Wisconsin-based Dr Arvind Ahuja, a board certified neurosurgeon, wire transferred and maintained millions of dollars in bank accounts in India and the Bailiwick of Jersey at The Hongkong and Shanghai Banking Corporation Ltd, according to the indictment.
In February, Zomato had said that it had become profitable in six regions, including India, after achieving operational break-even of its businesses.
The government, Jaitley said, is committed to detecting and preventing generation of black money
Inflation has seen some moderation in the recent past, falling from double-digit figures in 2013 to 7.8 per cent year-on-year in August.
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.
Besides, the private sector employment activity also increased for eleventh month running, it said.
The government is likely to conduct a through inquiry into allegations that multinational organisation HSBC Bank was involved in money laundering operations that may have helped terror groups operating in India.The probe is likely to be conducted by sleuths of various intelligence wings of home and finance ministries as the allegations, if proved true, would have serious security implications, highly-placed sources said.
The Core Group of Secretaries on Divestment is believed to have favoured the appointment of HSBC as the global advisor for managing the privatisation of oil PSU Hindustan Petroleum Corporation.\n\n
Though trade deficit is expected to 'narrow' in 2013 driven by ongoing curb of gold imports and the gradual removal of fuel subsidies, the deficit will still be 'sizeable', it said.
The two Indian banks will make available their combined network of 3,600 branches and a customer base of 40 million.
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Improved investor sentiment is expected to drive the economy forward in the coming quarters.
Growth, said HSBC, would be helped by higher public investment, bankruptcy code and direct transfer of subsidies
The many ways in which the fast-expanding bank got it wrong on money laundering.
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.
'We expect market consolidation and recommend buying during market dips.'
This marked an increase from 2,63,000 at the end of 2013
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.
The bank believes that that gold prices will recover this year and retain a pronounced bullish posture.
Many of the jobs will now be offshored to lower income countries such as India, China and Poland
It is not often that you find a mechanical engineer leading the private banking business of a foreign bank in India.
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.
HSBC has acknowledged compliance lapses, including a failure to maintain an effective anti-money laundering programme.
The HSBC India Composite Output Index, which maps both services and manufacturing activity, fell to 48.4 in July, down from 50.9 in June, indicating an overall contraction.
A figure above 50 indicates that the sector is expanding, while a figure below that level means contraction.
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
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.
Naina Lal Kidwai, group general manager and country head for HSBC India, does not seem to be too perturbed about the slowdown or the rising delinquency levels.
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.
Bank employs more than 300,000 people worldwide.
It appears the two banks are now convinced that increasing their credit card portfolios will not lead to significant erosion in asset quality.
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According to the global financial services major, the primary concern for the RBI at the moment has to be anchoring elevated inflation expectations and stabilising the currency, which could face renewed pressures if the Fed begins QE tapering this week, as widely expected.
The deal fell as the transaction deadline expired. RBS said that it will wind-down its banking operations in the country.
On Tuesday, UK-based Standard Chartered's outsourcing of key banking jobs to India came under the lens of US authorities.
