Former IPS officer Amar Singh Chahal allegedly shot himself after claiming he was duped of Rs 8.10 crore by cyber thugs. He was one of the accused in the 2015 police firing cases related to anti-sacrilege protests in Faridkot.
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.
DBS Bank India on Monday said customers of Lakshmi Vilas Bank, which has now been merged with it, can continue to access all banking services, and interest rates on savings and fixed deposits are unchanged as of now. Lakshmi Vilas Bank (LVB) has now been amalgamated with DBS Bank India Ltd (DBIL), the wholly-owned subsidiary of DBS Group Holdings Ltd, DBS Bank India said in a statement.
The combined deposits of its Indian operations stood at SGD 9 billion and net advances were at SGD 5.6 billion at the end of December 2020.
Murugrappa Group on Tuesday said it has bought 37.48 per cent stake in Singapore based DBS Bank making it to hold controlling stake in their joint venture company Cholamandalam DBS Finance Ltd.
Any return to 9-10%(economic) growth is some years away.
While Gupta, 60, can rightfully bask in the glory he has achieved for his bank in the subcontinent, his peers in foreign banks will have to revisit their India play, especially the local incorporation model, says Raghu Mohan.
According to experts, 'Lakshmi' and the logo 'Godesses Lakshmi' have a lot of value in India and are the biggest driver for the Bank. Retaining the Lakshmi name and logo will help DBS.
'The choice is clear: We either embrace this transformation and cement our global leadership, or hesitate, lose ground, and fade into irrelevance.'
Foreign policy expert C Raja Mohan has said that the recent disengagement of troops with China in eastern Ladakh has given a small opening to India, but the "big issues" remain. He also stressed the importance of strengthening India's ties with the US for technological and economic growth.
The DBS venture has been under financial stress of late.
Tamil Nadu-based Lakshmi Vilas Bank (LVB) with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore's DBS Bank. The debt-ridden 94-year old old bank's fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday.
Billionaire Gautam Adani's group on Tuesday said it will prepay $130 million of debt as it looks to boost investor confidence post being targeted by a US short-seller. Adani Ports and Special Economic Zone, the ports company of the Adani Group, had last month floated a tender to buy back as much as $130 million of its July 2024 bonds and similar amounts in each of the next four as it looked to regain investor confidence by showing that its liquidity position is comfortable. In a stock exchange filing, APSEZ said an aggregae principal amount of $412.7 million was validly tendered.
The Reserve Bank on Wednesday said the amalgamation of Lakshmi Vilas Bank with DBS Bank India will come into force from November 27 and the moratorium imposed on the crisis-ridden lender will be removed on that day. The RBI issued the statement within hours of the Cabinet clearing the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL).
Tata Sons will likely choose Singapore as a "key partner" for its semiconductor plans, a senior minister from the city-state said on Friday. Speaking to reporters after a meeting with Tata Sons chairman N Chandrasekaran earlier in the day, Singapore's minister for home affairs and law K Shanmugam said semiconductors was a "big discussion" point during the meeting. "If they (Tatas) want to, they can do business with anybody in the world.
Adani Ports and Special Economic Zone (APSEZ) on Monday started the first debt buyback programme since billionaire Gautam Adani's conglomerate was targeted by a US short-seller in January. APSEZ floated a tender to buy back as much as $130 million of its July 2024 bonds and similar amounts in each of the next four quarters, it said in an exchange filing, as it looks to regain investor confidence by showing that its liquidity position is comfortable. Shares of Adani group companies pummelled after Hindenburg Research in a January 24 report accused it of accounting fraud and improper use of offshore tax havens for stock manipulation.
Speaking to reporters at the ongoing South Asian Diaspora Convention in Singapore, Gupta highlighted the funding deficit faced by infrastructure projects in India and the rest of the region, while the high saving rate among the Chinese was boosting the RMB deposit base in Hong Kong and Singapore, already estimated to be over $3 trillion.
Digibank will offer only savings deposits initially, but will expand to include investments and lending in the coming months.
Indian bonds remained volatile over the past week on uncertainties over the maiden offshore sovereign bonds issuance, according to a report by DBS Group Research.
Adani Green Energy Ltd, the renewable energy arm of billionaire Gautam Adani's conglomerate, plans to raise $409 million through US dollar-denominated bonds to repay a debt obligation falling this year. In a regulatory filing, the company said the bond will have a door-to-door tenor of 18 years. The proceeds will be used to redeem the $500 million 6.25 per cent senior secured notes due 2024, it said adding these notes were issued on June 10, 2019.
"If HR isn't responsive, it's critical to keep records of all interactions -- e-mails, dates and any conversations you had. If HR fails to help, escalate the matter to higher management or the internal complaints committee," says Smita Shetty Kapoor.
India's GDP may turn positive at 1.3 per cent in the third quarter of 2020-21, having witnessed contraction in the previous two quarters due to the coronavirus pandemic, as the number of cases is falling and public spending has started rising, according to a report. The government will release the GDP numbers for the October-December quarter of the current fiscal on Friday. Projecting that the gross domestic product (GDP) may have returned to the black in the last quarter of the calendar year 2020, DBS Bank in the report said the full-year growth in real terms may be at a negative 6.8 per cent.
In the first such collaboration for India, the country's flagship payments platform, the Unified Payments Interface (UPI), and Singapore's PayNow payment system have launched a real-time cross-border payment linkage system. The linkage, which was launched by Prime Minister (PM) Narendra Modi and Singapore's PM Lee Hsien Loong on Tuesday, was kicked off by a live cross-border transaction between Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore managing director Ravi Menon, using mobile phones.
'Opportunity is there in each segment of the market. There is opportunity in affordable and specifically governed by government initiatives as well as for housing for all.'
Days after the US Fed raised the interest rate, the RBI may go in for its third consecutive policy rate hike by at least 35 basis points to check high retail inflation, experts said. The central bank has already announced to gradually withdraw its accommodative monetary policy stance. The Reserve Bank of India's rate-setting panel -- the Monetary Policy Committee -- will meet for three days from August 3 to deliberate on the prevailing economic situation and announce its bi-monthly review on Friday.
Adani Ports and Special Economic Zone will prepay $195 million of debt due in 2024 as the conglomerate helmed by Gautam Adani looks to boost investors' confidence post being targeted by a US short-seller. In a stock exchange filing, APSEZ said it will buy back $195 million of bonds due in 2024 using its cash reserves. Out of the $520 million principal outstanding, $325 million will be left after the buyback, it said.
Reliance Power (RPower) has defaulted on payment of interest worth Rs 1.17 crore to DBS Bank India and Rs 44 lakh to IDBI Bank. It failed to pay up interest on October 30, 2021. The firm, part of the Anil Ambani-promoted Reliance group, in filing with BSE, said it has term loans and working capital arrangements with three lenders - YES Bank, IDBI Bank and DBS. Its stock closed 1.41 per cent lower at Rs 12.6 per share on the BSE on December 1. About exposure of YES Bank, there is a 'standstill' applicable till December 26, 2021.
Many other Indians are heading the businesses at companies abroad.
The economic growth is likely to moderate to 6.1 per cent, slowest in over seven quarters, from 6.6 per cent last year same period.
Amid fears of a third wave of coronavirus pandemic and hardening of retail inflation, the Reserve Bank is likely to maintain status quo on interest rate and watch the developing macroeconomic situation for some more time before taking any decisive action on monetary policy. The RBI is scheduled to announce its bi-monthly monetary policy review on August 6 at the end of the three-day meeting -- August 4-6 -- of the Monetary Policy Committee (MPC). The RBI Governor-headed six-member MPC decides on the key policy rates.
Top ten banks of the world includes 4 from the USA, 4 from China and one each from the UK and Australia
New Delhi says existing food stocks will be sufficient to contain any food price shock.
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.
If the rupee falls further, it would negatively impact the dollar-based returns of foreign investors, and could influence foreign flows into India.
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.
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.
Yoga guru Baba Ramdev's Patanjali Ayurved on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
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