Global banking giant HSBC on Monday said Infosys chief mentor N R Narayana Murthy will join its board in May with an annual renumeration of 65,000 pounds (about Rs 52 lakh).
Equity benchmark indices Sensex and Nifty hit their all-time high levels on Friday helped by impressive GDP data and fresh foreign fund inflows. Also, a rally in global markets added to the positive momentum in the equity markets. The 30-share BSE Sensex jumped 1,139.04 points to 73,639.34 -- its all-time peak -- in the late afternoon trade.
Stuard Milne, CEO, HSBC India talks about the bank's gameplan in the country.
The HSBC/Markit purchasing managers index for the services industry inched up to 47.1 in October from 44.6 in September, the fourth successive monthly contraction of service sector output across India.
Global banking major, HSBC has retained its India GDP growth forecast of 6.2 per cent in FY10 but hiked the outlook for next fiscal by 0.5 per cent to 8.5 per cent given the economic recovery.
Strong new business growth was the primary factor.
Cuts its 2013 price forecast to $1,760 an ounce from $1,850.
Twenty five year-old Jagmeet Channa, who worked at the Canary Wharf headquarters of the bank, hijacked his colleagues' identities to plunder the coffers of the bank. Hoping the looming weekend would help hide his betrayal, Channa followed orders of fellow conspirators who had promised him a 'cut', by first sending Euro60 million (47,970,227 pounds) from one of its trading accounts to Morocco.
HSBC admitted to a breakdown of controls and apologised in a statement announcing it had reached a deferred-prosecution agreement with the US Department of Justice, as was first reported by Reuters last week.
With the government clearing the decks for direct listing at the Gujarat International Finance Tec-City (GIFT City) International Financial Services Centre (IFSC), issuers will wait for the ecosystem to develop further before firming up their listing plans. In the meantime, most companies may continue to prefer listing in the onshore market, even as the new avenue provides key benefits such as tax waivers and reduced foreign exchange risk. Sources said that a few key things need to be ironed out further.
The Asian Development Bank too had projected Indian's economic growth for current fiscal at 7.4 per cent.
A magistrate court here has summoned the CEO of HSBC India and others to appear before it after finding that the MNC bank had "forged" documents to wriggle out of a case relating to termination of an employee.
India's first quarter GDP growth print was 7.9 per cent y-o-y, primarily led by urban consumption demand
A probe by the New York State's key banking regulator, the Department of Financial Services, has found deficient money laundering controls in outsourcing of work by StanChart to India, thus exposing the US financial system to terror financing and other risks.
According to HSBC, India's current account deficit is expected to narrow from 1.1 per cent of GDP in 2014 to 0.6 per cent in 2015.
Activist-turned-politician Arvind Kejriwal on Friday took on the issue of hawala money stashed in Swiss bank accounts.
Reliance Petroleum Ltd, a unit of Reliance Industries that plans to sell 1.8 billion shares in an initial public offering to raise up to $1.3 billion
Sector-wise, pharmaceuticals, transport equipment and textiles will help accelerate overall export growth.
On Tuesday, UK-based Standard Chartered's outsourcing of key banking jobs to India came under the lens of US authorities.
Low home loan rates by banks could put large players in an advantageous position over smaller non-bank players, believe analysts.
A leading Chinese bank may have been used by Palestinian terrorist group Hamas and its allies to launder money for their global operations,according to Israeli intelligence reports.
The HSBC/Markit Purchasing Managers Index for the services industry fell to 46.7 in December from 47.2 in November, registering the sixth consecutive monthly drop in output levels, the longest period of continuous reduction since the 2008/2009 global financial crisis.
The bank has been at the centre of the black money and tax evasion scandal.
Investors may have to wait a little longer for Unified Payments Interface (UPI)-based block mechanism in the secondary market even as the market regulator has set the effective launch date as January 1, 2024. Several brokerage firms said they may take a few months more to implement it. Investors will be able to register for this facility only if the stock broker has opted for the UPI block facility.
SBI Q3FY24 result review: A higher-than-factored weakness in the October-to-December quarter (Q3) results of State Bank of India (SBI), for financial year 2023-24 (FY24), has prompted brokerages to cut earnings estimates for the ongoing financial year. They, however, have maintained 'Buy' ratings on the stock, revising target price upwards in some cases, owing to the stock's recent underperformance relative to its peers.
The investigative arm of the country's anti-monopoly watchdog has recommended action against two multinational banks for making false promises to their credit card customers and violating the Reserve Bank of India guidelines.
Though fiscal deficit is a concern, the country needed spending to boost the economy hit by financial crisis, she said. Going by the bank's research, Kidwai said India is likely to grow at 8 per cent in next fiscal 2010-11.
'With technology advancing rapidly, the need for branches is declining.'
The UPA government has been facing a lot of flak for not doing enough to unearth the black money kept by Indians in banks abroad. Sheela Bhatt reports.
The Hongkong and Shanghai Banking Corporationon Friday announced it will acquire the Indian business of Royal Bank of Scotland worth $1.8 billion, a move that will help the British giant gain greater exposure in the country.
The I-T department has been probing 240 HSBC cases where it is suspected that Indians have stashed their illicit funds abroad.
According to HSBC, the 'storm has abated' for the Indian markets as the US Fed has deferred tapering of its quantitative easing stimulus, and as the new Reserve Bank of India Governor Raghuram Rajan has taken steps to contain the rupee fall.
'For the first time ever it has come below 1 per cent, at 0.97 per cent.'
The New Delhi District Consumer Disputes Redressal Forum pulled up the bank saying that HSBC's act was not only 'motivated by commercial gains', but also by a 'malicious mind' to 'settle scores' with the complainant, who was a former employee, for challenging his termination in a labour court.
Hedge fund redemptions and margin calls on leveraged investors will trigger further selling.
The government, Jaitley said, is committed to detecting and preventing generation of black money
The Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market, sources said on Tuesday. The pilot in the wholesale segment, known as the Digital Rupee -Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. "RBI is now planning to go into the interbank borrowing market.
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