-PTI About 20 per cent increase in wage inflation is building up price pressure on food articles and is posing a big challenge for RBI to cut policy rates, an industry body said today. "Near 20 per cent annual increase in the wage inflation in rural areas is building up price pressures on food articles like cereals, rice and wheat, and is posing a big challenge for the Reserve Bank which is...
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ICICI Bank suspends 18 employees
-PTI ICICI Bank on Friday suspended 18 employees pending investigation, sources in the Bank said, a day after an independent journalist accused it and two other private Banks of money-laundering practices. The suspension is pending the Bank’s investigation into money laundering charges, sources in ICICI told PTI. The probe is expected to be completed in two weeks. Country’s three largest private Banks, including the ICICI Bank, were on Thursday accused of indulging in...
More »When their dreams of studying in a ‘big’ school came crashing -Tanu Kulkarni
-The Hindu Scarce RTE quota seats in private schools disappoint parents Bangalore: Arun Kumar (name changed), an electrician who earns just a little over Rs. 3,000 a month , is thinking of raising a loan to put his six-year-old son in a private school. This is thanks to the big hopes he pinned on one provision of the Right of Children to Free and Compulsory Education (RTE) Act 2009, which has now...
More »In 4 yrs, only 700 suspected money laundering cases/yr-Subhomoy Bhattacharjee & Anil Sasi
-The Indian Express Contrary to the perception that money laundering is widespread across the country's Banking sector, the Financial Intelligence Unit (FIU) has found an average of only about 700 cases annually over the last four years on which investigations could be initiated. The FIU is the national agency responsible for tracking information related to suspect financial transactions. Finance ministry data shows that during the last four years, Banks and other entities have...
More »India’s rich are the problem-CP Chandrasekhar
-The Hindu Even as the Reserve Bank of India (RBI) frets over the high rate of inflation and wards off pressures to cut interest rates, it is faced with another challenge. Balance of payments data for the second quarter of 2012-13 show that the current account deficit continues to rise, and has touched a record 5.4 per cent of GDP. Both of these developments that would be considered signs of “overheating”...
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