Polarisation in the performance of Indian banks will persist as many large public sector banks are still saddled with weak assets, high credit costs, and poor earnings, S&P Global Ratings said on Thursday. It said State Bank of India and leading private sector banks have largely addressed their asset quality challenges, and their profitability is improving more sharply than the banking system. In its Global Banking Outlook-2023 report, S&P said economic recovery is driving credit costs to cyclical low levels and stronger balance sheets and higher demand should boost bank loan growth, but deposit growth will lag.
They were consistent and despite the inexperience, held their own, feels Australia's assistant coach Andrew McDonald.
Exuding confidence in sustaining the tempo of credit growth, public sector bankers said on Wednesday that consolidation in the public sector bank (PSB) space has given them a robust base to scale. The privatisation of PSBs can be done through divestment of government stake to a wider base of investors without haste. There is nothing to worry about at this point (high credit offtake) as underwriting standards and risk management are much better.
In August 2021, Nick Read, chief executive of Vodafone Plc at the time, did not mince his words while speaking about the India business in an earnings call. Replying to an analyst's question on Vodafone Idea, a venture with the Aditya Birla Group that had piled on huge debts and worrisome losses, Read described it as a highly stressed situation that "they (Vodafone Idea) are trying to navigate... "We, as a group, try to provide them as much practical support as we can, but I want to make it very clear, we are not putting any additional equity into India.''
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
'India has the potential to do a lot more to take advantage of the time today where we stand to gain, geopolitically and in terms of market attractiveness.'
During the day-long debate, the lines between science and religion often got blurred with many invoking religious texts and the contribution of 'rishi munis' to highlight India's tryst with the extra-terrestrial world.
The BJP MLA alleged that Chief Minister Eknath Shinde is "trying to create a kingdom of criminals in Maharashtra".
BJP sources suggest that the upcoming elections will likely revolve around the renewed enthusiasm for the temple unless another theme with religious and nationalist undertones emerges.
Alyssa backed Harmanpreet and the India team to come out stronger from this series.
Prayag Raj, who was so successful at his peak, ought not to have slid into oblivion, observes Deepa Gahlot.
It was unclear how bankers were deciding which jewellers to support
Images from India's fourth T20 International match against Australia in Raipur on Friday.
Australia's pacer Josh Hazlewood says he saw a 'few cracks' while rattling their top-order in their World Cup league clash last month.
India's leading capital goods and engineering firms are in the midst of one of their busiest seasons, with the combined orderbook surging past Rs 8 trillion in value. As on September 30, 2023, 13 of India's top 15 listed capital goods and engineering firms, for which data for the September 2023 quarter was available, had a total orderbook worth Rs 8.45 trillion - a number unseen at least since 2018-19. "This intuitively looks like an all-time high factoring in inflation," said Anupama Arora, a senior independent analyst who tracks the capital goods sector.
The Australia team has come in for criticism from former players over various issues including their approach and selection.
India pacer Mohammed Siraj said his approach to bowl consistently at one spot yielded rich dividends for him on Day 2 of the opening Test against Bangladesh in Chattogram.
Rajapaksa said China indicated that it would help Sri Lanka, while adding that "usually they don't like" lending out more money to cover earlier debt payments.
A round-up of the Ranji Trophy quarter-final matches played on Monday.
Assuming we still have a Modi-led majority government after May 2024, there is no guarantee that reforms will move at anything more than a snail's pace, though we must be thankful even for that, notes R Jagannathan.
Bishop refused to compare the Indian unit to the fearsome West Indians of the past.
Indian start-ups raised issues, such as blockages in international wire transfers, disruptions due to threshold limits on withdrawals, lack of communication from US agencies, and the need for preferential access to credit, in a meeting with the government over the fallout of Silicon Valley Bank's collapse. Rajeev Chandrasekhar, minister of state for electronics and information technology, held a virtual meeting with over 450 members from start-ups, venture capitalists, and investors who have been directly affected by the closure of SVB. He assured them that the IT ministry would put together a list of suggestions and give it to the finance minister on behalf of start-ups.
Well aware that he has not been "everyone's cup of tea", the enigmatic David Warner says he would have toned down a bit if he were to start all over again.
'I wrote to the PMO to know who has written the slogan. but did not get an answer.'
Dunki doesn't have any repeat value unlike other Hirani films. And that perhaps is saying a lot, notes Mayur Sanap.
'Banks will continue to increase FD rates to attract more deposits and meet the increasing demand for credit.'
Given the uncertain macroeconomic conditions, most brokerages have turned slightly cautious on the pace of growth in State Bank of India's (SBI's) earnings going ahead. While they don't see any significant risk arising for now, its sheer balance sheet size and systematic importance has nudged them to cut earnings estimates for fiscal year 2023-24 (FY24) and 2024-25 (FY25) up to 5 per cent. India's largest state-owned bank, on Thursday, reported standalone net profit of Rs 16,694.51 crore for Q4FY23.
The banking sector emerged as an outlier when the rest of India Inc witnessed a slowdown in earnings in FY23. The combined net profit of listed public and private sector banks was up 39.4 per cent year-on-year (YoY) last financial year and their share in India's gross value added (GVA) or gross domestic product (GDP) at factor cost rose to a record high of nearly 1 per cent up, from 0.8 per cent a year ago. Listed banks' combined net profit grew to Rs 2.36 trillion in FY23, from Rs 1.69 trillion a year ago. In comparison, India GVA at current prices was up 15.2 per cent YoY at Rs 247 trillion in FY23; it was around Rs 214 trillion a year ago.
Shami has made himself undroppable with his performances against New Zealand and England.
India squander chances to lose 0-1 to Lebanon
India is expected to extend a $10 million credit to South Africa at the fifth joint commission meeting of the two countries that begins in Pretoria on Thursday.
Liverpool snatched three points with a wild 1-0 victory over relegation-threatened Nottingham Forest.
Bank of Baroda's subsidiary Bobcards Ltd will slash the interest rate on its credit cards to lowest ever level of 1.49 per cent per month, a move that will trigger off another rate cut war among banks and card issuers.
Hardik Pandya appreciated the advice given by Virat Kohli
India's forward line was guilty of wasting plenty of chances as ace drag flicker and skipper Harmanpreet Singh emerged as the home team's lone goal-scorer of the match.
Let's wait for the monetary policy on February 8 -- to see how it complements the fiscal commitments, points out Tamal Bandyopadhyay.
Mumbai Indians head coach March Boucher sounded confident that the youngsters that the team invested in will perform this season.
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
The Central Board of Direct Taxes (CBDT) on Monday clarified that any deposit in the form of bonus or incentives credited in a user account will be considered net winnings, and subject to tax deduction, in case of withdrawal. If these are used only for playing, then it's not liable for tax deducted at source (TDS). Further, in case net winnings do not exceed Rs 100 a month, the applicable tax need not be deducted.
The Congress on Thursday renamed the Rahul Gandhi-led Manipur-Mumbai yatra starting on January 14 as the Bharat Jodo Nyay Yatra, which will travel through 100 Lok Sabha segments in 15 states including Arunachal Pradesh, and asserted it will prove to be as 'transformative' as his earlier cross-country march.
