Delhi high court to hear central bank challenge to CIC order seeking information on defaults by top industrialists The Reserve Bank of India (RBI) has challenged an order by the Central Information Commission (CIC) asking the central bank to disclose names of the top 100 industrialists who have defaulted on loan repayments. In a writ petition to the Delhi high court, which is scheduled to be heard on 29 May, the central...
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CVC expands board to check bank frauds
-The Times of India R V Raju, a retired IPS officer and former director general of National Investigation Agency, has been appointed on an advisory board of the Central Vigilance Commission (CVC) to monitor and assist CBI in cases of commercial fraud and banking irregularities. Raju was appointed on the CVC board along with R Ramachandran, a former CMD of Andhra Bank. With the induction of two new members, the CVC has...
More »RBI, finance ministry differ over rural bank branches-Sangita Mehta
The Reserve Bank of India, RBI, and the finance ministry seem to have differences on the way Banks should go about ensuring financial inclusion. While both the regulator and the ministry are passionate about providing banking services at low cost to the disadvantaged, a difference of opinion between the two has confused bankers. Recently, the finance ministry told Banks that every business correspondent outlet should be converted into an ultra-small branch....
More »The austerity of the affluent-P Sainath
A rural Indian spending Rs. 22.50 a day would not be considered poor by a Planning Commission whose Deputy Chairman's foreign trips between May and October last year cost a daily average of Rs. 2.02 lakh Pranab Mukherjee's stirring call for austerity tugs at the national tear ducts. Prime Minister Manmohan Singh has pleaded for it in the past and watched his flock embrace it creatively. With the Finance Ministry even...
More »Govt moots one-time tax amnesty to recover black money stashed abroad
-The Times of India The government's white paper on black money, tabled in Parliament on Monday, listed a one-time tax amnesty to recover funds stashed abroad and a gold deposit scheme for locals as possible ways to deal with the menace, while suggesting that individuals get the tax department's go-ahead for all property deals and face undue scrutiny on cash in their possession. It also called for setting up of independent regulators,...
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