Finance Minister P Chidambaram said, "When we return in 2014, we will be more friendly."
Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
The deal is stuck because the Reserve Bank of India has declined to transfer the branch licences of RBS to HSBC.
Infosys has withdrawn all its deposits with State Bank of India, the largest commercial bank in the country, in the just concluded October-December quarter.
Privatisation or consolidation into half a dozen large banks might not rescue public sector banks from the crisis they find themselves in.
The government's total liabilities rose to Rs 128.41 lakh crore in December quarter from Rs 125.71 lakh crore in the three months ended September 2021, according to the latest public debt management report. The increase reflects a quarter-on-quarter increase of 2.15 per cent in October-December 2021-22. In absolute terms, the total liabilities, including liabilities under the 'Public Account' of the government, jumped to Rs 1,28,41,996 crore at the end of December 2021.
India's biggest non-bank finance company, Bajaj Finance (BAF), is set to raise capital after a gap of four years. On October 5, the board of directors will meet to approve the fund raise by way of preferential issue and/or qualified institutional placement (QIP) subject to regulatory and shareholder approvals. The move, analysts said, comes ahead of expectations, and could be in the wake of simmering competition in the consumer lending space, especially with the launch of Jio Financial Services (Jio Fin). "While we still do not have finer details on the game-plan of Jio Financial, it has plans to initially foray into consumer and merchant lending.
Within three trading sessions in May, foreign portfolio investors (FPIs) have pumped in Rs 9,461 crore into Indian equities. This follows net inflows worth Rs 7,936 crore in March, and Rs 11,631 crore in April. The trend, analysts said, could continue going ahead as the US Federal Reserve may soon halt its interest rate hike cycle, which will strengthen foreign fund inflows into emerging markets, including India.
'Banks, fund managers, NBFCs, rating agencies, those buying into debt funds -- all of them will have to watch their step as India's financial system enters a new phase,' warns T N Ninan.
Soon, farmers in India will be equipped to check out the futures prices of commodities in their villages.
The RBI refuses to classify a cryptocurrency as an asset since it doesn't have future cash flow and its value is always fluctuating because of speculation. There is also no consumer protection, observes Tamal Bandyopadhyay, and hence the e-rupee trial run.
Israeli soldiers and tanks on the move in Gaza. Palestinians killed and wounded in Israeli strikes. When will it all end?
The Union new and renewable energy ministry said Uttar Pradesh was progressing "very well" in off-grid solar energy space
The operating environment is unpredictable, but if the bank can't give a clear picture of what's in store, calling the bottoming out of its asset quality stress is nearly impossible.
India and the US on Monday committed to further improving bilateral ties, exploring alternate mechanisms for funding renewable energy and actively pursuing the G20 agenda which includes strengthening MDBs and taking coordinated action to deal with climate change. Several issues, including climate action, rising indebtedness in low and middle income countries and digital public infrastructure, figured during a bilateral meeting between Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen held on the sidelines of the G20 meeting of Finance Ministers and Central Bank Governors. India, Sitharaman said, will "look forward to furthering ... bilateral interests through development cooperation and new investment opportunities through Alternate Investment platforms for renewable energy."
It was unclear how bankers were deciding which jewellers to support
The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.
The year-on-year growth till end of January was 15.65 per cent, below the revised credit growth estimate of 16 per cent for 2011-12.
The Karnataka high court has directed the police not to take precipitative action against Aaj Tak news channel's consulting editor Sudhir Chaudhary in an FIR filed against him, but said that there was a prima facie case against him, and it should be investigated.
The central bank has nine executive directors, and one of them -- S Karuppasamy -- retired recently. R Gandhi, who was executive director, has now been promoted to the post of deputy governor.
O P Bhatt replaces A K Purwar who retired as chairman of the country's largest commercial bank on May 31 this year.\n\n
Admitting that credit growth is "very low" given the size and growth rate of the economy, the Reserve Bank on Wednesday said for both the numbers to match, "the very very wide output gap" has to close. The central bank also clarified that low credit growth does not necessarily mean low credit flow to the economy, or choking of credit to the system, as bank credit growth numbers that the central bank publishes regularly represent only the outstanding credit in the system. Output gap means due to poor demand conditions, companies are unable run their plant at full installed capacity or, in a larger sense, an economy is not producing optimally as the demand is missing.
Advice to the new finance minister from former RBI governor Raghuram Rajan: 1. Clean up banks by reviving projects that can be revived after restructuring debt. 2. Improve governance and management at public sector banks. 3. De-risk banking by encouraging risk transfers to non-banks and the market. 4. Reduce the number and weight of government mandates for public sector banks, and for banks more generally.
Meanwhile, for the fortnight ended March 20, deposits grew 11.42% y-o-y.
Amid concerns expressed by the Reserve Bank of India, the country's largest lender State Bank of India on Wednesday announced withdrawal of special home loan schemes, or teaser rates, with effect from May 1.
'The shadow banks are currently facing a liquidity and solvency crisis.' 'The danger is that it could potentially engulf the entire financial system because shadow banks have borrowed huge amount of money from banks, mutual funds, pension funds, and insurance companies.'
"We are already restructuring viable accounts, which are facing temporary cash flow problems," says S Sridhar, Chairman & MD, Central Bank of India.
Jaitley said the government had earmarked Rs 25,000 crore (Rs 250 billion) for recapitalisation.
The move is aimed at reducing costs and improving efficiency.
This is following revival of demand from the corporate sector and small and medium enterprises (SMEs), even as a nascent economic recovery is taking shape. Credit growth of scheduled commercial banks had accelerated to 9.2 per cent year-on-year (YoY) by the end of December 2021 after breaching the 7 per cent-mark in November, for the first time since April 2020.
The Hongkong and Shanghai Banking Corporationon Friday announced it will acquire the Indian business of Royal Bank of Scotland worth $1.8 billion, a move that will help the British giant gain greater exposure in the country.
'In plain simple English, these practices amount to a looting of our country's future by some in the business community, in cahoots with some lenders,' says RBI Governor Dr Urjit R Patel.
People who cannot afford long-term higher rate home loans are lured by these teaser rates, only to rue their fate later, says Business Standard.
'AI is not a new thing for us. We started our AI journey in 2015.'
Realty, Capital goods, Bankex among key draggers; HDFC and Sun Pharma bucks trend.
United States Secretary of State Antony Blinken reiterated his country's stance against an immediate ceasefire in Gaza during his meetings with key Middle Eastern leaders on Saturday, CNN reported.
With over Rs 15,000 crore in deposits, its strategy is a hit for now, but the real test will come when it starts lending to retail and corporate customers in a big way
Yes Bank Founder, Managing Director and CEO Rana Kapoor is confident that the potential is huge and risks close to none. The bank has around 8,000 relationships in this segment and claims to have mapped about 150,000 such relationships.
The Reserve Bank on Tuesday increased a key statutory deposit ratio for banks to 25 per cent but the move is not expected to push interest rates up. RBI left other key policy rates and ratios unchanged. Due to this, it is unlikely that banks will banks hike their auto, home and education loan rates in the near term.
The inflation target has been hiked to to 6.5 per cent from 5 per cent. The FY10 GDP target is unchanged at 6 per cent.
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