Congress general secretary (communications) Jairam Ramesh said they will pose three questions a day to Prime Minister Narendra Modi over the issue.
Host of lenders led by State Bank of India (SBI) and Bank of India hiked lending rates after the Reserve Bank raised the benchmark interest rate to tame inflation. The hike has been effected in their benchmark rate linked to the repo rate, which increased by half a percentage point to 5.9 per cent. Even financial institutions like mortgage lender HDFC Ltd hiked the lending rate by 50 basis points effective Saturday.
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
India has decided to authorise the country's biggest lender SBI to promote rupee trade with Russia and soon Moscow will name its bank to operationalise the mechanism, exporters' body FIEO said on Wednesday. The RBI in July issued a detailed circular asking banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. Currently, a large part of bilateral trade between India and Russia is getting settled in rupee due to sanctions imposed by the US and Europe following Moscow's attack on Ukraine.
The correlation between withdrawal of deposits and the Covid death rate is stark, reveals Tamal Bandyopadhyay.
Indian society may be more advanced than we think it is, notes Ajit Balakrishnan.
Eight of the top-10 most valued companies suffered a combined erosion of Rs 2,61,812.14 crore in market valuation last week, with Reliance Industries emerging as the biggest laggard. In the top-10 list, Infosys and Wipro were the only gainers. During the last week, the BSE benchmark slumped 1,774.93 points or 3.01 per cent.
Equity markets began the new financial year with smart gains on Friday, with the Sensex rallying over 708 points to recapture the crucial 59,000-mark following gains in index majors HDFC twins and Reliance Industries, along with foreign fund inflows. On the first day of trading in the new financial year, the BSE barometer rallied 708.18 points or 1.21 per cent to settle at 59,276.69. During the day, it jumped 828.11 points or 1.41 per cent to 59,396.62. The broader NSE Nifty advanced 205.70 points or 1.18 per cent to settle at 17,670.45.
Nine of the top-10 most valued domestic companies together added a whopping Rs 2,22,591.01 crore in market valuation last week, with heavyweights RIL, TCS and HDFC twins gaining the most. During the last week, the BSE benchmark Sensex rallied 1,690.88 points or 3.21 per cent. The index reached its all-time high of 54,717.24 on August 5. Barring Bajaj Finance, rest nine companies -- Reliance Industries Ltd (RIL), Tata Consultancy Services (TCS), HDFC Bank, Infosys, Hindustan Unilever Ltd (HUL), ICICI Bank, HDFC, State Bank of India and Kotak Mahindra Bank -- logged gains.
If Kerala wants to sustain its room for independent thinking and talk back to Delhi when needed, it should put its finances in order. Or - if one takes the North East example - Kerala's political posturing may end up commensurate with its financial dependence on others, suggests Shyam G Menon.
The sector seems set for a rally that may be somewhat temporary.
The drop in net interest margin will separate the men from the boys, explains Tamal Bandyopadhyay.
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
Key stock indices Sensex and Nifty declined over 1 per cent at close on Monday due to heavy selling in banking, auto and FMCG shares amid weak global market trends and continued foreign fund outflows. Reversing its previous session's gains, benchmark BSE Sensex tumbled 638.11 points or 1.11 per cent to settle at 56,788.81. During the day, it tanked 743.52 points or 1.29 per cent to 56,683.40. The broader NSE Nifty fell by 207 points or 1.21 per cent to end at 16,887.35 as 42 of its constituents declined.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
'An eerie similarity with 2019 inflation trajectory could now mean that the RBI and market inflation estimates could go awry.'
The combined market valuation of three of the 10 most valued domestic firms eroded by Rs 73,630.56 crore last week, with Reliance Industries Limited taking the biggest hit. While HUL and ICICI Bank were the other laggards from the top-10 pack, TCS, HDFC Bank, Infosys, LIC, SBI, HDFC and Bharti Airtel were the gainers. However, the combined gain of the seven firms at Rs 49,441.05 crore was less than the total loss suffered by the three companies.
The government holds stakes ranging from 56% to 84% in 27 state-run banks.
Benchmark BSE Sensex rallied nearly 630 points while Nifty closed above the 16,500 mark on Wednesday after sharp gains in IT and energy shares amid positive global market trends. Buying in index majors Reliance Industries, Infosys and Tata Consultancy Services and FII inflows bolstered the sentiment. Shares of firms related to oil exploration and refineries were in heavy demand, with Reliance Industries rallying 2.47 per cent and ONGC by 4 per cent, as the government slashed windfall tax on petrol, diesel, jet fuel and crude oil.
Banks should start looking for ways to generate more internal capital as the leeway to get additional funds from the government would be limited due to the ongoing fiscal consolidation process, Mundra said.
The country's largest lender SBI on Friday reported a 41 per cent surge in standalone net profit at Rs 9,114 crore for the fourth quarter ended March 2022, helped by decline in bad loans. State Bank of India (SBI) had registered a profit of Rs 6,451 crore during January-March period of 2020-21, the lender said in a regulatory filing. Total income of the bank during the March quarter increased marginally to Rs 82,613 crore, from Rs 81,327 crore in the same period of the previous fiscal.
Credit card spends touched an all-time high of Rs 1.16 trillion in July, registering a growth of 6.5 per cent on a month-on-month basis and 54 per cent year-on-year, latest data put out by the Reserve Bank of India revealed. Spends have topped the Rs 1 trillion level for five consecutive months now. Industry participants are expecting further tailwinds in credit card spends with the onset of the festive season, where spends typically remain at an elevated level.
Four of the 10 most valued domestic firms together added a whopping Rs 231,320.37 crore in market valuation last week, with market heavyweight Reliance Industries contributing the most to the overall gains. Last week, the Sensex jumped 884.57 points or 1.61 per cent. While TCS, Infosys and ICICI Bank were the other gainers from the top-10 pack, HDFC Bank, HUL, LIC, SBI, HDFC and Bharti Airtel faced erosion from their market valuation.
Benchmark indices Sensex and Nifty gave up early gains to close lower for a fourth straight session on Thursday due to selling in IT and banking shares amid weak global equities. The 30-share BSE benchmark settled 98 points or 0.18 per cent lower at 53,416.15. During the day, it hit a high of 53,861.28 and a low of 53,163.77. The broader NSE Nifty also pared initial gains and ended 28 points or 0.18 per cent down to settle at 15,938.65.
With the rise in interest rates, bond yields have been on the rise; this will dent banks' treasury profits. Also, many retail borrowers may find it difficult to service their loans when the loan rates rise, points out Tamal Bandyopadhyay.
The Securities and Exchange Board of India (Sebi) has just released a proposal to alter the regulations pertaining to the sponsor system for mutual funds. One of the reasons for the proposed changes is that there are two conflicting regulations that need to be clarified. The other reason is that the sponsor system may itself be outdated as it stands, and the proposed changes would allow new entities such as private equity funds and portfolio management services to enter this space.
Leading the Opposition attack over the Adani-Hindenburg issue in the Lok Sabha, Rahul Gandhi on Tuesday linked Gautam Adani's meteoric rise to Prime Minister Narendra Modi's coming to power and said "magic" happened after 2014 that propelled the businessman from the 609th to the second spot on the global rich list.
The jury is still out on the decision to demonetise high value currency notes on November 8, 2016, with the government claiming it has helped greater formalisation of the economy while critics saying it has failed to curb black money and reduce dependence on cash. On November 8, six years ago, Prime Minister Narendra Modi had announced the demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money, besides eliminating terror funding. As per a Reserve Bank data, currency with the public has jumped to a new high of Rs 30.88 lakh crore an October 21, indicating that cash usage is still substantial even six years after the demonetisation move.
Investors not comfortable investing directly may take the mutual fund route, where they get exposure to a diversified portfolio of bonds.
Equity benchmarks continued their winning momentum for the third day on Thursday and jumped over 1.50 per cent, tracking an overall bullish trend in Asian equities. On the political front, the BJP headed for a second straight win in politically crucial Uttar Pradesh and dominated the trends chart in three other states. The 30-share BSE benchmark Sensex opened in the green and further zoomed 1,595.14 points or 2.91 per cent to 56,242.47 during early trade.
Equity benchmarks had another rough day on Monday, with the Sensex plummeting 1,457 points and the Nifty tumbling to the 15,774 level, mirroring an extremely weak trend in global markets along with unrelenting foreign fund outflows. Index majors ICICI Bank, Infosys and Reliance Industries bore the brunt of heavy selling. The 30-share BSE Sensex tumbled 1,456.74 points or 2.68 per cent to settle at 52,846.70.
The son of a financially constrained tailor in Srinagar, Adil Altaf blazed to glory in the Boys 70km road race on Saturday.
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