India unlikely to meet fiscal deficit target: FICCI
New Delhi, Fiscal deficit in India is likely to remain over 5 percent in the current fiscal as against the budgetary estimate of 4.6 percent, due to slippages in revenue and increased spending, industry lobby FICCI said Wednesday.
Fiscal deficit as a percentage of the gross domestic product during 2011-12 would be at least anywhere between 5.05 percent and 5.12 percent, the Federation of Indian Chambers of Commerce and Industry (FICCI) said in a report.
“This estimate, could be even higher, in case, the government is unable to stick to the budgeted expenditure target,” it said.
“While a reasonable outcome would emerge if there was revenue slippages and status quo on expenditure, the worst outcome would come about as a result of both revenue and expenditure slippages.”
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sushmita Business & Economy, Current Affairs India, General Knowledge Current Affairs, Federation of Indian Chambers of Commerce and Industry, Indian economy
RBI to promote use of cashless payment system
Mumbai, The Reserve Bank of India (RBI) has taken measures to promote the use of cashless payment instruments in the country, a senior official said Thursday.
“The RBI has been in the forefront both as operator and facilitator for promoting the use of cashless payment instruments in the country,” RBI Deputy Governor H.R. Khan said at a conference organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Indian Banks’ Association here.
“The technology implementation in banks which have shaped the payment system in turn is largely driven by the recommendations of the various committees set up by RBI,” he said.
Khan said the development of payment system in the country depends on various issues including the adoption of technology, introduction of new payment instruments and the confidence of the public in using these payment instruments.
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sushmita Capitals & Currencies, Current Affairs India, General Knowledge Current Affairs, Federation of Indian Chambers of Commerce and Industry, General Awareness, Reserve Bank of India
Split CEO, chairman posts in banks: RBI governor
Mumbai, Aug 23 The posts of chairman and chief executive officer (CEO) of public sector banks should be bifurcated to ensure effective checks and balances, Reserve Bank of India Governor D. Subbarao said Tuesday.
“We will discuss this issue with the government,” Subbarao said while addressing a conference organised here jointly by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Indian Bank’s Association.
He said bifurcation of the posts of chairman and CEO of private sector banks had worked well and it should be implemented in government-run banks as well.
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sushmita Business & Economy, Current Affairs India, General Awareness Current Affairs, Federation of Indian Chambers of Commerce and Industry, Reserve Bank of India
