed by Pushpak Bhattacharyya, professor (Department of Computer Science and Engineering), IIT Bombay, will recommend a robust, comprehensive, and adaptable AI framework for the financial sector.
The number of credit cards issued by banks also rose rapidly to 10.61 crore as of September 2024 from 9.3 crore in September 2023, 7.36 crore in March 2022 and 6.20 crore in March 2021, RBI data shows.
Inside Nidhi Shah’s Mumbai house: White closet, mangrove views from balcony
Lifestyle18 min ago
Nidhi Shah, famous for her role in Anupamaa, shared a glimpse of her Mumbai home on social media. The house is a perfect blend of vintage and modern styles, with Indian-inspired elements. The living room has a six-seater sofa, TV cabinet, and two balconies overlooking mangroves. The kitchen has a clay pot and a fridge decorated with magnets from Nidhi's travels.
