'If individual stocks start falling 25% to 30% or more, then I doubt how many of them will be able to withstand that (kind of selloff). That is when you'll see panic coming in.'
JM Financial on Wednesday said it had a "careful and detailed review" of the Reserve Bank's order imposing restrictions on the company's financing business and asserted that there was "no material deficiencies" in its loan sanctioning process. The Reserve Bank on Tuesday imposed restrictions on JM Financial Products Ltd after it found the company indulged in various manipulations, including repeatedly helping a group of its customers to bid for various IPOs (initial public offerings) by using loaned funds. "After careful and detailed review of the order issued by the RBI on the action against JM Financial Products Ltd, we strongly believe that there have been no material deficiencies in our loan sanctioning process.
The American-Pakistani terrorist's deposition will resume on Thursday.
The RBI was not party to the decision to demonetize 500 and 1,000-rupee notes, which was taken at the highest level of India's political leadership.
The Supreme Court said on Friday keeping activist Gautam Navlakha under house arrest in the Elgar Parishad-Maoist link case further will set a "wrong precedent" and directed the National Investigation Agency (NIA) to apprise it of his current medical condition and the stage of trial.
Small queues were witnessed at some bank branches on Tuesday for the exchange of Rs 2,000 notes against smaller denominations as part of the withdrawal exercise. As per the RBI guidelines issued on Friday, the exchange of Rs 2,000 facility is available from Tuesday. A person can exchange up to a limit of Rs 20,000 at a time without filling any form or requisition slip.
In a move that will hit the common man, the government on Friday slashed interest rates payable on small savings including PPF and Kisan Vikas Patra (KVP) in a bid to align them closer to market rates.
'We are focused on playing on our strengths, which are technology, and building a large profitable business by working with banks as well as non-banks and NBFCs for loans.'
The government on Friday raised interest rates on most post office saving schemes by up to 0.7 per cent for the April-June 2023 quarter in line with the firming of interest rates in the economy. While the interest rates for popular PPF and savings deposits have been retained at 7.1 per cent and 4 per cent, respectively, there has been an increase between 0.1 per cent and 0.7 per cent in other saving schemes, a finance ministry statement said. The highest increase was in the interest rate of the National Savings Certificate (NSC), which will now attract 7.7 per cent, up from 7 per cent, for the April 1 to June 30, 2023 period.
State-owned Bank of Baroda on Monday said actor Sunny Deol has offered to settle the dues related to his bungalow in Mumbai.
At a hurriedly convened press conference, the former Uttar Pradesh said, "All deposits are as per norms and party rules and the money was collected before note ban. Should we have thrown it?"
Kharge also targeted Prime Minister Narendra Modi, saying the people should not believe Modi's "guarantees".
Banks have taken this aggressive posture even as liquidity has become comfortable on the back of increased government spending.
"The people are completely frustrated with this government. Now, people are raising their voice, they are saying that everyone (political parties) will have to come together under Congress' leadership to fight against them (BJP)," he added.
Public sector State Bank of India has hiked its interest rates on FCNR (B) deposits in GBP (Pound Sterling) up to five years as also on Euro deposits of up to two years maturity.
As per the EPFO income projections, retaining 8.8 per cent rate of interest for the current fiscal would have left a deficit of Rs 383 crore. Hence, it was lowered to 8.65 per cent
The Committee, which has been set up in pursuance of the announcement made by the Minister in his Budget speech, will also suggest whether the unclaimed deposit should come to government or be kept in a separate account.
Senior advocate Kapil Sibal, representing Roy, said it was quite difficult to raise money as the properties have already been attached.
The ED has attached properties worth Rs 4,109 crore spread across various states in a money-laundering case linked to an alleged ponzi scheme, the agency said on Thursday. The case pertains to the Agri Gold Group of Companies. Three promoters of the group were arrested by the central agency on Tuesday.
In its verdict last month, the top court directed the SBI to furnish the details to the Election Commission (EC) by March 6.
Following are the key points of the three criminal law bills, that were passed by the Lok Sabha on Wednesday and seek to replace the Indian Penal Code (IPC), the Code of Criminal Procedure (CrPC) and the Evidence Act.
"But the BJP wants it to be done after Lok Sabha elections. The tenure of this Lok Sabha will end on 16th June and SBI wants to share the data by 30th June," Kharge said.
This is just another instance of the indifference with which the Commission has been treated by the government.
The tax department has deployed about 40 large and small machines to count currency notes and brought in more department and bank staffers to finish the counting process, which began on December 6 following raids against Boudh Distillery Pvt Ltd and others, they said.
The Lok Sabha ethics committee has cited the threats India faces from State and non-State cyber actors to indict Trinamool Congress MP Mahua Moitra for sharing her log-in credentials with businessman Darshan Hiranandani, noting that he has residency rights in Dubai and has close relatives who are foreign nationals.
Benefiting from higher credit off-take and loan repricing, listed commercial banks are expected to post 43.9 per cent year-on-year (YoY) growth in their net profit in the quarter ended June 30 (Q1FY24), analysts have said. Controlled credit costs due to a healthy asset quality profile and a steady treasury book will also support a strong bottom line for the lenders in the first quarter. However, net profit may shrink sequentially, according to analysts' estimates for 13 banks sourced from Bloomberg data.
The guidelines for regulating coaching institutes have been framed to address the need for a legal framework and manage the unregulated growth of private coaching centres.
'Can we force somebody to contest and fight an election when they don't want to contest an election?'
He noted that Chandrayaan-3 will be inserted into the lunar transfer trajectory after the orbit raising manoeuvres.
In a message posted on 'X' on Wednesday, Rama Rao said the BRS has never allied with anyone during polls ever since Telangana was formed despite several requests and in fact it is the opposition that have come together setting aside their ideological differences to defeat the 'formidable' KCR.
"Now I get credit for the idea which actually I neither invented nor actually believed in," he said.
Though Infosys did not elaborate why it has parked more money with PSBs, bankers indicated the prime reason was the high deposit rates. Large private players such as ICICI Bank, which were till early last year offering higher interest rates, have withdrawn from that segment. In contrast, till November-end, PSBs were offering up to 400 basis points higher on bulk deposits to mop up resources for the increase in demand for loans.
Benefitting from the economic rebound, banks are expected to report a healthy bottom-line and asset quality profile in the quarter ended March 2023 (Q4FY23). The net profit of listed commercial banks is projected to grow by an average 43.6 per cent year-on-year (YoY) in Q4FY23 amid better net interest margins (NIMs) and declining credit costs. This is based on a combined assessment of analyst estimates for 17 banks on Bloomberg database.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
'The people of Tamil Nadu in particular Chennai know about the double standards of the BJP. Nothing will work for them here.'
'Modigate is snowballing into a huge thing with the electorate. The BJP is in for huge punishment by the electorate.'
SBI Q3FY24 result review: A higher-than-factored weakness in the October-to-December quarter (Q3) results of State Bank of India (SBI), for financial year 2023-24 (FY24), has prompted brokerages to cut earnings estimates for the ongoing financial year. They, however, have maintained 'Buy' ratings on the stock, revising target price upwards in some cases, owing to the stock's recent underperformance relative to its peers.
Be wary of co-operative banks which have historically been most vulnerable.
Commemorating 75 years of India's independence, SBI has launched a 75-day Utsav Deposit Scheme, offering 6.10 per cent for fixed deposits. Senior citizens will get an additional 0.50 per cent and the offer is on until October 30, SBI said.
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