Indian Overseas Bank will shortly open 'representative offices' in UAE, Malaysia, China and Canada, subject to the approval of the board and the Reserve Bank of India, S C Gupta, managing director, IOB, said on Saturday.
Besides the passports, Modi also possesses multiple residency cards, some of them expired, but covering countries/regions such as the UAE, Singapore and Hong Kong.
The branch is likely to be inaugurated on Saturday by Prime Minister Narendra Modi, who is on a three-day visit to China
The Global Indian International School, which offers a multicultural education for K-8 students, is to open its first United States branch in San Jose, California, in September. The school is currently enrolling students for the 2010-2011 school year.
US bank Citigroup on Wednesday announced the sale of its Indian consumer banking businesses, including credit cards, retail banking, wealth management and consumer loans, to private lender Axis Bank for Rs 12,325 crore, as part of its plans to exit retail operations in 13 markets.
SBI, which has been operating in the UK for 95 years, said it is prepared to set aside 100 million pounds in ring-fenced capital and restructure its operations if that is necessary to keep operating on the high streets.
Citigroup may sell its Australian retail broking unit as it consolidates its wealth management business in Hong Kong and Singapore to compete for customers against bigger private bank rivals. The US financial group is understood to be in talks over the possible sale of Citi Smith Barney Australia to National Australia Bank. It also plans to close its CSB branch in Taiwan and merge others in Singapore and Hong Kong with Citi Private Bank.
This is the second debt raising by Mumbai-based lender this year after it had raised SG$ 225 million early January in a seven-year bond sale programme.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland's central bank showed on Thursday. The increase in aggregate funds of Indian clients with Swiss banks, from 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years. It stood at a record high of nearly 6.5 billion Swiss francs in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013 and 2017, as per the Swiss National Bank (SNB) data.
The sale will be quicker if an Indian private bank buys it; it will take longer for regulatory clearances if a foreign bank or an NBFC buys it, points out Tamal Bandyopadhyay.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
Some of the Shortlisted finalists for the Sony World Photography Awards.
According to experts, 'Lakshmi' and the logo 'Godesses Lakshmi' have a lot of value in India and are the biggest driver for the Bank. Retaining the Lakshmi name and logo will help DBS.
Indian banks have the potential to go global, says ICICI Bank chief Chanda Kochhar.
DBS Bank India on Monday said customers of Lakshmi Vilas Bank, which has now been merged with it, can continue to access all banking services, and interest rates on savings and fixed deposits are unchanged as of now. Lakshmi Vilas Bank (LVB) has now been amalgamated with DBS Bank India Ltd (DBIL), the wholly-owned subsidiary of DBS Group Holdings Ltd, DBS Bank India said in a statement.
Militant labour policies compounded a poor security environment for capital in West Bengal and encouraged the business community to relocate. constraining the private sector's right to hire freely could well be the coup de grace. As with Calcutta/Kolkata, it will probably take a decade for Gurgaon/Gurugram to feel the difference, says Kanika Datta.
Apart from fulfilling banking services, one can access more than 100 e-commerce sites, book tickets, and even pay for small value groceries through the app. The bank is now proposing to allow other banks to use this to serve their own customers.
Friday's hearing is expected to be presided over by Chief Magistrate Emma Arbuthnot, the same judge who had ordered the extradition of former Kingfisher Airlines boss Vijay Mallya last December.
The RBI in November released a framework for large foreign banks with more than 20 branches to convert into wholly owned subsidiaries.
The move takes the process of extraditing and bringing back Nirav Modi to face the law in India to the next stage, the sources said.
The bosses of SBI, Union Bank and Central Bank have been driving down to their offices everyday to take stock of the biggest loan drive ever undertaken for MSMEs, discovers Tamal Bandyopadhyay.
A real estate developer, one of the accused held in the 2011 senior journalist Jyotirmoy Dey murder case and who was suspected to be a close aide of underworld don Chhota Rajan, died at a private hospital on Friday following liver failure, police said.
If there is a morality tale here, it is that debt and death spare no king.
The bank was rapped for not activating a debit card of a couple 'trapped in a foreign country'
HDFC Bank on Tuesday launched an online remittance facility for NRIs in the US, UK and Singapore.
The agency on Friday also carried out searches on the premises of the Gitanjali Group at 20 places in Mumbai, Pune, Surat, Jaipur, Hyderabad and Coimbatore.
Its obsession for growth, chasing corporate clients and giving up its original mandate of meeting the needs of local trade and businesses. A quarter of its loan book has gone bad. That's an error of business strategy, points out Tamal Bandyopadhyay.
HDFC Bank on Tuesday ruled out merger with its parent HDFC or acquiring smaller banks in the near future, but said it has embarked on an aggressive organic growth path in India and abroad.\n\n
CBI said it had shared the information about revocation of his passport in the 'diffusion' notice issued through the Interpol on February 15.
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.
'It will take many years to clean the Ganga. It will not happen in five years like the prime minister wants. If you want it to be sustainable, temporary measures won't work.' Twinkle Tom, an environmental engineer by training (from Stanford no less!), now designs wedding gowns because India, sadly, does not want her expertise and skill.
The Indonesian police has arrested three suspects in connection with the attack in Jakarta on Thursday that killed seven people including five attackers.
British Virgin Islands, Mozambique, the Netherlands, Mauritius and Singapore were the top five nations where Indian firms made investment of $9.6 billion in the last three years.
A round-up of all football-related news...
While for the consumers, there is some gain and some pain, for India Inc, it's all about compliance, consolidation and parity
