RBI board meeting, earnings growth, MF industry, and more
19 November, 2018, 16:13 | Author: Regina Silva
The Reserve Bank of India (RBI) board meeting on November 19 will bring government and central bank nominees face-to-face to discuss disagreements and diffuse the ongoing rift to arrive at a decision on the former's demands.
The RBI board comprises 18 members, of which five are from the central bank, two are government officials, four represent the regional RBI board and seven are independent directors appointed by the government.
On Monday, the Business Standard newspaper cited unnamed sources saying the RBI might agree at the board meeting to remove some banks from a so-called prompt corrective action plan as the government has made commitments to recapitalise them soon.
The mutual fund (MF) industry has sought a meeting with the Securities and Exchange Board of India (Sebi) at the earliest, while seeking clarification on the market regulator's diktat that all scheme-related expenses should be booked in respective schemes.
The Congress has accused the Modi government of destroying every institution in the country and the latest one being the Reserve Bank of India.
"It is understood that the government has decided that it will not issue directions to the RBI...it is felt that there is no need for escalating the tension", said a source.
The report also said that the RBI would stay strict on bad loan norms and wanted the government to commit more for the health of state-run banks.
The RBI's central board now has 18 members, including Governor Urjit Patel and his four deputies as full-time official directors, while the rest have been nominated by the government, including the Economic Affairs and Financial Services Secretaries. The Central bank has Rs 9.6 lakh crore of reserves in the form of contingency fund and forex and gold reserves and securities.
The RBI's central board now has 18 members, though the provision is that it can go up to 21.
The government's other suggestion to transfer excess reserves to the Centre, however, is likely to be decided by an expert committee to be set up by RBI. Globally, PCA kicks in only when banks slip on a single parameter of capital adequacy ratio, and the government is in favour of this practice being adopted for the domestic banking sector as well.
RBI Deputy Governor Viral Acharya had in a speech last month talked about the independence of the central bank, arguing that any compromise could be "potentially catastrophic" for the economy.
RBI's total reserves stand at Rs 9.59 lakh crore. Government's fiscal math is completely on track. "And what is even more disturbing is that they perhaps want to use the money in order to give out freebies before the 2019 elections", alleged Congress leader Manish Tewari.
Graham was one of the loudest voices during the testy confirmation hearings for now Supreme Court Justice Brett Kavanaugh. Grassley said he plans to become chairman of the Senate Finance Committee next year.
Solih's inaugural speech mentioned only India by name, while Modi was the only head of government present at the ceremony. This is Modi's first visit to the Maldives and the first prime ministerial visit from India to that country since 2011.
A source close to Bennett said the two had agreed that "it would be senseless to continue" with the same coalition. Netanyahu met with Kahlon on Sunday in order to find a solution to the deadlock, but the talks brought no results.
Bolton was quoted as saying by the Financial Express that the USA wanted Pakistan to cooperate fully in the war against terrorism. He was referring to the big house bin Laden had lived in in Abbottabad where he was killed in a raid by US SEALs in 2011.
Overnight leader Matt Wallace (71) seemed to be cruising when he reached 14-under after seven holes to open a three-shot lead. I just haven't capitalised on those chances. "It's just a completely different feeling to any other week of the year".
Amritsar's Deputy Commissioner of Police Kamaldeep Singh Sangha has confirmed the deaths of three people in the blasts. On the chief minister's directions, the security has been beefed up at all Nirankari Bhawan's in the state, he added.
He said he would not speculate on how that could be achieved. "None of them solve the Irish border question". However, DUP MP Jeffrey Donaldson said he did not believe it was the best deal for Northern Ireland.
May God comfort and protect her children and loved ones! "R.I.P to Kim Porter , I send my condolences to her friends and family". Kim and Diddy share three lovely children together and were very much in love for many years (even after they split).
In addition, all affected users have been contacted and warned to change their password as well as clear their browser's history. Over the weekend, it was revealed that a new security flaw could have inadvertently exposed Instagram passwords to public view.
Proteas storm to victory in first T20 global
They must now prepare for a three-match T20 series against India starting in Brisbane on Wednesday before the summer Tests. Rabada also failed to clinch a single wicket from the two overs that he bowled in the match.
NASCAR Championship on the Line in Homestead
Logano blew past Truex through Turn 1 on Lap 256 of 267 and beat the defending champ to the finish line by 1.725 seconds. Logano's win also sealed the manufacturers' championship for Ford, the first for the company since 1999.
Rangers trade Ryan Spooner for Ryan Strome
The Rangers will be keeping some of Spooner's salary ($900,00 per Elliotte Friedman) to make the trade complete. He has appeared in all 18 games for the Edmonton Oilers scoring one goal with two points and 14 penalty minutes.