The only feasible way to have a healthy banking sector could be making it mostly private, along with two or three large, better-run government banks, suggests T N Ninan.
'We added a significant number of freshers in Q1. You will see a good number of hiring in Q2 as well.'
Thousands of tourists visit this historic site where aviation began to pay homage to the Wright Brothers. Many of these visitors, including immigrants like myself, may never have come to this land or made it their home if not for the brothers' dream, which made the impossible possible, says Rediff.com US Contributor Abhijit J Masih.
The Paytm application (app) could potentially face a permanent loss of its integrated mobile wallet feature, currently owned by Paytm Payments Bank (Paytm PB). With the recent crackdown on Paytm PB, sources say getting a fresh wallet licence may get tough for the group. "The Paytm app (One97 Communications) has to apply afresh to the RBI for a licence to operate a prepaid payment instrument (PPI) like a mobile wallet within the Paytm app, as PPI is a regulated entity.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
Although such alerts are not compulsory for the banks, this may become the norm now if payments are missed even for a day.
Corporate India is starting to step up its capital expenditure plans amid government incentives and signs of rising demand, company executives and analysts have indicated. This coincides with the Reserve Bank of India (RBI) recently citing a double-digit growth in private capital expenditure. Healthy balance sheets of banks and corporates, along with increasing capacity utilisation and improving business sentiment, are contributing to a favourable environment for sustained growth in private sector investments, the RBI said in its policy last week.
One97 Communications Ltd (OCL), the parent firm of fintech major Paytm, has denied reports about any investigation by the Enforcement Directorate (ED) into the company, its associates, and its founder and chief executive officer (CEO), Vijay Shekhar Sharma. The company, in an exchange filing on Sunday, said it had cooperated with the authorities when users or merchants on its platform were subject to enquiries in the past. "We would like to set the record straight and deny any involvement in anti-money laundering activities.
"My aim is to make Maharashtra the world's big financial powerhouse and to make Mumbai a global fintech capital," he said.
Rau's felt the need to be where the action was.
The institute that once drew largely elite students also decided to expand its base and cater to a wider pool.
Russian oil supplies to India will continue to flow unhindered and suppliers will come up with ways to sidestep secondary sanctions, a Russian official told Business Standard.
'If the majority falls short of expectations, it may prompt initial adjustments in investor sentiment.'
'Any finality in such matters requires political views. We will review it closer to the full Budget.'
The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.
'For smaller merchants, there should be a process that is digital and a minimum KYC journey should be allowed.'
The statement implicated members of the Mukhiya gang, accused of orchestrating multiple interstate paper leaks, as the source of the leaked answer sheet.
For banks to give debt requires equity from promoters, Kumar said, adding that the number of people or business houses who have that capability to invest has shrunk.
'In the second half of 2024, about 60% of startup jobs will be taken by entry-level candidates with 0-3 years of experience.'
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
The government plans to bring down its stake to 26 per cent in these two banks, which are yet to be identified. This may not come in the way of getting investors for these banks, provided the government is willing to step back rather than run them the way it had been doing for over five decades since these banks were nationalised, points out Tamal Bandyopadhyay.
At interactions last week with senior officials from the Reserve Bank of India, select banks gave feedback on two key bond market concerns, namely, recent volatility in the rupee-dollar exchange rate and heavy losses incurred on floating rate government bonds due to a demand-supply mismatch, sources told Business Standard. The discussions were held ahead of the RBI's next monetary policy statement, scheduled on August 5. Indian banks are large holders of government securities because of a regulatory mandate to set aside a certain percentage of deposits in sovereign bonds.
The Securities and Exchange Board of India (Sebi) might relax the disclosure norms around rumour verification to help smooth implementation and ease compliance amid pushback from India Inc, said people in the know. The rule has been notified following amendments to the Listing Obligations and Disclosure Requirements (LODR) by Sebi. However, its implementation has been deferred until February.
From connectivity woes to infrastructure advancements and the startup boom, there is a gulf between claims and reality in India's economic landscape, points out Devangshu Datta.
'Our unsecured loan is not exactly unsecured. It is backed by cash flow of customers.'
'We are cautious only on sub-sectors that have seen massive melt-up during the past six months.'
Government unlikely to bring in an ordinance to address the developments arising out of the Supreme Court order.
'India represents one of the top opportunities with robust growth, solid fundamentals, and openness to foreign investment.'
'If their allocation to certain segments have become high due to strong returns over the past three-four years, they should rebalance their portfolios and bring them in line with their long-term asset allocation.'
New-generation private sector banks such as ICICI, HDFC, Axis, Kotak etcetera owe their existence to the recommendations of the first Narasimham Committee.
The labour ministry on Monday rebutted a recent report by Citigroup which forecast that India will struggle to create sufficient employment opportunities even with a 7 per cent growth rate. The ministry in a statement said the report "fails to account for the comprehensive and positive employment data available from official sources such as Periodic Labour Force Survey (PLFS) and the Reserve Bank of India's KLEMS data."
The Reserve Bank of India's (RBI's) move to ban Mastercard from issuing new cards for not complying with the local data storage guidelines may hit five private banks, a non-bank lender, and a major card-issuing company. The impact is expected to be felt for a few months as these players transition to other card networks. According to Nomura Research, RBL Bank, YES Bank, and Bajaj Finserv are the ones most impacted by the ban as all their credit card schemes are allied to Mastercard. Among others, IndusInd Bank, Axis Bank and ICICI Bank have 35-40 per cent of their credit card schemes tied to Mastercard, the report said.
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
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.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
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.
Many individual states experienced higher inflation than the all-India figures during the financial year 2023-24 (FY24). Retail inflation figures in Telangana, Haryana, Rajasthan and Dadra and Nagar Haveli have been higher than national numbers every month of this financial year, shows a Business Standard analysis of state-wise figures, after the March inflation data was released on Friday. Experts noted that persistent high food inflation along with differences in the weights of rural and urban indices plays into the regional variation in inflation rates.
The assertion comes in the wake of the Supreme Court directing the SBI to submit the details of the electoral bonds purchased since April 12, 2019 to the EC.
The decision by the Reserve Bank of India to introduce a unified regulatory framework on connected lending for all the regulated entities (RE) is expected to reduce the influence of business conglomerates in the Indian lending space, said bankers and experts. "Connected lending pertains to lending to related parties within the same business group. "While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system," said Shivaji Thapliyal, head of research and lead analyst, YES Securities.
'Infusion of fresh capital, handsome growth in deposits and focus on recovery should bring Yes Bank back on the growth path in the next financial year,' observes Tamal Bandyopodhyay.
