The RBI, the extended arm of the government, which licenses the banks, has full responsibility to ensure full protection to bank deposits. The government therefore needs to regulate fully and protect all deposits in all banks because the deposits belong to the depositing public no matter whether the bank is privately owned, governmentowned, or a cooperative
Scams are a product of greed and immorality. However, abuse of the financial system has been made possible because of the system's weaknesses. In an age which heralds technology as the silver bullet, we should not overlook the most critical source of competitive advantage - the people. Compliance and controls are dependent on the people running it. The most agile auditors will struggle to stop managers determined to hide their dirty laundry from view
Business models of banks and identifying their inherent risks have assumed greater significance after the US banking crisis exacerbated collateral risks to the sector. It was known that the failure of Silicon Valley Bank (SVB),.
The first tranche of Sovereign Gold Bond Scheme (SGB) 2023-24 will open for subscription today. The bond scheme, backed by the central government, has set the issue price at Rs 5,926 per gram of gold.
Sovereign gold bonds will be issued to investors at Rs 5,926 per bond, and there is a Rs 50 discount per gram for investors applying and paying using digital modes