But selectively, with regulatory scrutiny and special approval, points out Tamal Bandyopadhyay.
Months after picking up 24.21 per cent stake in private sector lender Yes Bank, Japan's Sumitomo Mitsui Banking Corporation (SMBC) has received the Reserve Bank of India's (RBI's) in-principle approval for setting up a wholly owned subsidiary (WOS) in India.
The return on investment (RoI) from technologies such as artificial intelligence (AI) will take time to materialise, and the immediate priority should be to increase spending on building governance frameworks around AI, top bank executives said.
The plan was to expand further, add more branches and also eventually become the third bank in India to start a wholly owned subsidiary after Singapore's DBS Bank and State Bank of Mauritius, but those plans never materialised due to lack of scale and rising non-performing assets in the country.
'The choice is clear: We either embrace this transformation and cement our global leadership, or hesitate, lose ground, and fade into irrelevance.'
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
The Bharti Group is raising $320 million in loans from a clutch of banks, including ABN AMRO and Singapore's DBS Bank, group chairman Sunil Mittal said on Tuesday.\n\n\n\n
Digibank will offer only savings deposits initially, but will expand to include investments and lending in the coming months.
Patanjali, the lone player left in contention after the exit of Adani Wilmar, had last month increased its bid value by around Rs 200 crore to Rs 4,350 crore for Ruchi Soya.
Adani Wilmar's bid was approved by the committee of creditors of the bankruptcy-bound Ruchi Soya with about 96% votes in favour
The Reserve Bank of India cut its repo rate by 25 basis points to 6.50 per cent.
The CBI also told the court that it has sought Interpol's help in seeking access to overseas bank accounts of the Mukerjeas
British banking major HSBC on Thursday announced a consolidation exercise under which it will almost halve the number of branches in the country to 26, which will lead to 300 job losses.
The RBI cited lower-than-expected inflation, weak crude prices and weak demand, as well as the government's commitment to sticking to a fiscal deficit target as reasons.
RBI's tricky strategy to ease market's pre-Fed jitters.
As with TCS, most companies put their money in mutual funds, corporate bonds and bank deposits, which are losing their appeal versus government bonds in terms of both returns and safety.
The Indian regulatory framework forced Citi to hibernate -- contrary to the claim that it never sleeps!
In the start-up world, hitting the $1-billion mark, which accords the "Unicorn" tag, is a milestone. Enterprises typically reach the milestone only by series C or series D, or three to four funding rounds later. Zeta achieved it at the first one. On May 25, the six-year-old banking tech firm raised $250 million from Japanese conglomerate SoftBank, at a post-money valuation of $1.45 billion. "This is the first time we have raised institutional money," Zeta co-founder Bhavin Turakhia beamed on the conference call. This trajectory is uncommon in start-ups.
RBI's surprise rate cut has revived sentiments of India Inc.
New Delhi has missed its target for partial privatisations for the past five years
Indian Economy poised for growth, say experts.
The RBI cut rates for third time in 2015 due to favourable economic conditions.
Given the pressure from India Inc and the banking fraternity, it is surmised that the portfolio rejig will take place before April.
The Reserve Bank of India unexpectedly raised its policy interest rate on Tuesday by 25 basis points (bps) but said that if consumer price inflation eases as projected, it does not foresee further near-term tightening.
'Our target is to award Rs 25 lakh crore worth of projects that would result in creating 25 million jobs'
Experts hail Budget 2015 as a progressive, growth oriented one.
Traders believe the RBI will step in more strongly, if the rupee starts falling towards 65
The Reserve Bank of India held its policy rate at 7.25 percent on Tuesday.
Rajan's appointment will be perceived as a positive development.
Offshore rupee debt was likely to attract good demand
The cutback on export credit refinance facility is another step towards a shift away from sector-specific liquidity allocations.
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Companies are legally allowed to invest in markets in India, but the practice has seldom stirred central bank concern until recently, when they have become much more active players.
Will RBI chief have the final say, in the form of a veto
A Reuters poll showed only one out of 51 economists had expected a 50 basis points rate cut.
India is Asia's third-best performing equity market.
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