Investors lost Rs 24.69 lakh crore in market valuation in the last four days of severe drubbing in the equity market. Spike in global crude prices, unabated foreign fund outflows, a strong US jobs data diminishing early rate cut expectations, and the rupee logging its steepest single-day fall in nearly two years dampened investors' sentiment.
The Reserve Bank has asked the public to pay their income tax dues well in advance so as to avoid standing in long queues and stated that 29 agency banks are also authorised to accept such payments.
This shortfall could continue to hurt loan growth in 2016-17.
Mutual fund (MF) houses have started realigning their overseas product offerings after the Securities and Exchange Board of India (Sebi) advised them to stop subscriptions. PPFAS Asset Management has decided to suspend transactions in Parag Parikh Flexi Cap Fund with effect from February 2, 2022. Though new lump-sum and systematic investment plans (SIPs) will not be accepted, existing SIPs and systematic transfer plans (STPs) will continue.
Bank CFOs may meet next week to discuss minimum public shareholding and takeover rule issues.
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.
Foreign currency loans raised by Indian companies nosedived to $210 million in the September quarter (Q2), 93.3 per cent less than the year-ago period when five firms raised $3.1 billion. The Q2 amount is the lowest since December 2003 quarter when India Inc raised $191 million. Companies cited volatility in the currency markets, sharp rise in interest rates in the United States, and fund availability in India as the main reasons behind the sharp fall.
The financial position of India's public sector banks (PSBs) has deteriorated sharply over the past financial year.
In the first such collaboration for India, the country's flagship payments platform, the Unified Payments Interface (UPI), and Singapore's PayNow payment system have launched a real-time cross-border payment linkage system. The linkage, which was launched by Prime Minister (PM) Narendra Modi and Singapore's PM Lee Hsien Loong on Tuesday, was kicked off by a live cross-border transaction between Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore managing director Ravi Menon, using mobile phones.
Indian investors are paying hefty premiums to invest in China markets, with stocks there posting their biggest weekly gain in nearly 16 years. Savvy investors were seen making a dash to invest in the only two China-focused exchange-traded funds (ETFs) available in the domestic markets. On Friday, Mirae Asset Hang Seng Tech ETF closed at Rs 16.9 on the NSE, nearly
The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.
After the latest rout, the American depositary receipt (ADR) premium of HDFC Bank to its local shares has shrunk to nearly zero. Shares of HDFC Bank on Thursday fell 3.1 per cent to Rs 1,490, extending its two-day decline to 11 per cent. Meanwhile, the ADR has slumped over 15 per cent in the past two trading sessions.
Travel is about making memories, experiencing the unknown, and engaging in new experiences -- not worrying about fluctuating exchange rates or hidden expenditures. With a little planning and a proactive approach to handling your foreign exchange, you can reduce financial stress and enjoy your trip, suggests Pavan Kavad.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
'We will infuse the next tranche of recapitalisation by mid-December. Close to Rs 42,000 crore remain to be infused as capital in public sector banks in the current financial year,' a senior finance ministry official said.
The Reserve Bank of India has permitted banks to give loans and non-funded credits to wholly-owned entities of overseas subsidiaries floated by Indian companies
Not all public sector banks are back in the black, but their collective net profit for the year is Rs 32,346 crore against a Rs 9,013 crore loss in the previous year, points out Tamal Bandyopadhyay.
The country's most valuable lender HDFC Bank can perhaps no longer claim to be a favourite of foreign portfolio investors (FPIs). Two data indicators, both somewhat interconnected, point to this - the diminishing premium of HDFC Bank's American depositary receipts (ADRs) compared to local shares, and the ample investment opportunities available to FPIs in the domestic market. The ADR premium has shrunk to below 5 per cent, down from over 30 per cent in March 2021, and even lower than recent levels.
'Binary fission will happen -- startups will lead to more startups.'
A series of failed loan recast programmes continues to haunt banks.
Indian Overseas Bank said plans to increase the paid up capital through a public issue of equity shares for Rs 1000 million.
As a young management trainee with SAIL, Pallav Mohapatra was spoilt for choice. He had offers from Allahabad Bank, Bank of Baroda, Indian Bank, Indian Overseas Bank and State Bank of India. He chose SBI only because the bank offered him a posting in Lucknow.
Hardik Pandya is touted as a possible captaincy option for Mumbai Indians in the future.
Loans make money for the lender in the initial years but losses come later when they turn bad.
Banking stocks led by SBI, ICICI Bank, Bank of Baroda, PNB, Kotak Bank, HDFC Bank, Axis Bank, Federal Bank and Yes Bank fell as much as 2.77 per cent.
Banks and builders are offering lower rates and freebies, but there is also a case for price correction in the future. Wait, if you are not desperate.
If the earnings in the first quarter of the current financial year are an indication, most banks, particularly those majority-owned by the government, have fared well, reveals Tamal Bandyopadhyay.
Low admissions, loan-funded capital expenditure pull down creditworthiness of many, with banks wary of lending.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
'We face the risk of remaining a low-income country for a very long time unless something changes in the next few years.' 'Instead of constantly talking about becoming a developed economy, we need to start fixing the problems of the economy one by one.' 'There is so much potential, and we are squandering away the opportunity.'
Corporation Bank is the biggest beneficiary of this round of capital infusion with Rs 9,086 crore of funding, followed by Allahabad Bank with Rs 6,896 crore.
It is to be seen if SBI under Setty, who will have a three-year term, can ride the economic cycle to take SBI to new heights, navigating some of these challenges.
As public sector bank employees started a two-day strike on Monday seeking higher wages, Finance Minister P Chidambaram said the profit of banks cannot be used only to enhance salaries because there are other obligations.
'Does 99 percent guarantee character and capacity for an independent awareness of life or does it make you -- barring exceptions -- a compliant careerist beholden to governments and corporations?' 'What kind of political and social choices would such minds make?' asks Shyam G Menon.
The post of chairman and managing director has been split and the government has appointed managing directors and chief executive officers in four banks -- Indian Overseas Bank, United Bank of India, Oriental Bank of Commerce and Vijaya Bank.
The Reserve Bank on Thursday relaxed norms for overseas investment by Indian corporates by raising their borrowing limit.
If the banks throw caution to the winds for building loan books, the hydra-headed bad loans may resurface and spoil the party, warns Tamal Bandyopadhyay.
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