-TheWire.in At Axis Bank and Yes Bank, it appears that a single auditor of a member firm of Ernst and Young has overlooked gross NPAs of a staggering Rs 13,655 crore. Recently, Axis Bank and Yes Bank jolted the Indian banking community while releasing their annual results. Both banks disclosed a staggeringly large divergence between the banks’ audited accounts and the Reserve Bank of India’s (RBI) findings regarding bad loans on the...
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Rural job scheme will eat into food security, claims study -Padmini Sivarajah
-The Times of India MADURAI: The Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), rolled out a decade ago, has impacted households and individuals in a positive as well as negative way, but the adverse impacts of the scheme could impact the nation's food security, according to an authoritative study. What may set the alarm bells ringing is the projected decline in acreage under rice cultivation in states like Tamil Nadu and...
More »Cash is back as digital payments dip on cost -TCA Sharad Raghavan
-The Hindu PoS devices’ demand falls on remonetisation, user charges Cash transactions are beginning to trump almost every form of digital payment alternative with April clocking a decline in volumes as well as value of transactions conducted through cards, mobile banking and the Unified Payment Interface (UPI). The trend assumes significance six months after the Centre announced demonetisation of ?500 and ?1,000 notes on November 8. The near-completion of the remonetisation process and merchants...
More »In Response To RTI, RBI Says Sharing Details Of Demonetisation Process May Hurt Country's Economic Interests -Ashwini Srivastava
-Outlook Six months after the announcement of demonetisation by Prime Minister Narendra Modi, the RBI has declined to share details of the note ban process, saying it would be detrimental to the country's economic interests. Replying to an RTI query, the central bank said disclosing such details may impede future economic or fiscal policies of Government of India. The Reserve Bank of India (RBI) was asked to provide a copy of the minutes...
More »Deposit gush: CA Institute bats for special audit -KR Srivats
-The Hindu Business Line Need to assess impact of demonetisation on banks, says ICAI chief Vikamsey New Delhi: The CA Institute has urged the Finance Ministry and the Reserve Bank of India (RBI) to allow its members to undertake focused “special audit” of deposit flows into the banking system during the demonetisation period, which started on November 8 and ended on December 31 last year. There is a need to assess the demonetisation...
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