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  Corporates will not be allowed from being even a minority shareholder in consortium who want to bid for 61 per cent stake in IDBI Bank, as the current RBI norms which bar industrial houses from becoming bank promoters, an official said. As of now, RBI guidelines allow industrial houses to hold a maximum of 10 per cent stake in private sector banks, but they cannot be a promoter. Last week, the Central government and Life Insurance Corporation of India (LIC)  said that they will together divest 60.72 per cent stake in IDBI Bank. However, it barred large industrial houses from participating in the strategic sale. As per the bid document, 'large industrial/corporate houses' has been defined an industrial/ corporate group with assets of ?5,000 crore or more with the non-financial business of the group accounting for 40 per cent or more in terms of total assets/ gross income. An official said that corporate houses have not been permitted to participate in the bidding process for I

  Digital Banking Units (DBU), which were inaugurated by Prime Minister Narendra Modi on Sunday, will further augment the country's digital infrastructure, Reserve Bank of India governor Shaktikanta Das said.  “This will act as an enabler in the digital ecosystem and will improve customer experience by facilitating seamless banking transactions,” Das said in his speech. “The DBUs will augment our efforts to promote financial inclusion by providing banking services in a paperless, efficient, safe and secure environment.” The specific financial services to be extended by the DBUs include, savings, credit, investment and insurance. “On the credit delivery front, to start with, the DBUs will provide end-to-end digital processing of small ticket retail and MSME loans, starting from online applications to disbursals,” Das said. DBUs will also provide services related to certain identified government sponsored schemes.   The products and services in these Units will be provided in two mod

  The Income Tax Department is undertaking searches at the Delhi-based independent think tank Centre for Policy Research, as reported by news agency ANI. The premises of the think tank located near Malcha Marg in central Delhi are being covered, they said. The exact reason for conducting the survey, where only business premises are covered by the taxman, was not known. Income Tax sources said that the search is being carried out based on "credible information" about tax evasion. The sources said the search "is not linked to" the income tax searches underway across some states as part of the probe into alleged tax evasion and financial impropriety by unrecognised political parties over donations received without statutory compliances. According to its website,The Centre for Policy Research (CPR) has been one of India’s leading public policy think tanks since 1973. CPR is a non-profit, non-partisan, independent institution dedicated to conducting research that contrib

  The Securities and Exchange Board of India (Sebi) has restructured its high-level panel on cyber security that suggests measures to safeguard the capital markets from such attacks. The committee, which has now six members, will be chaired by Navin Kumar Singh, DG at National Critical Information Infrastructure Protection Centre (NCIIPC), news agency PTI report said. It is important to note that the committee had only four members earlier, an update with the Securities and Exchange Board of India (Sebi) showed. The other members of the panel include Sanjay Bahl Director General at Indian Computer Emergency Response Team (CERT-In) and H Krishnamurthy, who was a chief research scientist at IISC Bangalore. Sandeep Shukla and Debdeep Mukhopadhyay, who are professors at the Department of Computer Science and Engineering in IIT Kanpur and IIT Kharagpur, respectively, and Sugata Gangopadhyay, head of the department of Computer Science and Engineering at IIT Roorkee, are the other members of

  Central bank digital currency (CBDC), to be launched this year, could become a tool for reducing time and cost for cross-border transactions, Reserve Bank Deputy Governor T Rabi Sankar said on Wednesday. The RBI has proposed to launch on a pilot basis this year, as announced in the Budget by Finance Minister Nirmala Sitharaman. In the Union Budget for 2022-23, the finance minister had said the RBI would roll out a digital equivalent to the rupee in the current financial year. "We have to understand that internationalisation of CBDC is crucial to addressing the payments issue that bodies like G-20 and Bank for International Settlements (BIS) are dealing with now," he said at India Ideas Summit. Observing that India has an excellent, cheap and fast domestic payments system, he said the cost of cross-border payment, however, is still high. There is a lot of scope for improvement in terms of both cost and speed, he noted.   CBDC is probably the most efficient answer to this, he

  After receiving repeated enquiries on the authorisation status of certain electronic trading platforms for foreign exchange transactions, the Reserve Bank of India has released a list of entities that are not authorised to undertake such trades. The list, which will be referred to as an ‘alert list’, is not exhaustive and is based on the latest information available to the RBI at the time, the central bank said on Wednesday. The list includes entities that are neither authorised to deal in foreign exchange under the Foreign Exchange Management Act, 1999 nor to operate electronic trading platforms for forex transactions. The central bank’s list has a total of 34 entities. Some of the entities listed are Alpari, AnyFX, Ava Trade, Binomo, e Toro, Exness, Expert Option, FBS, FinFxPro and Forex.com. OctaFX, one of the entities which has been listed, is an official sponsor of the Delhi Capitals team in the Indian Premier League cricket tournament, reports said. Websites of some of these pl

  The states on Sunday used the forum of the governing council of NITI Aayog to raise the issue of their dwindling resources. They demanded that the Centre increase their share in central taxes and extend goods and services tax (GST) compensation to them. he council meeting, chaired by Prime Minister Narendra Modi, was, however, boycotted by Telangana chief minister K Chandrashekar Rao (KCR). This move by KCR was a “mark of protest” against the NDA government for not giving states the “flexibility to design and modify schemes based on their needs.” ITI Aayog is mandated to boost cooperative federalism in the country ihar chief minister Nitish Kumar, who runs the NDA government in the state, also did not come to the meeting citing health reasons owever, West Bengal chief minister Mamata Banerjee, a critic of the Modi government, joined after successive boycotts in the past.   Banerjee emphasised that the Centre should look into the demands of state governments “more seriously.” She also