The country's largest lender State Bank of India (SBI) will revamp its banking application (app) YONO and position it as a complete digital bank (DB) under a new rubric 'Only YONO' for enhancing customer experience and ease of use. The bank plans to bring in a consultant to help draw up the project plan, keeping in mind business goals for the next five years. With 54 million monthly active users (MAUs), SBI YONO has seen growth of over 35 per cent in MAUs in 2021.
Global oil majors may be teaming up with investment funds that are already in the race to acquire Bharat Petroleum Corporation Ltd (BPCL), a document detailing steps needed to complete India's biggest privatisation showed. Billionaire Anil Agarwal's Vedanta group as well as two US funds -- Apollo Global and I Squared Capital - had last year submitted initial bids to buyout the government's entire 52.98 per cent stake in India's third-biggest oil refiner and second-largest fuel retailer. Detailing the 'Next Step', the 'Brief Note on BPCL Disinvestment' said Transaction Advisor and Asset Valuer are to submit an inception report, bidders have to complete due diligence of the company and sale purchase agreement has to be finalised.
The worst may perhaps be over for these stocks, suggests Sanjay Kumar Singh.
Roles ranging from digital marketing to wealth management are some of the emerging roles, notes Sekhar Garisa, CEO, foundit, a job search app.
People who are close to retirement and don't intend to go back to full-time work again should deploy a part of their VRS money in equities so that it keeps growing at a faster rate.
Women have been leaving the investment decision to husbands.
Faced with one setback after another in expanding the scope of mining in the country, almost all the major miners of the world have wound down their operations in India.
The real estate sector is a major employment provider and the economy cannot afford its hard landing. Harsh Roongta suggests measures that can revive the under-construction market
Now that the National Pension Scheme offers more choices than the Employees Provident Fund, is more transparent and also allows to choose the level of allocation to equities as investors like, should one switch to the NPS?
Despite a 56 per cent fall in residential launches in the first half of the year compared to the second half of 2019, Anarock Property Consultants believes that consolidation in residential real estate is expected to gain ground, and that branded players may garner a market share of 75-80 per cent.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
A special court in Mumbai on Saturday remanded ICICI Bank's former CEO and MD Chanda Kochhar and her husband Deepak Kochhar in the custody of the Central Bureau of Investigation (CBI) till December 26 in connection with alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies. The Kochhars were arrested by the probe agency on Friday night after a brief questioning session. The CBI has alleged that they were evasive in their response and did not cooperate in the investigation.
The tax filing season is here, and mutual funds have launched tax-saving products.
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The ruling by the Supreme Court was made in a parallel civil insider trading case brought against Gupta by federal regulator Securities and Exchange Commission.
Anil Rego, CEO of RightHorizons, will answer your financial planning queries.
Paytm's pre-IPO investors, which include likes of Warren Buffet's Berkshire Hathway, SoftBank and Alibaba, do not seem to be in a hurry to exit India's leading digital payments brand as they continue to believe in its long-term prospect, analysts said. On Tuesday, 86 per cent of Paytm's shares became free to trade after the end of the lock-in period, allowing investors to sell shares that haven't yet been allowed onto the market. Market participants have been speculating on Paytm, post-expiry of lock-in for pre-IPO investors.
BSE, the oldest stock exchange in Asia, aims to raise up to Rs 1,243 crore from the IPO, which has a price band of Rs 805-806 per share.
The Union Cabinet has cleared disinvestment of the country's largest insurer LIC and a panel headed by the finance minister will now decide on the quantum of stake dilution, a senior official said on Monday. The Department of Investment and Public Asset Management (DIPAM) had in January appointed actuarial firm Milliman Advisors LLP India to assess the embedded value of LIC ahead of the IPO (initial public offering), which is touted to be the biggest public issue in Indian corporate history. The Budget amendments to the LIC Act has been notified and the actuarial firm is expected to finalise the embedded value of the life insurer. Under the embedded value method, the insurance company's present value of future profit is also included in its present net asset value.
The government has reached out to investors to apprise them about Life Insurance Corporation of India's (LIC's) growth and prospects as it prepares for the country's largest initial public offering (IPO). Preliminary presentations have been made to inform investors on how the organisation is being restructured ahead of the IPO, along with its financials, so that the IPO process can be hastened once its embedded value is derived. "A detailed presentation has been made to investors, giving them details on how LIC is positioned beyond what is known. "This includes how LIC is being restructured ahead of the IPO, and investors are keen to know that," said an official. In the Finance Bill, 2021, the government had proposed a slew of changes to the LIC Act, 1956.
The loss to policyholders due to massive mis-selling of insurance policies by trusted private sector and public sector banks will be well in excess of Rs 2 trillion, warns Harsh Roongta.
Bengaluru saw a 23% decline in home sales and a 3% fall in prices.
The average top executive monthly compensation is Rs 1 crore. The median employee salary is now Rs 820,000.
Bids for the issue, which opens on January 23 and closes on January 25, can be made for a minimum of 18 shares and in multiples of 18 thereafter.
Insurance behemoth LIC on Tuesday said it has garnered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions ahead of its mega initial public offering (IPO). Anchor Investors' (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share, the insurer said in an early morning filing to exchanges. Out of the allocation of about 5.9 crore shares to AIs, 4.2 crore shares (71.12 per cent) were allocated to 15 domestic mutual funds through 99 schemes, the filing said.
According to a Thomson Financial research, no Indian investment bank figures in the top ten list of the M&A deals that was struck this year, which was topped by UBS.
'India seems to be on a relatively better wicket compared to other emerging markets.'
A person in the 30% income tax bracket with a Rs 40 lakh home loan at 9% interest rate would, under the Rs 3.5 lakh interest exemption, will save Rs 105,000 in tax in the first year, against Rs 60,000 under the previous interest exemption of Rs 2 lakh.
Chief Economic Advisor (CEA) V Anantha Nageswaran on Tuesday said India is not defending the rupee and the Reserve Bank of India is taking necessary steps to ensure that the movement of the rupee is gradual and in line with market trends. Nageswaran further said that the rupee is being managed in a manner that reflects the fundamentals of the economy. "India is not defending the rupee... I don't think Indian fundamentals are such that we need to defend the rupee. "The rupee can take care of itself," he said at an event in New Delhi.
Bigger companies are signing equity JVs with global investors.
'There have been many cases where clients have indicated that they feel suicidal as they feel they have no other options to deal with their financial hardship.'
'It is only fear and speculation, without much substance, that has led to the fall.'
Make sure buying a house won't lead to compromises on other crucial financial goals.
Interest rates on bank FDs have started coming down and rates on other fixed-income products will also decline. Investors should lock in to instruments offering higher returns.
Gen Bipin Rawat's appointment, first as army chief superseding two other army commanders, and then as CDS, was the consequence of his close personal rapport with National Security Advisor Ajit Doval. Now, with General Rawat gone and nobody named to replace him as CDS, it is evident that no other top military officer enjoys that relationship with Doval, observes Ajai Shukla.
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
'Avoid taking excessive credit risk via mutual funds such as high-yield fixed maturity plans and credit opportunity funds.'
Heed your liquidity needs before investing in an FMP.
With RBI holding on to rates, investors should avoid longer duration funds for the near future, experts tell Joydeep Ghosh
Once the child is 90 days old, parents must add her to the family health floater cover, suggests Sanjay Kumar Singh.
Investors across age groups and risk appetite can invest in these schemes.
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