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.
FirstRand chief executive officer Sizwe Nxasana told Business Day that although it was still 'early days', he saw the possibility of FirstRand's operating units, such as First National Bank and Wesbank, benefiting from opening up of the Indian banking sector.
The case pertains to a bank guarantee of Rs 68.2 crore submitted to the Solar Energy Corporation of India Limited (SECI) on behalf of Reliance NU BESS Limited, a subsidiary of Reliance Power, a listed company, which was found to be "fake".
The fact that Gor has President Trump's ear makes him an extremely valuable commodity for India -- he represents both a challenge and an opportunity, points out Aditi Phadnis.
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.
Former Cricket South Africa president Dr Ali Bacher is not pleased that India, Australia and England are "marginalising" other boards to enjoy complete hegemony.
More than two dozen lawmakers and prominent Indian Americans gathered at the US Capitol for the annual Diwali celebration, highlighting the contributions of the Indian American community and the strong US-India relationship. The event, organized by the BAPS Shri Swaminarayan Mandir, also featured addresses from several Congressmen and Senators who expressed support for Indian Americans and emphasized the importance of the US-India partnership.
Cricket South Africa could lose massive amounts in revenue if India's tour to the country later this year gets shortened, as the BCCI now wants a mere two Tests, three ODIs and two Twenty20 matches, instead of the seven ODIs and three Tests.
India agreed to give up the Poonch salient as well as Uri. To the north India also proposed to give up land in the Gurez sector giving the entire Neelam/Kinshanganga valley to Pakistan. In return India sought control of the post dominating Kargil town, points out Colonel Anil A Athale (retd).
Kagiso Rabada is already in the pantheon of great South African fast bowlers, but if the Proteas play only a limited number of Tests a year, he can never surpass Dale Steyn's record of 439 wickets, reckoned Makhaya Ntini on Tuesday.
The government planned to borrow 10-15 per cent of the total borrowing offshore. That works out to at least Rs 71,000 crore, or about $10.4 billion at Friday's exchange rate.
'If the ground remains uncovered and the rain stops, you know it doesn't start for another one hour. Suddenly it rains again. So there's no play whatsoever.'
The Indian regulatory framework forced Citi to hibernate -- contrary to the claim that it never sleeps!
Weakness in other currencies against the dollar overseas, after US Fed indicating interest rates could rise earlier than expected as the jobs market picking up, also put pressure on the local unit, forex dealers said.
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Most Asian currencies weakened versus the dollar with the Thai baht and Philipine peso sliding on disappointing economic data.
Domestic shares and other global markets rose on upbeat trade data from China earlier in the day and after a US House deal extending the federal borrowing authority.
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The Reserve Bank of India sold dollars via state-owned banks around 62.3575 per dollar to contain the rupee's fall, traders said.
The continuing fiscal stimulus is heavily tilted towards capex, to the extent that it chips away a part of revenue spending. Accounting for other areas of revenue expenditure, such as salaries, pensions, subsidies and defence (committed spend), the room to spend on welfare schemes, health and education will narrow in FY22.
'Many countries believe that if they join BRICS, they will be seen as emerging countries and their stature will be enhanced.' 'G-20 still has common action plans while BRICS does not do that much.'
Foreign investors have bought around $2.4 billion in both debt and equity so far in October, pushing the total inflows to nearly $36 billion so far in the year.
In New York market, the dollar fell further against the euro yesterday after minutes from the Federal Reserve's March meeting detailed risks that could keep interest rates depressed even after the first rate hike.
In the recently released EDU-RAND 2015 rankings, IIT Delhi is at the top of the list, followed by other IITs in Kharagpur, Mumbai, Chennai, Guwahati and Kanpur.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
In New York market, the dollar fell against the Japanese yen yesterday, taking cues from declines in US stocks.
Traders expect the rupee to remain wedged between the 59.60 and 60.50 levels in the absence of any key triggers in the near-term.
The volume in the anonymous trading platform, NDS-OM, was Rs 7,210 crore - less than half the normal volume, but not as bad as the start of the day indicated.
The rupee had gained five paise to close at 63.25 against the dollar in on Monday's trade on fresh selling of the US currency by exporters amid bullish stocks.
Forex dealers said besides the dollar's gains against other currencies overseas, increased demand from importers for the American unit put pressure on the rupee but a higher opening in the domestic equity market capped losses.
Four franchises were involved in a bidding war with MI Cape Town making the initial move followed by Paarl Royals. However, towards the end it was Johannesburg Super Kings and Sunrisers Eastern Cape, who fought tooth and nail before the latter made a winning bid of R 9.2 million.
The rupee has fallen 0.8 per cent so far this year, hitting a one-month low on Friday, hurt by a stronger dollar globally as well as caution ahead of key economic data this month.
With banks staying out of the bond market, and foreign investors exhausting their investment limit, the question is: Who will buy the Rs 4.6 trillion bonds that will be issued from April.
Going by the strict criteria set, only Maharashtra, Tamil Nadu, Gujarat, Karnataka, Uttar Pradesh, Andhra Pradesh, Madhya Pradesh, and Haryana qualify for such extra borrowing, as of now.
According to the experts, a lot of countries have little or no faith in Chinese companies because of poor after-sales support and equipment that rapidly declines into non-functional machinery.
Standard and Poor's raised the outlook for India's "BBB-minus" rating back to "stable" from 'negative,' saying Prime Minister Narendra Modi government's 'strong' mandate would allow it to implement fiscal and economic reforms.
Forex dealers said besides the dollar's gains against the euro overseas, increased demand from importers for the US currency and a lower opening in the domestic equity market also put pressure on the rupee.
Weakness of the dollar in the overseas market also boosted the rupee, a forex dealer said.
The dollar's weakness against other currencies overseas and a higher opening in the domestic equity market supported the rupee, forex dealers said.
While the FPI limit on most bond issues would not be raised above 6 per cent, there would be some in which there would be no limits, reports Arup Roychoudhury.
Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said.
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