'On the evening of the 17th, the RBI said the bank was put on moratorium.' 'Within an hour, the RBI said it would be merged with DBS.' 'How did DBS come to know within an hour that LVB was in trouble?' 'It means, what happened was match-fixing.'
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
The rally in the equity markets in the second half of 2023 has led to a sharp surge in the cutoff for stocks to qualify as largecaps and midcaps. On the latest list put out by the Association of Mutual Funds in India (Amfi), the smallest largecap stock now has a market capitalisation (m-cap) of Rs 67,000 crore, 35 per cent higher than in July 2023. In the case of midcaps, the cutoff has surged 26 per cent to Rs 22,000 crore.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
While the minimum holding period for LTCG taxation has now been lowered, the tax outgo could be a bit higher under the new structure.
Asia Securities Industry & Financial Markets Association (Asifma) has raised concerns about the Securities and Exchange Board of India (Sebi) proposal to introduce a T+0 settlement cycle. The industry association of top foreign portfolio investors (FPIs) has stated that this move could give rise to several issues, including the bifurcation of the market, liquidity fragmentation, and deterioration of market quality. In a discussion paper floated last month, Sebi has proposed a separate same-day settlement cycle that will run parallel to the existing T+1 cycle, where trades are settled the next day.
All the 27 public sector banks together have market share of about 70 per cent.
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
"We will not let this company go down and will not tolerate this casual talk to dismantle this company piece by piece and give it as doles to airlines of your choice," an open letter said.
Ahead of the Union Budget, the banking sector, through the Indian Banks' Association (IBA), has made recommendations to the Union finance ministry on direct tax, including removing Section 194N of the Income Tax Act. According to Section 194N, tax deduction at source (TDS) has to be done if a sum or sums withdrawn in cash by a person in a fiscal year exceed Rs 20 lakh if no income-tax return (ITR) has been filed for the three previous assessment years, and Rs 1 crore if ITRs have been filed in all the three previous assessment years.
24 hours before campaigning ends in Thiruvanathapuram, Archana Masih/Rediff.com discovers Shashi Tharoor and his BJP rival Rajeev Chandrasekhar are busy getting their message across to voters.
The union has been opposing merger of State Bank of India's associate banks with the parent, outsourcing of work and extension of option to provident fund optees to join pension scheme, United Forum of Bank Employees said in Ludhiana.
United Forum of Bank Unions, apex union of bank employees, claimed that over 10 lakh employees and officers are observing strike to press their demands.
'The finance ministry and public sector banks have tried to keep the names of wilful defaulters secret.' 'Secrecy and concealing information are inbred among banks and even the RBI,' observes Debashis Basu, editor, www.moneylife.in.
An exclusive excerpt from The Tatas: How A Family Built A Business And A Nation.
The CBI has been carrying out searches at various locations for the past few days to locate assets acquired from the proceeds of the scam, officials said.
Cheque clearances and cash withdrawals and deposits in public sector bank branches across the country were hit as employees started a two-day strike on Monday to press for a revision in wages.
'There is a need for an innovation sandbox where the PSBs can collaborate and then they can do their own innovation on top of it.'
Lone, who is contesting the Lok Sabha polls from Baramulla constituency, said one of the reasons he wants to go to Parliament is to strive and advocate for the same set of laws for the children of Kashmir and the rest of the country.
PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
The pilot project for central bank digital currency (CBDC) in the retail segment went live on Thursday with the Reserve Bank of India (RBI) issuing Rs 1.71 crore to four participating banks based on their indents. The central bank has identified four banks for the first phase of the pilot - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank - in four cities, Mumbai, New Delhi, Bengaluru and Bhubaneswar. The highest indent was received from one private sector bank.
Business is down to such an extent that last year these firms could not even meet RBI's capital norm of Rs 50 million for partnerships and Rs 100 million for public and private firms in this line of business.
Unlike any other business, banking is a turf where the captain's role is the most critical. Often a bank is defined by the personality of the CEO who runs it. Both HDFC Bank and Kotak Mahindra Bank are the creation of their CEOs, notes Tamal Bandyopadhyay.
"We will raise Rs 300 crore via bonds of two-, three- and five-year tenures. This will be our maiden bond issuance and is part of our effort to widen funding sources," says Vimal Bhandari, executive vice-chairman and chief executive officer (CEO), Arka Fincap. The firm, a subsidiary of Kirloskar Oil, is only five years old and small (assets of around Rs 5,000 crore with an "AA" rating), but the response to this float will be closely watched: It would be the first by a non-banking finance company (NBFC) after Mint Road upped the risk weights on bank exposures to them by 25 percentage points. The move by the Reserve Bank of India (RBI) has caught NBFCs off guard even though the issue had been flagged by Governor Shaktikanta Das with their corner-room occupants (and that of banks) in July and August 2023 - on consumer credit and the dependency on bank borrowings.
China's intended role for AIIB is not so different from the existing Western lenders like the World Bank.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
The mergers will not involve any cash but only share swaps
'The Insolvency and Bankruptcy Code is neither beneficial to banks nor helpful for the borrower.' 'Genuine people who are caught in economic stagnation will lose everything and thousands will lose jobs.'
'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.'
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
Renowned women's rights activist and founder of the Self Employed Women's Association (SEWA) Ela Bhatt passed away in Ahmedabad on Wednesday due to age-related ailments, her associates said.
About 196 Regional Rural Banks will participate in the nationwide strike called by central trade unions and federation of bank employees on May 21, in protest against the 'anti-labour' policies of government.
The Union home ministry issued a notification, announcing the formation of the tribunal.
As per norms, sanction for prosecution of government employees accused of corruption has to be given within four months' stipulated time.
The AISBOF wants bank employees' wage revision in parity with that of the Indian Administrative Services officers. Last month, the IBA had given an initial offer of 10 per cent wage hike, or a package which would cost the industry Rs 2,750 crore (Rs 27.5 billion), against Rs 2,220 crore (Rs 22.2 billion) in the eighth bipartite meeting between bank unions and IBA.
Udayanidhi has handed over to the BJP one real issue to draw the line between it and the INDIA alliance, predicts N Sathiya Moorthy.
The existing SAARC Development Fund could be merged into the bank.
Former Haryana Congress leader Kuldeep Bishnoi joined the Bharatiya Janata Party on Thursday along with his wife Renuka Bishnoi here in the presence of senior party leaders, including state Chief Minister Manohar Lal Khattar.
India's Right-wing has sought to own our democracy by making itself appear the stuff of majority, and sometimes, a national ethos older than the Constitution on which our democracy is based, argues Shyam G Menon.
