The I-T department has also filed 77 prosecution cases.
The job cuts will affect almost a fifth of the bank's workforce.
It appears the two banks are now convinced that increasing their credit card portfolios will not lead to significant erosion in asset quality.
It has been in force since October 2011.
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.
India's manufacturing sector growth eased slightly in July, on softer increases in new orders and output, while cost pressures and demand strength led to the steepest increase in selling prices since October 2013, a monthly survey said on Thursday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) moderated slightly from 58.3 in June to 58.1 in July.
For Indian parents, sending a child abroad for a three-year degree could deplete 48% of their retirement savings, while a four-year degree may consume up to 64%.
As many as 40 staffers, in the key equities and investment banking division in India, could be asked to go as part of the London-headquartered lender's global layoffs, said people aware of the development. HSBC India declined to comment.
The Hongkong and Shanghai Banking Corporation is in the process of setting up a non-banking financial company to cater to new market segments
RBI Governor Raghuram Rajan will announce the monetary policy on April 1 and expectations of a status quo are rising ever since the official data on consumer price inflation for February pointed to a cool down to 8.1 per cent.
'We expect the bull-market phase to still persist, but now led by large-caps which offer better valuation and benefit from FII inflows.'
'We expect continued pressure on midcaps, but any sharp correction looks unlikely from here on.'
Some of the world's biggest banks including HSBC, JPMorgan Chase and Standard Chartered moved trillions of dollars identified as being potentially tied to money laundering or other crimes despite raising concerns about those transactions in filings with US regulators, reports South China Morning Post.
Replying to a query, whether the government has made any assessment of black money stashed by Indians in foreign countries, Jaitley said there is no official estimation of that.
The Reserve Bank is unlikely to cut the benchmark interest rate in its forthcoming bi-monthly monetary policy review later in the week as retail inflation is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
Swiss banks seek fresh undertakings from Indians.
The American Gambits scored a crucial victory against the Ganges Grandmasters in the opening round of day four of the Tech Mahindra Global Chess League on Sunday. Hikaru Nakamura and Elisabeth Paehtz lead the winning charge for the American Gambits.
Management commentary on demand environment, and forward guidance will be in focus when Indian IT services players declare their September quarter results for financial year 2024-25 (Q2FY25). The industry is exepected to have continued on the path of recovery in Q2, similar to the preceding quarter, rather than sprint towards growth. The top four firms likely grew between 0 per cent and 4 per cent year-on-year (Y-o-Y), according to consensus estimates.
In a controversial move, global private banking major HSBC has closed a number of "risky" accounts belonging to Muslim groups and individuals in the United Kingdom.
Some other tax authorities are looking at the allegations.
An estimated 10,000 to 20,000 jobs will be axed, according to a media report
From the Sensex basket, Power Grid, Asian Paints, Tata Motors, Tata Steel, NTPC, Sun Pharma, Mahindra & Mahindra, HDFC Bank, Tata Consultancy Services and JSW Steel were among the major gainers. Kotak Mahindra Bank, Bharti Airtel, Axis Bank, Wipro, ICICI Bank and IndusInd Bank were among the laggards.
Preservation of wealth has become the mantra as private bankers are broadening their relationships with exporter communities and family-owned firms.
'We expect market consolidation and recommend buying during market dips.'
Among the Sensex firms, JSW Steel, Tata Steel, Tech Mahindra, Infosys, Wipro, Tata Consultancy Services, Nestle, HCL Technologies, HDFC Bank and Maruti were the major laggards. IndusInd Bank, ITC, Bharti Airtel and State Bank of India were among the winners.
Funds raised by India Inc. through offshore loan syndication hit a 15-year high in 2023 with companies and banks raising $21.4 billion, the highest since 2007. The momentum is expected to continue in 2024 as well with over $4 billion fund raising expected in the first three months of this year. Companies raise funds, both onshore and offshore, depending on interest rates and activities. Funds raised offshore can be deployed in overseas activities.
Herve Falciani, who refused to appear for trial in Switzerland, has been charged of industrial espionage.
Facing black money investigations in India and several other countries, global banking giant HSBC on Monday said it is also being probed in the US for hiring candidates related to government officials in Asia Pacific.
The finance ministry has received over 600 names of Indians who have accounts in HSBC Bank's Switzerland branch, from the government of France.These names were obtained by the French government after an employee of HSBC Bank became a whistleblower. He took refuge in France and brought along a long list of account holders who have allegedly stashed money in the Swiss branch of HSBC Bank. Now the Indian government is sitting tight on those names.
The Reserve Bank on Thursdaysaid it is keeping a close watch on global banking major HSBC.
The SIT found and reported that there was no amount shown in almost 289 HSBC Geneva entries, while 122 of them were repeated twice in the same list.
Uruguayan soccer player Diego Forlan on Monday denied evading taxes by hiding money in Swiss accounts with the British bank HSBC Holdings PLC.
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.
Switzerland, UK, Venezuela, US and France are t
From the Sensex basket, Kotak Mahindra Bank, HCL Technologies, ICICI Bank, Infosys, Tata Consultancy Services, Wipro, Tech Mahindra and Larsen & Toubro were the major laggards. Mahindra & Mahindra, Nestle, Tata Motors and IndusInd Bank were among the gainers.
The chief operating officer of HSBC Holdings, A W Jebson informed that HSBC board would meet in Mumbai on November 25.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances