WebinarsNew
Deep DiveNew
Explore Business Standard
The Reserve Bank on Wednesday issued draft guidelines for novation of OTC derivative contracts with a view to rationalising the related regulatory requirements. Novation means the replacement of a market maker with another market maker in an OTC derivative contract between two counterparties to an OTC derivative transaction with a new contract between remaining party and a third party (transferee). The transaction shall be undertaken at prevailing market rates, said the Draft Reserve Bank of India (Novation of OTC Derivative Contracts) Directions, 2025. "The novation of an OTC derivative contract shall be done with the prior consent of the remaining party," it said. It further added that the Fixed Income Money Market and Derivatives Association of India (FIMMDA) and the Foreign Exchange Dealers' Association of India (FEDAI), as applicable, in consultation with market participants and based on international best practices, shall devise standard agreements for novation. "Market ...
There has been a cumulative 74.2 per cent decline in income disparity coverage for those earning up to Rs 5 lakh annually between fiscal years 2013-14 and 2022-23, said a State Bank of India (SBI) report on Friday. To paraphrase the "often myth of worsening inequality" in India, the research report from the Economic Department of SBI has analysed the income disparity curves of assessment years (AY) 2014-15/FY14 and AY24/FY23. A comparison of disparity in income during AY15 and AY24 shows that there is a clear rightward shift in the income distribution curve, signifying people in lower income brackets are increasing their income to converge towards their share in population, it said. "Our analysis shows that there has been a cumulative 74.2% decline in income disparity coverage for those earning up to Rs 5 lakh. This shows the continuous efforts of Govt are reaching the bottom of pyramid that is leading to increase in income of 'lower income group' people," said the report titled 'H
Fair price shops dealers held a protest here at Jantar Mantar on Wednesday demanding a minimum income guarantee of Rs 50,000 per month and a continued supply of food grains under the old Prime Minister's Garib Kalyan yojana (PMGKY) Scheme. The protesters from All India Fair Price Shop Dealers' Federation (AIFPSF) had come from different states and gathered at Jantar Mantar. The body's national general secretary Biswambhar Basu said that they demand a continued supply of food grains under the old PMGKY scheme as before and a minimum monthly income guarantee of Rs 50,000. The organisation came with a roster of 11 demands in all. Among its other demands were a minimum margin of Rs 764 only per quintal and allowing the fair price shop dealers in rural areas to function as direct procurement agents (DPA) for rice and wheat.