There is a dearth of talent in the Indian banking industry. A testimony to this is the two new CEOs in the private sector -- Sandeep Bakhshi in ICICI Bank Ltd and Amitabh Chaudhry in AXIS Bank Ltd -- have come from the insurance sector, says Tamal Bandyopadhyay.
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Analysts see FY16 CAD at 0.5-0.6% of GDP.
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.
After two years of a record low interest-rate regime, Indian corporate houses are experiencing a sharp and abrupt increase in funding costs. With the Reserve Bank of India last month making an unequivocal turn towards policy tightening amid high inflation, firms looking to tap the capital markets for funds are ending up shelling out more. The yield on the benchmark triple-A-rated corporate bonds maturing in three years has climbed 98 basis points (bps) since the policy rate hike in May. It was last at 7.47 per cent, Bloomberg data showed.
Bigger companies are signing equity JVs with global investors.
The unexpected upward revision of the country's sovereign rating by Fitch today will strengthen the battered rupee which would also stem the fund outflow from the domestic market, Standard Chartered said.
'I might die a little earlier than others, but I have time to finish off unfinished businesses.'
In recent times, more and more audit firms have challenged company managements, some going to the extent of resigning on the ground of incompatibility with what the management wanted or was doing. This, said Ajay Bhushan Pandey, chairman of the National Financial Regulatory Authority (NFRA), in a media interview, was a good sign. Now, the national accounting watchdog has turned the spotlight on audit firms themselves.
Record liquidity infusion by the central bank in the banking system during the financial year 2020-21 amid sluggish economic activity resulted in banks investing more in safe government papers than in extending loans, data from Reserve Bank of India (RBI) showed. This trend has not been seen in nearly two decades, barring 2016 - the year of demonetisation.
It was unclear how bankers were deciding which jewellers to support
Chartered accountants are readying themselves for a higher onus on individuals to report violations that they come across as part of their work. There has been a scramble to understand the implications as the non-compliance with laws and regulations (NOCLAR) comes into effect in less than six months. It is applicable from April 1, 2022 after being deferred earlier because of the Covid-19 pandemic.
The Reserve Bank on Friday superseded the board of the city-based Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an administrator to manage the affairs of the lender. In what can be seen as a step that should allay depositors' concerns, the central bank did not put any restrictions or moratorium on deposit withdrawals because of the comfort it gets on the bank's finances, according to people in the know. "(The) action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank.
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
The UN Security Council on Wednesday failed to adopt a Brazil-led draft resolution that would have called for humanitarian pauses in the ongoing Israel-Hamas conflict to allow full access for aid to the Gaza strip after the US vetoed the text.
JPMorgan, Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley, as well as Britain's Asia-focused Standard Chartered said they would try to support London's financial sector
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
In his opening remarks at the virtual summit of the Shanghai Cooperation Organisation (SCO), Modi also said that some countries use cross-border terrorism as an instrument of their policy and the grouping must not hesitate to criticise them.
'There are many things we need to work on.' 'At the heart of it is, one, the extent of inequality, which is not good for democracy and nation; two, a structural decline on how a country ought to function, how people should be held accountable, whose role is what.'
Credit cards prove useful when making high value transactions.
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.
Regulator in action after grounding pilots for allowing passengers into the cockpit.
Auditor Deloitte flagged three transactions, including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani Ports & Special Economic Zone.
IIT Roorkee has so far seen the highest domestic salary rise Rs 80 lakh, up by a third from Rs 60 lakh last year.
StanChart India CEO Zarin Daruwala is building a culture of 'celebrating liabilities,' the tough negotiator tells Niraj Bhatt and Anup Roy over lunch.
BJP MPs Nishikant Dubey and Manoj Tiwari allegedly entered the ATC room without permission.
Beijing was caught by surprise as Kishida, who was on an official visit to New Delhi from March 19-21, entered Poland from India using a secretly chartered plane instead of the standard government aircraft, Japanese TV channel NHK reported.
The Indian Army said the exercise Vajra Prahar was "significant" in terms of security challenges faced by both nations in the backdrop of the current global situation.
'Short term volatility is likely due to various factors, global and domestic; investors may use this as an opportunity to increase the allocation to equities.'
The declaration said the SCO leaders reaffirmed their commitment to peaceful settlement of disagreements and disputes between countries through dialogue and consultations.
The high new GDP numbers are puzzling.
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
Afcons Infrastructure, whose chartered barge P305 with 261 personnel at the Bombay High offshore oilfield was wrecked by cyclonic storm Tauktae earlier this week, on Thursday said the weather deteriorated rapidly and reached levels far worse than forecasts.
Partially paralysed but with unbreakable will power and determination, Nihad Panju has beaten the odds to become a fitness freak and is all set to run his 4th Mumbai Marathon on Sunday.
The number of serious incidents has more than doubled in the last seven years.
'The future of BRICS is under stress as Chinese attempts to expand the platform are being resisted by India and Brazil.' 'Beijing is focused on a quick expansion with the aim of giving the platform a distinctly anti-Western orientation, which New Delhi and Brasilia seem to have no interest in,' notes Harsh V Pant.
Foreign banks were ahead in terms of technology, but that is no longer the case as Indian private banks steal the innovation march.
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.
While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
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.
Deutsche Bank in India has managed to avoid the bad-loan problems plaguing its rivals such as Standard Chartered Plc.
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