Investors were cautious after Finance Minister Nirmala Sitharaman on Tuesday said that the fiscal deficit in 2021-22 will be 6.9 per cent of GDP and 6.4 per cent in 2022-23, forex traders said
We catch up with the veterans of the market to understand how the govt needs to facilitate the investment cycle by managing fiscal policies along with the Central bank's monetary policy. Watch as #BusinessTodayTV's Global Biz Editor, #UdayanMukherjee decodes this with Rashesh Shah, Debashish Basu & Nilesh Shah.
Parliament in August passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021, ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing a moratorium on the banks.
India saw 83,638 cases of banking frauds in FY21, involving Rs 1.38 lakh crore. Of this, only Rs 1,031.31 crore has been recovered so far.
Going by the numbers, the banking sector has done reasonably well in 2021, notwithstanding the impact of the second wave of the pandemic.
In value terms, the share of PSBs was higher, indicating predominance of high value frauds.
A government official told Business Today TV that the Finance Ministry has been working closely with the Reserve Bank of India to reduce sovereign shareholding in PSBs.
The last two years have been a roller coaster ride for many industries including the banking industry which is considered as backbone of any economy. Right ahead of the Budget 2022-23, the sector is looking forward to enhanced spending on infrastructure, speedy implementation of projects, improved access to banking system, and much more to get on a sustained path of recovery. Sakshi Batra gets you what's on top of the wishlist.
To augment their resources, banks would be encouraged to raise funds from the market and also by selling their non-core assets.
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