Bankers seem to be pleased with the government for keeping its promise of not interfering in operational matters, but are apprehensive about the intense scrutiny of their functioning.
Why are investors gung-ho about State Bank? asks Tamal Bandyopadhyay.
If the account in a foreign bank has income undisclosed to income tax authorities, or has funds from illegal sources, the account can be declared illegal, under the Fema.
Sitharaman also directed public sector bank heads to clear long pending vigilance cases against their officials for alleged malpractices.
RBI's oversight cadre move creates HR trouble, officers threaten agitation.
The Supreme Court on Wednesday agreed to hear on February 17 a fresh plea of a Congress leader seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
Balakrishnan, a full professor in the economics department who joined the private university in 2015, on Saturday wrote to Ashoka University Chancellor Rudrangshu Mukherjee and board of trustees chairperson Pramath Raj Sinha explaining his reasons for his resignation.
The Organised Crime and Corruption Reporting Project (OCCRP) on Thursday trained its guns on the Adani Group, alleging hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based 'opaque' investment funds managed by partners of promoter family, charges the conglomerate denied vehemently.
MCA blamed its financial troubles on non-receipt of payments from the Board of Control for Cricket in India for the last 10 months.
'Every time a new tech comes in, there are a set of people who will predict that this will be the end of Indian IT and every time the Indian IT industry and overall technology providers have proven to be resilient.'
'Isn't it obvious? Do you have a doubt? There is so much data that shows that there is quid pro quo.' 'There are many instances of donations being given after the raids, donations being given before the award of a contract and many other permutations and combinations.'
The petition was filed in 2003 by NGO Centre for Public Interest Litigation.
NavIC consists of a constellation of seven satellites and a network of ground stations and is touted to be more accurate than GPS.
Risks are increasing with 55 times increase in such transactions over the past three years, says a Assocham-PwC report
Banking services across the country were hit on Wednesday by the day-long strike by 10 central trade unions and 14 bank unions, but workers of largest lender SBI and a few other banks stayed off the agitation.
Bank employees body AIBEA, which is a major constituent of the United Forum of Bank Employees' Association that has called a nationwide strike, on Tuesday said Finance Minister P Chidambaram rejecting wage demands of bank employees is "unfortunate" and the strike was forced on them.
When contacted whether Letters Rogatory have been sent, CBI sources said "it is in the process".
26 chartered accountants associated with such shell companies have also been identified
Assuming the private bank issues 20 billion shares at Rs 10 apiece (with face value of Rs 2 each), the total capital raise will be Rs 20,000 crore. And for the 49 per cent stake, SBI will need to put in about Rs 10,000 crore.
'...It is important for you to take a stand.' 'It is a sin to remain silent when the basic structure of the Constitution is being attacked.'
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
The CBI has lodged an FIR against three persons and unidentified officials of the Central Board of Film Certification (CBFC) over the allegations of actor Vishal that he had to pay Rs 6.5 lakh to get a certificate for his film Mark Antony, officials said on Thursday.
Foreign portfolio investors (FPIs) remained net buyers to the tune of Rs 12,266 crore in the Indian market in the first five trading sessions of February, as positive sentiment post-Union Budget 2021 sparked a rally in investment.
It is a pity that he does not take his youth influencer role more seriously and align his brand endorsements more responsibly, notes Kanika Datta.
The net leasing of Grade-A commercial office space in India will stagnate this financial year at 32-34 million square feet, with global uncertainties brewing caution among key tenant categories, according to the latest Crisil Ratings report. Major seven cities in India - Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune - had Grade-A office space with an operational stock of around 705 million square feet as of March 2023. India's commercial office space is dominated by technology companies, with information technology (IT) and IT-enabled services (ITeS) companies occupying 42-45 per cent of the operational stock.
At a time when banks are engaged in a fierce battle to gain market share in the credit card segment, Citibank India has been losing its share, both in terms of outstanding cards and spends in the last few years. Still, average spends on Citi cards are higher than any other Indian bank. Last year, the global banking behemoth announced exit from its consumer banking franchises in 13 markets across Europe, Middle East and Asia, including India, citing lack of scale.
Manufacturing activities in India fell to a five-month low in September as new orders rose at a softer pace, which tempered production growth, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) fell to 57.5 in September, down from 58.6 in August -- the lowest in five months. The September PMI data pointed to an improvement in overall operating conditions for the 27th straight month.
A bunch of CEOs in their mid-30s and early 40s are trying to rectify the scenario where shady lending applications trap hapless borrowers with astronomically high interest rates and even bodily harm if the money was repaid. Anup Roy reports.
Tension between the government, specially the finance ministry, and RBI is as old as the central bank itself.
Market leaders in this line of business - New India Assurance and Tata AIG - have begun to reassess the premium on risk exposure of their portfolio in the director's and officer's liability business.
All these male politicians are unlikely to risk their sinecures to speak up in support of a bunch of women wrestlers who have chosen to challenge a politician who appears to have the ruling regime in a stranglehold, points out Kanika Datta.
Even as the returns of mutual fund (MF) schemes have improved considerably in the past three months, addition of new investors has remained in the slow lane for the MF industry. According to industry data, during the first six months of CY 2023, MFs onboarded only 1.6 million new unique investors, in stark contrast to the 4.7 million investors added during the same period last CY and the 2.4 million in 2021. It is noteworthy, however, that the current additions for this year have doubled in comparison to the figure of 800,000 seen in 2020.
The central government and the Reserve Bank of India have devised a country-specific plan towards implementation of overseas trade in rupee, people aware of the matter said. To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country. "Small countries that are dollar-deficient have shown interest in doing trade in rupee.
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Banking as we know it will stand on its head in the next 10 years.
'From a risk-return perspective, large-cap funds may generate lower-than-historical average returns in 2024, whereas mid-, and small-cap funds hardly have any upside left.'
In financial year 2020-21, the BJP declared assets worth Rs 4,990 crore, up by 21.17 per cent to Rs 6,046.81 crore in 2021-22.
After withdrawing record funds in 2021-22, foreign portfolio investors (FPIs) continued their sell-off in the last fiscal too and pulled out Rs 37,631 crore from Indian equities amid aggressive rate hikes by central banks globally. The outflow trend is likely to reverse in the current financial year since India has the best growth potential in the financial year 2023-24 (FY24), VK Vijayakumar, chief investment strategist at Geojit Financial Services, said. Market analysts believe that FPI flows in the current financial year would be decided by a host of factors, such as the US Federal Reserve's policy stance, oil prices movement and development in the geopolitical situation.
"What we have been able to gather is that Newsclick stands accused of offences under the Unlawful Activities Prevention Act (UAPA), for purportedly carrying Chinese propaganda on its website. All devices, laptops, gadgets, phones, etc have been seized in the past. All emails and communications have been analysed under the microscope," the statement by NewsClick read.
Manufacturing activities in India touched a three-month high in March boosted by faster expansions in new orders and output amid demand resilience and easing of cost pressures, according to a monthly survey. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose from 55.3 in February to 56.4 in March, signalling the strongest improvement in operating conditions in 2023 so far. The March PMI data pointed to an improvement in overall operating conditions for the 21st straight month.
'If the RBI blesses us with a banking licence, we would like to launch a successful bank.'
