'If you give your ID and password to somebody else, how can anybody blame the technology for that problem?'
Banks now ride on what is defined as a "banking outlet". This is a fixed-point service unit, manned by either the bank's staff or its business correspondent (BC), where all kinds of services - acceptance of deposits, encashment of cheques, cash withdrawal or lending of money - are provided for a minimum of four hours per day, for at least five days a week. Banks are now turning to reposition the manner in which they acquire customers, report Abhijit Lele and Raghu Mohan.
A career Citibanker, 'Selva' came into the spotlight as the person who rewired the financial behemoth's Indian retail operations.
It is a classic case of extremes: The worst contraction in GDP along with the highest-ever levels of cash in the economy; and a severe dent in consumption together with strong growth in bank deposits and digital payments.
Data shows that the current system of decentralised marketing and centralised procurement helps Punjab and Haryana farmers the most, while its efficacy in other states has been poor. Experts and farm leaders say success of the laws rests heavily on implementation.
The government's main rate setting panel suggested that this be done in two tranches of Rs 2,500 each in the kharif and rabi seasons.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
A vast majority of borrowers are in the essential services' supply chain with tiny and micro businesses, and this has sprung back.
Finance ministry advises banks to invoke personal guarantees of all promoters whose companies have gone to NCLT for debt resolution.
'Given that the globally most prevalent clade of SARS-CoV-2 is also predominant in India, any vaccine or drug that gets developed in the world should also prove effective in India'
One in five students drop out from school.
Puri gave up the comforts of Citibank to set up a new-age bank from a rat-infested room in the Kamala Mills Compound in Worli, Mumbai and build a marquee brand. A look at his 26-year stint as HDFC Bank's boss.
The spending on a typical RT-PCR test would take up 23 per cent of the monthly income of an average Indian, compared to 2 per cent in China. This is one of the deepest cuts in the pocket of an individual, in comparison to 14 other countries, reports Abhishek Waghmare.
Free provision of food, cash transfers, and jobs in villages see enhanced flow of funds despite a precipitous fall in revenue. Till May, defence spend was nearly 30 per cent less than the previous year.
The central bank has not set a deadline for banks to conclude the stress-test exercise, but senior bankers opine that some were already looking at this, and will now fast-track it by September-end, when they will have a better picture of their books after the moratorium on the servicing of loans and a 180-day view on the performance of borrowers' accounts.
The poor deployment of WLATMs has tripped what the central bank sought to achieve back in 2012.
India's curve, yet to flatten vis-a-vis countries with similar or more conservative plans to ease restrictions, still points to 'exponential growth', despite India having tested much fewer people.
'What made him different was that he was not a banker at all by temperament.' 'He was a businessman, a typical lalaji at that.' 'He had to win at any cost.'
Among manufacturing companies that went to the National Company Law Tribunal (NCLT), chemicals and metal firms witnessed more resolutions while companies in the labour intensive (employment friendly) leather and textile sectors mostly get liquidated, reports Abhishek Waghmare.
The size of Delhi's Budget is close to Rs 55,000 crore, or about 6 per cent of its gross state domestic product (GSDP). What set the state apart is that in the last decade, its fiscal deficit hardly crossed 1 per cent of GSDP, while many other states grappled to contain it within 3 per cent. This was largely possible due to the revenue surplus position, reports Abhishek Waghmare.
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