The deal, which will be signed this week, will see Standard Chartered Bank adding 170,000 cards to its existing portfolio of 1.1 million cards. The foreign lender will also become the fifth largest card issuer in the country after HDFC Bank, ICICI Bank, Citibank and State Bank of India.
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According to the research note, the jump in volatility following the tightening of liquidity by the RBI on July 15 is likely to move lower and current levels could prove an attractive entry point into the market.
Standard Chartered's India strategy will focus on wealth management while credit card will remain core to its business though will avoid competition with the country's private banks, said a senior executive of the British lender. "Our focus on wealth management and affluent clients are central to our existence. "We are strong in these areas and we want to grow in these areas.
Seeks to cut 1.7 billion pounds in annual costs and improve standards.
The US owners of Premier British League Football team Liverpool are looking to sell the club and have appointed Barclays Capital to find a buyer, a source familiar with the matter said on Sunday. American businessmen Tom Hicks and George Gillett are facing a demand to repay 100 million pounds ($153 million) of the club's 237 million pounds debt to its lenders, Royal Bank of Scotland and US bank Wachovia, in July.
India's largest power generation company National Thermal Power Corporation on Tuesday embarked upon a major overseas fund raising exercise and decided to establish medium term note programme of $1 billion.
Due to tight liquidity condition, RBI would cut cash reserve ratio.
Despite the possibility of the economy bottoming out, the investment cycle could remain weak for another couple of years and earnings downgrades should continue.
There is much more that the government can do to track money hidden abroad.
Foreign banks were ahead in terms of technology, but that is no longer the case as Indian private banks steal the innovation march.
The message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
India's economic growth had slumped to decade low of 5 per cent in 2012-13.
The open offers for the shareholders of Ambuja Cements and ACC will begin from July 6 and close on July 19, as per a tentative schedule published by the Adani family today. With an investment of $4 billion (Rs 31,139 crore), together these two open offers might constitute the biggest open offer in corporate Indian history. The mandatory open offer for the companies was made by a Mauritius based company owned by the Adani family after they acquired a 63 per cent stake in Ambuja and 4.5 per cent in ACC from Swiss cement major, Holcim for $6.5 billion. Ambuja owns a 50 per cent stake in ACC.
The general elections in April/May 2024 are expected to add volatility to the Indian markets, keeping investors on their toes.
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.
Leicester-based Ajay Gaindher, 26, took the money.
The Securities and Exchange Board of India (Sebi) on Monday issued a show cause notice and prohibited foreign institutional investor (FII) Societe Generale from issuing, subscribing or transacting in off-shore derivative instruments (ODIs), which are also known as participatory notes, or PNs.
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.
Finance -- the most battered sector by the global meltdown -- is making a strong comeback.
While consulting firms and investment bankers preferred not to participate in the lateral placements as usual, sources say that companies such as KPMG, Aditya Birla Group, Barclays Bank, Microsoft, Infosys and Capgemini have issued the maximum number of offers.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
Money is the new God and spending it is the closest that one gets to nirvana. These five malls together accommodate close to 1,800 showrooms and smaller kiosks that sell almost everything a consumer could want. The number of visitors at Select City Walk averages around 2,000 on weekdays, going up to 6,000 on weekends.
Among the assets in question include the Force India and Indian Empress super-yacht - which was fitted with an Elton John piano around 2015, a fleet of high-value cars and some artwork from Mallya's Ladywalk property in the English village of Tewin in Hertfordshire.
The maximum number of banks are from the US (74), followed by China (29) and South Korea (26).
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
Wholesale price-based inflation rose to an eight-month high of 0.26 per cent in November, driven by a sharp jump in food prices, especially onion and vegetables. The WPI inflation was in the negative or deflationary zone for the past seven months since April and was at (-)0.52 per cent in October. The last positive WPI inflation was recorded in March at 1.41 per cent.
Lower revenue, rise in costs, higher provisions hit earnings in a subdued growth environment.
Barclays chairman Marcus Agius and chief executive Bob Diamond have resigned after regulators in the UK and US slapped a 290 million pound penalty on the bank.
India's inclusion in JP Morgan's bond index can channel billions of dollars into India. How will the government securities market handle it?
The foreign agency has claimed four accounts held by the Jindals.
The beleaguered Deutsche Bank announced major overhaul of its business, which included discontinuing loss-making equities trading business, creating a new 'bad bank', and cutting 18,000 jobs. Deutsche Equities India employs 35 people, all of whom could face the job axe.
Together with Barclays-ABN Amro, about a half a dozen foreign banks such as Citigroup, HSBC and Standard Chartered could hire over 50,000 employees in India in the next three years.
UBS stepping in to save Credit Suisse with a $3.2-billion acquisition has provided the beleaguered Swiss bank's India employees a glimmer of hope. The surprise deal - engineered by the Swiss government - has triggered optimism of fewer job losses at Credit Suisse's India unit and better synergies at key verticals, such as wealth management and investment banking. "UBS is a much stronger hand. Coming within its fold will give Credit Suisse's wealth management and investment banking divisions a good home.
The $5.7 billion total includes $1.6 billion in fines separately imposed by the US Federal Reserve on the five banks.
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