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India Gazette
07-07-2025
- Business
- India Gazette
At least five banks have waived minimum balance requirement, customers have hit back against
New Delhi [India], July 7 (ANI): Noting that at least five banks have waived the minimum balance requirement after customers 'hit back' by looking beyond banks at other avenues to place their savings, Congress leader P Chidambaram on Monday said 'what reason could not do, economics has achieved'. In a post on X, Chidambaram, a former Finance Minister, said savings account holders have complained to banks against the government-introduced rule of 'minimum balance' in the account and that some banks earned hundreds of crores of rupees a year 'under this obnoxious rule'. He said the banks had been turning a deaf ear to the requests of customers. 'In the last few years, savings account holders have complained to banks against the government-introduced rule of 'minimum balance' in the account, and pleaded for waiver of the rule It was a reasonable request, but banks turned a deaf ear. If a customer failed to maintain a minimum balance, he/she was slapped with a penalty. Some banks earned hundreds of crores of rupees a year under this obnoxious rule,' Chidambaram said. 'Customers have hit back with looking beyond banks at other avenues to place their savings. Banks have caved in. At least five banks have waived the minimum balance requirement What reason could not do, economics has achieved! Hurrah!,' he added. There have been reports of bank deposit growth dipping, with customers looking to other avenues for parking their funds to earn higher returns. According to Reserve Bank of India (RBI) guidelines, banks do not have any minimum balance requirement for Basic Savings Bank Deposit accounts (BSBD), including accounts opened under Pradhan Mantri Jan DhanYojana (PMJDY). For accounts other than BSBD accounts, as per RBI's Master Circular on 'Customer Service in Banks' dated July 1, 2015, banks are permitted to fix service charges on various services rendered by them, as per their Board approved policy, while ensuring that the charges are reasonable and not out of line with the average cost of providing these services. Banks have been advised to identify basic services and the principles to be adopted/ followed by them for ensuring reasonableness in fixing such charges. Banks have also been advised to take steps to ensure that customers are made aware of the service charges upfront and changes in the service charges are implemented only with the prior notice to the customers. (ANI)
Time of India
02-07-2025
- Politics
- Time of India
'Biggest reforms? Not at all': Chidambaram counters Amit Shah on new criminal laws; calls their enactment an exercise in 'cut and paste'
P Chidambaram; Amit Shah NEW DELHI: Senior Congress leader and former Union minister P Chidambaram on Wednesday asserted that the enactment of the three new criminal laws was an exercise in "cut and paste", a day after Union home minister Amit Shah described the new laws as the "biggest reforms since Independence." Also Read | 'Affordable, accessible and approachable': Amit Shah unveils new criminal laws "Government has claimed, repeatedly, that the three Criminal Law Bills, now Acts, are the biggest reforms since Independence. Nothing can be farther from the truth," Chidambaram wrote on X. He recalled his dissent note which had a section-by-section comparison of the new laws with the earlier ones. The study, he claimed, found that 90-95 per cent of the Indian Penal Code (IPC), 95 per cent of the Code of Criminal Procedure (CrPC), and 99 per cent of the Indian Evidence Act were incorporated into the new laws. "The assertion in my dissent note was not challenged in Parliament or elsewhere. I maintain that the new Bills, now Acts, are overwhelmingly a 'cut and paste' exercise, with a few new provisions added - some acceptable and some not acceptable," Chidambaram posted. "The whole exercise was a waste and has only created confusion in the the administration of justice among judges, lawyers and the police," the ex-home and finance minister added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is your tinnitus getting worse? Do this immediately (Watch) Hearing Magazine Undo The Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagarik Suraksha Sanhita (BNSS) and the Bharatiya Sakshya Adhiniyam (BSA) came into effect on July 1 last year, succeeding the colonial era IPC, CrPC and Evidence Act, respectively. 'New criminal laws will be transformational': Amit Shah Addressing an event to mark one year of the rolling out of the the BNS, BNSS and BSA, Shah said that as all processes under these are online, nothing would be overlooked and justice would be delivered on time. "These laws are going to transform the criminal justice system in the country significantly. I assure all the citizens of India that it will take a maximum of three years for the full implementation of the new laws. I can also confidently say that anyone can get justice up to the Supreme Court within three years of filing an FIR," he stated. The home minister made the remarks at the programme, "A Golden Year of Trust in the Justice System", in Delhi on Tuesday.
Time of India
02-07-2025
- Politics
- Time of India
Chidambaram slams new criminal laws as ‘wasteful cut-and-paste', says they've created confusion
Senior Congress leader and former home minister P Chidambaram on Wednesday said the exercise of enactment of the three new criminal laws was a "waste" and has only created confusion in the administration of justice among judges, lawyers and the police. Chidambaram also claimed the new Acts are an overwhelmingly 'cut and paste' exercise, with a few new provisions added. His remarks came a day after Union Home Minister Amit Shah termed the enactment of the three new criminal laws as the biggest reform in independent India and said they will make the judicial process process not only affordable and accessible but also simpler, time-bound and transparent. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2 & 3 BHK Homes Near SGNP at Ghodbundar Rd Purva Panorama Enquire Now Undo Shah stressed that the Narendra Modi government framed the new laws -- Bharatiya Nyaya Sanhita (BNS), the Bharatiya Nagarik Suraksha Sanhita (BNSS) and the Bharatiya Sakshya Adhiniyam (BSA) -- to ensure that all rights of citizens are protected and no criminal goes unpunished. Hitting out at the government, Chidambaram said it has claimed repeatedly that the three Criminal Law Bills, now Acts, are the biggest reforms since Independence, but "nothing can be farther from the truth". Live Events "I had sent a dissent note to the Parliamentary Standing Committee that examined the three Bills, and it is part of the Report tabled in Parliament," the former home minister said in X. "In my dissent note, after comparing section by section the IPC, CrPC and Indian Evidence Act with the corresponding new Bill, I had asserted that: 90-95% of the IPC, 95% of the CrPC and 99% of the Evidence Act, have been cut and pasted in the corresponding new Bill," he said. Chidambaram's assertion in his dissent note was not challenged in Parliament or elsewhere. "I maintain that the new Bills, now Acts, are overwhelmingly a 'cut and paste' exercise, with a few new provisions added -- some acceptable and some not acceptable," he said. "The whole exercise was a waste and has only created confusion in the the administration of justice among judges, lawyers and the police," Chidambaram said. Addressing an event marking one year of the rolling out of the three criminal laws, the BNS, BNSS and the BSA, Shah had said since all processes are online, nothing will be overlooked and justice will be delivered on time. "These laws are going to transform the criminal justice system in the country significantly. I assure all the citizens of India that it will take a maximum of three years for the full implementation of the new laws. I can also confidently say that anyone can get justice up to the Supreme Court within three years of filing an FIR," he had said. The BNS, BNSS and the BSA replaced the colonial-era Indian Penal Code , the Code of Criminal Procedure and the Indian Evidence Act of 1872, respectively. The new laws came into effect on July 1, 2024.
Time of India
25-06-2025
- Business
- Time of India
Duopoly is not good: Chidambaram backs VI revival while warning against govt takeover
Former Union Finance Minister P Chidambaram strongly supported efforts to revive Vodafone Idea (Vi) on Wednesday and asserted that a duopoly in the Indian telecom sector , namely of private players Bharti Airtel and Reliance Jio. He further said that lack of competition in any industry would be detrimental to consumer interest and market health . 'Duopoly is not good in any industry,' the Congress leader said in a post on X, applauding Union Minister Jyotiraditya Scindia 's recent push to breathe new life into the struggling telecom company. He also noted the golden years of India's telecom boom when global giants such as AT&T, BT, Verizon, Etisalat, and Hutchison eagerly entered the Indian market. However, he blamed their eventual exit on India's complex and unpredictable regulatory environment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo — PChidambaram_IN (@PChidambaram_IN) 'Revival yes, but not through a govt takeover' While backing the idea of reviving Vi, Chidambaram cautioned against the government turning the company into a public-sector telecom entity, in which the Centre already owns 49% stake, through further capital infusion. Live Events 'The way to revive Vi is not for government to infuse more funds—already Rs 36,500 crore—and make Vi into a government company,' he said. Instead, he advocated for a different solution: encouraging a global telecom leader to take over Vi and provide "stiff competition" to the two existing private players by Bharti Mittel and Mukesh Ambani, respectively. Centre explores financial relief options Chidambaram's comments come as the Centre considers various measures to prevent the telco's collapse. Officials told ET that the government is weighing proposals to restructure Vi's massive Rs 83,400 crore AGR (adjusted gross revenue) dues. These include extending the repayment tenure from six to 20 years and switching from a compound to a simple interest rate to ease the annual burden. Such a move could potentially save Vi over Rs 16,000 crore in interest costs if applied prospectively—and significantly more if made retrospective. Even so, some officials remain sceptical about Vi's ability to meet even reduced obligations, given its weak cash flows and outstanding liabilities. Despite earlier government support—such as converting Rs 36,950 crore of spectrum auction dues into equity in March 2024—Vi continues to face financial strain. The telco must pay Rs 18,064 crore annually starting FY26, and may fall short of cash to meet obligations by FY27. Vi's survival still hangs in the balance Amid this precarious financial situation, Vodafone Idea is renewing efforts to secure large-scale funding to stabilise operations and invest in its network. According to a Bloomberg report, Vi is in talks with a consortium of lenders led by the State Bank of India to raise around ₹25,000 crore (approx. $2.9 billion). The debt package is expected to be a mix of domestic and foreign loans with a tenor of about 10 years. This marks a revival of an earlier fundraising plan that was deferred due to banks' concerns about the company's finances and regulatory liabilities. The urgency has grown as Vi continues to lose subscribers to rivals Reliance Jio and Bharti Airtel. If successful, the loan would help Vi fund capital expenditures and expand its network in a bid to regain market share. Global banks are also expected to participate in the consortium, with the fundraise likely to conclude within a year. In parallel, Vi's board has approved plans to raise an additional Rs 20,000 crore through equity or debt instruments. However, progress depends on the government's final stance on AGR-related relief, which remains uncertain.
Time of India
25-06-2025
- Politics
- Time of India
Rajya Sabha secretariat verifies 45 of 54 signatures on notice to bring motion for Justice Shekhar Yadav ouster
NEW DELHI: The Rajya Sabha secretariat has verified signatures of 45 of the 54 MPs on a notice for a motion to remove Justice Shekhar Yadav of Allahabad high court over his "hate speech", while nine MPs are yet to do so. Senior Congress leader P Chidambaram's signature verification was received by RS Secretariat on Tuesday, sources said. A motion for removal of a judge can be moved in Rajya Sabha only after 50 MPs sign the same. For Lok Sabha, signatures of 100 MPs are needed. The Constitution states that a judge can be removed after both Houses of Parliament approve the motion with two-thirds majority of the members present. According to RS sources, the nine MPs whose signatures have not been verified yet and who are yet to respond to email queries are Kapil Sibal (Ind), Sushmita Dev (TMC), Jose K Mani and GC Chandrashekhar (Cong), Faiyaz Ahmad (RJD), Bikash Ranjan Bhattacharyya (CPM), Raghav Chadha and Sanjeev Arora (AAP), and NR Elango (DMK). Sibal has denied receiving any email from RS Secretariat. tnn
