To begin with, there would be the immediate integration of various technology stacks. This would create more business for global consulting and IT services entities such as KPMG, PwC, EY, Accenture and IBM, among others. Indian service providers - Infosys, Tata Consultancy Services (TCS), and Wipro, for instance - would also cash in.
The 30-share Sensex ended higher by 177.46 points at 28,885.21 and the Nifty gained 63.90 points at 8,778.30.
The rally followed the govt's plan to bolster state-owned lenders.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
The entire amount is to be provided for four quarters.
The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
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The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI, it said. Last month, the RBI had imposed a penalty of Rs 3 crore (Rs 30 million) on SBI for violating know your customer/anti-money laundering norms.
RBI policy, macro data, company earnings to decide market course this week: Experts
'I find the RBI edict to the Kotak Mahindra Bank to reduce Uday Kotak's shareholding very unreasonable,' says Sudhir Bisht.
According to the RBI's Financial Stability Report, the industry's gross bad-loan is at a 14-year high. As RBI's March 2017 deadline for banks to clean up soured credit looms closer, Shailajanand Mishra takes stock of just how bad the situation is.
Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses. Out of the Rs 3.21 trillion worth loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) in the last financial year, Rs 3.12 trillion were disbursed to entrepreneurs, according to official data.
The bank also issued 234 LoUs worth Rs 1,880 crore to another group of companies promoted by Mehul Choksi in 2015 and 2016
Infosys, Bharti Airtel and ICICI Bank are the only companies who have managed to score 100% on a Composite Disclosure Index
The Sensex closed higher by 170 points at 26,128 and the Nifty rose 59 points to end at 7,943.
Experts interviewed CMDs of nine public sector banks on Friday and Kamath is believed to be in the reckoning
While the government has infused huge capital into PSBs, the same has largely been used to mitigate losses and has failed to contribute meaningfully to credit growth.
The agency noted that the reviews of these banks' sub-debt ratings were not indication of any change in the affected banks' fundamental credit quality.
Digital payments and financial services firm Paytm is likely to allocate shares at the upper price band of Rs 2,150 apiece on November 16 after market regulator SEBI's approval which is expected to come on Monday, sources aware of the development said. Earlier the allocation was expected to take place on Monday and the Paytm Money app also displayed the same.
Here are five things that fraudsters are likely to say or do that should set the alarm bells ringing in your head.
'Start-ups that generate a majority of their income in India are likely to opt for an Indian listing.'
The proposal to increase public float, hike income tax surcharge, move to tax share buybacks and lack of stimulus to shore up economic growth has hurt investor sentiment.
Sensex eneded 374 points higher on rate cut expectation from the RBI.
According to Merrill Lynch (BofA-ML) report, Domestic capital markets are likely to remain volatile in the September-November period due to factors like US Fed's policy action, second quarter corporate earnings and Bihar state elections.
As per the norms, sanction for prosecution has to be decided within four months time of the CBI seeking such a permission.
The 30-share Sensex closed up 34 points at 27,831 and the 50-share Nifty ended up 15 points at 8,356.
Lack of decisiveness and courage to deal with PSBs may turn out be the biggest impediment to the Modi government's economic initiatives, says Debashis Basu.
Bankers said the mammoth task of cleaning up the PSBs and improving their health will be a mammoth task for any chief executive.
In all, 292 allegedly fraudulent LoUs and 224 foreign letters of credit were generated and money sanctioned to Nirav Modi's companies since 2011
Banks have issues with their balance sheet profiles, say PSB executives.
Move to hasten rollout and, if successful, set a precedent for new banking firms.
Interest rate and tenure are not the only two factors to consider.
The data show close to 72.5 million accounts have been opened till November 10 with an average 500,000 opened every day.
SBI remains a favourite of most brokerages in the PSB segment.
The race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.
Financial services firm AnandRathi analysed the key points of the policy soon after it was announced.
Soon after unveiling of the Reserve Bank's mid-quarter policy review, country's largest lender State Bank of India on Friday said lending and deposit rates will go up in view of the festive season demand.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Ratnagiri Gas & Power Pvt Ltd, in charge of Dabhol assets since 2005, has admitted it is passing through a difficult phase in the absence of gas allocation and low recovery of dues from the Maharashtra State Electricity Distribution Company.
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