Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender. Kochhar, a regular feature on Forbes top global honchos lists, was arrested by the Central Bureau of Investigation (CBI) along with her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. Kochhars were called to the agency headquarters and arrested after a brief questioning session. Her chapter at ICICI Bank ended abruptly in 2018 when the board of directors approved a request from Kochhar to seek early retirement following allegation of corruption and quid pro-quo while extending loans to the now bankrupt Videocon Industries.
Today, it holds $131 billion in assets under management.
In its report 'Global Top Picks', Barclays expects the current bull market in global equities to continue, generating a total return of 9 per cent in 2015.
State-owned companies have been set stiff targets to increase accountability as they get ready for divestment. Nikunj Ohri explains why meeting them will be challenging.
Managing your own money is empowering. And if you haven't started yet, now is the perfect time!
Among individual fund houses, SBI MF was the biggest gainer in absolute terms; its AAUM rose Rs 66,090 crore, compared to its asset base in the corresponding period of FY18, reports Jash Kriplani.
In 5 years, the AMC has clocked a growth rate of 40% with its AUM up nearly 4 times.
Most large fund houses, such as HDFC MF, ICICI Prudential AMC, Reliance MF, Reliance MF, Birla SunLife MF and SBI MF, have the backing of large banks or financial institutions, giving them reach and understanding, they say.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
'Indians are great savers, but they are lousy investors.'
As share of cash volumes in trading mix sees decline, it will result in moderation of profitability from core broking operations.
Senior citizens and others depending upon income from bank fixed deposit (FD) schemes will be at the receiving end with the retail inflation exceeding the interest rates. The Reserve Bank of India (RBI) in its latest monetary policy review has projected retail inflation at 5.3 per cent for the current financial year. Last week, the RBI said that the Consumer Price Index (CPI)-based inflation is now projected to be at 5.3 per cent for 2021-22 with risks evenly balanced.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The rupee on Friday rebounded from the near-80 levels to close higher by 17 paise at 79.82 against the US currency following a recovery in the domestic stocks and weakness in the greenback in overseas markets. The US dollar retreated from the two-decade high levels against a basket of six currencies which supported the rupee sentiment. At the interbank foreign exchange market, the local currency opened at 79.95 and witnessed an intra-day high of 79.82 and a low of 79.96 against the US dollar in the day trade. ,
Tesla Inc chief Elon Musk is set to acquire micro-blogging site Twitter for about $44 billion. Back home, India Inc, too, is seeing aggressive merger and acquisition (M&A) activity with PVR-Inox and HDFC-HDFC Bank announcing their mergers recently. While Axis Bank recently acquired Citi India's India retail business, reports suggest Larsen & Toubro Infotech (LTI) and Mindtree could be eyeing a merger.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
New-generation private sector banks such as ICICI, HDFC, Axis, Kotak etcetera owe their existence to the recommendations of the first Narasimham Committee.
Personal loans have about 80 per cent share in exposures restructured under regulatory package 2.0 by eight banks who have declared results for the second quarter. The remaining 20 per cent are loans to individuals used for business and credit to MSMEs. The total recast exposure of these banks under One Time Restructuring (OTR 2.0) was Rs 27,708 crore.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
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.
Money flowing into the equity schemes of mutual funds is back at a level last seen before the 2008 financial crisis, when the stock market tanked 60 per cent.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
Not saying these are enough, but this is a good beginning, says P V Subramanyam.
Lenders can now initiate recovery proceedings since the SC has lifted the standstill on asset classification, which protected stressed accounts from slipping into NPAs.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Polarisation and the increase in index weight of a few a stocks have weighed on performance. The worst performers include Nippon India Large Cap and HDFC Top 100 (2.6 per cent).
Morgan Stanley removed banking stocks from its model portfolio when it slashed its weighting on the sector by 500 basis points. Several foreign brokerages, such as UBS, JP Morgan, and Credit Suisse, of late, have also become less optimistic about banking stocks.
The Nifty Bank index has come off 15 per cent from its peak in February, underperforming the benchmark Nifty which is down 6%.
The bank may post a loss of Rs 1,000 crore during October-December 2019-20 quarter, an analyst commented.
Some of the firms that have witnessed major drop in analysts' coverage include Dish TV, YES Bank, and JSW Energy.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Worried about your financial future? Lord Ganesha has some tips for you.
Investment experts said the key to generating superior returns was "asset allocation" and taking money out of the table from themes that have performed well and into themes that are available at a discount.
According to reports, Vodafone NZ had offered all its employees, other than call centre and retail staffers, voluntary severance package
June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
Low home loan rates by banks could put large players in an advantageous position over smaller non-bank players, believe analysts.
The fund industry may have embraced machines and robots, but managing money still needs the human touch
ICICI Bank, HDFC Bank, Infosys, SBI and L&T among fund managers' preferred bets.
ICICI Bank, HDFC Bank and Axis Bank reported healthy loan growth and asset quality.
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