Sunil Kaushal, who took charge as the chief executive of Standard Chartered Bank's India and South Asia operations in February this year, however, appears confident that India will continue to remain a growth market for the bank in coming years.
Mahindra and SCM Real Estate, the investment arm of Standard Chartered, would together invest Rs 1,000 crore (Rs 10 billion) in multiple projects and hold equal stakes in the JV to be called Watsonia Developers.
Standard Chartered said it will stop providing financing to parts of the diamond and jewellery industries as part of a review of its exposure to risky sectors.
We are looking to target individuals who have the potential to become high-value clients in the future. It is possible to target this segment with the help of powerful data analytics.
Standard Chartered cuts base rate by 0.25%
Indian capital markets are witnessing a boom in IPO activity in 2025, with the current calendar year being expected to be the largest IPO year in India's history, according to India heads of foreign banks on Wednesday.
India was being evaluated for a potential weight of around 1 per cent in the index, an allocation that could have translated into $25 billion of inflows, spread over roughly 10 months.
Standard Chartered's India strategy will focus on wealth management while credit card will remain core to its business though will avoid competition with the country's private banks, said a senior executive of the British lender. "Our focus on wealth management and affluent clients are central to our existence. "We are strong in these areas and we want to grow in these areas.
The foreign lender's profit after tax was Rs 2,960 crore
'India is a big market for StanC, and it is also fastest growing economy in the world.'
We are focusing on how to make banking affordable for the customer. The bank is bullish on retail business, says Suresh Gurumani.
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.
Chartered accountants' apex body ICAI may review the financial statements of IndusInd Bank, which is grappling with discrepancies in accounting to the tune of Rs 2,100 crore. The private sector lender, on March 10, disclosed about some discrepancies in its derivatives portfolio which could have an adverse impact of about 2.35 per cent of the bank's net worth as of December 2024 as per its internal review.
More and more banks are sensing big opportunity in the high-margin, small consumer loans business.
MeitY is in discussions with global Fortune 500 and Fortune 1000 companies, mid-tier firms, and state government officials on a three-pronged approach to setting up new GCCs in India.
The fine was imposed in the exercise of powers vested in the RBI under the provisions of Section 47 A (1) (b) of the Banking Regulation Act, 1949.
Standard Chartered Bank appears to lead the race to acquire Barclays Bank's credit card business in India, six months after the British lender decided to sell it, three people familiar with the development said.
Adani Green Energy (AGEL) on Tuesday announced it has secured a funding of $1.36 billion from a consortium of international banks as part of its construction financing framework. The $1.36-billion senior debt facility will enhance the company's funding pool to $3 billion since initial project financing in March 2021, AGEL said in a statement. According to the statement, AGEL, India's largest and world's leading renewable energy player, announced a follow-on funding of $1.36 billion to further boost its construction financing framework to $3 billion backed by a consortium of renowned international banks.
The deal, which will be signed this week, will see Standard Chartered Bank adding 170,000 cards to its existing portfolio of 1.1 million cards. The foreign lender will also become the fifth largest card issuer in the country after HDFC Bank, ICICI Bank, Citibank and State Bank of India.
The investigation under FEMA was taken up by ED based on a reference received from RBI to investigate advance remittances received by certain entities for the purchase of the shares of Tamil Nadu Mercantile Bank through escrow mechanism maintained with Standard Chartered Bank, Mumbai.
In a move to soften the blow of Lehman Brothers' bankruptcy in the Indian stock and asset markets, four banks are set to take over its structured products businesses in India.
The debate over working hours flared up after Infosys Co-founder N R Narayana Murthy called for 14-hour workdays.
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
If you move the clock forward and look at the future of the bank, then India and China are going to be the two largest markets for us. And we have grown our revenues and profits very rapidly - 50 per cent in the first half of 2007.
ICICI Bank edged past foreign banking majors Citibank and Standard Chartered Bank to emerge as the best retail bank in India, according to the latest issue of 'Asian Banker Journal'.
While other foreign banks are still shrinking their loan portfolio, Standard Chartered Bank says it is seeing a double-digit growth
Foreign banking major Standard Chartered Bank has invested $120 million thus far this year in its Indian operations, which is expected to contribute over 10 per cent of its global profits in 2005.
Faced with a rising number of customer complaints on excessive charges, the Reserve Bank of India has asked the Indian Banks' Association to come up with guidelines on what the reasonable charges should be.
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).
The airline is also expecting to close the bridge loan of $195 million from the domestic arm of the British lender shortly.
Standard Chartered Bank is looking for appropriate acquisitions, including asset portfolio to grow its business presence in India, one of the fastest growing markets in the world.
The fund will promote domestic shipbuilding of all types and sizes to reduce India's dependence on foreign ships.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
Standard Chartered Bank is planning to aggressively beef up its presence in India ahead of the banking sector review in 2009. This number is significantly high, considering that the bank opened a mere 3 branches in the last two years. The bank has 83 branches and 231 ATMs across the country. The bank recently pumped $250 million into its Indian operations and this constitutes three-quarters of its profits in Asia.
The scheme offers complete solutions that combine savings, borrowing and protection for the emerging affluent segment, which consists of individuals with an annual income between Rs 5,00,000-Rs 40,00,000, the company said.
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