Sebi on Friday barred fugitive businessman Vijay Mallya from the securities markets and restrained him from associating with any listed firm for three years in the matter of routing of funds to the Indian securities market using overseas bank accounts with UBS AG. The Indian government has been attempting to extradite Mallya from the United Kingdom to face fraud charges related to his now-defunct company Kingfisher Airlines. Mallya has been living in the United Kingdom since March 2016.
The Reserve Bank of India has convened a meeting of bank chairmen and managing directors on September 16 to discuss ways to formulate the benchmark prime lending rate, which is expected to be introduced by this month-end.
The move to make the appointment process more robust comes after last month's arrest of S K Jain, chairman and managing director of Syndicate Bank last month, over graft charges.
The Reserve Bank of India (RBI) has put in place a framework to allow overseas subsidiaries and branches of Indian banks and financial institutions to undertake activities not specifically permitted in the Indian domestic market. The framework also specifies the applicability of these instructions to International Financial Services Centres in India, including Gujarat International Finance Tec-City (GIFT City). While these activities may not need prior approval, they are subject to compliance with all applicable laws/regulations and conditions stipulated by the RBI and those prescribed by the host regulator.
'Pakistan is economically very weak and will not be able to sustain a war for long.'
In October 2024, Jindal Stainless challenged a Goods and Services Tax (GST) notice in the Delhi high court. It was about corporate guarantees issued to related parties by its former group company, Jindal Stainless (Hisar), before their merger in March 2023.
Coming out of its self-imposed shell, Union Bank of India, the fifth largest public sector bank in the country, is moving forward to opening branches overseas. The bank has over 2,000 branches across India, but no branch overseas.
The government is set to initiate consultations with the Reserve Bank of India (RBI) to devise a new security clearance framework for screening potential bidders of public sector banks (PSBs) as it kick-starts the privatisation process, beginning with the strategic divestment of IDBI Bank. As the government is moving ahead with strategic divestment of IDBI Bank and is looking to privatise two PSBs, the Department of Investment and Public Asset Management (DIPAM) is looking to put in place an appropriate framework as the potential buyers will have to meet the RBI's fit and proper criteria, said an official. The process of bank privatisation would be different from the sale of any other public sector undertaking (PSU), and more restrictions and measures will have to be put in place, the official said.
As a part of the SBI Fellowship programme, youngsters aged between 21 and 32 years get to work with NGOs on several projects in rural India.
The income-tax (I-T) department has issued showcause notices under Section 68 of the Income-Tax Act to several startups over funds routed through Singapore, seeking explanations for investments received over the past five years, people familiar with the development said. The department is questioning the source, identity, and creditworthiness of overseas investors in these transactions, they said.
It won't be easy for the banking sector to better its performance every quarter, predicts Tamal Bandyopadhyay.
Fitch Ratings on Monday said India's steady GDP growth outlook, improved banking sector's financial health and expected interest-rate cuts in 2025 will support credit access for corporates in FY26.
Foreign investors continue to pull back money from the Indian equity market, withdrawing Rs 24,753 crore (about $2.8 billion) in the first week of March amid escalating global trade tensions and lacklustre corporate earnings.
China's opening up of its banking sector to foreign competition has not brought cheers for the Indian banks as overseas banks seeking entry into the country must bring in 200 million yuan.
Kurumbur in gold-loving Tamil Nadu was once a thriving centre for goldsmiths. Today their number is down to two.
Central Bank of India's 21.5 per cent assets are either bad or have been restructured.
Indians remitted close to $2 billion in November under the Reserve Bank of India's (RBI's) liberalised remittance scheme (LRS), latest data released by the central bank showed. Outward remittances under the scheme jumped 29 per cent to $1.99 billion compared to $1.54 billion in the year-ago month. Sequentially, outward remittances under the scheme were up about 3.5 per cent.
With the government clearing the decks for direct listing at the Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC), issuers will wait for the ecosystem to develop further before firming up their listing plans. In the meantime, most companies may continue to prefer listing in the onshore market, even as the new avenue provides key benefits such as tax waivers and reduced foreign exchange risk. Sources said that a few key things need to be ironed out further.
The Enforcement Directorate said on Monday that it had conducted search operations at four locations in Mumbai and Delhi as part of its money laundering investigation into an alleged Rs 4,500 crore (Rs 45 billion) fraud by Pancard Clubs Limited and others, in which more than 5 million investors have been duped.
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
'One should not invest more than 5 to 10 per cent of their overall portfolio exposure in global or international funds.'
'The race is now on for Indian IT firms to develop their AI prowess and focus on a software-first approach to services as the people element becomes more complicated with Trump's expected new regulations.'
The bank has said rent payments will not earn reward points, and redemption of reward points on various cards have been capped in certain segments.
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
Mallya is separately fighting extradition to India on fraud and money laundering charges worth an estimated Rs 9,000 crore
'Growth for some companies has been hard to come by and this is a smart way to get there.'
Because of lower ratings, these companies would have to pay higher rates if they raised money directly.
The inaugural edition's winner Mumbai Indians will bank on their core group of players while two-time finalists Delhi Capitals will expect fireworks from Shafali Verma when they face-off in the second game of the Women's Premier League here on Saturday. The finalists of the first WPL in 2023, both Mumbai Indians and Delhi Capitals made it to the knockouts in the second edition last year but lost to the eventual champions Royal Challengers Bengaluru in the eliminator and the final respectively. Those defeats were certainly not reflective of how well MI and DC had fared until the knockouts stage, with Harmanpreet Kaur's side finishing second in the points table with five wins in eight matches and Meg Lanning's team topping it with six wins in as many outings. The winners of WPL 2023, Mumbai Indians tend to lean on their core group of players both overseas and Indian and a similar approach can be expected this year, with only a few changes taking place in terms of squad composition. India pacer Pooja Vastrakar, who was grappling with an unspecified injury, was ruled out of the competition and has been replaced by slow left-arm orthodox bowler Parunika Sisodia, who was one of the main performers in India's title-winning campaign in the U-19 Women's T20 World Cup recently. Mumbai Indians have let go of England's Issy Wong, who took the first-ever WPL hat-trick in 2023, after the player lost form and the franchise found the leader of their attack in South Africa's Shabnim Ismail. Among domestic talents, another member of the U-19 T20 World Cup winning squad G Kamalini would be one to watch out for, having finished as the third highest scorer in the competition with 143 runs in seven matches. Apart from a strong leader in Harmanpreet, MI have strong figures from other international sides such as Nat Sciver-Brunt (England), Hayley Matthews (West Indies), Amelia Kerr (New Zealand), as well as South Africans Nadine de Klerk, Shabnim Ismail and Chloe Tryon. While Yastika Bhatia is MI's No 1 wicketkeeper-batter, other Indian players in Saika Ishaque, Sajana Sajeevan, uncapped Akshita Maheshwari and Amanjot Kaur will be expected to play their roles to perfection. On their part, Delhi Capitals will be keen to do one better after finishing as runner-up for two times in a row ever since the competition began. One of the most consistent teams in the competition, the Lanning-led Delhi have strong talent base across departments but the key will be to deliver in crucial matches. All eyes will be on the explosive Indian batter Shafali who has responded to her exclusion from the Indian side with runs in domestic cricket. She forms a lethal opening pair with Lanning at the top, while the likes of Australia's Annabel Sutherland, England's Alice Capsey and India's Jemimah Rodrigues form the core of their middle order. All-rounder Sutherland will hope to draw inspiration from her recent success of having struck 163 in the only Test of the women's Ashes followed by winning the highest individual honour in Australian cricket. While Delhi boasts of three wicketkeeper-batters in India's Taniyaa Bhatia, Nandini Kashyap and Scotland's Sarah Bryce, their bowling looks settled with Marizanne Kapp as the leader of the attack, backed by Australia's Jess Jonassen, India's Radha Yadav and Shikha Pandey as well as Titas Sadhu.
Notwithstanding the recent sharp decline in the stocks of public sector companies, analysts at Jefferies remain bullish on this segment. State Bank of India, Coal India, and NTPC are their top picks in this space, they said in a recent note. The public sector undertaking (PSU) or state-owned enterprise (SOE) index, with a 70-percentage-point outperformance versus the National Stock Exchange Nifty50 over the past 12 months, comes after a decade of underperformance before 2020.
The net outward foreign direct investment went up from $9.1 billion in 2017-18 to $12.6 billion in 2018-19 and moved further north to $13 billion in 2019-20.
This is part of the first batch of Supplementary Demands for Grants for 2020-21 moved by Finance Minister Nirmala Sitharaman in the Lok Sabha.
The rally in the equity markets in the second half of 2023 has led to a sharp surge in the cutoff for stocks to qualify as largecaps and midcaps. On the latest list put out by the Association of Mutual Funds in India (Amfi), the smallest largecap stock now has a market capitalisation (m-cap) of Rs 67,000 crore, 35 per cent higher than in July 2023. In the case of midcaps, the cutoff has surged 26 per cent to Rs 22,000 crore.
From the 30-share blue-chip pack, Zomato cracked nearly 7 per cent. Power Grid, Adani Ports, Tata Steel, NTPC, Tata Motors, Tech Mahindra, Mahindra & Mahindra, Asian Paints, Sun Pharma and UltraTech Cement were the other major laggards. In contrast, Axis Bank, Hindustan Unilever, Tata Consultancy Services and IndusInd Bank were the gainers.
Amid slowdown blues, the government has unveiled a raft of measures over the past few months aimed at improving liquidity in the system, moderating interest rates as well as credit growth apart from addressing stress in the NBFC sector.
We'll need to wait a couple of years to see how many restructured loans turn bad and whether some banks fall victim to their obsession for growth, explains Tamal Bandyopadhyay.
In a filing to stock exchanges, BoI said Reserve Bank of India has placed it under Prompt Corrective Action Framework, consequent to the onsite inspection under the risk based supervision model carried out for the year ended March 2017.
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