Daily Archives: August 29, 2019
The Reserve Bank of India (RBI) will soon come out with corporate governance norms for banks, which will include guidelines for compensation of chief executive officers, whole-time directors, and control function staff of private sector and foreign banks.
The Rs 2,000 note, which was much-reviled during demonetisation due to difficulties in exchanging it, is seeing a sharp drop in print orders by the RBI. After all demonetised notes were replaced in March 2017, the Rs 2,000 note accounted for half the total value of the currency in circulation. It now accounts for 31% of the value of the total currency in circulation.
The announcement comes at a time of rising tensions. In recent days, Israel has struck Iranian targets in Syria and Iraq, and Hezbollah has accused Israel of a drone strike in Lebanon. Lt. Col. Jonathan Conricus, a military spokesman, said Thursday that Israel has detected an “intensified” effort by Iran and Hezbollah to establish missile-production facilities in Lebanon.
Addressing a meeting of the Parliamentary Committee on Kashmir, foreign minister Shah Mehmood Qureshi said Pakistan will hold protests against “the unilateral steps of India” to abrogate Article 370 and express solidarity with “Kashmiri brethren”. The protest will be held each Friday at 12 pm across Pakistan on the suggestion of Parliament, reported Radio Pak.
In a press conference on Thursday, Union finance minister Nirmala Sitharaman said that the Centre will announce two more big steps in the coming days to give momentum to the industry but didn’t elaborate further on it. She said that authorities have been instructed to clear pending GST refunds within the next 30 days and in future will stick to 60 days deadline.
The Reserve Bank of India which had run a public awareness campaign in 2017, has so far been using the media, including audio-visual and text messages (it sent 241 crore SMSes) to reach out to the public in FY19. Now, the central bank will soon embrace social media platforms like Facebook and Twitter to de-mystify banking and its workings to the youth.
The number of cases of frauds reported by banks saw a jump of 15 per cent year-on-year basis in 2018-19, with the amount involved increasing by 73.8 per cent in the year, RBI’s annual report showed. In FY19, banking sector reported 6,801 frauds involving Rs 71,542.93 crore as against 5,916 cases involving Rs 41,167.04 crore reported in 2017-18.