Raghuram Rajan was Taller Than Anyone in the Present Setup

Reading Time: 5 minutesFormer RBI Governor, Dr. Raghuram Rajan put up a spirited defence against the unjust accusation that the RBI created the NPA issue, stating that “the RBI is primarily a referee, not a player in the process of commercial lending”. Just as he had the foresight to forewarn the 2008 global financial crisis a couple of […]

NABARD Financial Inclusion Survey Hides more than it Reveals

Reading Time: 5 minutesThe NABARD survey estimates the total number of rural households in India for 2016-17 at 21.17 crore. The definition of “rural” is a broad one, covering revenue villages and semi-urban centres with a population of less than 50,000. Out of the 21.17 crore rural households, 10.07 crore, or under 48 per cent, are “agricultural” — […]

Demonetisation: Who is Responsible for the Deaths of 100 Odd People in Queues?

Reading Time: 4 minutesNearly two years after that game changer announcement by the Prime Minister, the annual report of the Reserve Bank of India has come out with the data which nails each and every claim made by the Prime Minister about the objectives of the demonetisation and its eventual success. The RBI has to statutorily bring out […]

Bank Managers and Cashiers are bribed to get New Currency Notes for Making Wedding Garlands

Reading Time: 4 minutesIn an exclusive expose, Mahima goes into the by-lanes of Old Delhi to find out why the new currency notes are not reaching the mango people through ATMs. These are sold to the garland makers of the wedding market, obviously for a bribe. Read about it, in the regular column, exclusively for Different Truths. Making […]

Banks Penalising Poor for Low Balance: Government Must Stop Arm-Twisting the Underprivileged

Reading Time: 5 minutesThe banks in India under the present dispensation have raised about Rs 5,000 crores in penalty from the poor account holders in the financial year ending March 31, 2018 for their failure to maintain sufficient bank balance. On the other hand, the same banks have been giving billions of rupees to the rich under the […]

BIS says Cryptocurrency no Substitute for Hard Money

Reading Time: 5 minutesThe Basle-based central bankers’ central bank, the Bank for International Settlements (BIS) has in a new Annual Economic Report (AER) hit the nail on the head by stating that cryptocurrencies’ very paradigm of generating trust circumscribes their potential to replace conventional money. In a special chapter on crypto-currencies released on Sunday evening at its headquarters, […]

Repo Rate Hike a Waste of Breath: RBI Could Have Adopted Less Cautionary Approach

Reading Time: 4 minutesThe RBI Governor conveyed the picture of a robust Indian economy, surging ahead fast, with little spare capacity and demand rising on the back of bumper crop last season. All that good run in India was happening against the backdrop of an uncertain global economy, runaway oil prices and US Federal Reserve pursuing its policy […]

AIBEA Calls for 48-Hour Strike on May 30 and 31

Reading Time: 2 minutesBank employees and officers’ wage revision is due since November 11, 2017. Finance Ministry had advised Bank management and Indian Banks’ Association (IBA) to complete the discussions well in advance and release the revised wages with effect from November 1, 2017. A report, for Different Truths.  Ten Lakh bank employees are to go on 48-hour […]

Banks Being Penalised While Big Fraudsters are at Large

Reading Time: 4 minutesQuizzically, PNB, a victim of the world’s biggest bank fraud ever, is out of RBI’s first prompt corrective action (PCA) list. The biggest global bank fraudster, Nirav Modi, who is also facing the trial of the US Department of Justice, is still out of the reach of Indian authorities. The question is: will PCA truly […]