India Inc, which is sitting on cash balances of 13.5 trillion, is using the funds to meet capital expenditure as well as brownfield expansion, resulting in 'anaemic' demand for bank loans, State Bank of India (SBI) chairman CS Setty said at an event on Monday. He added that a slowdown in corporate credit is mainly due to lack of demand.
Last fortnight, State Bank of India Chairman C S Setty lifted the veil on a subject long spoken of in corporate corridors: Why can't our banks finance mergers and acquisitions (M&As)? Change is in the air: Indian Banks' Association (of which Setty is the chairman) is to "make a formal request" to Mint Road to make way for it. Thus far the exclusive turf of foreign banks even though its funding remains offshore - as in, it's not on these entities rupee-book (and a few select shadow banks) - a most lucrative segment in the investment banking suite, M&As, will be homeward-bound.
'We are also conducting ongoing training and grooming at the branch level to pre-empt such cyberattacks.'
'That way you're not hostage just to US sort of exports to India.'
'Banks may find small ticket size lending economically unviable due to the cost of branch operations.'
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
Brokerages expect a further slowdown in Indian firms' revenue and earnings growth in Q4FY25, following low single-digit growth in the preceding three quarters, as factors like weak consumer demand and credit growth linger on.
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
...followed by financial services, IT, and sales and marketing.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Three years and Rs 28,710 crore worth of transactions later, it has more than double the number of sellers than Flipkart.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
Future Retail on Saturday said it has missed the due date for payment of Rs 3,494.56 crore to banks and lenders as it could not sell assets due to its ongoing litigation with amazon, impacting its monetisation plans. Future Retail had last year entered into a one-time restructuring (OTR) scheme for COVID-19 hit companies with a consortium of banks and lenders and was to discharge "an aggregate amount of Rs 3,494.56 crore" on or before December 31, 2021. Kishore Biyani-led Future group firm would be "co-operating for completing the monetisation of the specified business within next 30 days" as per directions of the banks to resolve the current situation, said a regulatory filing by Future Retail.
It's not e-retailers alone. Bankers are also celebrating initiatives like 'Big Billion Day Sale' this festive season.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
Importers may be hit by delay in receipt of documents. But, they cannot hold the negotiating bank or the nominated bank or the LC-issuing bank responsible for the delay.
Amid slowdown blues, the government has unveiled a raft of measures over the past few months aimed at improving liquidity in the system, moderating interest rates as well as credit growth apart from addressing stress in the NBFC sector.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
The choice clearly is between prompt corrective action and slow but sure destruction, says Tamal Bandyopadhyay.
Be extra careful while using credit cards because there is a risk of misuse
'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.'
In the domestic market, the cost is a third but in the international market, we are finding it difficult to price it accordingly.
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.
The Department for Promotion of Industry and Internal Trade (DPIIT) will soon start public consultation for a national retail trade policy, which is likely to include an insurance scheme aimed at providing financial protection against losses caused by theft, accidents or natural calamities. The policy will also spell out ways to give traders access to low-cost finance, promote digital inclusion, and create necessary infrastructure to support them, a senior government official told Business Standard. This is expected to offer relief especially to traditional traders, who are facing stiff competition from large e-commerce players.
'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.'
Total scam in collusion with middlemen is estimated at over Rs 700 crore. Probe is on in 10 more cases.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
'Under Modi Ji's 'Jan Dhan Loot Yojana', another scam!' he tweeted.
India Inc on Wednesday said it looked forward to the new RBI Governor Raghuram Rajan initiating cut in interest rates and improving credit flow to crucial sectors like infrastructure to put economy back on high-growth path.
The RBI refuses to classify a cryptocurrency as an asset since it doesn't have future cash flow and its value is always fluctuating because of speculation. There is also no consumer protection, observes Tamal Bandyopadhyay, and hence the e-rupee trial run.
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
Your money is protected by the Deposit Insurance and Credit Guarantee Corporation.
Conformity assessment procedures will be put in place to verify that goods and services sold on e-commerce platforms meet required standards and technical regulations, according to the draft e-commerce policy. The policy, which is under discussion, also stated that actions and things which cannot be done by the online platform entities "can also not be done" by any of its associates and related parties. Government may, from time to time, notify parties which fall in the definition of associates and related parties, it said.
India Inc on Wednesday said the Reserve Bank's move to cut interest rate by 0.50 per cent is "pro-growth" and exhorted banks to transmit the lower interest rate to borrowers to revive demand and kick-start the investment cycle.
SBI had a tough journey in the last 40 years.
The sale will be quicker if an Indian private bank buys it; it will take longer for regulatory clearances if a foreign bank or an NBFC buys it, points out Tamal Bandyopadhyay.
The B-school also witnessed new roles in the domain.
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
