The rally in the equity markets in the second half of 2023 has led to a sharp surge in the cutoff for stocks to qualify as largecaps and midcaps. On the latest list put out by the Association of Mutual Funds in India (Amfi), the smallest largecap stock now has a market capitalisation (m-cap) of Rs 67,000 crore, 35 per cent higher than in July 2023. In the case of midcaps, the cutoff has surged 26 per cent to Rs 22,000 crore.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
About 1 million bank officers are expected to participate in the strike on May 30 and May 31
Severe skilled, unskilled shortage threatens to pull emergency brakes on India's industrial engine.
Not ordering disclosure of details of electoral bonds prior to April 12, 2019, was a "conscious choice" by the Constitution bench, the Supreme Court said on Monday while refusing to entertain the submissions of ASSOCHAM and CII against the disclosure of bond details on the ground of their plea not being listed.
The Centre is pushing for bilateral trade with Cuba and its settlement in rupee as a part of its strategy to internationalise the domestic currency. A delegation from Cuba, including officials from its central bank, met Indian government officials and banks last month to discuss bilateral trade and settlement using the Reserve Bank of India's (RBI's) payment mechanism in rupee, said people aware of the matter. Since the Cuban nation has opened up its economy and is looking to implement reforms to attract investments from India, Cuban banks have evinced interest in opening special rupee vostro accounts (SRVAs) with Indian banks.
Lone, who is contesting the Lok Sabha polls from Baramulla constituency, said one of the reasons he wants to go to Parliament is to strive and advocate for the same set of laws for the children of Kashmir and the rest of the country.
The current process for selecting auditors could compromise their "independence".
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After scrapping the selection of six UPA-appointed bank chiefs, the government has now decided to make significant changes to the selection process.
Unlike any other business, banking is a turf where the captain's role is the most critical. Often a bank is defined by the personality of the CEO who runs it. Both HDFC Bank and Kotak Mahindra Bank are the creation of their CEOs, notes Tamal Bandyopadhyay.
Unions claimed that about 10 lakh staff and officers of public sector banks and some private sector banks are participating in the strike.
'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.'
"The nakli Shiv Sena wants to bury me alive. They abuse me in such a way that it will be liked by their favourite vote bank," Modi said.
All the 27 public sector banks together have market share of about 70 per cent.
Applying for a loan? Your religion will soon be a deciding factor!
The current wage revision for PSBs, as well as some private lenders, is due from November 2017 for five years - up to October 2022.
Goa Cricket Association president Chetan Dessai, secretary Vinod Phadke and treasurer Akbar Mulla were today arrested by police for alleged misappropriation of over Rs three crore belonging to the organisation.
The RBI has been tightening key benchmark rates since November last year as the country started recovering from the impact of the global economic slowdown.
All banks are eligible for privatisation. A committee of secretaries will decide which banks will be privatised, says Financial Services Secretary Debasish Panda.
In a dramatic turn of events in May 2019, an Emirates aircraft en-route to Dubai was asked to stop while it was taxiing for a take off in Mumbai. The pilot was given no reason and ordered to immediately return to the parking bay. As the aircraft returned to the terminal, two passengers from the first class - Naresh Goyal and his wife Anita - were offloaded by the immigration authorities, who said the duo cannot leave the country. Goyal, founder of Jet Airways, was stunned. The man, who ruled the aviation sector for two and a half decades with an iron hand, did not expect to be offloaded in this fashion.
Severe heatwaves, responsible for thousands of deaths across India over the last few decades, are increasing with alarming frequency and soon the country could become one of the first places in the world to experience heatwaves that break the human survivability limit, according to a new report.
Key changes are expected in vehicle repossession norms to ease the process for banks to take back cars and two-wheelers from owners that default on loan repayments.
The decision, the Reserve Bank of India said, "is expected to revolutionise the retail payments system of the country".
The Delhi Police Cyber Cell has arrested 12 people, including three HDFC Bank employees, for allegedly trying to withdraw money from the account of an NRI, officials said on Tuesday.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
Making a strong case for banning cryptocurrencies, Reserve Bank Deputy Governor T Rabi Sankar on Monday said they are even worse than ponzi schemes and threaten the financial sovereignty of a country. Observing that crypto-technology is underpinned by a philosophy to evade government controls, he said they have been specifically developed to bypass the regulated financial system. More substantially, he added, cryptocurrencies can wreck the currency system, monetary authority, banking system, and in general the government's ability to control the economy.
Consolidation will help banks derive economies of scale, but integration will not be easy.
The World Bank has approved loans totalling $1.75 billion (about Rs 13,834.54 crore) to fund India's PM Ayushman Bharat scheme and private investment to boost the economic growth. Of the total loan, $1 billion will go towards the health sector, while the rest $750 million will be in the form of development policy loan (DPL) to fill the financing gaps through private sector investment in the economy. The World Bank Board of Executive Directors approved two complementary loans of $500 million each to support and enhance India's health sector.
The biggest bounce is in the realty sector, where the industry index jumped 80%. There's been a turnaround also in automobiles and ancillaries (up 45%). The pharma and health care indices have a welcome return of roughly 35%.
Borrowers wanting to prepay home loans can look forward to some relief as RBI on Tuesday indicated that it would scrap prepayment penalties charged by banks.
Foreign Portfolio Investors (FPIs) selling spree continued as they dumped Indian equity worth over Rs 5,800 crore this month so far on rising interest rates and geopolitical tensions in the Middle East. This came after such investors withdrew Rs 24,548 crore in October and Rs 14,767 crore in September, data with the depositories showed. Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period.
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
The move will help curb card frauds. Currently, customers use only personal identification number for automated teller machine transactions.
Lenders say settlements will cross over 100 accounts in the March quarter.
The Indian Banks Association has suggested certain alternative proposals on pension after meeting the representatives of United Forum of Bank Unions, general secretary of the All India Bank Officers' Association R J Sridharan said.
As their non-performing assets have risen sharply even as loans have remained stagnant, RBI steps in with stringent loan-management measures.
At 3.5 per cent per annum, interest on savings accounts is the only regulated rate in the banking system currently and a highly contentious one given its impact on the common man.
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