ECONOMY & NATION


Moneylife Digital Team 13 August 2024
Reserve Bank of India (RBI) has imposed penalties of Rs1.99 crore on two non-banking financial companies (NBFC), one cooperative Bank and a housing finance company (HFC) for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs1.86 crore has been imposed...

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Moneylife Digital Team 12 August 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs1.06 crore on Union Bank of India for non-compliance with directions on creating a central repository of large common exposures across banks and know-your-customer (KYC).   After conducting a statutory inspection for supervisory...

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All good things must come to an end; and this applies to governments, markets and exchanges alike. Recent global developments have underscored this truth. India’s stock market, which has been the big shining spot for the Narendra Modi-led government, finally cracked under the impact of a stock...

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Moneylife Digital Team 09 August 2024
IDBI Bank Ltd has recently sold a Rs6,151 crore legacy stressed asset portfolio to Omkara Asset Reconstruction Company (ARC) for Rs652 crore, according to a report from Business Standard. This transaction, concluded after an inter-se bidding process on 3rd August , saw Omkara ARC outbidding the...

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State Bank of India (SBI), the country's largest State-run lender, continues its breach of trust by deducting money without any authorisation or consent from account-holders for two insurance schemes, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima...

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Limca book of records has no specific entry for the highest tax demands! Else, a Rs32,000 crore (US$4bn) provisional tax demand eminently qualifies to top the list!   There is no intention to analyse the merits of the issue giving rise to this unprecedented sum as a potential tax demand,...

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Limca book of records has no specific entry for the highest tax demands! Else, a Rs32,000 crore (US$4bn) provisional tax demand eminently qualifies to top the list!   There is no intention to analyse the merits of the issue giving rise to this unprecedented sum as a potential tax demand,...

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You could say that our country has (pretty much) everything that tourists want—marvellous scenery, imposing monuments, ancient ruins, hotels of every description, variety of food, good roads...   Yet, there is one thing that is often missing—good toilets.   If you have travelled around our...

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Moneylife Digital Team 09 August 2024
Paris-based Court of Arbitration for Sport (CAS) ad-hoc division, after registering the application filed by Indian wrestler Vinesh Phogat challenging her disqualification at the Paris Olympics 2024, has referred the matter to a sole arbitrator, Dr Annabelle Bennett, a former judge of the...

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Debayan Roy (Bar  and   Bench) 09 August 2024
The Supreme Court on Friday dismissed a plea to postpone the National Eligibility cum Entrance Test postgraduate examination (NEET PG 2024) scheduled to be conducted on August 11 (Vishal Soren @ Bishal Soren and ors vs National Board of Examination and ors).   A Bench of Chief Justice of...

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Debayan Roy (Bar  and   Bench) 09 August 2024
The Supreme Court on Friday slammed a Mumbai college for a ban imposed on students wearing burqa, hijab or niqab on campus and partly stayed the notice issued by the institution in this regard (Zainab Abdul Qayyum Choudhary and Others v. Chembur Tromboy Education Society, NG Acharya and DK...

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Moneylife Digital Team 09 August 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs2.50 lakh on two cooperative banks, one each from Maharashtra and Gujarat, for non-compliance with the directions issued by the banking regulator. The highest penalty of Rs2 lakh has been imposed on Suvarnayug Sahakari Bank Ltd from...

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Debayan Roy (Bar  and   Bench) 09 August 2024
The Supreme Court on Friday took critical note that the High Courts and trial courts appear to be "playing it safe" when they routinely deny bail in criminal cases instead of granting bail as the norm.   It is high time the courts realise that bail is a rule and jail is an exception, the top...

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Debayan Roy (Bar  and   Bench) 09 August 2024
The Supreme Court on Friday took critical note that the High Courts and trial courts appear to be "playing it safe" when they routinely deny bail in criminal cases instead of granting bail as the norm.   It is high time the courts realise that bail is a rule and jail is an exception, the top...

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Moneylife Digital Team 08 August 2024
The central bureau of investigation (CBI) arrested Sandeep Singh Yadav, an assistant director  (AD) of the enforcement directorate (ED), for allegedly taking a Rs20 lakh bribe from a Mumbai-based Vipul Thakkar, the owner of VS Gold.   On 3rd and 4 August 2024, ED conducted searches at the...

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Shashwat Singh (Bar  and   Bench) 08 August 2024
Not a single person on a two-wheeler vehicle bothers to wear a helmet, lamented the Gujarat High Court on Wednesday while expressing concern over the rise of road traffic accidents in Ahmedabad (Dharini Shah & Ors. v. State of Gujarat & Ors.)   Chief Justice Sunita Agarwal questioned if there...

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Moneylife Digital Team 08 August 2024
Observing that alternative investment avenues are becoming more attractive to retail customers, the Reserve Bank of India (RBI) says due to this, banks are facing challenges on the funding front, with deposits trailing loan growth.   "Banks are taking greater recourse to short-term non-retail...

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Moneylife Digital Team 08 August 2024
The monetary policy committee (MPC) of Reserve Bank of India (RBI) on Thursday decided to maintain the status quo on the repo rate, the central bank's rate for short-term loans to banks, unchanged at 6.5%. Consequently, the standing deposit facility (SDF) rate remains unchanged at 6.25% and the...

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Moneylife Digital Team 08 August 2024
Some more heartbreak for crores of Indians and the wrestling community as Vinesh Phogat, who was disqualified from the women's 50kg event at the Paris Olympics after being a 'few grams over' the permissible limits, decided to quit wrestling.    Seeking forgiveness from everyone who supported...

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Moneylife Digital Team 08 August 2024
In a move that could open Pandora's box and spark an outcry from corporate India, Mahindra & Mahindra Ltd (M&M) has been served a notice from the office of the goods and services tax (GST) for the use of the 'Mahindra' brand name by various group companies, says a report from Economic Times...

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