Apart from navigating the bank through the Covid crisis, Jagdishan may also have to deal with the latest development on the auto loan lending practice scam. He will be expected to deliver consistent profit growth of 20 per cent-plus quarter after quarter, irrespective of the operating environment.
Your promise to protect bankers for their commercial decisions is a huge confidence booster, but how does one define a commercial decision? Are our investigative agencies well equipped to dissect lending decisions of bankers?
The journalist-turned author will be available for a live chat on rediff.com on Friday, June 6, 3 pm.
Most of the changes have come about in the last four years and ITC is now reaping the dividends - standalone revenues from the non-cigarettes FMCG business have grown 40 per cent from FY17 to Rs 14,728.21 crore in FY21 and pre-tax profits 30 times to Rs 823.69 crore. The business accounted for 30.58 per cent of gross revenues and 4.85 per cent of pre-tax profits in FY21. "In the last four years, our margins in FMCG have gone up by 640 basis points (bps) and EBITDA margins have been moving up consistently. "We created levers that enabled a sustained growth trajectory," said ITC chairman and managing director Sanjiv Puri. Puri took charge as the chief executive officer in 2017; in 2018, he was redesignated managing director and effective May 2019, he became chairman.
The RBI has shelved its plan for polymer notes more than a decade after it invited interest from global manufacturers for one billion pieces of Rs 10 denomination polymer banknotes, reveals Tamal Bandyopadhyay.
Guess who was spotted at the airport?
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
Chief Minister Mamata Banerjee had last week announced the scheme, and said many priests were reeling under financial crisis and her government was doling out sops to support them. "The Cabinet has given its nod to the 'Rajya Purohit Kalyan Prokolpo' which the chief minister had announced a few days ago," state home secretary Alapan Bandyopadhyay said at the secretariat.
The government plans to bring down its stake to 26 per cent in these two banks, which are yet to be identified. This may not come in the way of getting investors for these banks, provided the government is willing to step back rather than run them the way it had been doing for over five decades since these banks were nationalised, points out Tamal Bandyopadhyay.
The Election Commission of India (ECI) has found the report submitted by the West Bengal government on the alleged attack on Chief Minister Mamata Banerjee in Nandigram on March 10 as 'sketchy' and asked Chief Secretary Alapan Bandyopadhyay to elaborate it, a poll official said.
New norms are in place to strengthen regulations for this set of lenders which has been playing a critical role in Asia's third largest economy, notes Tamal Bandyopadhyay.
Why can't we have a sunset clause for the ARCs, which is a global norm? questions Tamal Bandyopadhyay.
Leaders of various opposition parties on Sunday demanded that issues of price rise, 'Agnipath' scheme as well as the alleged misuse of investigative agencies be taken up in Parliament and also raised objections to the list of 'unparliamentary words' at an all-party meeting convened by the government ahead of the Monsoon Session.
Isn't it time to review the 'fit and proper' criteria for banking licence, particularly with reference to individuals applying for it, asks Tamal Bandyopadhyay?
While a DFI will help banks derisk their loan portfolios, creation of a bad bank will clean up their balance sheets.
Tamal Bandyopadhyay was in Kolkata on Thursday evening for his book's launch at the Oxford Bookstore. Indrani Roy grabbed a few moments with him to file this report.
TMC claimed that the new instructions were made with a "mala fide intention to benefit the candidates of Bharatiya Janata Party".
Unlike any other national asset, which is typically sold to the highest bidder, the profile of the bidder is the most important criterion for a licence to bank, and even for acquiring more than 5 per cent stake, explains Tamal Bandyopadhyay.
RBL Bank is no Yes Bank. It's not fraught with fraud. It's a story of limitless ambition and greed for growth under a leader who doesn't want to give up, says Tamal Bandyopadhyay.
Barring stray references such as the 'dual control' of banks and shifting the goalposts during demonetisation, he is not in a fault-finding mode with the government, notes Tamal Bandyopadhyay.
If you are running a sweetmeat shop, will you manage a dairy for milk supply or buy milk from the market? Banks are running a dairy (which has its cost for processing milk), while NBFCs are buying milk from the market, observes Tamal Bandyopadhyay.
Several parties had requested that the session, which was originally scheduled to continue till April 8, be curtailed due to the five assembly elections being held in eight phases till April 29.
The original idea was to make a series of Byomkesh films based on the stories by Sharadindu Bandyopadhyay. But after the cold reception to the film, Producer Aditya Chopra dropped the idea.
For now, the concerns over bad loans have taken a back seat; a bigger challenge for the banking community is credit growth, explains Tamal Bandyopadhyay.
Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
This will be the second all-party meeting called by the government to discuss the COVID-19 situation since the outbreak of the pandemic.
The correlation between withdrawal of deposits and the Covid death rate is stark, reveals Tamal Bandyopadhyay.
Eminent business journalist and author Tamal Bandyopadhyay discussed Budget with rediff.com readers on Tuesday.
If the CBDCs don't offer interest, why will people shift from cash to CBDCs?, asks Tamal Bandyopadhyay.
Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
In the midst of its bloody battles with the Supreme Court and Sebi, Sahara group gets the Calcutta high court to issue a stay order on the publication of the book, Sahara: The Untold Story, by Tamal Bandyopadhyay.
West Bengal Chief Minister Mamata Banerjee said on Wednesday that violence and clashes were taking place in those areas where the BJP won the elections.
The entire coastal region of Odisha has been experiencing rainfall since Friday night.
Shortly after arrest, BJP state headquarters in Kolkata was attacked allegedly by members of TMC student wing.
The demand was made by the Nationalist Congress Party, the Trinamool Congress and the Dravida Munnetra Kazhagam.
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.
West Bengal minister and veteran Trinamool Congress leader Sobhandeb Chattopadhyay is all set to vacate the Bhabanipur assembly seat on Friday as party supremo Mamata Banerjee is likely to contest bypoll from the constituency, party sources said.
'The company's transition from an individuals-driven private firm to a board-driven listed public one will be carried out in a well-thought-through and well-executed manner.'
Nationalisation has served its purpose. It's time to move ahead, keeping majority ownership of the government in a few banks to serve the people, argues Tamal Bandyopadhyay.
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