Employees across segments, including those involved in specialised jobs such as technology, compliance and risk management, have started leaving the bank fold in hordes, observes Tamal Bandyopadhyay.
Tata Group-owned Air India has informed the Centre that aircraft lessors wish to set up their special purpose vehicles (SPVs) outside India since they aren't enthused about the Indian 'legal structure' and are loath to take risks. Indian airlines have a combined fleet of about 700 planes; over 85 per cent are on lease. A majority of lessors are based in Ireland due to its attractive tax policy, light-touch regulations, and swift legal system.
A rare bonhomie among three private telecom companies in raising tariffs coming on the back of a bailout package by the government may have helped the telecom sector avert a crisis but the challenges haven't ceased to exist as the industry faces a cash-guzzling task of rolling out 5G networks in the coming months. The sector that provides direct and indirect employment to millions is projected to see Rs 1.3 lakh crore to Rs 2.3 lakh crore of investments in the coming years in creating robust infrastructure and building telecom and network products that have been incentivised by the government through PLI and other initiatives. After years of cut-throat competition and the apex court ruling on payment of past statutory dues left some players in the lurch, billionaire Sunil Mittal's Bharti Airtel and struggling Vodafone Idea almost in tandem raised tariffs, taking the plunge they had long been talking about.
The Taliban have confirmed that Pakistan's powerful intelligence chief Lieutenant General Faiz Hameed has met its de facto leader Mullah Abdul Ghani Baradar, amidst efforts by the insurgent group to finalise a government in Afghanistan.
India has realised that one can only deal with China from a position of strength and that is not palatable to Beijing, observes Dr Rup Narayan Das.
Analysts remain sceptical on the profitability from freighter business, saying that once normal air transport resumes and there's abundant belly capacity, the traditional economics of air cargo may not be that lucrative.
Ziebat had been living in the international transit area at the Indira Gandhi International airport in New Delhi for days after he got stuck due to the coronavirus-induced lockdown.
He said despite efforts by the UN, the threat of terrorism is only growing and expanding, particularly in Asia and Africa.
India's current account deficit is expected to deteriorate in the current fiscal on account of costlier imports and tepid merchandise exports, according to the Finance Ministry's monthly economic review. The review released on Thursday by the ministry also said that global headwinds would continue to pose a downside risk to growth as crude oil and edibles, which have driven inflation in India, remain major imported components in the consumption basket. For the present, it said, "their global prices have softened, as fears of recession have dampened prices somewhat. This would weaken inflationary pressures in India and rein in inflation."
After the case was registered, the CBI carried out searches at four places in the national capital and Bengaluru.
The jump in the sale of American weapons to India comes at a time when sale of weapons from the US to other countries has dipped to USD 50.8 billion in 2020 from USD 55.7 billion in 2019.
It is only gradually dawning on us that some of the information we have trustingly shared with commercial service providers can be used against us when we apply for a job or when we apply to admission to a college, says Ajit Balakrishnan.
72 per cent of the revenue of Indian firms (India Inc) is derived from the domestic / home market - the sixth highest in percentage terms in the emerging market (EM) and the Asian region, said a recent report by Morgan Stanley. The balance, according to the report titled 'Global Exposure Guide 2021' co-authored by analysts led by Jonathan F Garner, their chief Asia and emerging market strategist, is split between the developed markets (DMs) and other EMs. The report is based on an analysis of 3,300 companies globally that have revenue exposure in 17 different regions.
In the first dedicated mission of its commercial arm New Space India Limited (NSIL), the Indian Space Research Organisation on Sunday successfully launched Brazil's earth observation satellite Amazonia-1 and 18 other co-passengers, including five built by students, onboard a Polar rocket from the spaceport in Sriharikota.
A court in Canada has ordered the seizure of amounts collected by the International Air Transport Association (IATA) on behalf of Air India and the Airports Authority of India (AAI). Separate orders were passed on November 24 and December 21 on pleas by shareholders of Devas Multimedia Private Limited who have filed multiple petitions to enforce arbitration awards against the Indian government. According to a Devas spokesperson, more than $30 million has been seized to date under the IATA action.
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
Afghanistan is "heading towards civil war" and terror group Al Qaeda "will probably come back" as the security situation in the region continues to deteriorate, UK Defence Secretary Ben Wallace said on Friday.
In yet another move to close the regulatory gap between banks and shadow banks, the Reserve Bank of India (RBI) has mandated exposure limits to the non-banking finance companies, in line with commercial banks. In the large exposure framework released on Tuesday, the regulator capped aggregrate exposure of NBFCs which are in the upper layer toward one entity at 20 per cent of capital base. The limit can only be extended by another 5% with board's approval. For a particular borrower group, the cap is at 25 per cent, with additional 10 per cent if exposure is towards infrastructure.
The government can also individually exempt the PSBs, that are to be privatisated from the two Bank Nationalisation Acts. This will bring such lenders under Banking Regulation Act, and make them companies, reports Nikunj Ohri.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
'How can I pursue my dream forgoing my identity? I want to fly as a trans man.'
In absolute terms, the CAD stood at $4.6 billion in the current fourth quarter, compared with $13 billion in the year-ago quarter and $17.7 billion in the third quarter of fiscal year 2018-19.
China on Tuesday alleged that US billionaire Elon Musk-owned SpaceX's satellites had two 'close encounters' with its space station in orbit, and has complained to the United Nations about the incidents which endangered the safety of the Chinese astronauts.
Business executives are finally dusting off their long-unused suitcases to resume travel, thanks to a good vaccination rate, a drop in fresh cases, and an easing of travel restrictions. It comes as a huge relief for the ravaged aviation, travel and hospitality sectors. "We are witnessing a 40 per cent recovery on pre-covid volumes from our business travellers, signalling the return of corporate confidence in air travel," said Indiver Rastogi, president & group head, Global Business Travel, Thomas Cook (India) & SOTC.
Apart from easing the NPA pressure on domestic banks, the RBI's move can allow companies to raise cheap, long-term loans easily now.
Though dubbed as the "war hero", the role of Rajapaksa in ending the conflict with the Liberation Tigers of Tamil Eelam with the death of its supremo Velupillai Prabhakaran in 2009 is quite divisive as he stands accused of violating human rights, a charge he vehemently denies.
And will sell its 50 per cent stake to State Bank of India in Russia as part of rationalisation of overseas branch network.
Extensions of H-1B visas have become even tougher, in particular if the employee has been on a bench for any part of their previous duration.
India should not be left behind. It should join the seven central banks which are studying feasibility and safeguards necessary to eliminate risks, particularly from hacking, advises former foreign secretary Shyam Saran.
'The real significance of the visit lies in the extent of the receptivity in Myanmar of the account of Chinese perfidy given by India's military and civilian top brass and how they assess the danger to themselves of dancing with the dragon,' notes Ambassador T P Sreenivasan.
Embargo on imports from a neighbouring country would send a chilling signal to foreign investors who look for transparency and companies with manufacturing units in India had requested the government to publish any change in port policy "to provide the business community with the visibility they need to function", says United States-India Strategic Partnership Forum.
Barclays customers would now be able to access all the information about the bank and its products and services besides downloading account opening forms in seven languages -- English, Hindi, Marathi, Gujarati, Tamil, Telugu and Kannada. Barclays Bank Plc's Global Retail and Commercial Banking, managing director, India and Indian Ocean, Samir Bhatia, said: "Barclays is committed to offering services that make banking easy and accessible to all."
Pakistan, the report said, has played an active, and by many accounts, a negative role in Afghan affairs for decades.
Did you know that the Government of India has granted certain tax exemptions to start-ups for a prescribed period?
With the insistence on data centres to be onshore, entities in real estate believe there is going to be a rise in demand for specialised Grade-A commercial spaces to set these up.
Led by the weak trend in the broader market, the market capitalisation of BSE-listed companies plunged Rs 1,65,437.91 crore to Rs 1,38,54,439.41 crore.
The Union health ministry said West Bengal and Himachal Pradesh reported a casualty each on Monday, taking the total number of deaths to nine in the country due to COVID-19.
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.
For years it has been evident that fibre and DTH would give tough competition to cable in India where regulatory overload has mutilated an already warped industry structure. OTT added fuel to the fire. From Rs 27,000 crore in 2010, cable's share of subscription revenues is now estimated at Rs 13,000 crore.
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