-PTI MUMBAI: The Reserve Bank of India has ordered Punjab and Maharashtra Co-operative (PMC) Bank not to do any business for six months and capped depositor withdrawals at Rs 1,000, throwing the lives of thousands of traders, self-employed and daily wage earners into disarray. The regulator has also appointed an administrator for the Bank. Defaults appear to have surged in the past six months amid tight economic conditions and some lumpy loans...
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Bank mergers don't address crux of crisis: The nexus between lenders, borrowers and election funding -Christophe Jaffrelot
-The Indian Express To understand what is at stake in the NPA story, one needs first to understand why the public sector Banks lent so much money to companies which are today unable to pay it back. India’s economic crisis that is finding expression in low-growth rates and high unemployment rates is partly due to the decline of investments, which is partly due to the fact that companies cannot get access...
More »IAS officer refuses to divert funds, shunted out
-The Telegraph Yediyurappa sought department cash for flood relief Bangalore: The Karnataka government has shunted out an IAS officer who reportedly refused to divert funds from her department for flood relief. Rohini Sindhuri, secretary of the Karnataka Building and Other Construction Workers’ Welfare Board, was shifted without a posting after she apparently ignored orders to contribute a slice of the department’s funds for flood relief. Chief minister and BJP leader B.S. Yediyurappa had...
More »The corporate tax cut could undermine the promise to cap the fiscal deficit
-The Telegraph A low tax regime is not enough; investors need to see demonstrable action to ease the pangs of doing business in India A wave of euphoria has swept through industry and stock markets since the finance minister, Nirmala Sitharaman, announced a sharp cut in corporate tax to an effective rate of 25.17 per cent. The effective tax rate will now go down sharply from a high of 34.94 per cent,...
More »Karnataka slashes traffic fines under MV Act; transport department issues notification
-The Indian Express However, fines for violations such as overspeeding, drunken driving and racing will remain unchanged. Bengaluru: Falling in line with states like Gujarat and Uttarakhand, the Karnataka government has reduced the high traffic fines introduced by the Centre under the Motor Vehicles (Amendment) Act, 2019 by 30-50 per cent. The latest changes come after Chief Minister B S Yediyurappa said last week that he will follow Gujarat’s footsteps in...
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