Non-resident Indians (NRIs) haven't gone big on the Indian stock market story despite the post-pandemic boom. While domestic participation through mutual funds (MFs) and dematerialised accounts has soared, NRI participation figures show limited signs of a similar rise.
T R Narayanaswamy and K C Chackraborty have taken charge as chairmen respectively of Indian Overseas Bank and Indian Bank.
A day after large banks such as Punjab National Bank and IDBI Bank increased base rates, state-run lenders Indian Overseas Bank and Indian Bank followed.
Indian origin Hindus living in Europe and US are mulling opening overseas chapters of Prayagraj-based 'Ram Naam Bank' in their countries. On the occasion of Ram Navami on Sunday, the idea of opening a Ram Naam Bank was discussed among the devotees in Sweden.
Absconding diamond jeweller Mehul Choksi has been detained in Belgium following an extradition request by Indian probe agencies for his alleged involvement in the Rs 13,000 crore PNB bank loan 'fraud' case, official sources said Monday. The action against the diamantaire was taken on Saturday.
It's 'not looking like a Diwali lineup, which is usually grand and has superstar movies.'
The fine was imposed in the exercise of powers vested in the RBI under the provisions of Section 47 A (1) (b) of the Banking Regulation Act, 1949.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
The subsidiary will become operational by the end of the second quarter and cater to Indian corporates and expatriates in Malaysia. In the joint venture, BOB will hold 40 per cent stake, IOB 35 per cent, while Andhra Bank will hold the rest 25 per cent. Initial investment is pegged at Rs 405 crore (Rs 4.5 billion).
Markets regulator Sebi has proposed introducing a single window access for low risk foreign investors seeking to participate in the Indian securities market, a move aimed at simplifying compliance and enhancing the country's attractiveness as an investment destination.
Overseas fundraising by Indian firms is experiencing a robust revival in 2024, following a lacklustre 2023. This resurgence is primarily driven by strong demand for high-yield bonds from international investors amid improving liquidity conditions and reduced hedging costs. Indian companies raised ~32,619 crore through overseas bonds in the first half of 2024, surpassing the total amount raised via such instruments in the entire 2023, which stood at ~31,218 crore, according to PRIME Database. In comparison, ~45,237 crore was raised in 2022 and ~1.05 trillion was secured in 2021.
Public sector banks (PSBs) have proposed the Finance Ministry their plan to raise Rs 54,800 crore through Additional Tier-1 (AT-1) and Tier-2 bonds in the current financial year (FY25), 37 per cent more than the Rs 39,880 crore raised in FY24
IPOs have been the flavour of the season for some time. But the coming together of three mega IPOs, from diverse businesses and historic relevance, could tell a story that's still in the making, points out Nivedita Mookerji.
The Supreme Court on Friday declared JSW Steel Limited's resolution plan for Bhushan Power & Steel Limited (BPSL) "illegal" and ordered the latter's liquidation, four years after the company was acquired by JSW Steel under the Insolvency and Bankruptcy Code (IBC). Following the ruling, JSW Steel shares fell sharply.
As the fight for deposits intensifies, the cost of money will rise and the margin will be under further pressure, points out Tamal Bandyopadhyay.
Bigger state-run banks such as Bank of Baroda, Punjab National Bank and Union Bank have also seen their bad loans rising in the December quarter.
The cost of deposits is on the rise, but banks can't raise interest rate on close to 60% of their loan books, points out Tamal Bandyopadhyay.
The Union Finance Ministry on Tuesday said that aggregate business of public sector banks (PSBs) has shown strong growth of 11 per cent in the first half of the financial year 2024-25 (H1FY25) to touch Rs 236 trillion. The operating and net profit were also robust. At Rs 1.5 trillion, operating profit grew by 14.4 per cent year-on-year (Y-o-Y) while the net profit saw an impressive 25.6 per cent jump at Rs 85,520 crore in the first half of FY25.
While a giant, it's a nimble-footed one, and is growing at a speed that even some of its private sector peers find enviable.
Between FY18 and FY24, it doubled its balance sheet. Despite being a late entrant in some segments, it has been able to grab market share, observes Tamal Bandyopadhyay.
'If you are not prudent, you may exceed your budget, and if it happens too often, you may end up in debt.'
Major credit issuers, including the largest - HDFC Bank - have integrated their systems with the Bharat Bill Payment Systems (BBPS) for receiving credit card repayments via third-party applications.
Move comes after the country's monetary authority tightened credit norms
The crisis may not be as visible this time, but the stakes are just as high, points out Rajeswari Sengupta.
The foreign degree no longer sells itself, families are doing the math, and for many, the numbers just don't add up.
By choosing your study destination carefully, leveraging government schemes, comparing loan options, and adopting frugal living practices, Indian students can acquire global credentials without mortgaging their futures.
Union Finance Minister P Chidambaram said in the Lok Sabha the Reserve Bank of India and the Securities and Exchange Board of India have taken up corrective measures in the IPO scam.
Mining conglomerate Vedanta Limited has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company's plan to split into six independent listed companies. "I am happy to let all of you know that we have received the 52 per cent plus the additional percentage, which is required for us to reach 75 per cent. "We have crossed that threshold as well. Most of the lenders have approved it," a senior Vedanta executive said in a recent bondholder conference call.
'It has remained around 38 per cent over the past four to five quarters.'
Diversified business conglomerate Mahindra and Mahindra (M&M) has picked up a 3.53 per cent stake in private sector lender RBL Bank for Rs. 417 crore. "We may consider further investment, subject to pricing, regulatory approvals, and required procedures. However, in no circumstance will it exceed 9.9 per cent," M&M said in an exchange notification on Wednesday. Shares of RBL Bank jumped 7.1 per cent to settle at Rs. 238.8 apiece on the BSE on Wednesday, close to their 52-week high of Rs. 242.1.
This year, at least eight public sector banks are set to scrap their existing Bancassurance tie-ups with insurers. They are: Bank of India, Union Bank, Karnataka Bank, Allahabad Bank, Indian Overseas Bank, Bank of Maharashtra and Federal Bank.
>It's not easy to predict the market. But there are at least two positive factors to back the PSU banks, explains Tamal Bandyopadhyay.
A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK. While the banks argued a right to waive their security over the Indian assets involved in the case in order to recover their debt in the UK, lawyers for the 65-year-old businessman argued that the funds in question involved public money held by state-owned banks in India which precluded them from such a security waiver.
Moody's Investors Service on Thursday downgraded subordinated debt ratings of 11 Indian banks, including SBI, ICICI Bank and HDFC Bank.
Dr Pananjay Tiwari, founder and director of Impel Overseas Education, highlights what international students should keep in mind in order to be safe in a new country and avoid being deported.
Sundararaman Ramamurthy has assumed charge as managing director and chief executive officer of leading stock exchange BSE. In a regulatory filing last year, BSE said that markets regulator Sebi has approved the appointment of Ramamurthy as its MD and CEO. "Sundararaman Ramamurthy has assumed charge as MD and CEO of BSE," the exchange said in a release on Wednesday.
Global rating agency Fitch has upgraded its support ratings for several Indian banks, including ICICI Bank, HDFC, Punjab National Bank, Canara Bank, Bank of India and IDBI among others.
The PAC, headed by Congress lawmaker K V Thomas, is keen to find out the details of huge loans given by the banks to corporates including the basis on which such favours were extended.
The finance ministry has finalised the top-level reshuffle in public sector banks.
Foreign banks and private credit funds are queuing up to fund acquisitions by Indian companies who are buying out their local rivals. The Adani Group, Torrent Group, and the Hindujas have approached several foreign banks and private equity (PE) firms to fund their acquisitions. Global investors have about $2 trillion of funds to invest, and about $100 to $150 billion is set aside for India, according to an estimate by JP Morgan.
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