India's outward Foreign Direct Investment (FDI) nosedived to $11.12 billion in January-June (H1 2023) from $23.57 billion in the same period last year, indicative of the slowdown in the global economy, according to the Reserve Bank of India (RBI) data. The outward FDI expressed as the total financial commitment, has three components, namely equity, loan and guarantees. The sharp contraction in the commitments (outward FDI) was prominent in the April-June 2023 period.
A plea has been filed in the Supreme Court seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
'I find the RBI edict to the Kotak Mahindra Bank to reduce Uday Kotak's shareholding very unreasonable,' says Sudhir Bisht.
Mutual funds (MFs) are seeing higher growth in new systematic investment plan (SIP) accounts in rural areas (beyond 30 or B30 centres) compared to the top 30 (T30) cities. However, the average inflows from these areas remain significantly lower than those from the larger centres. Data from the Association of Mutual Funds in India reveals that investors from B30 contributed Rs 1,725 on average to MFs through SIPs, which is 70 per cent lower than the average ticket size of T30 investors at Rs 2,940.
'The CEO will neither be able to guide the senior team in operational matters nor decide on their appointment, compensation or removal.' 'Yet, the CEO is responsible for the profit and loss of the bank!' 'Why would the senior executives listen to him?' 'Which self-respecting professional would want to be a CEO with these constraints?' asks Tamal Bandyopadhyay.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
The stimulus package announced by Finance Minister Nirmala Sitharaman "fails to involve" banks in the economic revival process, a member of the Reserve Bank of India's central board said on Wednesday. The stimulus package is "imaginative and forward looking, yet fails to involve banks as frontline warriors in revival of economy," Satish Marathe, a member of RBI's central board, said in a social media post.
The heartburn is over six sensitive issues
Veteran Bharatiya Janata Party leader L K Advani has said the Ram Janmbhoomi movement, whose primary objective was construction of the Ram temple in Ayodhya, also became a symbol of 'reclaiming the true meaning of secularism from the onslaught of pseudo-secularism'.
Soma Ravi, an Indian caregiver in Ramat Gan, recounts the last 4 days in Israel and says the Indian embassy has been in constant touch.
The spike at private sector lenders like ICICI Bank and Axis Bank follows a push to grab market share from India's dominant state banks.
74 of these fatalities were reported by 8 companies: Coal India (21), L&T (14), Vedanta (13, of which Hindustan Zinc reported 7), Tata Steel (7), Power Grid Corporation of India (7), JSW Steel (6), and ONGC (6).
The pilot project for central bank digital currency (CBDC) in the retail segment went live on Thursday with the Reserve Bank of India (RBI) issuing Rs 1.71 crore to four participating banks based on their indents. The central bank has identified four banks for the first phase of the pilot - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank - in four cities, Mumbai, New Delhi, Bengaluru and Bhubaneswar. The highest indent was received from one private sector bank.
'Isn't it obvious? Do you have a doubt? There is so much data that shows that there is quid pro quo.' 'There are many instances of donations being given after the raids, donations being given before the award of a contract and many other permutations and combinations.'
Indian lenders are unlikely to clear the vertical split of BSE-listed Vedanta Ltd in a hurry, considering that the demerger would reduce the fungibility of cash flows across businesses and increase their volatility, according to analysts. The demerger plan, which would result in six separate listed entities, would require approval from shareholders, lenders and other statutory bodies. "We believe that a separate listing of different businesses would reduce the fungibility of cash flows across businesses and increase the volatility of cash flows.
For the fortnight ended September 5, annual credit growth in the banking system fell to 9.68 per cent, data released by the Reserve Bank of India showed.
'Let's walk on two legs: Facilitate better resolution under the present system and set up PARA as well by transferring loans amounting to, say, Rs 1 lakh crore.'
'...It is important for you to take a stand.' 'It is a sin to remain silent when the basic structure of the Constitution is being attacked.'
From March 3, investors in India will be able to trade in select US stocks through the NSE International Exchange (NSE IFSC), a wholly owned subsidiary of the National Stock Exchange (NSE). Investors can invest in NSE IFSC receipts on US stocks, which will be in the form of unsponsored depository receipts (DRs). For a start, this will include DRs of 50 US stocks such as Apple, Alphabet, Amazon, Tesla, Microsoft, Morgan Stanley, Nike, P&G, Coca-Cola, and Exxon Mobil. Indian retail investors will be able to transact on the NSE IFSC platform under the Liberalised Remittance Scheme (LRS) limits prescribed by the Reserve Bank of India (RBI), which currently stand at $250,000 per year.
Stressed MSME borrowers would be eligible for restructuring of debt, if their accounts were classified standard.
Balakrishnan, a full professor in the economics department who joined the private university in 2015, on Saturday wrote to Ashoka University Chancellor Rudrangshu Mukherjee and board of trustees chairperson Pramath Raj Sinha explaining his reasons for his resignation.
The Organised Crime and Corruption Reporting Project (OCCRP) on Thursday trained its guns on the Adani Group, alleging hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based 'opaque' investment funds managed by partners of promoter family, charges the conglomerate denied vehemently.
NavIC consists of a constellation of seven satellites and a network of ground stations and is touted to be more accurate than GPS.
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
The Supreme Court on Wednesday agreed to hear on February 17 a fresh plea of a Congress leader seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
'Every time a new tech comes in, there are a set of people who will predict that this will be the end of Indian IT and every time the Indian IT industry and overall technology providers have proven to be resilient.'
It is a pity that he does not take his youth influencer role more seriously and align his brand endorsements more responsibly, notes Kanika Datta.
PS banks need to pull up their socks to improve cash flows.
While Bihar and J&K have the least proportion of bank account holders using debit cards at PoS machines, Telangana's record is the highest.
The net leasing of Grade-A commercial office space in India will stagnate this financial year at 32-34 million square feet, with global uncertainties brewing caution among key tenant categories, according to the latest Crisil Ratings report. Major seven cities in India - Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune - had Grade-A office space with an operational stock of around 705 million square feet as of March 2023. India's commercial office space is dominated by technology companies, with information technology (IT) and IT-enabled services (ITeS) companies occupying 42-45 per cent of the operational stock.
The CBI has lodged an FIR against three persons and unidentified officials of the Central Board of Film Certification (CBFC) over the allegations of actor Vishal that he had to pay Rs 6.5 lakh to get a certificate for his film Mark Antony, officials said on Thursday.
A Reserve Bank panel has suggested a benchmark floating interest rate, especially or home loans, to bring greater transparency in the pricing of credit.
With the demand for lower costs in process driven activities and a move away from the high rate, billable hours of legal services, AI platforms are being used internationally in many legal tasks.
'...Rs 137 lakh crores of people's money?' 'It is not the government's money, it is people's money.'
Manufacturing activities in India fell to a five-month low in September as new orders rose at a softer pace, which tempered production growth, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) fell to 57.5 in September, down from 58.6 in August -- the lowest in five months. The September PMI data pointed to an improvement in overall operating conditions for the 27th straight month.
Why are investors gung-ho about State Bank? asks Tamal Bandyopadhyay.
Banks might hold on to lending rates for the time being.
RBI might further cut rates by 50-75 basis points later.
'From a risk-return perspective, large-cap funds may generate lower-than-historical average returns in 2024, whereas mid-, and small-cap funds hardly have any upside left.'
RBI's oversight cadre move creates HR trouble, officers threaten agitation.
