Foreign portfolio investors (FPIs) sold shares worth Rs 20,170 crore ($2.4 billion) recently. This marked the fifth-highest weekly outflow from overseas funds since the beginning of 2008 and the largest since the last week of March 2020. Due to the Covid scare, FPIs had sold shares worth Rs 21,951 crore during that week, causing the market to decline by nearly 20 per cent.
Seventeen persons, including four hailing from Taiwan, were arrested by Ahmedabad Cyber Crime Branch for allegedly operating a nationwide 'digital arrest' racket, a Gujarat police official said on Monday.
Headline growth was quite weak heading into the Covid period but averaged 6.4 per cent and 6.7 per cent in the five years between FY16 and FY20 for GVA and GDP respectively, points out Abhishek Upadhyay.
The 45-day Maha Kumbh 2025, billed as the world's largest gathering of humans, began on Monday with the first major bathing ritual or 'Shahi Snan' at the Sangam, the confluence of the Ganga, Yamuna, and Saraswati rivers in Prayagraj, India. This edition of the Kumbh is being held after 12 years, with the Uttar Pradesh government expecting over 35 crore devotees to visit. The event is being touted as a 'Digi-Kumbh' with Artificial Intelligence (AI) being used for various aspects, including security and cleanliness. The Maha Kumbh will be held from January 13 to February 26, and is expected to transform the area into the world's largest temporary city. Thirteen Akharas of seers from different sects are participating in the event, attracting attention from those seeking to learn about Indian spiritual beliefs.
The net leasing of Grade-A commercial office space in India will stagnate this financial year at 32-34 million square feet, with global uncertainties brewing caution among key tenant categories, according to the latest Crisil Ratings report. Major seven cities in India - Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune - had Grade-A office space with an operational stock of around 705 million square feet as of March 2023. India's commercial office space is dominated by technology companies, with information technology (IT) and IT-enabled services (ITeS) companies occupying 42-45 per cent of the operational stock.
'Some of the astounding proposals, if translated into statutory provisions, would be suicidal.' 'This would not be a wonder cure for increasing insurance penetration and only result in mushrooming growth of players like paan kiosks with deleterious consequences.'
A bank employee from Rajasthan was shot dead on Thursday by terrorists in Kulgam district of Jammu and Kashmir, officials said.
The All India Bank Officers' Confederation, the apex level organisation of bank officers, has demanded that RBI's proposal to amend the Banking Regulation Act to raise the cap on voting rights beyond the present 10 per cent be dropped.
The rains after arriving over Kerala will quickly cover Tamil Nadu and Karnataka, but then might slacken a bit, which could delay its arrival over Northwest India.
The Election Commission has said it will allow suspected fake voters to cast their ballots in the Palakkad assembly by-poll, but will take action against them later. The CPI(M), Congress, and BJP have accused each other of enrolling fake voters. The by-poll is scheduled for November 20.
'We are focused on playing on our strengths, which are technology, and building a large profitable business by working with banks as well as non-banks and NBFCs for loans.'
In a move to strengthen governance in private sector banks and wholly-owned subsidiaries of foreign banks, the Reserve Bank of India (RBI) on Wednesday directed them to have at least two wholetime directors. Lenders that do not meet the requirement will have to submit the names for the RBI's approval within four months. Banks need prior approval from the banking regulator for the appointment of wholetime directors.
In September, JSW MG Motor India, the newly minted joint venture between SAIC Motor, which is present in 100 countries, and Indian conglomerate JSW Group, launched the Windsor, an electric car that introduced battery as a service (BaaS).
Co-lending deals between non-banking financial companies (NBFCs) and banks are likely to rise after the Reserve Bank of India's (RBI's) decision to increase the risk weight on consumer credit, industry leaders and experts say. Smaller NBFCs, they add, may increasingly opt for co-lending as capital markets could become costlier for them. "Smaller NBFCs will be more comfortable with co-lending because they are geography-specific in terms of industry or customers.
The failure of SVB was due to idiosyncratic reasons, but shows how higher rates can expose fault lines in unforeseen places, observes Neelkanth Mishra.
The board of HDFC Bank has approved the appointment of Keki Mistry and Renu Karnad as the additional non-executive directors of the bank, and V Srinivasa Ranjan as its executive director. Mistry was the chief executive officer and vice chairman of HDFC, which merged with the bank today (1 July 2023). Karnad has been the managing director of HDFC since 2010. Ranjan was the executive director and chief financial officer of HDFC.
If they are made accountable, bad loan cases will shrink dramatically, recoveries will rise, and the NCLT process will be more manageable, asserts Debashis Basu.
Foreign investors were net sellers of domestic debt in October for the first time since the official inclusion of Indian government bonds in the JP Morgan bond indices, with net outflow worth Rs 4,697 crore. This marked the second instance in the current calendar year where foreign portfolio investors (FPIs) were net sellers in a month.
The Securities and Exchange Board of India (Sebi) plans to mandate the UPI block mechanism, also known as the ASBA-like facility, in the secondary market for Qualified Stock Brokers (QSBs). QSBs are brokers with larger client sizes and thus more significance in the market ecosystem.
The senior IPS officer said that 45 percent of cyber financial frauds taking place in the country are originating from the South East Asia.
Paytm will focus on its core business of payments and cross-selling financial services as it works to achieve "profitability soon", said Vijay Shekhar Sharma, founder and chief executive officer of the fintech, on Thursday. "The past six months have taught us many lessons, giving us the opportunity to thoroughly examine our business processes, compliance, and the way we operate from the inside out.
'It is nice that the banking system is in good shape.' 'It is a little early to call it too good because I think it was too bad in the past.'
Banking services across the country are likely to be affected following a two-day strike call given by All India Bank Officers' Association (AIBOA) from February 20, in support of their charter of demands.
For the baning sector, 2018 was a 'Year of Exits' - borrowers fled from the country as loans went kaput and many bank CEOs were forced to leave
The Reserve Bank of India (RBI) on Thursday said 97.76 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,961 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Pratham Barot, CEO and co-founder, Zell Education, explains how specialised courses in finance can help you earn a cushy six-figure salary.
Temperatures in 17 locations breached 45 degrees Celsius on Monday, with the punishing heat affecting health and livelihoods.
He is expected to be produced before a special Prevention of Money Laundering Act court on Saturday where the ED will seek his remand for custodial interrogation.
When evaluating bonds, returns shouldn't be the sole factor. Pay close attention to the bond's credit rating. It should ideally be AA or higher.
Diamantaire Mehul Choksi, a key accused in the multi-crore PNB scam, has told a special court in Mumbai that he hasn't been able to return to India "due to reasons beyond his control" and hence cannot be declared a "fugitive economic offender". The accused has claimed that he didn't leave India to avoid criminal prosecution nor is he refusing to return to the country. He said his passport has been suspended by Indian authorities.
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
However, the likely impact of strike may not be much excluding few areas, said SBI.
The first quarter of calendar 2023 will see new faces heading four large public-sector banks -- Canara Bank, Bank of Baroda, Indian Overseas Bank, and Bank of India.
Retail inflation breached the Reserve Bank's upper tolerance level, soaring to a 14-month high of 6.21 per cent in October mainly on account of rising food prices. Inflation based on the consumer price index (CPI) was 5.49 per cent in September and 4.87 per cent in the year-ago month. Retail inflation trended below the RBI's upper tolerance band of 6 per cent since September last year.
The Enforcement Directorate late on Friday arrested Jet Airways founder Naresh Goyal in a money laundering case linked to an alleged bank fraud of Rs 538 crore at the Canara Bank, official sources said.
'The dakiyas will be our partners, receiving credit proposals from micro-enterprises at the grassroots level.'
The recent run on the US-based Silicon Valley Bank (SVB) and the subsequent seizure of its assets by the regulators may have sparked a global wave of risk aversion, particularly for start-ups. However, the Indian banking sector is unlikely to be a victim of any contagion effects, said analysts. he bank, which played a big role in financing start-ups and technology players, faced stress after incurring huge losses on its holdings of US bonds, following the most-aggressive monetary tightening cycle by the Federal Reserve in around four decades.
'Focus will be on smaller loan amounts to meet the needs of affordable homebuyers.'
The facility to exchange or deposit Rs 2,000 banknotes will not be available on Monday, April 1, 2024 due to operations associated with the annual closing of accounts, the Reserve Bank of India (RBI) said on Friday. The facility will resume on Tuesday (April 2, 2024) at the 19 issue offices of the RBI, it added. "The facility of exchange/deposit of Rs 2,000 banknotes will not be available on Monday, April 1, 2024 at the 19 issue offices of the Reserve Bank of India due to operations associated with the annual closing of accounts," it said.
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