'MNCs now recognise India's capacity for innovation and its pivotal role in substantive contributions to global product development.'
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
Jain was honoured by the Jewish Museum at its annual high-profile gala here as a tribute to his personal and professional relationships with the city's Jewish community.
Private lenders have also been expanding their branch and automate teller machine networks aggressively.
With more favourable view on Indian economy and business environment under the Narendra Modi government, the risk premium for Indian papers began to climb down.
The government should convert Vodafone Idea's (Vi) debt into equity to avoid a duopoly in the telecom sector, Deutsche Bank Research said in its report on Monday. This, the bank suggested, would be the only viable solution in the backdrop of the Supreme Court dismissing the telecom company's application for recomputation of adjusted gross revenue (AGR) dues.
A litre of petrol costs $1.38 (Rs 75.28) in India while its costs $2.08 (Rs 113.46) in United Kingdom and $2.27 (Rs 123.83) in Hong Kong.
The Enforcement Directorate (ED) on Friday said it has issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than Rs 5,551 crore.
"Our asset quality is sound and not a source of concern at this point. Right now, the concern is how to grow faster", says Ravneet Gill
Shares of most European banks are down significantly.
Card fees likely to increase to offset replacement cost.
India CEOs of 12 banks form pressure group within IBA.
Some major private sector banks, such as Deutsche Bank, Yes Bank, Kotak Mahindra Bank, Standard Chartered Bank, and financial institution Industrial Finance Corporation of India (IFCI) are in the race to buy the Rs 500-crore standard loan assets and investments of the Industrial Investment Bank of India (IIBI).
The Deutsche report said though India must move to a GST regime, the transition is likely to be disruptive for large sections of the economy and SMEs
Anshuman Jain became the co-head of Deutsche Bank in 2012 along with Juergen Fitschen.
IndusInd Bank, along with Axis Bank, Dhanlaxmi Bank and Karnataka Bank, have evinced interest in acquisition of the credit card business of Deutsche Bank.
Banks now ride on what is defined as a "banking outlet". This is a fixed-point service unit, manned by either the bank's staff or its business correspondent (BC), where all kinds of services - acceptance of deposits, encashment of cheques, cash withdrawal or lending of money - are provided for a minimum of four hours per day, for at least five days a week. Banks are now turning to reposition the manner in which they acquire customers, report Abhijit Lele and Raghu Mohan.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Deutsche Bank could be the next to trim its retail operations.
Head of Deutsche Equities Keshav Sanghi states that medium-term foreign investors are still positive on India.
According to a report by German banking giant Deutsche Bank, a weaker Indian rupee has allowed India to remain the cheapest major economy in the world despite persistently suffering the highest inflation rate.
As many as 40 staffers, in the key equities and investment banking division in India, could be asked to go as part of the London-headquartered lender's global layoffs, said people aware of the development. HSBC India declined to comment.
India offers one of the world's cheapest public transport fares.
The finding is part of a research report by Deutsche Bank
New Delhi is among the cheapest cities to hire a standard cab.
Bond issuances dipped 31.4% during January-June
In January, the RBI hiked its cash reserve ratio or the amount banks keep with the central bank by 0.75 per cent to 5.75 per cent.
FMCG giant Unilever CEO Paul Polman and technology major Intel President Renee James on Tuesday met Prime Minister Narendra Modi as a slew of global corporatehonchos continue to line up to express their intention to invest in India.
Banks seems to be upset over RBI's move over rate cut.
According to the global financial services major, FIIs have recouped around 25 per cent of the outflows seen over the June-August period, when the country witnessed its sharpest bout of FII outflows since the global financial crisis.
According to the report, the average government debt levels of the top 10 emerging market economies, including China, Russia and Indonesia, has halved to 25 per cent, from 50 per cent of GDP since 2000.
S Ramadorai, Tata Consultancy Services CEO, been selected the Business India Businessman of the Year 2004.
They are small town boys who went on to make it big in global financial powerhouses.
Even if the economy were to get no more than meagre policy support next year, chances are that consumption will remain strong.
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.
