India's first digital rupee pilot project will commence on Tuesday with nine banks, including SBI, HDFC Bank and ICICI Bank, issuing the virtual currency for transactions in government securities. "...the first pilot in the digital rupee - Wholesale segment shall commence on November 1, 2022," the RBI said in a statement on 'Operationalisation of Central Bank Digital Currency-Wholesale (e?-W) Pilot'. It also announced that the first pilot in digital rupee - Retail segment is planned for launch within a month in select locations in closed user groups comprising customers and merchants.
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
Visiting Varanasi for Dev Deepavali should be on your bucket list.
'If someone fiddles us on our religion then we will pay back five times more to that person. We have proved that time and again.'
First things first: For those wondering if they need to reapply, the answer is no.
Digitisation is changing the banking business. This shift has resulted in a change in banking job profiles.
"There is a limit when it comes to tolerating abusive behaviour or working styles. Many (employees) find ways to quit," says career coach and rediffGURU Pradeep Pramanik.
Across Yes Bank branches, the busiest people were the relationship managers, trying to soothe nerves. Many were seen advising clients the situation was only temporary and that their money was safe.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
'Focus on 19,400/64,900 as the key resistance levels for the Nifty/Sensex.'
Yes Bank and Ola launched a mobile ATM service where customers of any bank can withdraw up to Rs 2,000 per card from PoS terminals
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
The Budget for 2016-17 has announced a massive rollout of ATMs and micro-ATMs.
Lenders can now initiate recovery proceedings since the SC has lifted the standstill on asset classification, which protected stressed accounts from slipping into NPAs.
Banking services across the country were hit on Wednesday by the day-long strike by 10 central trade unions and 14 bank unions, but workers of largest lender SBI and a few other banks stayed off the agitation.
'We want to ensure that no government in J&K will be formed without our support.'
The stock exchange BSE has called off the merger of its unit at the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), India International Exchange (India INX), with NSE International Exchange (NSE IX), a similar unit floated by rival National Stock Exchange (NSE), according to sources familiar with the development. BSE and NSE had been in discussions for the merger for over a year, but it has yielded no results, they said.
An exclusive excerpt from The Tatas: How A Family Built A Business And A Nation.
'They are attacking my wife; they are attacking our 13-month-old daughter. They are saying that I do drugs.' 'I'm giving an open challenge to Mr Nawab Malik and Ms Sana Malik let's go to the labs and let's do the medical test of our family and your family.'
In days of smart, networked technology and no shame over collateral damage, what will blow up next -- cars, mobile phones, TV sets, refrigerators? And where?, asks Shyam G Menon.
Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
Small queues were witnessed at some bank branches on Tuesday for the exchange of Rs 2,000 notes against smaller denominations as part of the withdrawal exercise. As per the RBI guidelines issued on Friday, the exchange of Rs 2,000 facility is available from Tuesday. A person can exchange up to a limit of Rs 20,000 at a time without filling any form or requisition slip.
In a dramatic turn of events in May 2019, an Emirates aircraft en-route to Dubai was asked to stop while it was taxiing for a take off in Mumbai. The pilot was given no reason and ordered to immediately return to the parking bay. As the aircraft returned to the terminal, two passengers from the first class - Naresh Goyal and his wife Anita - were offloaded by the immigration authorities, who said the duo cannot leave the country. Goyal, founder of Jet Airways, was stunned. The man, who ruled the aviation sector for two and a half decades with an iron hand, did not expect to be offloaded in this fashion.
A day after applying for a bank licence, Aditya Birla Group chairman Kumar Mangalam Birla on Wednesday said the new bank licence norms announced by the Reserve Bank are not discriminatory towards large corporate houses.
The biggest gainers in the Sensex pack were Sun Pharma, Bajaj Finance, Vedanta, Yes Bank, ICICI Bank, HDFC, Tata Motors, HCL Tech, IndusInd Bank and Axis Bank, rising up to 2.98 per cent.
Nepal will aim to finish off on a high when they when they take on Bangladesh in their final group game of the T20 World Cup on Sunday.
Branch additions for most major banks in the current financial year do not correspond to the number of the past two years.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
Rulers in New Delhi and their political aides in sensitive states like Tamil Nadu have to be doubly careful not to provoke a situation whose consequences may be much more than visible now to the naked eye, notes N Sathiya Moorthy.
The decision by the Reserve Bank of India to introduce a unified regulatory framework on connected lending for all the regulated entities (RE) is expected to reduce the influence of business conglomerates in the Indian lending space, said bankers and experts. "Connected lending pertains to lending to related parties within the same business group. "While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system," said Shivaji Thapliyal, head of research and lead analyst, YES Securities.
'In the short term you keep your return expectations very, very low; in the medium term be prepared to invest and in the long term growth will come and your returns from stocks will be high.'
'The biggest festival of democracy is here! EC has announced the 2024 Lok Sabha election dates. We, the BJP-NDA, are fully prepared for elections'
New offerings by banks are changing the way you transact.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
'We are sure FY25 is going to be better...But to call out that all problems are behind us is a bit early.' 'The underlying business sentiment has not changed significantly.'
Though most experts remain bullish on the banking space, they suggest investors buy only those banks whose NPAs are at a manageable level of 3% to 4% and there is credit growth or earnings visibility.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
'Yes, the playing conditions still vary over time. But you're still in control of what sort of works for you on a pitch. So, you might play on a new hybrid pitch for one game.'
If Tamil Nadu voters preferred the DMK combine, it owed to the Modi-Annamalai combo's ideological battle which often crossed the line of political decency and also challenged 'Tamil pride', argues N Sathiya Moorthy.
'Investors should not commit fresh money to these stocks right now, unless they can hold for the next three to four years.'
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