The Ambani family, headed by billionaire Mukesh Ambani, possesses a wealth of Rs 28 lakh crore, more than double that of the Adani family at Rs 14.01 lakh crore, a report said on Tuesday. The 300 most valuable Indian families have a wealth of over $1.6 trillion (over Rs 140 lakh crore), or more than 40 per cent of the country's GDP.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
'It is for the first time in Independent India that collection of information on caste is being done.'
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
For the first time, the Data Security Council of India assembled a joint task force to source threat intelligence at the origin and ensure coordinated action across the cybersecurity spectrum.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
As in-person negotiations between India and the US kickstarted on Wednesday, Treasury Secretary Scott Bessent said he expected India to strike the first bilateral trade deal to avert President Donald Trump's reciprocal tariffs.
Global capability centres (GCCs) remained one of the major drivers of this huge spurt in demand for office spaces.
The Congress shared a video clip from a recent podcast Mallya did with social media influencer Raj Shamani in which he claimed he had informed Jaitley before leaving India in 2016.
Lakhs of employees of public sector banks continued their strike on the second day on Friday as well to protest against proposed privatisation of banks by the government impacting normal operation across the country. Shutters of branches across many parts of the country on Friday were down following the strike call given by the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW). As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals remains paralaysed due to the two-day strike ending later in the day.
Dubai is positioning itself as a springboard for Indian companies looking to tap into fast-growing emerging markets, including Africa, banking on low tariffs, long-standing trade relations, and a shared vision for regional economic growth, said Mohammad Ali Rashid Lootah, president and chief executive officer, Dubai Chambers, at the Dubai-India Business Forum in Mumbai.
IndusInd Bank MD and CEO Sumant Kathpalia on Tuesday resigned with immediate effect, taking moral responsibility of accounting lapses in the derivatives portfolio, having financial implication of Rs 1,960 crore to the bank.
'Expect India to keep doing well irrespective of geopolitics.'
After the merger of regional rural banks (RRBs) under the "One State, One RRB" policy to improve their efficiency and minimise competition among public-sector banks (PSBs) that sponsor them, the government is planning to list at least five RRBs by the end of financial year 2026-27 (FY27). After the latest amalgamation that came into effect on May 1, there are 28 RRBs in 26 states and two Union Territories (UTs), with more than 22,000 branches covering 700 districts.
'Revolving credit without full repayment causes interest to outpace repayment capacity, and leads to financial distress.'
Banking operations across the country may be impacted on Thursday as some bank unions would be joining the one-day nationwide strike called by central trade unions. Ten central trade unions, except Bharatiya Mazdoor Sangh, will observe the nationwide general strike to protest against various policies of the central government. Many lenders, including IDBI Bank and Bank of Maharashtra, in regulatory filings on Wednesday said their normal working could be affected at the branches and offices.
Retail inflation dipped to an over six-year low of 2.82 per cent in May due to subdued food prices, remaining below the RBI's median target of 4 per cent for the fourth consecutive month, according to government data released on Thursday. Consumer Price Index (CPI)-based retail inflation was 3.16 per cent in April and 4.8 per cent in May 2024.
Banks reported muted treasury gains during April-June of FY25 (Q1FY25) following Reserve Bank of India's (RBI's) revised norms on investment portfolio effective from April 1, 2024, despite softening of government bond yields. "Banks have reported muted treasury gains during Q1 of FY25 despite softening of yields across the curve. "The main reason was change in the investment valuation and classification guidelines by the RBI.
'The long term strategy is that this government wants to create a second class citizen list.'
Markets regulator Sebi has barred US-based Jane Street Group from the securities markets and directed the group to disgorge unlawful gains of Rs 4,843 crore for allegedly manipulating stock indices through positions taken in derivatives segment. This could be the highest disgorgement amount ever directed by the Securities and Exchange Board of India (Sebi).
The Trump trade shock is a chance to push long-overdue reforms, rather than tinker with tariffs to appease the US, suggests M Govinda Rao.
Despite recent underperformance, MNC funds have delivered over longer time frames.
About 1 million bank officers are expected to participate in the strike on May 30 and May 31
Sebi's probe against Jane Street is part of its efforts to mitigate losses for individual derivative traders.
Concerned over the rise in mis-selling of products by banks and non-banking financial companies (NBFCs), the Reserve Bank of India (RBI) is examining whether to come up with norms to curb such practices. Observing that pushing financial products, such as insurance, indiscriminately to unaware consumers may be detrimental to their well-being, RBI Deputy Governor M Rajeshwar Rao said, "We are examining whether it necessitates framing of guidelines to address mis-selling of financial products and services by REs (regulated entities)."
The bank made a Rs 67 crore net profit, up 21% from the previous year. Its deposits grew 8%, the loan book 10%. Net bad loans dropped from 7.53% to 6.07%. So why was the banker, who headed the bank, not promoted?
OYO founder Ritesh Agarwal has invited name suggestions for its parent firm Oravel Stays, in a strategic move as the global travel tech platform prepares to launch its IPO and looks to have more premium segment offerings. There is a high possibility that the name chosen through the exercise may end up being the name of the premium hotels app that OYO has been working to launch in the near future, people familiar with the strategy told PTI.
'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
Analysts believe Tesla will first focus on building the Model Y brand before expanding -- both in terms of volume and models.
With the rise of wellness tourism and experiential travel, specialised jobs are being created in spa management, event planning and local experience curation, besides social media management.
The Supreme Court's order to remove stray dogs from Delhi-NCR localities has sparked mixed reactions, with RWAs welcoming the move and animal rights activists raising concerns about implementation and potential harm.
"I mentioned to sir (Ratan Tata) that the son of a fellow army officer was handicapped below the waist and needed a job," he told PTI from Pune where he now lives. "Vijay Bisht, son of my then colleague in M&G area HQ Lt Col B S Bisht, had sustained severe leg injuries after falling from a horse and I came to know he was looking for a job," he added. Tata said the needful would be done. And it was.
There was such a rush that more counters were opened outside the GPO building, under the open sky, he added.
'They wanted the city to be a great business hub. They didn't like the fact that taxes collected in Bombay would go outside the city.'
Will Mamata's bhasha andolan campaign sway Bengal's bhadralok before the 2026 election in the TMC's favour?
The court said there is nothing on record to suggest that since 2023, Purkayastha was ever called to join the investigations.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
This is important because he is to be seen as a sure winner before criss-crossing the state to campaign for candidates of the party or an alliance, highlights N Sathiya Moorthy.
'The Election Commission is conducting the National Register of Citizens in Bihar through the backdoor.'
Conservative investors seeking equity-like tax benefits with low risk may go for them.
