Puri gave up the comforts of Citibank to set up a new-age bank from a rat-infested room in the Kamala Mills Compound in Worli, Mumbai and build a marquee brand. A look at his 26-year stint as HDFC Bank's boss.
Among Sensex components, shares of Reliance Industries, India's largest company by market value, stole the show by surging 1.61 per cent to their highest in over three months.
Moreover, all her existing and future entitlements such as any unpaid amounts, unpaid bonuses or increments, unvested and vested and unexercised stock options, and medical benefits will be revoked.
The 57-year-old Bhattacharya, front-runner for the post on account of years of service left, was managing director and chief financial officer of the bank prior to her elevation.
The finance ministry is not only keen to split the roles of CMD, but also wants to appoint them for a fixed tenure of five years.
She pocketed Rs 9.12 crore as remuneration in FY16
NBFCs are allowed to include registration, stamp duty
'This segment has performed very well for us and this is reflected in our bounce rate which is about three to four per cent.'
Unlike in the past, when old private banks compromised upon underwriting standards to take on the bulk, they've now realised that scaling up at the cost of quality isn't worth the while. These banks have also readjusted growth targets when required, and rebalanced books to preserve capital and asset quality.
Tata Housing to take up around 13 projects for constructing homes for the old.
The National Company Law Tribunal (NCLT) has reserved its order on the merger of Zee Entertainment Enterprises and with Culver Max Entertainment (earlier known as Sony Pictures Networks India). The Mumbai bench of NCLT, comprising H V Subba Rao and Madhu Sinha, reserved the order on Monday, after hearing arguments from creditors who objected to the scheme including Axis Finance, JC Flower Asset Reconstruction Co, IDBI Bank, Imax Corp and IDBI Trusteeship. In December 2021, Zee Entertainment and Sony Pictures had agreed to merge their businesses.
The 30-share Sensex ended down 208 points at 28,261 and the 50-share Nifty closed 64 points lower at 8,571.
Is the worst over for Indian banks? The past two years saw them ride on treasury trades as deposits soared and credit growth dipped sharply. Gross and net non-performing assets (NPAs) moved south, and the provision coverage ratio (PCR), capital buffers, and profitability indicators are back at pre-pandemic levels. So, what's the plot ahead?
Share rises further to 73 per cent from 66 per cent last year; Some overseas i-banks seen scaling down operations
India has a long way to go before it develops a culture of professional boards accountable to institutional investors. There is, therefore, no realistic alternative to reforming and strengthening PSBs under government ownership, says T T Ram Mohan.
HDFC and HUL are the latest entrants in the club
After the recent attack on debit cards exposed the gaps in their security systems, banks are getting serious about data privacy.
HDFC Bank becomes first Indian lender to develop mobile banking app for Apple's latest offering in India.
Since the bankcuptcy law came into effect from December 2016, with every quarter, the recovery rate has progressively been going down, notes Tamal Bandyopadhyay.
The S&P BSE Midcap and the S&P BSE Smallcap indices have managed to stay afloat in a volatile January that saw the frontline indices hit their respective 52-week high levels and then slip. While the S&P BSE Sensex has lost over 2 per cent thus far in January, the S&P BSE Midcap and the S&P BSE Smallcap indices have gained nearly 2.5 per cent and 4 per cent, respectively during this period.
Bond issuances dipped 31.4% during January-June
Sesnsex ended the day flat on heavy selling pressure.
Mutual funds' average cash holdings in equity schemes topped 6 per cent in February as fund managers went slow on deployment of new inflows on expectations of better buying opportunities amid uncertainties in the market.
Lenders can now initiate recovery proceedings since the SC has lifted the standstill on asset classification, which protected stressed accounts from slipping into NPAs.
The National Company Law Tribunal (NCLT) on Thursday allowed the merger of Zee Entertainment Enterprises Ltd and Culver Max Entertainment (earlier known as Sony Pictures Networks India). This order by the Mumbai bench, headed by H V Subba Rao and Madhu Sinha, will pave the way for the creation of a $10-billion media company, the biggest in the country. The tribunal also dismissed all objections regarding the merger.
The bank saw loans worth Rs 7,000 crore (Rs 70 billion) slipping into NPAs during the March quarter, taking the gross NPA ratio to 5.82 per cent.
Raghuram Rajan's 'surgery' uncovers more bad loans
The fall was led by L&T, IndusInd Bank, PowerGrid, NTPC, TCS, ICICI Bank, Axis Bank, Hero MotoCorp, Bharti Airtel and SBI, declining up to 2.64 per cent.
An improved showing of mutual funds (MFs) is helping the industry attract distribution talent at a brisk pace. The industry has onboarded a net of 11,600 individual distributors in the first seven months of 2023-24 (FY24) compared to just 5,555 distributors in the whole of 2022-23 (FY23), according to data from the Association of Mutual Funds in India. Like most financial products, MFs also have significant reliance on individual distributors to sell their products, even as digital platforms are gaining popularity.
Companies, which missed out on listing earlier, are giving it another shot but with significantly-reduced issue sizes. In the recent past, companies such as TVS Supply Chain Solutions, Suraj Estate Developers, and ESAF Small Finance Bank have re-filed their draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (Sebi). This came after they slashed their issue sizes by 20-60 per cent.
'We may bite the bullet and draw up plans for privatisation.' 'If that is done now, the sale of the government stake will fetch money; a delay will see erosion in whatever value is left in these banks,' says Tamal Bandyopadhyay.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
Bankers pay a small price for their misdeeds, no matter how large the cost to their banks or to the economy at large, says TT Ram Mohan.
In the past few months, 45 companies have signalled their intent to raise money through the institutional placement route.
When it comes to key hands-on management positions, India Inc is still largely run by men.
ICICI Bank was the top loser along with index heavyweights RIL, ITC and HDFC.
A revival in investment is likely to be a key near-term initiative.
If India has to grow at 8.5 per cent, the core of the portfolio must be in banking.
ICICI Bank, HDFC Bank, Infosys, SBI and L&T among fund managers' preferred bets.
