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.
Yoga guru Baba Ramdev's Patanjali Ayurved on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
Justifying the transfer, the CBI pinned the blame on Mishra for keeping the preliminary enquiry pending without any reasons, they said.
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
Nokia has tied up with Citibank, HDFC Bank, Axis Bank, Standard Chartered, HSBC, ICICI Bank and SBI Cards for the EMI scheme and the offer will be available to consumers with credit cards from any of these banks.
Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
The issue dates back many years when the actor and others proposed bringing Sony TV channel to India.
Analysts expect inflation to peak in the first half of 2016-17 and moderate, thereafter, on the back of positive impact of monsoons
Balance transfer is a facility in which you can transfer outstanding balance from one credit card to another. It works well if you have multiple cards.
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.
In a statement, Fortis said under the accepted offer, IHH would infuse Rs 4,000 crore through subscription to the preferential allotment at a price of Rs 170 per share. The Malaysian firm will then make a mandatory open offer to public shareholders for 26 per cent of the outstanding shares post issuance.
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
The central probe agency had filed a money laundering case to probe the deal and is carrying out the action to collect evidence under the Prevention of Money Laundering Act (PMLA), officials said.
China's GDP grew by 4.9 per cent in the third quarter, down from 7.9 per cent in the second, confirming the slowdown of the world's second-largest economy which was under pressure from the crisis-hit property sector, curbs on energy and tardy recovery from the Covid-19 pandemic.
Pvt sector holds back, waits for key reforms
A revival in investment is likely to be a key near-term initiative.
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.
After months of denying there was a liquidity problem, Governor Raghuram Rajan has reversed course.
The RBI is thinking of a model code of conduct for banks, to ensure customer rights in line with the earlier charter it had framed in this regard.
The RBI said recently that the upsurge in inflation in April was led by food and commodity prices.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
The Indian regulatory framework forced Citi to hibernate -- contrary to the claim that it never sleeps!
Over 25,000 sq ft leased by them in last three months after new maternity Act. Raghavendra Kamath reports.
As many as 40 staffers, in the key equities and investment banking division in India, could be asked to go as part of the London-headquartered lender's global layoffs, said people aware of the development. HSBC India declined to comment.
Fortis Healthcare has already received binding offers from four entities - KKR-backed Radiant Life Care, IHH Healthcare, Manipal/TPG consortium, and Munjal and Burman family offices.
May touch 64/$ due to foreign flows slowing down
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
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
The move may release funds locked in government securities and add to liquidity. With inflation expectations lowered, this should not impact bond sentiment in the short run
'It's a toss-up between a fire sale of equity or merger with a strong bank,' points out Tamal Bandyopadhyay.
Among India's capital-starved local banks, Essar is viewed as too big to fail.
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.
Environmental campaigners say they hope two outstanding court cases can still stop India's Adani Enterprises Ltd from developing a A$10 billion ($7.6 billion) coal project.
Pune saw the fastest growth in terms of number of super-rich people.
An estimated $344 billion has been illegally removed from the Indian economy between 2002 and 2011
IIT Roorkee has so far seen the highest domestic salary rise Rs 80 lakh, up by a third from Rs 60 lakh last year.
The company has battled opposition from green groups since starting work on the project five years ago
Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies.
India may adopt norms similar to the US Federal Reserve model, which regulates conglomerate-led banks in the country.
