The Rs 8 lakh crore with banks exceeds the level seen after demonetisation in 2016 and is expected to be the new normal for the next few months at least.
India’s rate-setting panel is due to meet in the first week of August as the economy heads toward its first annual contraction in more than four decades.
Value of UPI transactions reached all-time high June as people feared handling banknotes amid the pandemic. Electronic fund transfers have also rebounded.
The pandemic is the biggest test of the economic and financial system's resilience and robustness, Das said, adding that RBI has asked banks to conduct Covid stress tests.
Facing fiscal deficit of 7%, Modi govt can get the Reserve Bank of India to buy sovereign bonds directly or boost dividends to help supplement revenue.
The company's directors allegedly defrauded a Canara Bank-led consortium of 6 banks, who filed a complaint with CBI over a year after RBI suggested they do so.
The govt decision assumes significance amid lakhs of depositors facing problems after a scam in the multi-state Punjab and Maharashtra Cooperative Banks.
HDFC wants to have adequate capital in place to expand lending business once economic growth picks up from downturn sparked by the coronavirus pandemic.
Two questions are pertinent: Why does the Trump administration keep making the same mistakes on the peace proposal? And what does a hurried peace plan mean on the ground?
While global corporations setting up GCCs in India continue to express confidence in availability of skilled AI engineers, the panel argued that India’s real challenge lies elsewhere.
Without a Congress revival, there can be no challenge to the BJP pan-nationally. Modi’s party is growing, and almost entirely at the cost of the Congress.
COMMENTS