HDFC Bank has been barred from onboarding new customers at its Dubai International Financial Centre branch by the local regulator. HDFC Bank, India's largest private sector lender, said it has initiated the necessary steps to comply with the notice of the Dubai Financial Services Authority and added that it does not see any material impact from it.
Dubai's core promise -- that it is an oasis untouched by regional storms -- has been tested in full public view. The coming months will show whether investors view the attacks as a short-lived disruption or a deeper signal of lasting risk, points out Asif Ullah Khan.
The Gujarat CID Crime has dismantled an international cryptocurrency network worth Rs 226 crore, revealing links to a front organisation of the terror group Hamas. Nine individuals have been arrested in connection with the syndicate, which is implicated in cyber fraud, narcotics, and terror funding.
HDFC Bank reported an 8.04 per cent increase in its March quarter consolidated net profit to Rs 20,350.76 crore, but highlighted potential near-term risks for small-business borrowers due to the West Asia conflict. The bank's CEO also addressed the recent resignation of its non-executive chairman and hinted at a potential top-level reorganisation.
'My resignation is a larger governance and governance-plus kind of an issue, which the board of directors of the bank should be introspecting.'
Former HDFC Bank chairman Atanu Chakraborty cites misselling of AT-1 bonds and underperformance as key reasons for his resignation, dismissing personal differences as a major factor.
The Budget emerges as a measured, credible and forward-looking policy document that reinforces India's commitment to remaining a stable, reform-oriented economy amid an increasingly fragmented global landscape, says A Balasubramanian.
Telangana Cyber Security Bureau (TGCSB) arrested five individuals for supplying over 600 Indian SIM cards to a cyber fraud syndicate operating from Cambodia, which defrauded Indian citizens of crores of rupees.
'Many of the children I work with had never attended school before and had never been given the right environment or opportunity to learn.'
'When education became accessible -- through flexible learning spaces, creative methods and community-based classrooms -- these same children began to thrive.'
'Over time, many who had never stepped into a formal classroom not only entered the education system but continued their studies further, with some going on to university.'
IL&FS, which has a mandate to sponsor, develop and commercialise infrastructure projects and provide value-added financial services, will seek to provide a wide range of investment banking services to cater to the needs of Indian and international customers in Middle East and African markets.
This Budget positions India's taxation ideology as not merely a revenue source but as a strategic catalyst for growth, inclusion and long-term confidence.
Here's what Indian investors diversifying into equities, ETFs, and real estate abroad to manage risk, returns, and currency exposure must watch out for.
Gujarat Police arrested an Indian national accused of running an international cyber slavery network operated by Chinese gangs from Myanmar and Cambodia. The accused allegedly supplied Indian workers to scam compounds where they were forced to commit cybercrimes.
Gujarat police arrest a woman allegedly involved in trafficking job aspirants to Myanmar and Thailand for cyber slavery. The accused lured people with promises of high-paying jobs and forced them to work for international cyber crime syndicates.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
'...including my baby sisters, age three and one.' 'My dad was humiliated, and he started screaming at them.'
To enable Indian banks and financial institutions to develop an aircraft-leasing ecosystem at GIFT City, the Ministry of Civil Aviation has sought support from the Ministry of Finance. It has also raised concern over slow progress in developing aircraft leasing in India.
Dubai Reliance Capital, the financial services arm of Anil Dhirubhai Ambani Group, plans to expand its operations in the Middle East, chief executive Sam Ghosh has said.
'We will be able to anticipate the full picture of the impact after August, which is also the time when demand for a year begins to peak ahead of the December holidays and Valentine's Day.'
The new exchange will also help global companies raise finance from other overseas investors.
In Dubai, A Ganesh Nadar encountered high speeds on smooth-as-silk-roads, no bureaucracy, gold, Mr Toad's. And snow!
The government is looking to give Bharat Global Ports a certain amount of domestic exposure after it set up the state-owned consortium to increase India's global maritime heft, officials aware of the development said. The intended domestic exposure is meant to give the consortium experience and build its credentials for international projects.
State Bank of India plans to open its office in Dubai International Finance Centre in a few weeks, a move which will boost India's largest bank's presence in the Gulf region.
The Enforcement Directorate (ED) on Wednesday searched locations in Karnataka, including educational institutions linked to state Home Minister G Parameshwara, as part of a probe into alleged gold smuggling-linked money laundering case against Kannada actor Ranya Rao and others. The ED sources said an educational trust is suspected to have "diverted" funds and made a payment of Rs 40 lakh towards the credit card bill of Rao, allegedly on the instructions of an influential individual. The sources claimed the trust is linked to Parameshwara and the "influential" individual is a politically exposed person. The searches found there were no supporting vouchers or documentation to "substantiate" this payment (for credit card bill payment), they said.
The Budget will focus on Gujarat's GIFT City.
At the end of October, Sri Lanka President Maithripala Sirisena handed over the deeds for the transfer of 116 hectares in Colombo Port City to China Harbour Engineering Company on a 99-year lease to build a financial centre.
Rohit, a young man from Punjab, India, was deported from the United States after a perilous journey that cost him his life savings and left his family in financial ruin. He had been promised legal entry to the U.S. by a travel agent in Amritsar, but his hopes were dashed when he was apprehended for illegally crossing the border. The ordeal highlights the risks associated with illegal migration and the exploitation faced by vulnerable individuals seeking a better life.
In its never-ending quest to break records, Dubai announced the opening of the "world's new tallest hotel" -- the Gevora Hotel on Sunday. Located on the Sheikh Zayed Road near the Dubai International Financial Centre, the 356-metre tall structure, built by Majid Al Attar, consists of 75 floors, 232 deluxe rooms, 265 one-bed room deluxe and 31 two-bedroom suites.
Defence public sector undertakings (PSUs) have been asked by the Centre to hold roadshows in Dubai and Abu Dhabi to share their financials and business plans to reel in investors. Hindustan Aeronautics (HAL), Bharat Dynamics (BDL), Bharat Electronics (BEL), Garden Reach Shipbuilders & Engineers (GRSE), and Mishra Dhatu Nigam (MIDHANI) have informed stock exchanges that they will conduct investor outreach programmes and participate in 'non-deal' roadshows and meetings with prospective investors from September 12-15. They will share their short- and medium-term growth plans, financial metrics, improvement in their stock performance/ market capitalisation - and make a pitch of sorts to prospective investors.
'It was tough financially for the first few years but my friends and family supported me and once he did well at the 2018 Commonwealth Games, there was no looking back.'
New exchange will provide an electronic platform for trading.
'Initially, Gift City was just another real estate project, but all that changed with Modi moving to New Delhi,' notes Tamal Bandyopadhyay.
Ministry considering tax sops for India's first global financial centre, steps to liberalise futures and options markets.
Trading in other derivative products in currency, commodities expected to begin soon.
'Rationalising TDS on dividends for FPIs to reduce it to treaty rates ranging from 5 to 15 per cent, depending on the country of residence of FPIs from current rate of 20 per cent will provide a big cash flow relief for FPIs.'
Reinsurance is a cover that insurers take to transfer their risks to a third party.
'Adani can attract vessels at a much lower cost to Vizhinjam as he has the financial muscle to do so.'
Officials hint the visit could finally see a formal defence industrial road map being adopted by both nations.
The criteria for allowing companies to avail of this provision will include profitability, networth, paid-up capital, and turnover.
