'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.'
Ujjivan Small Finance Bank's initial public offering attracted heavy investor demand on the final day of bidding on Wednesday as the issue was subscribed a whopping 126.36 times.
'I started reading your MF articles regularly so requesting your guidance as I would like to start investing in MFs'.
The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
Apart from easing the NPA pressure on domestic banks, the RBI's move can allow companies to raise cheap, long-term loans easily now.
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
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Banking as we know it will stand on its head in the next 10 years.
A customer wanting to buy a car would have to wait a long time for delivery.
Bags long-term outsourcing deal from Allied Irish Banks
The opening ceremony was held in China's financial capital.
On the 10th anniversary of the global financial crisis, a multi-part series analyses the lessons learnt and those not learnt.
The finance ministry has put out a revised draft in public domain.
Indian issuers are borrowing lesser through bonds compared to their global peers. The total value of bond issuances was down 10.1 per cent on a rolling 4-quarter basis in March 2022, compared to a similar period in March 2019, shows an analysis of data from tracker Refinitiv, a London Stock Exchange Group (LSEG) business. The four quarters ended March 2019 marked the last full financial year before the pandemic took hold.
About 300 fintech firms are under investigation by the ED for allegedly partnering 38 non-banking financial companies for predatory lending practices to charge borrowers high interest rates.
As it readies for its initial public offering (IPO) later this year, digital payments firm Paytm is honing its strengths to remodel itself from being a payment wallet to becoming a financial services provider, and is working towards narrowing its losses, evident from its most recent Annual Report. Unlike many of its peers, Paytm has started expanding its merchant payment ecosystem. It has realised that though it can take the maximum share of the Unified Payment Interface (UPI) transactions, from a revenue generation point of view it will not have any impact.
The State Bank of India (SBI) on Wednesday told the Supreme Court that a total of 22,217 electoral bonds were purchased by donors between April 1, 2019 and February 15 this year, out of which 22,030 were redeemed by political parties.
'India has the potential to do a lot more to take advantage of the time today where we stand to gain, geopolitically and in terms of market attractiveness.'
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.
How do you avoid being laid off? If you have been let go, what should you do next? Ask rediff Career Gurus to find out.
Kolkata tops the list with 617 cancellations, New Delhi stands second with 203, followed by Mumbai at 190.
Tata Motors was the biggest gainer in the Sensex pack, rallying 2.94 per cent. It was followed by Vedanta, Bajaj Finance, Sun Pharma, ONGC, ICICI Bank, Bajaj Auto, Tata Steel, RIL, HDFC duo, L&T and SBI, rising up to 2.78 per cent.
The move by the central bank follows concerns over tight liquidity conditions and banks' unwillingness to lend to NBFCs.
Business success often involves a combination of planning, implementation, and continuous learning, says rediffGURU Harsh Bharwani.
RBI is expecting the rupee to stay close to Rs 75 to a dollar, as COVID-19 forces foreign funds to withdraw from emerging markets.
While BlackRock is an existing investor in Byju's, T Rowe joined as a new investor.
In August, the central bank had announced that it will set up the Reserve Bank Innovation Hub (RBIH) to promote innovation across the financial sector by leveraging on technology and creating an environment that would facilitate and foster innovation.
Kumar said the Commission will follow the time-tested methods of consultations and consensus building in bringing about any reforms and will not shy away from tough decisions, according to an Election Commission (EC) statement.
E-commerce giant Amazon on Thursday announced a $250 million (about Rs 1,873 crore) fund that will focus on digitising small and medium businesses, and driving innovation in the areas of agri-tech and health-tech in India. "Small and medium sized businesses are often the engine and the lifeblood of economies and I think it's true in India as well. "And we are very passionate about trying to enable acceleration of SMBs in fuelling innovation and the economy in India," Amazon Web Services CEO Andrew Jassy said.
The Reserve Bank on Thursday instructed banks and other financial institutions to ensure cross-border as well as domestic wire transfers contain complete information about the originator and beneficiary. The central bank has updated instructions in the Master Direction on Know Your Customer (KYC) related to wire transfers and also aligned the same with the relevant recommendation of the Financial Action Task Force (FATF). "All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information...," as per the updated instructions in the Master Direction.
Ola founder and chief executive officer (CEO) Bhavish Aggarwal will step back from day-to-day operations to focus more on engineering functions, team building, and products, apart from focusing on long-term strategic projects, such as two-wheelers, cars, and innovations in quick commerce and international expansion. "I'll be spending more time with all engineering functions, team building, and on products," said Aggarwal in an internal note, adding, "I'll also be increasing my focus on our longer-term strategic projects, including new two-wheeler products, our car project, innovations in quick commerce, electrifying ride-hailing, our cell research and development (R&D), international expansion, building our Pune technology (tech) centre, and Futurefoundry UK." To drive scale, speed, and quality, Aggarwal said he is expanding Ola Group's chief financial officer (CFO) G R Arun Kumar's role to help him steer 'day-to-day operations' across the group.
Banks will need more funds, as they have to provide more capital.
The maximum number of banks are from the US (74), followed by China (29) and South Korea (26).
George Soros, who is in the eye of the storm over his remarks against Prime Minister Narendra Modi on the Adani issue, is an Hungarian-born American financier, philanthropist, and activist whose success as an investor made him one of the wealthiest men in the world. He is also known as a powerful and influential supporter of liberal social causes. In a speech at the Munich Security Conference on Thursday, the billionaire philanthropist said he believes the turmoil at Gautam Adani's business empire may weaken Prime Minister Narendra Modi's hold on the government, a statement which was strongly contested by the BJP as an attack on Indian democracy.
State Bank of India is also expected to tap the markets this year
The World Bank has announced that it will stop all its programmes in Russia and Belarus with "immediate effect" in response to Moscow's military operations in Ukraine and "hostilities" against the people of the war-torn country. On February 24, Russian forces launched military operations in Ukraine, three days after Moscow recognised Ukraine's breakaway regions - Donetsk and Luhansk - as independent entities. The decision comes as a large number of countries, organisations and businesses are severing ties and have imposed sanctions on Russia over the country's invasion of Ukraine, and with Belarus for its support and cooperation with Moscow.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
He said trust and confidence were the backbone of any financial system and one should never underestimate the power of ethics and values.
The last few months have been hard on digital wallets which had a short-lived dream run post-demonetisation.
Friday will be a landmark day for domestic markets, with all the listed stocks entering the professed T+1 (trading plus one day) settlement cycle. About 200 stocks, which account for more than 80 per cent of India's market capitalisation, will be settled on a next-day basis, with effect from January 27. This will evidently complete the transition to the T+1 cycle that started in February 2022 with the bottom 500 stocks in terms of market value.
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