A vast majority of borrowers are in the essential services' supply chain with tiny and micro businesses, and this has sprung back.
A gamechanger for offices and factories, Shycocan, claims to be able to clear an area of 1000 square feet from coronavirus.
'When the average growth in the last three years was just 2.5%, how does that make us the fastest growing country?' 'They only tell you what has happened in the last 2 years; they are not taking into account what happened in FY21 on account of their mistakes.'
Enthused by India's financial inclusion drive, US-based Accion, one of the biggest micro finance organisations in the world, has renewed its focus in India. Michael Schlein, bottom, left, chief executive officer of Accicon, tells Namrata Acharya in an email interview the Wall Street and Silicon Valley are eager to participate in opportunities presented by the issuance of the small finance and payment bank licences, the expanded banking correspondent opportunities, and the Jan-Dhan Yojna.
Private equity (PE) is set to play a bigger role in banks. Of 21 recommendations accepted by the Reserve Bank of India (RBI) out of 31 made by its Internal Working Group (IWG), its stance on non-promoter holdings in private banks is seen with excitement, though it doesn't refer to PEs explicitly. On non-promoter holdings in these banks, the RBI said this will be capped at 10 per cent of the paid-up voting equity share capital in the case "of natural persons and non-financial institutions and entities"; and "at 15 per cent for all categories of financial institutions, entities, supranational institutions, public sector undertaking, or the government." While this is a modification of the IWG's stance for the non-promoter holding in banks at up to 15 per cent, it does open up a huge window for PEs, all the same. This is because, while the RBI has remained silent on the eligibility of industrial houses for bank licences, fresh high-quality capital in large amounts can only come from PEs.
'80% of the rural and urban population don't have enough purchasing power.'
This makes it the most valued fintech company in the country after Paytm and Walmart-owned PhonePe.
Officials said several witnesses were heard on the impact of the pandemic. They added that this was the longest meeting of the panel without a break so far.
How much will the banks' bad assets grow in March? It could be anywhere between Rs 1.2 trillion and Rs 2 trillion, observes Tamal Bandyopadhyay.
Since the beginning of 2020, i-bankers have collected nearly Rs 1,800 crore by way of IPO fees. Interestingly, the India fees this year form just 1 per cent of the global fee pool of $13.7 billion from IPOs.
ICICI Bank was the top gainer in the Sensex pack, rising over 3 per cent, followed by ITC, SBI, HCL Tech, Axis Bank, Bajaj Finserv and Tech Mahindra. NSE Nifty advanced 32 points to 15,856.05.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
Equity benchmarks Sensex and Nifty ended marginally lower on Tuesday as investors booked profits at higher levels amid a mixed trend in global markets.
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
'In the short term, we may see some disruptions due to Covid, but in the medium-to-long term, we should keep an eye on US inflation and 10-year bond yields.'
Unless you know what you are and what you are not, how will you get an appropriate job?
Nearly a decade ago, the first fully electric vehicle (EV) caught fire on the road in the US. It was a model from Tesla, the world's most admired EV maker. A metal fragment punctured the underbelly of the vehicle, penetrating its battery pack, leading to a fire. Indian lawmakers and automakers have had nine years to study the incident (in fact, three Tesla Model Ss caught fire in two months in 2013) but seem to have learnt little.
'Money that came into mutual funds near the previous peaks -- the second half of 2017 and 2018 -- has in most cases experienced unflattering returns.' 'A large proportion of redemptions could be such inflows exiting when the market recovered sharply from July 2020 onwards.'
HR Guru Mayank Rautela offers practical advice.
As India gets ready to roll out one of the largest vaccine programmes, billionaire Mukesh Ambani on Tuesday said his group is working with authorities to provide technology tools and backbone for mass inoculation against COVID-19. Ambani's telecom venture Jio was rolled out four years back, offering free voice calling and dirt-cheap data. Today, Jio is India's largest telecom operator with over 400 million users, each connected to the internet. At a Facebook event, Ambani said the government's digital push kept the country running even during the pandemic and is now helping in the rollout of one of the largest vaccination programmes.
Education, jobs, health and more: Experts share their wishlist.
The threshold limit for deduction of tax at source has been raised for unusual income such as winnings from horse race, commission
To ease pressure due to the coronavirus lockdown, corporate have asked banks and the government for a six-month liquidity line, so that they can pay off their suppliers and employees.
Axis Bank was the top loser in the Sensex pack, shedding over 4 per cent, followed by Asian Paints, SBI, IndusInd Bank, ICICI Bank, Bajaj Finance, HDFC and Reliance. On the other hand, Bajaj Auto, Hindustan Unilever, UltraTech Cement, TCS, Bajaj Finserv and Infosys were the gainers.
Indeed, there were frauds, and the politician-banker-industrialist nexus played a role in the rise of NPAs, but governance issues in Indian banking are far more nuanced and complex, reveals Tamal Bandyopadhyay.
While analysts remains overweight on financials, property, discretionary, industrials and materials, they maintain a neutral stance on pharma, telecom and energy; and underweight on staples, utilities, and IT services.
Humans will work far more collaboratively with artificial intelligence for rapid and complex decision-making.
To shed more light on how GST will affect the individual as well as the nation, Rediff Chat has lined up experts to field your queries.
Employees across segments, including those involved in specialised jobs such as technology, compliance and risk management, have started leaving the bank fold in hordes, observes Tamal Bandyopadhyay.
The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.
While the investment amount could not be immediately ascertained, a report pegged it at about $2 billion.
Combining affordable IT with native Indian ingenuity and entrepreneurship F C Kohli believed would enable Indian small businesses match anyone and thrive.
From announcing a lockdown and extending its tenure, setting up the country's first two exclusive Covid-19 hospitals, creating a hotspot zone, providing doorstep medical service and making masks compulsory, the state is doing all it can to dwarf the virus.
The latest whistle-blower revelations of multiple shenanigans at global ride-hailing app Uber, coming thick and fast after serial exposes of various dodgy practices at Facebook, Apple, Amazon, Netflix, Google in the recent past raises uncomfortable questions about India Inc. If the FAANGs, Twitter and Uber can be guilty of multiple and diverse transgressions what's happening in Indian corporations? It can be nobody's case that India's largely family-owned and - managed private sector is a beacon of transparency or best corporate governance practices, bolstered as it is by an informal omerta among employees, managements and even boards.
The central bank's tough new rules spell major changes in the competitive landscape for financial services audits.
We have our own problems for sure and they are not trivial, but for now, our economy is in not too bad a shape, our politics is as personality-driven and authoritarian as that of most countries in the world. We must make the best of what we have and not be excessively unhappy looking at the grass on the other side of the septic tank which may not be greener after all!, observes Shreekant Sambrani.
With markets expected to remain volatile, promoters and lenders exposed to the industrials and materials space can face brunt of the price erosion of the pledged shares.
Eminent rocket scientist S Somanath has been appointed as the chairman of the Indian Space Research Organisation as well as the space secretary, a personnel ministry order issued on Wednesday said.
Tech is also being used to stem resignations, which have recorded a rise amid COVID-19.
IPO-bound mobility platform Ola, said it has successfully raised $500 million via a Term Loan B (TLB) from marquee international institutional investors. This term loan has no impact on the valuation of Bhavish Aggarwal-led Ola. The Bengaluru-based firm recently raised $139 million. This is part of a $1 billion funding round for which the company is in talks with investors, increasing its valuation to about $7.5 billion, according to the sources.
