Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
After outperforming the broader market and their public sector peers for the better part of the post-Lehman period, private sector banks - such as HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank - are now underperforming. Last week, the Nifty Private Bank index was up just 6 per cent year-to-date in the calendar year 2021, against nearly 13 per cent rally in the Bank Nifty and a 15 per cent rise in the benchmark Nifty50. Public sector (PSU) banks, such as State bank of India, Bank of Baroda, and Punjab National Bank, are now rally leaders and outperforming the broader market. The Nifty PSU Bank index was up 42 per cent since the beginning of this calendar year. But on a longer term, the Nifty Private Bank index is up 101 per cent since March 2016, against a 118 per cent rally in the Bank Nifty and just 2 per cent rise in the Nifty PSU Bank index in the period.
World leaders thanked India for its help and support in combating the coronavirus pandemic through "early and meaningful" shipments of COVID-19 vaccine doses, as they addressed the high-level UN General Assembly session this year.
Dy Governor notes it's an era of job changes for better.
The finance minister asked lenders to identify eligible borrowers and reach out to them and urged for quick implementation of a sustained resolution plan for the revival of every viable business.
The issue is likely to be discussed on Thursday at a meeting of Sebi's board, which would also be apprised of the impact of the Finance Ministry's decision for not agreeing to such a proposal from the capital markets regulator, sources said.
'In May 2020-2021, nearly 10 crores (100 million) lost jobs. 'Covid is not the reason for the present crisis. It aggravated the crisis.'
'Without bold action to deal with our banking crisis, count on the economy's doldrums to continue for much longer than most of us anticipate,' says Rahul Jacob.
These initiatives are expected to increase Gross Enrolment Ratio in higher education from 24.5 (2015-16) to 30 (2020).
This may mean easier access, simplified KYC and documentation requirements, and fewer investment restrictions for a majority of FPIs, especially broad-based funds and pooled vehicles that were earlier part of Category-II.
'Just because there is some misunderstanding, you cannot recall the chief secretary.' 'This is not a good development. This is an assault on federalism.'
The Indian team's tour of South Africa will go ahead with some changes to the schedule which will not feature T20 Internationals as planned earlier, BCCI secretary Jay Shah said.
The recent protests by employees of Urban Company and the case of a a Zomato delivery executive who died in a road accident point to the severely straitened condition of gig workers during the ongoing Covid-19 pandemic. Budget 2021 had promised several measures to help the cause of gig economy workers, but most of them are yet to see the light of day. Even after a year, the country's gig workers continue to be without any social security cover or a minimum wage guarantee. "In Budget 2021, finance minister Nirmala Sitharaman had announced that the government is looking toward including migrant and gig workers for social security benefits," says Srinivas Kotni, managing partner, Lexport, a consulting firm. Parliament had passed the Code on Wages in 2019 and Code on Industrial Relations, Social Security and Occupational Safety, Health and Working Conditions in 2020.
Banks are in the process of getting a board-approved restructuring framework in line with the RBI's framework and eligibility defined by the central bank.
Financial programmes backed by institutions are highly focused and intensive in nature unlike a general management programmes, where the key aim is holistic development.
'We are all in a tizzy about NBFCs in the aftermath of the IL&FS default.' 'We tend to jump to the notion that an NBFC is like a bank. But banks make a promise that deposits are liquid and have an assured return.' 'NBFCs make no such promises,' points out Ajay Shah.
'Over the next two to three years, hiring will come down further.' 'You will see the industry intake of freshers go down to 150,000 from the current 200,000.'
The one-size-fits-all approach adopted by the AICTE is not suitable for regulating business schools in India, argues Asish K Bhattacharyya.
The young are most vulnerable to self-harm and suicidal ideas at this time.
According to preliminary information memorandum, Air India's new owner will be asked to list the company in some time
On November 12, 2021, the Reserve Bank of India (RBI) decided to ring in uniformity in asset classification and income recognition across all lending institutions. Shadow banks, or non-banking financial companies (NBFCs), like commercial banks, are to test non-performing assets (NPAs) on a daily basis and upgrade them to "standard assets" only when interest and principal arrears are settled by borrowers. This is going to create all manner of headaches for shadow banks and their clientele. Says Y S Chakravarti, managing director and chief executive officer (CEO), Shriram City Union Finance: "NPA levels will go up, especially of small borrowers.
Reliance Industries on Saturday said its Rs 24,713-crore deal with the Future Group cannot go ahead as secured creditors of the latter have voted against it.
The RBI has been critical of banks for using restructuring schemes to hide the stress.
Top officials said asking employees other than the fund management team to mandatorily invest a fifth of their salary goes against the principle of natural justice.
'If you give your ID and password to somebody else, how can anybody blame the technology for that problem?'
Chief Minister MK Stalin has shown that he is cut from a different cloth when it comes to embracing what is current, modern and absolutely necessary. Thus, even while retaining the spirit and content of the pan-Tamil, Dravidian socio-political and socio-economic ideology to the 't', his government has also acknowledged the need to accepting scientifically-proven facts in operational matters, says N Sathiya Moorthy.
The primary market is set for a bumper Rs 80,000-crore bonanza with 30 companies already filing IPO papers to raise Rs 55,000 crore, while around 10 more are lined up for this month itself, seeking to mop up another Rs 25,000 crore, say investment bankers. The market has been on a non-stop rally, hitting new records almost every week, on the back of an influx of investors -- a vast majority of them first-timers -- coupled with a flood of liquidity. Foreign funds alone had pumped in a record $35 billion into the market in FY21, while the trend has continued this fiscal as well. Domestic institutions led by LIC have also infused trillions of rupees, helping woo retail investors in troves -- the year saw over 20 million new investors coming to the market.
Bonuses are typically commensurate with deal activity in any given year. Investment banks, on average, pocket 2-3 per cent as fees for managing an IPO and 1.5-2 per cent for handling QIPs.
'Washington appears to be playing the long game, and making the argument to India that over the longer term, Russia -- sanctioned, cash-strapped, isolated by the West -- will no longer be a viable defence partner for India'
The FRBM report, to be submitted on Tuesday, is likely to have 'excuse clauses', absolving the government of meeting its fiscal commitments under certain conditions such as war or conflict, global economic meltdowns or natural disasters.
In September, Bharat Biotech aimed to supply 35 million doses, and take this up to 55 million by October. This is still less than what the Indian government expects from the company.
'This will have a multiplier effect in generating more jobs.'
Salt-to-software conglomerate Tata group was among "multiple" entities who on Monday put in preliminary bids for buying the government's stake in loss-making carrier Air India.
The implementation of the NEP and four-year undergraduate programme were approved by the Standing Committee on Academic Matters and the Academic Council last week.
Lawyers say compensation may be an uphill task for investors because of a lack of judicial precedent and broader institutional difficulties.
'If the RBI had done the right things, these mistakes would not have happened in banks, public or private,' says Ajay Shah.
This election will decide in what shape and form the Akali Dal will survive.
Even as Chinese troops continue squatting on territory that we claim as our own -- this was the lowest allocation for defence in percentage terms since the 1950s, reveals Ajai Shukla.
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
