Disposals also likely, clients to be cut -CEO memo to staff
Leading share-holders called for change.
Claiming that the sub-prime crisis in the mortgage market has not affected the bank, Standard Chartered Bank chairman Mervyn Davies said the crisis was not yet over and it would take few months to tide over. "Sub-prime crisis has been a real shock, though Asian markets like China and India have remained unaffected. It is not yet over and it may take few more months before the crisis is over," said Davies, who is in India to attend the bank's board meeting.
These categories rank among India's top 10 export items by value.
With a view to tame the inflation -- 8.66 per cent in April -- the RBI has increased its key rates eight consecutive times over the past 12 months, the last being the higher-than-expected 50 bps hike on May 3.
Last year, the London-headquartered bank had bought a 49 per cent stake in UTI Securities from the Securities Trading Corporation of India for Rs 147 crore. The bank retains the option to raise the stake to 74 per cent this year and the remaining shares by 2010.
Standard Chartered Bank, which has completed 10 years in credit card business in India, has introduced an equated monthly instalment card.
Australia-based Westpac Banking Corporation said on Monday it would sign a cooperation agreement with Standard Chartered Bank in India on Wednesday (June 7).
While Gupta, 60, can rightfully bask in the glory he has achieved for his bank in the subcontinent, his peers in foreign banks will have to revisit their India play, especially the local incorporation model, says Raghu Mohan.
Although private banks continued to operate as usual majority of trade and industry was hit by the strike by staff of 25 nationalised banks who are demanding revision of wages and a second option for pension among other things. The Indian Banks' Association, a grouping of public sector banks, is yet to formally respond to the demands of the striking employees.
Having identified India as one of its major markets globally, Standard Chartered Bank on Wednesday said it was open to acquisitions and plans to more than double its branch network in the country to 150 by 2006-07.
Few people know Ratan Tata as well as R K Krishna Kumar does. Widely perceived to be among the managers closest to Tata, Krishna Kumar assesses Ratan Tata, the man and business leader, in this exclusive interview to Rediff.com's Vaihayasi Pande Daniel.
India's unstable politics and slow pace of reforms add to the downside risks said the bank's note.
This will allow the bank's customers to access funds from virtually any city or town in the country. The NFS is India's largest domestic network with over 30,000 ATMs across the country and Standard Chartered's customers will now have wider coverage of ATMs available to them.
Tamil Nadu Chief Minister M K Stalin's Cabinet, including him, would be 34-member strong and he has retained senior leaders like Duraimurugan and over a dozen shall be ministers for the first time.
The kind of hiring MNCs are doing in India makes it clear call centre operations are no longer the only thing on their minds.
One of India Inc's top demands is the abolishing of the MAT.
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
'What made him different was that he was not a banker at all by temperament.' 'He was a businessman, a typical lalaji at that.' 'He had to win at any cost.'
It was unclear how bankers were deciding which jewellers to support
The RBI is working to nudge large foreign banks with 30 or more branches in India to get incorporated locally.
The rupee's plunging to record level and a sharp fall in the equity market are knee-jerk investor reactions to the US Federal Reserve's saying the it will slow down bond-buying programme in view of improving American economy.
Many Indian companies provide outsourcing services to various American entities, including large banks and financial institutions.
Tomorrow's review could also turn out be the last policy anchored by Rajan if the proposed Monetary Policy Committee (MPC) is put in place before the next review due on August 9.
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The minister, who will also be meeting foreign institutional investors whose money is key to funding CAD in the afternoon, did not speak to reporters waiting outside.
