Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
ANZ had exited from India in 2000 after it sold its Grindlays Bank unit to Standard Chartered Plc.
The Enforcement Directorate had invoked Section 68 of the Foreign Exchange Regulations Act against a number of top executives of the banks.
Retail investors should continue to invest in accrual schemes like cash and floating rate funds.
Buoyed by good quality assets and liabilities of the merged entity of Grindlays Bank, the Standard Chartered Bank on Wednesday announced a 121 per cent growth in post-tax profit of Rs 848 crore (Rs 8.480 billion) for the year ended March 31, 2003.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
Kishore Singh salutes Akbar Padamsee, the legendary painter who passed into the ages last fortnight.
'The book captures Rana Kapoor's hunger for real estate leading to bungalows in Delhi, Mumbai, London and other cities; the multiple companies -- over 100 -- to fund his family's various ventures; the attempt to game the system by showing lower non-performing assets,' notes Joydeep Ghosh.
'What made him different was that he was not a banker at all by temperament.' 'He was a businessman, a typical lalaji at that.' 'He had to win at any cost.'
'It can't be a coincidence that he and his family, uncles and all, vanished from India only days before the scam was discovered.'
On the title page of the Top Secret Report, Henderson-Brooks quotes the Chinese tactician Sun Tzu: 'Know yourself, know your enemy: A hundred battles, a hundred victories', says Claude Arpi, highlighting where the Indian Army and government failed to counter the Chinese attack in 1962.
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