Foreign banks were ahead in terms of technology, but that is no longer the case as Indian private banks steal the innovation march.
The company is in talks with a few private banks and has signed on Citibank as one of the bankers to raise these funds, said sources. HCL Technologies and Citibank declined to comment saying that 'they do not comment on market speculation'.
Experts say the new guideline is likely to hurt foreign players more, especially card companies such as Visa, MasterCard and American Express who process and store credit card transaction data outside of India.
Do you often miss payments? Do you exceed your credit limit? You are just the kind of customer credit card companies are looking out for!
Vishal Kampani has big shoes to fill as his father is close to the Ambanis, the Wadias and the Ruias, says Dev Chatterjee.
The veteran banker has been instrumental in building the bank from scratch and turning it into the largest private sector lender of the country.
'If the new rate is lower than your current rate, ask your bank to shift you to it.' 'This can be done by paying a fee of Rs 5,000 to Rs 6,000.'
But few analysts have played down the impact of the Telecom Regulatory Authority of India recommendations.
Though manufacturers advertise it as a 'zero processing fee' offer, credit card companies may still levy charges making the phone expensive by over eight per cent.
In a bid to slash costs, Air India has hedged 10,000 barrels of jet fuel for its aircraft this month, four weeks after its Board gave a nod to the move.
The main issue has been that of a higher Asset Management Ratio as has been prescribed by the Monetary Authority of Singapore for qualifying full banks from India.
Vishal Kampani said one of the important lessons he learnt from his father was to be humble.
Deutsche Bank could be the next to trim its retail operations.
Both the Securities and Exchange Board of India and the Reserve Bank of India were trying to find if Puri was also involved in front-running and used his information on positions taken by Citi for placing bets, said an official with one of the regulators.
Fraud in Citibank's Gurgaon branch broke out in December involving nearly Rs. 400 crore being siphoned out from 20 accounts of high net-worth individuals.
The loans are backed by a government guarantee.
Four Hinduja brothers -- Srichand, Gopichand, Prakash and Ashok -- had in 2014 signed on a document saying the assets held by one brother belong to all, and that each of them will appoint the others as their executors. But now family patriarch Srichand Hinduja, 84, and his daughter Vinoo want the letter to be declared of "no legal effect" and the family's assets be separated as per his wish of 2016.
Its obsession for growth, chasing corporate clients and giving up its original mandate of meeting the needs of local trade and businesses. A quarter of its loan book has gone bad. That's an error of business strategy, points out Tamal Bandyopadhyay.
Those with plans to enter the wealth management business want to first put in place robust processes.
Banks can collapse, markets can be rigged, investment instruments can become worthless overnight, auditors can fail to blow the whistle, board directors can be asleep, and regulators can be incompetent, notes T N Ninan.
'To all the MBAs that burn the candle at both ends, travel half-a-million miles every year, and spend little or no quality time with their families, the rise to riches of Mr Bikhchandani and Mr Banga, should be true inspiration,' notes Sandeep Goyal.
Bankers of scam-tainted Satyam Computer on Friday declined to comment if the IT major's accounts have been frozen, citing client confidentiality. India's fourth-largest outsourcing firm plunged into a crisis after its chairman B Ramalinga Raju admitted to gross manipulations in the company's balance sheet and resigned.
The market buzz is that the GoAir promoters are hoping for a valuation that is at least a little more than double its closest rival SpiceJet.
Although private banks continued to operate as usual majority of trade and industry was hit by the strike by staff of 25 nationalised banks who are demanding revision of wages and a second option for pension among other things. The Indian Banks' Association, a grouping of public sector banks, is yet to formally respond to the demands of the striking employees.
After selling Polaris to Virtusa, Arun Jain will focus on Intellect Design, play the role of mentor and angel investor, and pursue his interests in healthcare and education.
There is a dearth of talent in the Indian banking industry. A testimony to this is the two new CEOs in the private sector -- Sandeep Bakhshi in ICICI Bank Ltd and Amitabh Chaudhry in AXIS Bank Ltd -- have come from the insurance sector, says Tamal Bandyopadhyay.
Foreign institutional investors are expecting the Third Front (read the Left) to play a crucial role in the formation of the new government and are worried about the fallout.
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
The total number of passenger vehicles (cars and utility vehicles) sold annually in the 1970s was 32,000 units - less than even one week's sales today.
Union Finance Minister P Chidambaram said in the Lok Sabha the Reserve Bank of India and the Securities and Exchange Board of India have taken up corrective measures in the IPO scam.
'It will take a long time for the effects of demonetisation to wear away, and I am not even sure that a year lost, can at all be even recovered.'
The investigative arm of the country's anti-monopoly watchdog has recommended action against two multinational banks for making false promises to their credit card customers and violating the Reserve Bank of India guidelines.
"We have a number of plans on partnerships..we are in discussions...to work with people having competency, to bring more services to customers...," Citi India's Country Business Manager (Global Consumer Group), P S Jayakumar, told reporters on the sidelines of a press conference in Mumbai on Thursday. Jayakumar said the bank is looking at tie-ups in the areas of product distribution and technology, without, however, divulging further details.
Apart from SBI, the consortium will include leading entities like Citibank, Standard Chartered, BNP Paribas, JP Morgan, Tokyo Mitsubishi UFJ and Mizuho Financial Group, a source closely connected to the development told PTI. The country's largest lender is also in talks with two-three public sector banks to be a part of the consortium, the source said. The company reported a loss of $12.7 billion for the fiscal ended December 30, 2006.
Will Citibank gain from India's position among emerging markets?
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