It hopes to attract billions of dollars in investment by this move, and may ease some restrictions on foreign inflows.
Some leading private and foreign banks in the country have started checking scores of credit information companies such as Credit Information Bureau Ltd as part of their pre-employment screening process.
Unlike in the past, when old private banks compromised upon underwriting standards to take on the bulk, they've now realised that scaling up at the cost of quality isn't worth the while. These banks have also readjusted growth targets when required, and rebalanced books to preserve capital and asset quality.
Small queues were witnessed at some bank branches on Tuesday for the exchange of Rs 2,000 notes against smaller denominations as part of the withdrawal exercise. As per the RBI guidelines issued on Friday, the exchange of Rs 2,000 facility is available from Tuesday. A person can exchange up to a limit of Rs 20,000 at a time without filling any form or requisition slip.
Ruias to sell Essar Steel stake to strategic partners.
The beleaguered Deutsche Bank announced major overhaul of its business, which included discontinuing loss-making equities trading business, creating a new 'bad bank', and cutting 18,000 jobs. Deutsche Equities India employs 35 people, all of whom could face the job axe.
It issued the denial after top regulator threatened to revoke its licence and impose fines for helping Iran circumvent sanctions.
A probe by the New York State's key banking regulator, the Department of Financial Services, has found deficient money laundering controls in outsourcing of work by StanChart to India, thus exposing the US financial system to terror financing and other risks.
Mukesh Ambani is also a member of the Prime Minister's Council on Trade and Industry.
The RBI has been tightening key benchmark rates since November last year as the country started recovering from the impact of the global economic slowdown.
This is the third instance when outsourcing of key oversight jobs by global banks to India has come under the regulatory scanner abroad for ineffective controls against suspicious financial transactions.
Consumer goods, durables, automobiles worst hit.
Deutsche Bank could be the next to trim its retail operations.
India is likely to grow faster, on average, than China over the next two decades.
A two-member bench headed by Justice S J Mukhopadhaya said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company.
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
The move comes at a time when four foreign banks - Standard Chartered, Hongkong and Shanghai Banking Corporation, American Express and Citibank -- have moved the Supreme Court with a special leave petition and the hearing for admission of SPL is on September 8. The committee is, however, expected to wait till the Supreme Court decides on the issue before finalising its recommendations. The committee is, however, expected to wait till the Supreme Court decides on the issue.
The payment is on top of the $340 million it has already paid to the New York State Department of Financial Services.
In May 2014, FIIs were net buyers by Rs 20,225 crore (Rs 202.25 billion).
On Tuesday, UK-based Standard Chartered's outsourcing of key banking jobs to India came under the lens of US authorities.
RBI has granted permission to Standard Chartered bank to buy American Express Bank for its American Express credit card biz.
The RBI is working to nudge large foreign banks with 30 or more branches in India to get incorporated locally.
Inflation in rural and urban areas in July was 8.45 per cent and 7.42 per cent, respectively.
The survey, in which 125 corporate clients of the bank from south India participated, says a majority of corporates continue to be pessimistic about the country's growth with 72 per cent saying GDP growth will fall below 6 percent and 20 per cent predicting it to be less than 5 per cent.
At the heart of Friday's case lay an ICICI Bank loan owed by Mallya's Watson and CASL, for which Diageo stepped in as a backstop so that it could be refinanced by Standard Chartered Bank.
The loans are backed by a government guarantee.
The Reserve Bank of India (RBI) has issued a restricted banking licence to American Express Bank (Amex) to conduct credit card and travel-related businesses in India.
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.
Standard Chartered, Barclays, Citibank, Deutsche Bank are among investment banks that are involved in the process of facilitating investor meets in Asia, Europe and the United States.
Indian entrepreneurs who made global acquisitions are bullish since they've achieved margin expansions which were even higher than what they'd originally anticipated, and global managements have accepted Indian shareholders very well.
Apart from navigating the bank through the Covid crisis, Jagdishan may also have to deal with the latest development on the auto loan lending practice scam. He will be expected to deliver consistent profit growth of 20 per cent-plus quarter after quarter, irrespective of the operating environment.
Plastic money that lets you buy almost everything by just swiping the card can also turn out to be your worst nightmare.
The offer will be valid on Galaxy Note 2, Galaxy S3, Galaxy Grand, Galaxy Tab2 as well as Galaxy Camera.
The Debt Recovery Tribunal (DRT) on Tuesday directed Diageo Plc not to disburse $40 million of the $75 million sweetheart deal to him.
Having cleaned up their credit card portfolios and sensing a change in the economic environment, issuers such as SBI Cards, Standard Chartered and HSBC are seeing an increase in their credit card base at a marginal pace.
Its obsession for growth, chasing corporate clients and giving up its original mandate of meeting the needs of local trade and businesses. A quarter of its loan book has gone bad. That's an error of business strategy, points out Tamal Bandyopadhyay.
Market regulator Sebi has barred 197 foreign funds, including those managed by global financial conglomerates like HSBC, Deutsche Bank and Standard Chartered, and 342 sub-accounts from further trading in stock market.
Apart from SBI, the consortium will include leading entities like Citibank, Standard Chartered, BNP Paribas, JP Morgan, Tokyo Mitsubishi UFJ and Mizuho Financial Group, a source closely connected to the development told PTI. The country's largest lender is also in talks with two-three public sector banks to be a part of the consortium, the source said. The company reported a loss of $12.7 billion for the fiscal ended December 30, 2006.
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