The evolving RBI-government relationship, a reversal in the interest rate cycle and return to profitability will dominate bankers' conversation this year, says Tamal Bandyopadhyay.
ICICI Bank chief Chanda Kochhar on Wednesday said "disruption" will happen in the industry due to technology and not because of the entry of new entities in the market.
Prime Minister Narendra Modi and Congress leaders Sonia Gandhi and Mallikarjun Kharge were among the top leaders who paid homage to former prime minister Manmohan Singh at his home in New Delhi on Friday.
Banking stocks, including top ones like State Bank of India, ICICI Bank, HDFC Bank, Bank of Baroda and Bank of India, among others, have fallen sharply in the last one month.
Net inflows were $18.4 billion for the rolling 12-month period ended January 2024 compared to $32.7 billion for the rolling 12-month period ended January 2023.
The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money-laundering charges in Mumbai in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said.
The combined market capitalisation of the 21 listed PSU banks declined by about Rs 76,000 crore to Rs 425,800 crore during the month.
Banks cannot shirk their responsibility in cases of frauds.
The government has asked the Indian Banks' Association to make sure that IDBI Bank's wages are on a par with other banks.
This was among the few times that TCS had to deploy rapid application development mode, which means changes in the application happen on-the-go.
ICICI Bank has the largest proportion of SDR loans as a percentage of its total, followed by state-run United Bank of India and Canara Bank.
Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
Unless RBI temporarily relaxes the norms on recognising of bad loans, the pressure on this front could rise in the December quarter.
Titan, IndusInd Bank, Axis Bank, State Bank of India, Power Grid, NTPC and Tata Motors were among the among the major gainers. Mahindra & Mahindra, Larsen & Toubro, Nestle, JSW Steel, Infosys and Tata Consultancy Services, Tech Mahindra and Maruti were the major laggards.
The Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market, sources said on Tuesday. The pilot in the wholesale segment, known as the Digital Rupee -Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. "RBI is now planning to go into the interbank borrowing market.
The Reserve Bank of India (RBI) on Monday did a four-day variable rate reverse repo (VRRR) auction to reduce liquidity in the banking system as the overnight money market rates fell below the repo rate, said market participants. The repo rate is 6.50 per cent. Banks parked Rs 18,750 crore at the auction against a notified amount of Rs 50,000 crore at a weighted average rate of 6.49 per cent.
Non-performing assets of banks have been on the rise for past several months due to slowdown in the economy.
'There's a huge need for advancements in current security incident logging and monitoring practices.'
Two key depts in ministry cold to rationale for one; postal dept says it's more eligible than IDFC or Bandhan, feels 'strong lobby' scuttling its plans.
Higher discounts on crude oil offered by the United Arab Emirates (UAE) to wean India away from Russian crude may soon see Indian refiners ramping up purchases from the Gulf nation, officials at multiple refiners said. They also pointed to the recent agreement on trade settlement in national currencies signed between India and the UAE as a reason for this. "While discussions are underway, the UAE has offered discounts on crude, which will be more than that of the current level of Russian discounts.
'If weak indicators persist, there is a risk that India could slip into a prolonged slowdown similar to the one experienced between 2014 and 2019,' warns Debashis Basu.
The 17-lender consortium led by State Bank of India has also put the Flying Models, Funliner, Fly Kingfisher and Flying Bird Device on the block.
Reliance group chairman Anil Ambani on Thursday appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said. The agency is expected to record the statement of Ambani under the Prevention of Money Laundering Act. The 60-year-old businessman arrived at the ED office in Ballard Estate around 9.30 am.
Tata Steel, SBI, L&T and Sun Pharma advanced 2-5% each.
Vodafone Idea, the promoter of Aditya Bira Idea Payments Bank, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of India.
The Reserve Bank of India's (RBI's) latest order on unsecured loans is set to hit the banking sector's growth in the near-term, cautioned analysts, as they see banks slowing down on aggressive retail lending. Besides, cost of funds for non-banking finance companies (NBFC) is expected to inch up as banks will pass on higher capital charge to NBFCs. "We believe the fallout of the RBI action will be mainly on growth, given the rising dependence on unsecured retail loans and lending to NBFCs for growth.
The price hikes during Covid were more because of supply chain and logistics disruptions caused by the pandemic and the Ukraine war rather than firms increasing prices because of higher pricing power, a report by State Bank of India (SBI) said. "It is thus incorrect to infer that concentration power dictated pricing capacity of firms, thus resulting in unyielding core inflation," the report authored by Soumya Kanti Ghosh, group chief economic adviser, SBI, said. A recent research article by former Reserve Bank of India (RBI) deputy governor Viral Acharya had observed that persistence of core inflation in India is due to purchasing power of top-five corporate houses.
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Banking as we know it will stand on its head in the next 10 years.
It was a protest which held a mirror to the government of a state taking pride in its commitment to democracy, gender equality and social indices.One person, who in his employed days had known governments and political parties at close quarters, told me that public perception of how the Kerala government handled the ASHA workers' strike had been terrible, reports Shyam G Menon.
>According to the latest RBI data, PPF receipts have already experienced a decline between April 2023 and February 2024. Other schemes like the Sukanya Samriddhi Account and National Savings Certificate are also witnessing reduced inflows.
India has been relatively insulated from the severe headwinds in the West. However, with a third of the global economy expected to slip into recession in calendar year 2023, the impact will strongly be felt on India's exports and trade economy, leading economists said in a panel discussion at the Business Standard BFSI Insight Summit in Mumbai on Wednesday. The panel comprised former Reserve Bank of India executive director and former Monetary Policy Committee member Mridul Saggar, State Bank of India Chief Economic Advisor Soumya Kanti Ghosh, Citibank India Chief Economist Samiran Chakraborty, ICRA Chief Economist Aditi Nayar, and IndusInd Bank Chief Economist Gaurav Kapoor. The topic of the panel discussion was No recession in sight: Is India decoupled from developed economies?
The Kolkata-based firm already has a presence in 22 states with over 2,000 branches and 5.9 million borrowers.
The interest offered is mostly 0.5 to 1 per cent more than what other banks offer. Moreover, customer service and long-term association spanning generations are also other reasons for the popularity.
Is it is necessary to play divisive politics to succeed in the next general elections? asks Dr Sudhir Bisht.
The Delhi high court on Monday dismissed a public interest litigation (PIL) challenging the RBI's decision to withdraw Rs 2,000 denomination banknotes from circulation. A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad, which had reserved its order on the PIL on May 30, rejected the plea. Petitioner Rajneesh Bhaskar Gupta has contended that the Reserve Bank of India (RBI) has no power to withdraw Rs 2,000 currency notes from circulation and only the Centre could have taken a decision in this regard.
With March 2016 being the final quarter when banks will have to disclose their stressed assets, the markets are assuming the worst is yet to come
Rajan said the RBI is working on upgrading the capabilities of its inspectors to undertake bank system audits as well as to detect vulnerabilities in them
To manage anxious crowds, as many as 3,400 personnel of paramilitary and Delhi Police along with 200 quick reaction teams have been deployed at ATMs and banks.
What could be the reason for the successive downward revisions across the board? Some key indicators make it evident, reports Abhishek Waghmare.
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