Thomas Franco, Author at Centre for Financial Accountability

Jio Payment Bank fined Rs.1 Cr by RBI

On October 2020, RBI has slapped a penalty of Rs.1 Crore on Jio Payment Bank. JPB is a venture of Reliance with 70% ho...

Random Reflections

Article

Random Reflections- Bad Boy Billionaires – Few abroad many more in the Country

Netflix is screening a three part series titled “Bad Boy Billionaires – India”. The documentary outlines certain elemen...

Random Reflections

Article

Random Reflections— Whom are you fooling Finance Minister?; You are actually opening a Pandora’s Box

On 12th October, the Finance Minister told the media that she is announcing a package to boost demand. What is the ...

Indian Economy Random Reflections

Article

Random Reflections— Indian Railways Moving Mountains Belongs to People not Modiji

Narendra Modi, Prime Minister made a public statement in 2014 that the public sector was born to die. He also stated th...

Indian Economy Random Reflections

Article

Random Reflections- Future of Indian Economy & Banking

The economy world over has been affected which has never happened at this scale. World Bank report of June predicte...

Indian Economy Random Reflections

Article

Random Reflections— Narasimham Committee to Kamath Committee- Restructuring Loans or Restructuring of Banks?

From the day banking started, bankers always had a plan for handing loans going bad. Banking says giving loans has a cr...

Indian Economy Random Reflections

Article

New Priority Sector norms – Favouring Rich and fleecing the poor

The Reserve Bank of India has released revised priority sector norms. A closer look shows how the government and RBI ar...

Indian Economy Random Reflections

Article

Random Reflections- Is State Bank of India going to be privatised first?

The government is in a privatisation spree in spite of wide spread opposition. The RBI, Niti Ayog (Aniti Ayog) and Fina...

Indian Economy Random Reflections

Article

Random Reflections- Act of God and Banking

Ms. Nirmala Sitharaman’s statement that Covid-19 is an act of God to deprive states and union territories of their lega...

Indian Economy Random Reflections

Article

Random Reflections- Cheating the Street Vendors and the Public- The Finance Ministers way

Remember the Atma Nirbhar – TV Show of Mrs. Nirmala Sitaraman and Mr. Anurag Thakur? After that, both have disappeared ...

Indian Economy Random Reflections

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November 1, 2020

Thomas Franco

Jio Payment Bank fined Rs.1 Cr by RBI

On October 2020, RBI has slapped a penalty of Rs.1 Crore on Jio Payment Bank. JPB is a venture of Reliance with 70% holding and SBI 30%. The contents of RBI Press Release The press release says, “The bank was required to submit an application under section 35B of the Act in the case of rea...

Random Reflections

Article

October 20, 2020

Thomas Franco

Random Reflections- Bad Boy Billionaires – Few abroad many more in the Country

Netflix is screening a three part series titled “Bad Boy Billionaires – India”. The documentary outlines certain elements of the stories of Vijay Mallya, Nirav Modi and Subrata Roy. The documentaries are inaccurate, inadequate and misleading. The series on Subrata Roy of Sahara alone has some re...

Random Reflections

Article

October 18, 2020

Thomas Franco

Random Reflections— Whom are you fooling Finance Minister?; You are actually opening a Pandora’s Box

On 12th October, the Finance Minister told the media that she is announcing a package to boost demand. What is the Package? The package includes Rs.10000 Festival advance to central government employees, LTC cash voucher, interest free loans to few states and increase in capital expenditure ...

Indian Economy Random Reflections

Article

October 9, 2020

Thomas Franco

Random Reflections— Indian Railways Moving Mountains Belongs to People not Modiji

Narendra Modi, Prime Minister made a public statement in 2014 that the public sector was born to die. He also stated that it should either be allowed to die or should be privatised. Now the government is on a privatisation spree. In the case of railways, catering has been privatised leading to pric...

Indian Economy Random Reflections

Article

October 2, 2020

Thomas Franco

Random Reflections- Future of Indian Economy & Banking

The economy world over has been affected which has never happened at this scale. World Bank report of June predicted that 71 million to 100 million people will move towards extreme poverty of less than $1.90 at 2011 prices. A detailed study of the United National covering 70 countries predic...

Indian Economy Random Reflections

Article

September 28, 2020

Thomas Franco

Random Reflections— Narasimham Committee to Kamath Committee- Restructuring Loans or Restructuring of Banks?

From the day banking started, bankers always had a plan for handing loans going bad. Banking says giving loans has a credit risk due to various reasons. Banks become a partner to the borrower when they provide loans and when the units are not doing well, they collaborate to find out reasons and sug...

Indian Economy Random Reflections

Article

September 19, 2020

Thomas Franco

New Priority Sector norms – Favouring Rich and fleecing the poor

The Reserve Bank of India has released revised priority sector norms. A closer look shows how the government and RBI are tweaking the norms to favour the rich and fleece the poor. Already the norms have been diluted over a period of time by changing the criteria. In agriculture, allied activitie...

Indian Economy Random Reflections

Article

September 8, 2020

Thomas Franco

Random Reflections- Is State Bank of India going to be privatised first?

The government is in a privatisation spree in spite of wide spread opposition. The RBI, Niti Ayog (Aniti Ayog) and Finance Ministry are used to give confusing signals. While a RBI Dy. Governor demands reduction of government share holding in public banks to 26%, Niti Ayog suggests privatising few b...

Indian Economy Random Reflections

Article

September 8, 2020

Thomas Franco

Random Reflections- Act of God and Banking

Ms. Nirmala Sitharaman’s statement that Covid-19 is an act of God to deprive states and union territories of their legally due GST has led to lot of discussions. While the central government in a federal system cannot deprive the states and UTs of the tax revenue collected from the people, which...

Indian Economy Random Reflections

Article

August 25, 2020

Thomas Franco

Random Reflections- Cheating the Street Vendors and the Public- The Finance Ministers way

Remember the Atma Nirbhar – TV Show of Mrs. Nirmala Sitaraman and Mr. Anurag Thakur? After that, both have disappeared for long. May be rehearsing for the next show. Mr. S.Gurumurthy has announced that more will come in September. Let’s wait and see. Suddenly there was speculation that Mr. K.V.Kama...

Indian Economy Random Reflections

Article

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