India's services sector activities touched the highest mark since April 2011 amid ongoing improvements in demand conditions, even as cost pressures in the service economy remained stubbornly high, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 58.9 in May to 59.2 in June -- its highest mark since April 2011. For the eleventh straight month, the services sector witnessed an expansion in output. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
A joint forum of central trade unions has given a call for a nationwide strike on March 28 and 29, to protest against government policies affecting workers, farmers, and people. The Joint Platform of central trade unions held a meeting in Delhi on March 22, 2022, to take stock of the preparations in various states and sectors for the proposed two-day all India strike on 28-29 March 2022 against "the anti-worker, anti-farmer, anti-people and anti-national policies" of the central government, a statement said. The statement said that roadways, transport workers and electricity workers have decided to join the strike in spite of the impending threat of ESMA (Haryana and Chandigarh, respectively). Financial sectors, including banking and insurance, are joining the strike, it stated.
Arundhati Bhattacharya is a strong contender for chairperson post, after Pratip Chaudhuri retires in September.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
While there are no specific data for money that could be of Indians, this includes outflows to the tune of 100 billion Swiss francs that are related to fine payments in the context of declaration of untaxed money, as per a new study by PwC.
Gianiji had crafted his moves with the meticulous planning of a chess grandmaster. He did not know whether a checkmate was feasible, as his time was running out, but he wanted Rajiv Gandhi to smell the fear of loss. A fascinating excerpt from K C Singh's The Indian President: An Insider's Account of the Zail Singh Years.
The Congress and the Left parties have not only extended support to the Samajwadi Party candidate but are also campaigning for him, in accordance with the spirit of the new opposition togetherness ahead of next year's general election.
In a major blow to Nirav Modi, a bankruptcy court in the US has rejected a petition of the fugitive diamond merchant and two of his associates, seeking dismissal of fraud allegations against them by the trustee of three companies they previously owned indirectly.
Although the RBI's open market operations have ensured sufficient system-level liquidity, some sectors are finding liquidity to be a challenge owing to their credit profile.
'Geopolitical risks and their impact on oil prices, if any, are another concern for global markets, particularly for India.'
As Microsoft ends support for its Windows XP next month, the software giant said a number of ATMs are yet to upgraded and such cash vending machine may face security risk.
Beleaguered businessman Vijay Mallya on Thursday told the Supreme Court that banks have no right over the information of his overseas movable and immovable assets as he was an NRI since 1988.
Relations with the government, the bank's majority owner, are a tricky issue for all SBI chiefs, and, like all his predecessors, Khara will be closely watched for his equations with the finance ministry representative on the SBI board.
An Indian national from Gurgaon has been sentenced to three years in federal imprisonment on charges of call centre fraud that intended to cheat Americans of millions of dollars, a US attorney said.
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Diplomatic channels activated to keep India eligible for soft loans from World Bank affiliate, though rules show it's probably time we made way for the needier others.
Raghuram Rajan rejected the argument that inflation has come down largely because of "good luck" stemming from low oil prices.
The ministry further told banks that "it would be prudent to take steps against guarantors immediately when no sign of revival is visible".
Conducted by research firm IDC, the study titled 'Understanding the Indian Retail Banking Customer' says push marketing is fast becoming obsolete and the thrust should be on creating brand advocates.
SBI had a tough journey in the last 40 years.
The BJP declared a total income of Rs 1917.12 crore during 2021-22 and spent Rs 854.467 crore or 44.57 per cent of it.
The Enforcement Directorate has issued fresh summons to Jharkhand Chief Minister Hemant Soren to appear before it in Ranchi on November 17 for questioning in a money laundering case linked to alleged illegal mining in the state, official sources said Wednesday.
Post graduate colleges are aggressively tying up with banks to introduce banking courses.
Many salaried taxpayers hold the misconception that they don't need to disclose any other income since TDS is deducted from their salary.
Switzerland, UK, Venezuela, US and France are t
The agency wants to question and record his statement under the Prevention of Money Laundering Act.
Slow credit off-take to put pressure on margins
This is one of the many such cases that helped to create an acute fear psychosis among public sector bankers, reveals Tamal Bandyopadhyay in his fascinating new book Pandemonium: The Great Indian Banking Tragedy.
Ultimately quotas kill talent and true meritocracy, argues R Jagannathan.
Shares of companies having investments of late billionaire investor Rakesh Jhunjhunwala ended on a mixed note on Tuesday. The 62-year-old investor, who was known as the Big Bull and Warren Buffett of India for his investment acumen, passed away on Sunday. Jhunjhunwala had investments in more than three dozen companies, the most valuable being watch and jewellery maker Titan, part of the Tata group. Titan ended 0.88 pe cent higher at Rs 2,493.65.
George Soros, who is in the eye of the storm over his remarks against Prime Minister Narendra Modi on the Adani issue, is an Hungarian-born American financier, philanthropist, and activist whose success as an investor made him one of the wealthiest men in the world. He is also known as a powerful and influential supporter of liberal social causes. In a speech at the Munich Security Conference on Thursday, the billionaire philanthropist said he believes the turmoil at Gautam Adani's business empire may weaken Prime Minister Narendra Modi's hold on the government, a statement which was strongly contested by the BJP as an attack on Indian democracy.
Stating that its ATM operations are making losses, nation's largest bank SBI has said it is all for charging customers for transactions.
The Jharkhand Mukti Morcha leader had asked the ED to advance the date of appearance to November 16, which has not been agreed to by the agency, they said.
Tightening Russian gas supplies to Europe has led to scramble for tankers before winter sets in.
Elaborating this, Swati Piramal, vice president, Assocham and director of drug major Nicholas Piramal said though big multinational pharmaceutical companies have adequate cash reserves to face the global crisis, small and medium scale research-driven pharmaceutical and biotech companies which are heavily dependent on external funds for survival, may find the going tough and this will open up acquisition opportunities for Indian companies.
His global experience, deep business acumen and long association with the Tata Group will prove invaluable in his new role: ICICI Bank MD and CEO Chanda Kochhar.
If there was one event that made the month of August stand out, it was a strengthening of the dollar index to levels last seen only 20 years ago, as the Federal Reserve dispelled all doubts about its intention to continue raising interest rates. Predictably, most currencies suffered against the US unit, with the bulk of the losers belonging to the emerging markets pack. Amid the volatility, the rupee, however, has displayed significant resilience and fared much better than most of its peer currencies.
The Indian services sector activity fell to a six-month low in September, as new business inflows rose at the slowest rates since March, amid inflationary pressures and competitive conditions, a monthly survey said. The seasonally adjusted S&P Global India Services PMI Business Activity Index fell to 54.3 in September, from 57.2 in August, highlighting the weakest rate of expansion since March. For the fourteenth straight month, the services sector witnessed an expansion in output. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
All shares held by SBI in the five associate banks will stand cancelled after merger.
Dealers say foreign investors are now taking keen interest in lower-rated corporate bonds, too
