The Reserve Bank of India's (RBI's) decision to withdraw the incremental cash reserve ratio (I-CRR) is expected to benefit banks during the festival season. They are likely to increase deposit rates by up to 25 basis points (bps) in select maturity buckets. The rise in demand for funds to cover tax payments and meet quarter-end business targets could influence rate decisions by banks, according to bankers and money market executives.
The government has set a growth target of 20 per cent for banks both in the credit and deposit segments in the current fiscal.
State Bank of India hinted at lowering lending rates to retail customers.
The apex bank is scheduled to announce the quarterly review of its annual monetary policy on January 29, when it is widely expected to hike the cash reserve ratio or the percentage of amount banks park with the RBI to absorb excess money from the system.
V Vaidyanathan -- managing director and CEO of IDFC First Bank -- is considered one of India's most astute bankers. But who know he was such a good singer?
Gaurav Deepak has raised funds for about 100 new-age entrepreneurs.
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A rule change may make Nachiket Mor, among others, eligible to replace Chakrabarty.
With the spate of businesses turning their attention to Ayodhya, land rates have shot up, in some pockets by as much as 10 times. Whether one walks into a hotel lobby or sits down for a meal, land deals are being discussed at every other table -- one on one or among groups.
NTPC was to open letter of credit in favour of RIL for an amount equivalent to a month's supplies.
Reliance Industries, construction major L&T and IRB Infrastructure are some of the top companies that have used an infrastructure investment trust structure to reduce part of their debt and generate returns for their investors. Earlier this month, IRB Infrastructure InvIT was listed on the National Stock Exchange, giving its investors an option to exit by selling their units. The listing came within months of the Securities and Exchange Board of India's (Sebi's) guidelines for conversion of private unlisted InvITs into listed ones were issued.
Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, finds itself in a bind as the Directorate General of GST Intelligence (DGGI) has issued multiple Show Cause Notices (SCNs) amounting to Rs 922.6 crore. This development comes at a time when Reliance Capital is currently undergoing a debt resolution under the National Company Law Tribunal (NCLT) process in which the Hinduja group has emerged the winner. The Hinduja acquisition is currently awaiting the Supreme Court's approval after the Torrent group, the winner of the first round, challenged the second auction conducted by the lenders of Reliance Capital.
The pay rise at Barclays Capital is expected to be backdated to June this year as the bank looks to compensate its staff following the bonus crackdown.
An Indian-origin Thai banker will have to return to Thailand to face charges of embezzling USD 88 million (Rs 4,130 million) after the Supreme Court of Canada on Thursday refused to hear his appeal against an earlier extradition order.
The meeting between Cabinet secretary K M Chandrasekhar and heads of banks along with representatives of chambers will be held at a time when almost 50 per cent of PSU banks have reduced their benchmark lending rates effective from Thursday. Prime Minister Manmohan Singh had said there is scope for further cuts in interest rates in his meeting with industrialists last week.
Jet is losing money fast, beset by high costs, low fares and cut-throat competition in its domestic market.
A revival in investment is likely to be a key near-term initiative.
'Sell part of your portfolio where you're making good money, especially in small caps and mid caps.' 'The money which you take home is yours. The money which is there on paper is not yours.
Growing business opportunities fuelled by a robust economy and an increasing number of private equity investors are prompting investment bankers to quit their jobs and turn entrepreneurs.
The possibility of key policy rate cut is not bright as industrial output grew by 6.8 per cent in January against just 2.5 per cent in the previous month.
The venue for Saturday's meeting was shifted at the last minute from the headquarters of the India Banks' Association in Cuffe Parade to avoid media glare.
'I have a problem with the term 'outsider'. 'Doctor ka beta doctor banta hain, par aap baki doctors ko outsider nahi na bulate.' 'I always wanted to be an actor, yaar.' 'While I was in the bank for eight years, I was training to be an actor in Delhi.'
In January, banks had rejected SBI Caps' initial proposal on Air India's debt recast, which suggested converting a part of the carrier's debt into cumulative redeemable preference shares, with an eight per cent dividend.
G20 finance ministers meet in London on Friday to chart the next steps out of the global economic crisis, with calls to curb bankers' bonuses as part of beefed-up financial market rules topping the agenda.
Top bankers on Wednesday exuded confidence that Raghuram Govind Rajan, who today took over as the 23rd Governor of the Reserve Bank, has the intellectual prowess to wade through the present difficulties facing the economy and wished him all success for the stint at Mint Road.
Reflecting subdued global economic growth, India's outward foreign direct investment (FDI) fell by 33.3 per cent sequentially to $1.21 billion in August, compared to over $1.82 billion in July.
While inflation has stayed in the negative territory for past several weeks, analysts are wondering whether the interest rates have bottomed out with signs of economic recovery.
Reserve Bank Governor D Subbaro on Tuesday said there is scope for banks to lower lending rates further, but most top bankers maintained that interest rates will remain the same in the near term and could even rise after 3-4 months.
In the quarterly review of its annual monetary policy on Tuesday, the central bank is also likely to lay out a more clear roadmap to conduct the government borrowing programme in a smooth manner and may hike the GDP and inflation forecast for FY'10, they said. To arrest the slowdown in the economy by stimulating demand the apex bank has trimmed its CRR to 5 per cent, repo and reverse repo rates to 4.75 per cent and 3.25 per cent respectively since October last year.
Want to advice high net worth individuals on how they can maximise their wealth? Here's a talent development programme that envisions making private bankers with highest standards of excellence and performance.
While bankers and experts expect the lending rate to fall by about one percentage point in the near-term, the Prime Minister's Economic Advisory Council has strongly pitched for rate cut by the RBI in its monetary policy review later in the month.
The bosses of SBI, Union Bank and Central Bank have been driving down to their offices everyday to take stock of the biggest loan drive ever undertaken for MSMEs, discovers Tamal Bandyopadhyay.
In a surprise move, the Reserve Bank on Wednesday left the repo rate unchanged at 7.75 per cent, while the cash reserve ratio too is retained at 4 per cent.
For that to happen, Moitra's much followed speeches should be heard outside Parliament so that the PR spins of the ruling dispensation are countered with informed debate, argues Shyam G Menon.
Officials from 22 banks made representations before the minister and his panel about the industry expectations from the next financial budget.
Mallya's comments came a day after country's largest lender, State Bank's Chairman O P Bhatt said that rising levels of stressed assets may push up defaults in the domestic banking system and banks need to enhance their risk management mechanisms to tackle the issue. However, BoB has a comfortable liquidity position and has its NPA levels under control, Mallya said, adding, "the bank has adequate headroom to raise capital but did not have any immediate plans to do so."
A key hindrance to a faster turnaround of these banks is the slow progress in the resolution of legacy bad loans and the need to build up provisions against those assets.
Head of state-run Indian Bank T M Bhasin had called for a CRR cut.
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