Ramesh Gelli, then 37, was the youngest chairman in Indian banking industry when he headed Vysya Bank in 1983. Now 58, he plans to retire from banking for ever.
'The main worry is lots of new investors coming into the markets in order to make a quick buck/easy money.' 'Those things are happening again and have happened in the past as well.' 'All that has led to problems.' 'We are not there yet, but will get there eventually.'
Relaxation in KYC guidelines has helped meet the target but this could lead to money laundering and financial malfeasance, it is feared.
Consensus remained elusive on a common BRICS currency as business leaders from the five-bloc nations debated the pivotal issue at a business forum on the periphery of a summit of the five-member bloc being hosted here by South Africa. In their two addresses at the Summit so far, the leaders of Brazil, Russia, India, China and South Africa have made no or scant references to the issue either. "The BRICS Business Forum discussed the international payments system in detail. "Participants also debated the question of whether a BRICS currency is possible or desirable, with strong views expressed both for and against and little consensus reached," Sim Tshabalala, chief executive of Standard Bank Group, told several hundred captains of industry from the partner countries and over 40 other nations across the globe at the Summit.
The central government has given banks and credit card entities six to eight months to put in place the requisite reporting mechanism and related features to collect tax at source on international credit card transactions, a senior bureaucrat told Business Standard. According to the bureaucrat, the plan to bring overseas credit cards under the Liberalised Remittance Scheme (LRS) has not been mothballed and is simply being deferred so that banks get adequate time to get the system up and running. The official expects the reporting mechanism to be ready in the given time, and the rule could be implemented in the next financial year (2024-25, or FY25).
The bosses of SBI, Union Bank and Central Bank have been driving down to their offices everyday to take stock of the biggest loan drive ever undertaken for MSMEs, discovers Tamal Bandyopadhyay.
The CBI and ED are keeping a close eye on several bank accounts.
Ministry will try to persuade Airports Authority of India, fuel suppliers for easier terms to the airline
Vishal Kampani said one of the important lessons he learnt from his father was to be humble.
'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.'
Banks have raised concerns over the new international trade settlement in rupee, fearing that facilitation of such a mechanism could result in them facing the ire of economic sanctions by the West, people aware of the matter said. Large banks with overseas operations have sought clarity and assurance from the Reserve Bank of India (RBI) that they will not be targeted with sanctions for facilitating rupee trade with a sanction-hit country such as Russia. The present payment mechanism is a shift from earlier such arrangements, like the one with sanction-hit Iran, which involved banks facilitating settlement of international trade that did not have business in the sanctioned nation.
As part of a cost-cutting plan, the bank is now dismantling its stock broking, equity research, and equity listing desks worldwide.
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
It may sound bizarre, but incidents of public sector bankers dying by suicide could probably equal the number of such bankers quitting their jobs, reveals Tamal Bandyopadhyay.
Banks have started organising silent demonstration in front of houses of defaulters.
United Bank of India and Andhra Bank employees start organising silent protests.
Diageo gets assurance, Heineken may seek one, too.
Shareholders of the six listed Future Group companies voted on Wednesday. Bankers said all the large lenders had rejected the proposal.
There's a long way to go before human beings are replaced by machines -- in banks at least.
Poor governance, constant interference of promoters, opposition from unions and talks of being an acquisition target seen as main deterrents.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
The central bank says interest on card balance should not be levied till next bill.
The chairman of the JSW Group of companies, Sajjan Jindal, whose stake in the group is valued at $14.5 billion (Rs 1.1 trillion), is betting $4.5 billion of his personal fortune in the firm's bid for Ambuja Cements. According to bankers, Jindal's contribution will be a combination of share sale and debts raised by pledging the stake of the target entities with private equities. The JSW Group chairman has offered $7 billion for Ambuja Cements, including $2.5 billion of investments from private equities, the Financial Times reported on Tuesday.
'It is nice that the banking system is in good shape.' 'It is a little early to call it too good because I think it was too bad in the past.'
'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.'
The DBS venture has been under financial stress of late.
Gokarn was the first Indian central banker who regularised warnings to the government, through the monetary policy statement, on the need to reduce fiscal deficit.
In the aftermath of the Karvy incident, lending against third-party collateral facility raises questions over regulations concerning banks and brokers which are at loggerheads. While Sebi and NSDL have ordered the transfer of securities, which were kept as collateral, lenders followed the old business model of sanctioning loan against shares and allegedly overlooked certain parameters. Legal experts feel that this could lead to a collapse of the loan-against-shares market as it raises questions over the sanctity of the pledged securities.
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
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?
Three business houses are likely to be in the final race to strike a deal with Germany's Metro AG for investing in its India unit -- Metro Cash & Carry. Industry sources in the know named Reliance, Adani Group, and Thailand's conglomerate Charoen Pokphand (CP) as potential frontrunners to acquire a partial or full stake in the Gurugram-headquartered Metro Cash & Carry, which has 31 stores and 5,000 direct employees. Around 20 companies, including strategic and private equity investors, were approached by the German chain, inviting them to bid for the Indian wholesale business, according to a source aware of the M&A developments.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
Lenders to Kingfisher Airlines have been left in the lurch, with most hoping the airline resumes operations, as this would ensure at least some revenue flow.
The Videocon group has expressed interest in buying telecom giant Motorola's struggling mobile handset business, which is being split into a separate company. "We have hired one of the world's top three investment bankers who will convey our interest to buy out the mobile handset business of the US company," Group Chairman Venugopal Dhoot told Business Standard.
Between March 2022 and September 2023, HDFC Bank added 56,310 employees.
In an interview with Business Standard, Sebi Chairman U K Sinha discusses investment advisory rules and how regulators are coming together to resolve issues.
The decision by the Reserve Bank of India to introduce a unified regulatory framework on connected lending for all the regulated entities (RE) is expected to reduce the influence of business conglomerates in the Indian lending space, said bankers and experts. "Connected lending pertains to lending to related parties within the same business group. "While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system," said Shivaji Thapliyal, head of research and lead analyst, YES Securities.
The company agrees to give interim funding till the airline gets an equity partner
Global investment bank Morgan Stanley today named P Jayendra Nayak, the former chairman and chief executive officer of Axis Bank, as its new chief executive and country head for India. Nayak, who will replace Narayan Ramachandran, is slated to join on April 5.
'We are in a sweet spot.' 'Equity, on a standalone basis, will continue to remain the asset class to stay invested in.'
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