MUMBAI: The members of the board of Reserve Bank of India (RBI) have drawn finance minister Nirmala Sitharaman’s attention to the inefficacy of the government’s PM-Kisan Scheme and the plight of housing finance companies (HFCs) during their interaction with her last week. It was pointed out that the scheme, under which the government provides Rs. 6,000 a year to small and marginal farmers, is often failing to reach the actual tiller of the soil. The government has so far spent about Rs. 55,000 crore out of a budget of Rs. 75,000 crore , covering around 9 crore farmers as against a target of 14.5 crore under the programme christened Pradhan Mantra Kisan Samman Siddi. “The definition of farmers, identifying them, and the refusal of some states to provide data are some of the challenges. Also, funds are distributed to ‘farmers’ whose names figure in the land holding records. More than these persons, farmers who till the land deserve the money,” … [Read more...] about PM-Kisan Scheme benefits not reaching tillers: RBI directors
Economics and finance
Jet had 20-30 per cent of available slots at Delhi and Mumbai airports and overseas traffic rights, but these have been allocated temporarily to other carriers. … [Read more...] about Jet gets another EoI; deadline for resolution plan extended
Ending their four-year-old tussle, Reserve Bank of India and Kotak Mahindra Bank’s billionaire founder Uday Kotak have agreed on a middle ground over the bank's promoter shareholding.The deal allows the promoter Uday Kotak to own 26% of the bank, though his voting rights would be capped. This brings to an end the 13-month-old court dispute that began after the banking regulator had nudged Kotak to reduce his stake to 15% as part of the licensing guidelines.Kotak’s level of shareholding will be for perpetuity as long as the bank does not raise capital from a share sale to outsiders or on a rights basis. According to the agreement, promoter’s voting rights would be capped at 15% of the capital, irrespective of the level of his ownership. This will make the higher stake less effective in terms of overall governance but economically beneficial.The court battle Kotak Vs RBIKotak had moved the court to approve its issuance of preference shares as a way to dilute its … [Read more...] about RBI blinks in Kotak case; will other bank promoters take it head on?
Hyderabad: Describing India's latest tax reform GST as "the biggest madness of the 21st century," BJP leader and Rajya Sabha MP Subramanian Swamy on Wednesday said that the country needs to grow at 10 per cent per annum to become a superpower by 2030. He also demanded that former Prime Minister, late P V Narasimha Rao, be given the highest civilian award, the Bharat Ratna, for the reforms he introduced during his tenure. Speaking on "India - an Economic Superpower by 2030", organised by the Pragna Bharati here, Swamy said though the country had achieved eight per cent growth from time to time, there had been no improvements on the reforms brought in by the Congress leader. "So how to get that 3.7 per cent (efficiency factor to utilize investments)? (We need to)fight corruption, second, reward those who will invest. Don't terrorise them (investors) with income tax and this GST, which is the biggest madness of the 21st century. This GST is so complicated (that) nobody understands which … [Read more...] about GST “biggest madness of the 21st century”: Subramanian Swamy