That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
Collectively, the pack of 12 has posted a 50 per cent rise in profits -- Rs 25,685 crore. On a quarter-on-quarter basis (that is, September over June), the rise is 68 per cent. Public sector banks have never had such a stellar performance, explains Tamal Bandyopadhyay.
In Chanda's defence, one can always say, why would the Videocon Group take care of her husband as a quid pro quo to get a loan? After all, the group has taken money from the entire banking industry and ICICI Bank's share in the pie is not even 10 per cent. So, if it had a quid pro quo with Chanda to get the money, it must have had similar arrangements with other banks, too. If this is not the case, one must accept that it had got money from all banks, including ICICI, without any under-the-table conditions, points out Tamal Bandyopadhyay.
During this period, all government and private offices, shopping complexes, malls, bars, sports complexes, pubs and beauty parlours will remain closed.
The session will commence with the maiden address of President Droupadi Murmu to the joint sitting of both Houses of Parliament. The address essentially highlights the government's achievements and policy priorities.
Probably 35 bps. There could be even an encore in February 2023 to take the policy rate to 6.5% before the financial year ends, predicts Tamal Bandyopadhyay.
Of the 2,562 customer complaints received between January 2020 and March 2021, a majority relate to illegal apps. At least two dozen suicide cases have been reported, perpetrated by the harassment by loan app operators, points out Tamal Bandyopadhyay.
The start-up mentors debated if they could drive the price further down, but feared an even lower price would raise doubts about its quality, as was the case with the Tata Nano, reports Amrita Singh.
The West Bengal chief secretary on Friday submitted a report to the Election Commission on the injuries sustained by Chief Minister and Trinamool Congress leader Mamata Banerjee but the poll panel has sought more details by Saturday evening, sources said.
Modi told the leaders that Tomar was just a phone call away for protesting farmers and the agriculture minister had conveyed the same to farmer leaders earlier this month.
Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
The West Bengal government has taken a serious note of the situation in certain areas under the Barrackpore Police Commissionerate, including Bhatpara, which has witnessed a series of clashes since May 19, when the bypoll was held in the assembly constituency.
The TMC also announced it would hold talks with other regional parties in their bid to take on the BJP in the crucial 2024 elections but at the same time denied that it was planning a third front, separate from the Congress-led front.
The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.
Birla did not name Moitra and urged members not to cast aspersions on the chair as it amounted to disrespect of the House.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
If the banks throw caution to the winds for building loan books, the hydra-headed bad loans may resurface and spoil the party, warns Tamal Bandyopadhyay.
In its scheme of things, tackling inflation now comes ahead of ensuring growth in the world's sixth largest economy, points out Tamal Bandyopadhyay.
The currency market won't care for our moans, groans, cries and sighs. The rupee will find its own level, explains Tamal Bandyopadhyay.
Many banks' profits will take a hit and a few of them could even end up being in the red because of treasury losses, triggered by a sudden spike in government bond yields in the rising interest rate cycle, notes Tamal Bandyopadhyay.
Indeed, there were frauds, and the politician-banker-industrialist nexus played a role in the rise of NPAs, but governance issues in Indian banking are far more nuanced and complex, reveals Tamal Bandyopadhyay.
The journalist-turned author will be available for a live chat on rediff.com on Friday, June 6, 3 pm.
Shifting to floating rate deposits can work as an anaesthetic gel for some customers, points out Tamal Bandyopadhyay.
We'll need to wait a couple of years to see how many restructured loans turn bad and whether some banks fall victim to their obsession for growth, explains Tamal Bandyopadhyay.
Shashi Tharoor has also been retained as the chairman of the panel on Information Technology.
As soon as the Zero Hour began, several BJP MPs showed placards and raised slogans against the West Bengal government, led by Chief Minister Mamata Banerjee.
Guess who was spotted at the airport?
Flush with liquidity, banks are eager to lend. And, therein lies the problem, warns Tamal Bandyopadhyay.
Apart from navigating the bank through the Covid crisis, Jagdishan may also have to deal with the latest development on the auto loan lending practice scam. He will be expected to deliver consistent profit growth of 20 per cent-plus quarter after quarter, irrespective of the operating environment.
Tamal Bandyopadhyay was in Kolkata on Thursday evening for his book's launch at the Oxford Bookstore. Indrani Roy grabbed a few moments with him to file this report.
'The Indian economy and the Indian financial sector today remain resilient and much better placed.'
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
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.
Chief Minister Mamata Banerjee had last week announced the scheme, and said many priests were reeling under financial crisis and her government was doling out sops to support them. "The Cabinet has given its nod to the 'Rajya Purohit Kalyan Prokolpo' which the chief minister had announced a few days ago," state home secretary Alapan Bandyopadhyay said at the secretariat.
But there are challenges, observes Tamal Bandyopadhyay.
Most of the changes have come about in the last four years and ITC is now reaping the dividends - standalone revenues from the non-cigarettes FMCG business have grown 40 per cent from FY17 to Rs 14,728.21 crore in FY21 and pre-tax profits 30 times to Rs 823.69 crore. The business accounted for 30.58 per cent of gross revenues and 4.85 per cent of pre-tax profits in FY21. "In the last four years, our margins in FMCG have gone up by 640 basis points (bps) and EBITDA margins have been moving up consistently. "We created levers that enabled a sustained growth trajectory," said ITC chairman and managing director Sanjiv Puri. Puri took charge as the chief executive officer in 2017; in 2018, he was redesignated managing director and effective May 2019, he became chairman.
The Election Commission of India (ECI) has found the report submitted by the West Bengal government on the alleged attack on Chief Minister Mamata Banerjee in Nandigram on March 10 as 'sketchy' and asked Chief Secretary Alapan Bandyopadhyay to elaborate it, a poll official said.
Your promise to protect bankers for their commercial decisions is a huge confidence booster, but how does one define a commercial decision? Are our investigative agencies well equipped to dissect lending decisions of bankers?
