A revival in investment is likely to be a key near-term initiative.
The fundamental issue between banks and fintech would be who will own the customer and who will be the service provider.
While inflows into Asia, including India, were expected to continue in 2011, there would be moderation.
The Ministry of External Affairs (MEA) on March 17 had announced that State Bank of India (SBI) would extend a term loan of $1 billion to Sri Lanka, fully guaranteed by the Indian government, and this was part of India's financial aid to the troubled island nation. Ministry of External Affairs (MEA) spokesperson Arindam Bagchi was quoted saying by news agency PTI that the loan would be used for importing food, medicines, and other essential items. "India has always stood with the people of Sri Lanka and we will continue to extend all possible support at this juncture.
Regulatory capacity, hyperactivity and excessive prescription are the biggest challenges the financial sector is facing, said Meleveetil Damodaran, former chairperson, Securities and Exchange Board of India (Sebi). Speaking at the Business Standard BFSI Summit on Wednesday, Damodaran highlighted the need for simpler, clear, and continuous regulations in the financial sector. He opined that the industry had felt it challenging to keep pace with the changing regulations.
Automotive designer Dilip Chhabria is planning to raise about Rs 100 crore to fund a new super-luxury car project for DC Design that he promotes, banking sources said on Tuesday.
Ravi Kapoor, head of global banking at Citi India tells that the success of the Centre's divestment programme hinges on attractive valuations
In the current calendar year, small and medium enterprises (SMEs) have witnessed an impressive surge in initial public offerings (IPOs), surpassing the 2018 record. Over 150 SME IPOs have been introduced to the market, breaking the previous record of 141 set in 2018. According to data from PRIME Database, a primary market tracking firm, 147 companies successfully concluded their debut share sales by the end of October, raising a cumulative Rs 3,727 crore.
While the economy seems to be on a firm growth path, the fight against inflation is not over yet. Shaktikanta Das seems to be in no hurry. After playing well through a five-year Test match, he doesn't want to get out hit wicket, observes Tamal Bandyopadhyay.
Some bankers are of the view the move will also help lenders meet their priority sector commitments as a large part of their housing loan portfolios comprise of loans under Rs 25 lakhs.
"The situation is bad. Some people are leaving and some are being asked to leave. And more important, several positions are remaining vacant. The selected candidates for these posts are not coming," said an associate, as the employees are called. "There is talk now that the new company, whichever that is, will cut at least 10,000 jobs gradually. We are praying that this is unfounded," a senior associate said.
Reliance Industries (RIL), which raised Rs 2,675 crore (Rs 26.75 billion) through the sale of treasury shares on Monday, is looking to generate a similar amount over the next few weeks by selling more stock to institutional investors.
The finance ministry has asked public sector banks (PSBs) to postpone the annual exercise of promoting and transferring their staff in the wake of the Covid-19 pandemic. The advisory issued by the Department of Financial Services (DFS) states that the promotion process has coincided with a spike in Covid-19 cases across the country along with localised lockdowns and an increase in micro-containment zones. As there are cases of bank employees or their family members being hospitalised due to Covid-19, bank, insurance companies and financial institutions must take cognizance of the issue, the advisory issued by DFS said.
As a step to protect its interest as a lender, SBI will look at the financial stability and corporate governance practices in companies where it has exposure.
Prithvi Raj Singh Oberoi, the 94-year-old veteran corporate hotelier who redefined India's hospitality industry, passed away on Tuesday. The Chairman Emeritus of The Oberoi Group, popularly known as 'Biki', built a sprawling chain comprising 32 hotels during his lifetime. EIH owns the eponymous Oberoi and Trident hotel chains.
A selection committee, headed by Reserve Bank of India (RBI) Governor D Subbarao, is scheduled to meet next week to shortlist candidates for the post of the deputy governor of the central bank.
A Cabinet note of the much-awaited legislation is ready and is likely to be put before the state Cabinet in the next 15 days.
K V Kamath is preparing to move across the corridor on the 10th floor of the ICICI Tower to his new cabin, which is under renovation now.
Is the RBI unable to accept with grace that beyond 55, one can have the ability to head the compliance functions in a bank, asks Tamal Bandyopadhyay.
Jet Airways is looking to lease around 20 Airbus A320 aircraft from lessors by 2024 as it aims to restart operations and fly international routes in the next one-and-a-half years. Jet's A320 aircraft fleet, according to sources, will be a mix of the Ceo and the more fuel-efficient Neo variants. These planes were originally intended for Russian airlines but could not be delivered following western sanctions on Russia over its Ukraine invasion.
Group firms working on sound footing
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
Many PSBs are in the process of rationalisation of ATMs
As stringent sanctions imposed by the European Union and US are crippling business and trade, desperate Russian oil companies are offering huge discounts to India, provided a payment mechanism to bypass the SWIFT ban is quickly approved by the government. According to sources familiar with the development, Russian oil firms are offering 25-27 per cent discount to the dated Brent crude prices. State-run Rosneft is one the biggest oil companies that supply crude to India.
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
The cut-off date the RBI chose was March 1, 2018. This meant that by the end of August if these accounts were not resolved, then they would have to proceed through insolvency.
'There will be partnerships between banks and fintech firms, but there will also be areas where they will be direct competitors.'
Employees across segments, including those involved in specialised jobs such as technology, compliance and risk management, have started leaving the bank fold in hordes, observes Tamal Bandyopadhyay.
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