The State Bank has won the prestigious Asian Banker Achievement Award for being the strongest bank in Asia Pacific region, instituted by the Qatar Financial Centre Authority and the Asian Banker magazine.
'As a child, I didn't even know that he was an IPS officer... It was much later when I came back to India'
Billionaire banker Uday Kotak founded bank as well as brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani shares that followed a damning Hindenburg report, the US short seller said on Tuesday. Hindenburg Research, which had in a January 2023 report alleged stock market manipulations and accounting fraud at the Adani group, said it has received a show cause notice from the Indian markets regulator Sebi over gains made from betting on the conglomerate's shares.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
Life has come full circle for Nobel laureate Professor Mohammad Yunus, who faced persecution during Sheikh Hasina's regime for embezzlement, is now all set to head of the interim government in Bangladesh after she resigned and fled the country.
Public-sector banks, which are the largest employers in the banking space, have seen a drop in clerical staff over the years.
The bank chiefs have also cancelled the customary media conference after the bi-annual policies.
The fundamental issue between banks and fintech would be who will own the customer and who will be the service provider.
Based on the current momentum, the funds likely to be raised through the RBI's relaxed window would be $3.5 billion-$4 billion.
Sitharaman also directed public sector bank heads to clear long pending vigilance cases against their officials for alleged malpractices.
AIBOC in a letter to the Prime Minister, has said the government should not expect the banking fraternity to "join the political campaign of #MainBhiChowkidar" unless issues related to merger of banks, salary revision and staff recruitment, among others, are addressed.
Bankers say debt resolution bills are coming high as resolution professionals are giving the human resources and audit/legal consulting to outside firms to plug all the loopholes.
The Adani group, buoyed by a sharp recovery in its share prices over the past year, is set to embark on a series of roadshows this week to raise up to $4 billion (approximately Rs 33,254 crore) through equity and refinancing of older debt, according to banking sources. The roadshows, scheduled to take place in major cities, will inform investors about the group's investment plans across renewable energy, petrochemicals, and infrastructure development.
Banks are also weighing the option of hiring experts for help in specialised areas.
There's a long way to go before human beings are replaced by machines -- in banks at least.
Rather, the existing ones should be implemented speedily to clean up the mess.
'There will be partnerships between banks and fintech firms, but there will also be areas where they will be direct competitors.'
Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender. Kochhar, a regular feature on Forbes top global honchos lists, was arrested by the Central Bureau of Investigation (CBI) along with her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. Kochhars were called to the agency headquarters and arrested after a brief questioning session. Her chapter at ICICI Bank ended abruptly in 2018 when the board of directors approved a request from Kochhar to seek early retirement following allegation of corruption and quid pro-quo while extending loans to the now bankrupt Videocon Industries.
'We went from zero to about 10 million users in three months. Paytm came out with the wallet play and we came out with the UPI play.'
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.
For five consecutive policy reviews in 2023, the Reserve Bank of India (RBI) chose to hold rates, citing inflation threat. And when the prices did cool off a bit, it reminded all about the target to get the headline consumer price inflation at 4 per cent and the risks from food inflation. Heading into the new year, all eyes are on when RBI will cut the rates, especially after one of the Monetary Policy Committee (MPC) members stressed on the need for such an action in the face of the US Federal Reserve's guidance for easing rates.
Chidambaram first met bankers and industrialists in Mumbai to seek ways to revive slowing economic growth.
In numerous instances, family members are unaware of an insurance policy's existence, let alone its details.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says 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.
Concerned over inflationary pressures in the economy, the Reserve Bank of India (RBI) is bringing down surplus liquidity in the system rapidly. It has fallen to pre-Covid levels and almost 2 per cent of banks' net demand and time liabilities (NDTL). NDTL shows the difference between the sum of demand and time liabilities (deposits) of a bank (with the public or the other bank) and the deposits in the form of assets held by the other bank.
The comments come within a month of the arrest of seven people, including the chief executive of LIC Housing Finance by the Central Bureau of Investigation in connection with the scandal.
The bank was worth over Rs 80,000 crore as recently as September 2017. The lender had grown at breakneck speed, helped perhaps by Rana Kapoor's reputation as a banker, willing to aggressively write checks.
Question remains, what happens when the overseeing committees' members themselves are questioned by investigative agencies?
Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) next week to review performance of the lenders and progress made by them to support the economy battered by the COVID-19 pandemic. Banks would be urged to sanction loans for productive sectors to accelerate revival of the economy, sources said. According to sources, the two-day meeting would commence on November 17 and undertake a comprehensive review of various segments, progress in government schemes including Aatmanirbhar Bharat Abhiyan.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
Draft Red Herring Prospectus (DRHP) filing continued to be robust in October, signifying the optimism in the initial public offer (IPO) market despite the recent turbulence in equities. In October, 17 companies filed their offer documents for IPOs. The rush in filings has made August-October 2023 the best three-month period for DRHP filings since July-September 2021.
'No commercial bank will be allowed to fail. There is nothing to worry about.'
The message to bankers from Raghuram Rajan was clear.
How will the RBI announcement on loan moratorium work for those with home loans, auto loans, personal loans, consumer durables loan? Here's what experts have to say.
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