Perhaps because the Modi government had some differences of opinion with two of the economist governors (one of whom was appointed by the Manmohan Singh government), there is a view that its political leadership prefers a civil servant to head the RBI, notes A K Bhattacharya.
Transiting from "survival mode", which took most of the management time in FY21, the bank has been able to take a long-term view in terms of growth and preparing technology in the past 12 months.
The Indian economy is projected to grow at 6.3 per cent in current financial year aided by investment and domestic demand. According to a World Bank report released on Tuesday, India continues to show resilience against the backdrop of a challenging global environment. In India, which accounts for the bulk of South Asia region, growth is expected to remain robust at 6.3 per cent in 2023-24, India Development Update of the World Bank said.
'Inflation is not good for industry. Nor for the economy as a whole.'
Finance Minister Nirmala Sitharaman on Saturday said she is likely to introduce the new income tax bill, which will replace the six-decade-old I-T Act, in the Lok Sabha in the coming week.
Isn't there something significant in the UPI example for all of us to learn from and execute to enable world-scale success for our startups?, asks Ajit Balakrishnan.
The Reserve Bank on Friday said India is poised to become the growth engine of the world as it retained the GDP projection for the current fiscal at 6.5 per cent. Unveiling the bi-monthly monetary policy review, Reserve Bank of India (RBI) Governor Shaktikanta Das said the domestic economy exhibits resilience on the back of strong demand.
The rupee has held its ground against the US dollar in the 2025 calendar year so far, but depreciated significantly against the euro and pound. It fell by 6.83 per cent, and 5.44 per cent against the euro and pound respectively, as the two currencies strengthened significantly against the greenback during the period.
Credit card spending in September recorded strong growth of 25 per cent year-on-year (Y-o-Y), marking the highest increase in six months. Even as many banks saw higher slippages during the July-September quarter of 2024-25, spending growth exceeded 20 per cent for the first time since February. According to the latest data released by the Reserve Bank of India (RBI), September spending reached Rs 1.76 trillion, compared to Rs 1.42 trillion in the same period a year ago. In August 2024, credit card spending was Rs 1.68 trillion.
Ashok Vaswani, a banker with more than three-and-half decades experience in building and scaling up businesses across consumer and corporate banking and payments, will be the next managing director (MD) and chief executive officer (CEO) of Kotak Mahindra Bank. Last week, the Reserve Bank of India (RBI) had given its approval to Vaswani's appointment. Vaswani is currently President of Pagaya Technologies, a US-Israeli artificial intelligence (AI) fintech firm, which he joined in June 2022.
'Challenge is basically near-term growth as the outlook has turned a bit adverse.'
The recent run on the US-based Silicon Valley Bank (SVB) and the subsequent seizure of its assets by the regulators may have sparked a global wave of risk aversion, particularly for start-ups. However, the Indian banking sector is unlikely to be a victim of any contagion effects, said analysts. he bank, which played a big role in financing start-ups and technology players, faced stress after incurring huge losses on its holdings of US bonds, following the most-aggressive monetary tightening cycle by the Federal Reserve in around four decades.
Currently there are 26 licensed players in the P2P lending sector but only 10-11 are actively operating.
Paytm will focus on its core business of payments and cross-selling financial services as it works to achieve "profitability soon", said Vijay Shekhar Sharma, founder and chief executive officer of the fintech, on Thursday. "The past six months have taught us many lessons, giving us the opportunity to thoroughly examine our business processes, compliance, and the way we operate from the inside out.
The disbursement of the second tranche comes on a day when the International Monetary Fund is holding virtual discussions on Pakistan's upcoming budget, as the visit of its mission to Islamabad was delayed due to security concerns in the region.
The upcoming Union Budget to be presented on February 1 is likely to assume a nominal gross domestic product (GDP) growth between 10 and 10.5 per cent for FY26, a Business Standard poll of 10 economists showed. The first advance estimates released by the National Statistics Office (NSO) had estimated a nominal GDP growth of 9.7 per cent for FY25. Nominal GDP, calculated at current market prices, factors in the effect of inflation. It is used as the base to calculate crucial macroeconomic indicators, such as fiscal deficit, revenue deficit, and debt-to-GDP ratio.
UCO Bank, Bank of Maharashtra, Bank of India, Indian Overseas Bank, Indian Bank, and Central Bank of India don't have a non-executive chairman.
The bias for the BSE benchmark index, technical charts suggest, is likely to remain bullish as long as the index holds above 75,600 levels for the rest of the year.
For the first time in 21 years, the Reserve Bank of India (RBI) will revise norms for investment portfolios of commercial banks to reflect changes in global standards on valuation and measurement, and progress in the domestic market. This could pave the way for banks to transition to the new accounting standards (Ind-AS). The outstanding investment portfolio of commercial banks was at Rs 45.84 trillion as of November 19 this year.
