HSBC's Swiss bank routinely allowed clients to withdraw "bricks" of cash
The rupee breached 90-levels against the greenback for the first time on Wednesday, falling 6 paise to 90.02 in early trade, as banks kept buying US dollars at higher levels and FII outflows continued.
HSBC Holdings Plc will shut its private banking business in India, a spokesman said
The leaked files relate to accounts holding more than $100 billion, as per ICIJ.
I-T, FinMin approach Switzerland and France for access to full transaction activity of these entities from the period accounts were opened.
Rejecting allegations of stashing away unaccounted money in Swiss accounts, Jet Airways on Friday said there is no account in the name of its Chairman Naresh Goyal in HSBC Bank, Geneva, though he is entitled to have bank accounts outside India as he is a Non-Resident Indian.
The Indian services sector growth touched an 11 month high in July, supported by a pickup in new exports orders and sharp rise in overall sales, a monthly survey said on Tuesday. The seasonally adjusted HSBC India Services PMI Business Activity Index was at 60.5 in July, little-changed from 60.4 in June, and the rate of expansion was the best seen since August 2024.
From the Sensex pack, Reliance Industries, Bajaj Finserv, HDFC Bank, Adani Ports, Maruti Suzuki India, Axis Bank, Hindustan Unilever, Sun Pharmaceuticals and Asian Paints were among the laggards. Reliance Industries fell the most by 2.38 per cent to close at Rs 1,171.10 apiece.
The domestic initial public offering (IPO) market is experiencing a significant surge, fuelled by the financialisation of savings, digital ease of investing, and expanding participation from both retail and institutional investors, investment bankers said on Wednesday.
Trading sentiment in the equity market will be guided by macroeconomic data announcements, global trends and quarterly earnings from IT major TCS this week, analysts said. Stock markets would also be tracking trading activity of foreign investors who remained net sellers of Indian equities in September.
'The frenzy for gold is primarily due to the uncertainty surrounding the tariff war.'
India and Swtizerland have a tax treaty under which specific information on tax evaders can be shared. But as the HSBC Bank accounts have been opened before 2011 -- when the treaty became effective -- the I-T department has asked HSBC account holders to give an undertaking under the secrecy laws.
HSBC Banking group will expand its capital market, corporate and investment banking team in India and establish analytical support facility to exploit growing business opportunities and provide services to the group's overseas requirements.
Stock markets will be driven by RBI's interest rate decision, tariff-related developments, global trends and trading activity of foreign investors in this holiday-shortened week, analysts said.
Hongkong and Shanghai Banking Corporation (HSBC) is exploring opportunities beyond metro cities to expand its commercial banking business in India.
Argentine football legend Lionel Messi will return to India in October to play an exhibition match in Kerala.
The entire HSBC list features names of 1,668 Indians
Equity markets this week will turn their focus on the RBI's interest rate decision, Q1 earnings from several blue-chip firms and tariff-related news for further cues, analysts said. Moreover, trading activity of foreign investors and trends in global equity markets will also drive investors' sentiment.
Last fortnight, State Bank of India Chairman C S Setty lifted the veil on a subject long spoken of in corporate corridors: Why can't our banks finance mergers and acquisitions (M&As)? Change is in the air: Indian Banks' Association (of which Setty is the chairman) is to "make a formal request" to Mint Road to make way for it. Thus far the exclusive turf of foreign banks even though its funding remains offshore - as in, it's not on these entities rupee-book (and a few select shadow banks) - a most lucrative segment in the investment banking suite, M&As, will be homeward-bound.
State Bank of India (SBI), the largest lender in the country, has launched a share sale to institutional investors to raise upto Rs 25,000 crore, the biggest qualified institutional placement (QIP) so far by an Indian firm, and has set a floor price of Rs 811.05, which is at a 2.5 per cent discount on Wednesday's closing price.
The public-sector lenders were yet to get a formal proposal on sale from HSBC.
'All commercial and banking transactions happen in South Mumbai.'
Foreign banking major HSBC said on Thursday that it will decide on hiking its 14.6 per cent stake in UTI Bank after the government comes up with a policy on foreign direct investment and voting rights.
Public sector banks have lowered both deposit and lending rates, while almost all private and foreign banks have stayed away from rate cuts despite the Reserve Bank of India reducing key rates. HDFC Bank has become the first private sector lender to reduce deposit rates, while other private sector banks said they would also jump on the bandwagon over the next few weeks.
While liquidity in the banking system has turned surplus in the last few weeks, it could go back to deficit again, mainly due to corporate advance tax outflows. The net liquidity surplus of the banking system rose to touch Rs 1 trillion on Tuesday on the back of government spending, according to the data released by the Reserve Bank of India.
'Investing in these funds makes sense if their net yield over better-quality funds -- corporate bond funds or banking and PSU funds -- is meaningful.'
Among the Sensex firms, Kotak Mahindra Bank, Bajaj Finserv, Bajaj Finance, Adani Ports, Trent, State Bank of India, Titan and Tata Consultancy Services were the laggards. However, Maruti, Infosys, NTPC, Asian Paints, Eternal and Hindustan Unilever were among the biggest gainers.
Analysts have largely maintained their positive outlook on HDFC Bank, as the private lender reported in-line results for the October-December quarter (Q3) of the current financial year (2024-25/FY25). They believe the results were 'strong' given the tough macro environment, and relative to peers.
The I-T department has also filed 77 prosecution cases.
Stock markets are in for an event-heavy week ahead with a raft of Q1 earnings from blue-chips, the US Fed interest rate decision and foreign investors trading activity driving investors' sentiment, analysts said. Macroeconomic data announcements, monthly auto sales numbers and global market trends would also guide movement in the domestic equities, they said.
It has been in force since October 2011.
It appears the two banks are now convinced that increasing their credit card portfolios will not lead to significant erosion in asset quality.
The job cuts will affect almost a fifth of the bank's workforce.
Switzerland, long known as a place with unbreakable banking secrecy, has come under intense global pressure, including from India, to crack down on illicit fund flows.
From the Sensex pack, Adani Ports, Tata Steel, Power Grid, Mahindra & Mahindra, NTPC, Tech Mahindra, Tata Motors, ITC, Nestle India, HCL Technologies, Bharti Airtel, State Bank of India, Asian Paints and Kotak Mahindra Bank were the gainers. Bajaj Finance, IndusInd Bank, HDFC Bank, and Zomato were the laggards.
