-The Economic Times Government’s forced mega merger of public sector banks could scupper economic recovery. I am not saying we maintain a Panglossian countenance, that we smile away every difficulty. But, in any real economy, the mood is very important,’ observed Reserve Bank of India governor Shaktikanta Das, speaking at an event in Mumbai late August. Sound advice. Sentiment matters. Irrational despondency can be as damaging for the economy as ‘irrational exuberance’. But...
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Sensex slips 769.88 points after heavy selloff in banking, energy and auto stocks
-The Telegraph/ PTI Among top losers were ICICI Bank, Vedanta, HDFC, Tata Motors, Tata Steel, ONGC, IndusInd Bank, NTPC, M&M and L&T The sensex nosedived 769.88 points to end at 36,562.91 and the Nifty tanked 225.35 points to 10,797.90 today after heavy selloff in banking, energy and auto stocks as a slew of macroeconomic data releases suggested a worsening economic slowdown. Top losers in the sensex pack included ICICI Bank, Vedanta, HDFC, Tata...
More »RSS' labour wing opposes bank merger, says govt hasn't learnt from earlier mistakes -Ramesh Babu
-Hindustan Times The Bharatiya Mazdoor Sangh (BMS) said it will support the agitation being planned by United Front of Banking Unions against the government’s decision to merge ten banks. Thiruvananthapuram: The Bharatiya Mazdoor Sangh (BMS), labour wing of the RSS on Saturday criticised the bank merger plan announced by Union Finance Minister Nirmala Sitharaman saying it was done without any study and it will only protect interests of corporate houses. “No serious...
More »Rs 71,500 crore worth of bank frauds detected in FY19: RBI report -Ashwin Manikandan
-The Economic Times Indian banking system detected Rs 71,500 crore worth of frauds in financial year 2018-19, the RBI report said. Indian banking system detected Rs 71,500 crore worth of frauds in financial year 2018-19 which to put in scale is slightly more than the Rs 71,000 crore recapitalisation package planned by the government to revive the health of its public-sector banks. Interestingly, over 90 percent of these losses were to the government...
More »Fake 500 rupee notes up 121% in 2018-19, says RBI
-PTI * Counterfeiting of the newly-designed ?2,000 notes shot by 21.9% in 2018-19 in comparison to the previous year, the RBI said * RBI said that counterfeit notes detected in the denomination of ?100 declined by 7.5% New Delhi: Counterfeiting of the newly-designed Rs.500 notes shot up by 121 per cent and of the Rs.2,000 notes by 21.9 per cent in 2018-19 in comparison to the previous year, the RBI said on Thursday. Of...
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