The lock-in would be for a period of six months.
In the Sensex pack, IndusInd Bank was the top gainer, soaring around 8 per cent, followed by Bajaj Finance, Axis Bank, PowerGrid, ONGC, ICICI Bank, Sun Pharma and M&M.
'No one cares about fiscal deficit now. Or for that matter, inflation.' 'The focus is on growth and growth alone.' 'RBI needs to break the risk aversion of banks and infuse adrenaline in their veins', says Tamal Bandyopadhyay.
Axis Bank emerged as the biggest gainer in the Sensex pack, surging 6.62 per cent, followed by SBI at 5.88 per cent.
Anticipating panic and rush at bank counters, the Reserve Bank of India as well as the government has set up control rooms in Mumbai and the national capital to avoid any crisis, Department of Economic Affairs Secretary Shaktikanta Das said.
Meet to review progress on lending, impact of recent rate cuts and what is being done on NPAs, among other things
'Nirmalaji must consider herself a very lucky finance minister, partly because of the government's response to covid and partly because we as a nation have done very well as an economy, post pandemic.'
The meeting will be attended by all heads and EDs of public sector banks
More and more PE players are willing to test the waters now, just in case they become early entrants in a future booming business.
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
Bad loans of PSU banks rose by 28.5 per cent.
India has a huge untapped population which doesn't have facilities for financial aid and insurance, and it is perhaps plausible to look at the option of having niche players catering to smaller sectors akin to non-banks and microfinance institutions in lending, said Rakesh Joshi, member (Finance & Investment), Insurance Regulatory and Development Authority of India (Irdai). Speaking at the Business Standard BFSI Insight Summit, Joshi said, "Today, most of our insurance companies operate at a national level. There is arguably a case for having differentiated operations, which cater to niche sectors the same way we have non-banking financial companies (NBFC) and microfinance institutions in lending." "The capital requirement for niche players may not be as large as those having national ambitions. "Enabling these niche players, which require lower capital, will enhance the penetration in areas which hitherto had not seen traction from large players," he said.
Realtors split on possibility of price fall, gold may replace cash in secondary deals.
On February 22, 2013, the Reserve Bank of India issued guidelines on 'Licensing of New Banks in the Private Sector'.
FinMin plans tougher targets for bad loans, Casa and others in performance-linked pay for senior management.
Vedanta investors were jittery on Tuesday as its share price fell and bond yields of its parent firm rose following concerns raised by a rating agency on its capability to repay debt maturing later this year. Shares of the mining and metals major were down by 7 per cent on Tuesday to Rs 268 a piece on the BSE. The company has lost market valuation of 30 per cent in the last one year and 13 per cent since January 1 this year. Yields on the bonds of Vedanta Resources, the parent firm of the BSE-listed Vedanta, shot up to 39.8 per cent - showing investors' rising concern over the group's debt situation
Foreign money has been pouring into India's fast-growing e-commerce sector, with investors ranging from Japan's Softbank Corp to Singapore's Temasek Holdings.
'Hacking of an ID or an account will have the same impact on a user in a city and one in a small town.' 'Security is like a railroad, you create it to last for every customer.'
Fresh buying by domestic institutional investors and better-than-expected June quarter results from some blue-chip companies boosted investor sentiment
India Inc on Thursday pitched for continuation of reforms while ensuring tax and policy stability in the forthcoming Budget to prop up the economy hit hard by the COVID-19 pandemic. In the virtual pre-Budget consultation held with Finance Minister Nirmala Sitharaman, industry chambers said that government measures will help firmly entrench the nascent signs of recovery being currently seen in private investment. Capital expenditure by the government through enhanced infrastructure spending should in the meantime continue to support growth, CII president TV Narendran said.
The crisis in Indian banking has now reached a point where the NPAs of many public-sector banks are higher than their net worth
n the broader market, both the BSE Midcap and Smallcap indices, were up 1.2% and 0.7% each.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
Banks are likely to cut rates even further, say finance minister Arun Jaitley.
A strong start-up ecosystem can propel investment, jobs, and demand creation, and for that, substantial growth capital is required.
'LIC's proposed investment will come out of what is technically called the 'policyholders funds'.' 'As the name implies, these monies belong to policyholders; that is, you, me and 25 crore others who have taken a total of 30 crore policies from LIC.' 'It is not the government's or LIC's money to play poker with,' says S Muralidharan, former managing director, BNP Paribas.
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Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in.
Control over PSU banks is what is allowing the government to drive this scheme.
Today, banks are being asked to discover niche strengths and focus on them
Finance Minister Nirmala Sitharaman on Monday reduced the time limit for reopening of income tax assessment cases to three years from six years, while for serious tax fraud cases where concealment of income is Rs 50 lakh or more it would be 10 years.
'When the average growth in the last three years was just 2.5%, how does that make us the fastest growing country?' 'They only tell you what has happened in the last 2 years; they are not taking into account what happened in FY21 on account of their mistakes.'
Around 75 per cent, or 372 stocks, that are part of the BSE500 are trading at least 10 per cent below their all-time high levels, despite the index hitting a record high 20,515 points on the BSE in intra-day trade on Wednesday, surpassing its previous high of 20,390 touched in March 12. The index, which accounts for 93 per cent of BSE listed companies' market capitalisation, has gained 8 per cent from its recent low of 18,983, touched on April 19. In comparison, the benchmark S&P BSE Sensex gained 6 per cent over the same period, but is still nearly 4.5 per cent away from its all-time high of 52,517 that it hit on February 16.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The meeting came amid a face-off between the central bank and the finance ministry over issues ranging from appropriate size of reserves that RBI must maintain to ease of lending norms to step up growth in an election year.
M&M was the top gainer in the Sensex pack, soaring over 10 per cent, followed by L&T, IndusInd Bank, Bajaj Finserv, SBI, Bajaj Finance, ICICI Bank and Kotak Bank. On the other hand, HUL, ITC, Titan TCS and Bharti Airtel were among the losers.
'Stick to FDs of shorter tenures, preferably one-two years.'
Axis Bank was the top loser in the Sensex pack, shedding over 4 per cent, followed by Asian Paints, SBI, IndusInd Bank, ICICI Bank, Bajaj Finance, HDFC and Reliance. On the other hand, Bajaj Auto, Hindustan Unilever, UltraTech Cement, TCS, Bajaj Finserv and Infosys were the gainers.
Gautambhai has shown that he has ability to withstand payment delays or vexatious court cases. That is where he is on a more comfortable wicket than many others. A revealing excerpt from R N Bhaskar's Gautam Adani: Reimagining Business in India and the World.
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