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.
Some major private sector banks, such as Deutsche Bank, Yes Bank, Kotak Mahindra Bank, Standard Chartered Bank, and financial institution Industrial Finance Corporation of India (IFCI) are in the race to buy the Rs 500-crore standard loan assets and investments of the Industrial Investment Bank of India (IIBI).
Though manufacturers advertise it as a 'zero processing fee' offer, credit card companies may still levy charges making the phone expensive by over eight per cent.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
The RBI also looked into the effectiveness of systems and processes for implementation of KYC norms
Plastic money that lets you buy almost everything by just swiping the card can also turn out to be your worst nightmare.
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
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.
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.
Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 cases were reported by the ICICI Bank.
Credit card issuers saw significant erosion of their card base during the July-September quarter as the Reserve Bank of India's (RBI) norms mandated deactivation of cards that have been inactive for a year. The second quarter of the current financial year saw outstanding cards-in-force decline by 2.55 million to 77.7 million. Prior to this, the industry, on an average, was witnessing a net addition of over 1.5 million credit cards a month as players became aggressive on the unsecured lending business after the pandemic.
'It's a toss-up between a fire sale of equity or merger with a strong bank,' points out Tamal Bandyopadhyay.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
After fighting inflation for more than two years, Reserve Bank of India (RBI) Governor Duvvuri Subbarao finally managed to bring it below the five per cent level - the tolerance level of the central bank - in FY14.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
While Raghuram Rajan has said in the past that other factors, including domestic fundamentals, outweigh the US Fed policy meet, this time it would be different
Analysts have started talking about at least a 25 bps cut immediately.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Lower inflation, FCNR(B) outflows likely to influence central bank decision
Even as you fight the ongoing health challenge, here are some tips to strengthen your personal finance in the time of coronavirus.
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