These cash shortages increase banks' funding costs, making it harder for them to lower lending rates
England and Australia's cricketers, who will be playing in the upcoming Indian Premier League, will be available for selection for Kolkata Knight Riders' opening game on September 23, CEO Venky Mysore said.
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.
'Without bold action to deal with our banking crisis, count on the economy's doldrums to continue for much longer than most of us anticipate,' says Rahul Jacob.
'At present Metaverse is a hype cycle.' 'If it succeeds, then I would like to see TCS there, too.'
The government will chart out a plan for the evacuation of seafarers stuck on international waters amid the Covid-19 pandemic, Union Minister Mansukh L Mandaviya has said. Thousands of Indian seafarers are currently stuck aboard cruise ships and cargo vessels in far off waters, and maritime bodies have been demanding from the government strategies for bringing them home fearing that delays might result in disruption in supply chain.
High-end brand experiments with EMIs via credit cards to push market share.
The Institute of Chartered Accountants of India will soon ask the International Accounting Standards Board to upgrade India's ranking in terms of compliance with international accounting standards to positive from negative.
Elana Meyer looks back on the disappointment of missing out on competing internationally because of the sporting boycott of South Africa in conversation with Rediff.com's Laxmi Negi.
'The CEO will neither be able to guide the senior team in operational matters nor decide on their appointment, compensation or removal.' 'Yet, the CEO is responsible for the profit and loss of the bank!' 'Why would the senior executives listen to him?' 'Which self-respecting professional would want to be a CEO with these constraints?' asks Tamal Bandyopadhyay.
The national trait of exploiting the inherent weakness of democracy is now mirrored within the ICAI too.
Tanzania's Alphonce Simbu won the men's elite full marathon event while Kenya's Bornes Kitur bagged the women's title at the Standard Chartered Mumbai Marathon in Mumbai, on Sunday.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
'Our future is in limbo. The government saved us with Operation Ganga; now, they must save our careers.'
There's a long way to go before human beings are replaced by machines -- in banks at least.
The race for the UN secretary-general for 2022-2027 is already over and another term for Antonio Guterres is a foregone conclusion, observes Ambassador T P Sreenivasan.
Bankers expect RBI to help them spur lending growth.
Every cog in the wheel must present its unique services at the moment of instructed haste, says Vikram Johri.
Pune saw the fastest growth in terms of number of super-rich people.
Their offer values Fortis at over Rs 9,000 crore, or around Rs 172 per share.
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
The Ambani brothers, Mukesh and Anil, came together on Thursday to raise the issue of stalled projects plaguing India Inc and implored the Maharashtra government and the Centre to make Mumbai, India's financial capital, an easier place for business and investments. "Several projects are stuck for many years in Mumbai and we would like to know how the government intends to improve the financing and execution of projects, including those relating to infrastructure and education which have been in limbo for long and are affecting the growth of the city," Reliance Industries Ltd (RIL) Chairman Mukesh Ambani told Finance Minister Arun Jaitley. Seated on the same table was his brother, apart from Tata Group Chairman Cyrus Mistry and State Bank of India (SBI) Chairman Arundhati Bhattacharya. Jaitley was addressing the Mumbai Next MMR Transformation conclave, organised by the Maharashtra government and Mumbai First here, through video conference. In his reply, Jaitley said the government was exploring several options of infrastructure financing in India and that a number of international bodies were ready to fund infrastructure development projects. He added the government was keenly considering these funding sources. While praising Maharashtra Chief Minister Devendra Fadnavis for honesty, Jaitley also had a word of advice. Apart from being honest, the government had to be decisive, he said. On his part, Reliance Group Chairman Anil Ambani told the chief minister about his experience of decisions being delayed due to an indecisive bureaucracy and the need to protect officials who wanted to take quick decisions. "Through the past many years, we have faced a number of obstacles in decision-making," he said, adding he was speaking as someone who had lived and invested in Mumbai. Fadnavis responded by saying he would bring about a transparent process to ring-fence officials. Both the Ambani brothers have announced a number of infrastructure projects in and around Mumbai, including a world-class convention centre in Bandra Kurla Complex by RIL, but very few have actually fructified. RIL's special economic zone project failed to take off due to land acquisition problems in Raigarh, while a second SEZ near Mumbai is stuck due to lack of clarity in SEZ norms. The first phase of the Mumbai Metro, set up by Anil Ambani's Reliance Infrastructure, was marred by cost overruns and run-ins with the government over fares. Subsequently, the company withdrew from the second and larger phase, citing inordinate delay. Anil Ambani also withdrew from Mumbai's sea link project on the same grounds. The brothers had also bid for a trans-harbour sea link between Navi Mumbai and Mumbai under the Congress-Nationalist Congress Party government, but their bid was rejected. Reliance Infrastructure is also the power supplier to more than half of this city. Participating in the conclave, some of India Inc's leading bankers said making Mumbai a financial hub would take at least a decade. SBI's Bhattacharya said the Indian currency should be made fully convertible and facilities should be created for it. "However, for this, the economy needs to look up and that will happen only in the next 7-10 years, not immediately," she added. Sunil Kaushal, Chief Executive Officer of Standard Chartered, India, pitched for strong infrastructure to support development. "We will take a long time to develop into a global financial centre. We need to solve transport bottlenecks in Mumbai and have lifestyle facilities for people working in and around these areas," he said.
Meanwhile, with China switching its trading partners due to geo-political issues, increased trade with South Africa for bauxite and with the US for coal is also auguring well for vessels with tonne miles going up.
Former Formula One World champion Damon Hill says the decision to scrap the Indian Grand Prix after just three years of its launch was a "shame", especially as the Buddh International Circuit in Greater Noida has a "great track".
Britain's 'remain' option gaining traction, with the implied probability of such an outcome at 78 per cent.
May touch 64/$ due to foreign flows slowing down
A company official said work stopped temporarily only at two rigs and the remaining 34 in the offshore were operational. He added there was no impact on the company's production.
Alan Baptist reveals how he went from 95 kg to 65 kg.
After months of denying there was a liquidity problem, Governor Raghuram Rajan has reversed course.
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
Rediff readers share their interesting stories about the first salary and what it taught them.
Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies.
Due to the coronavirus pandemic, in-flight meal service was not permitted on domestic flights since their resumption on May 25. On international flights, only pre-packed cold meals and snacks were being served depending on the flight duration since May this year.
'The government should refrain from 'adventurism' and 'megalomania'.' 'But this should be true of reckless government action against every Indian, whether or not they are wealthy or have access to the finance minister even when he is in hospital,' says Aakar Patel.
A revival in investment is likely to be a key near-term initiative.
Lower inflation, FCNR(B) outflows likely to influence central bank decision
'There is a vision in the Budget, and the vision is to take India from a largely agrarian, rural economy into a fast-track digitalised economy.'
Investors may increase exposure to mid and small-cap stocks as their risk-reward profile is more attractive currently, suggest Nitin Singh and Vinay Joseph.
Ten central trade unions on Tuesday said they are going ahead with their planned nationwide general strike on November 26 and also announced their support to a two-day farmers' agitation next week. The meeting of the Joint Platform of Central Trade Unions (CTUs) and Sectoral Independent Federations and Associations was held virtually on November 16, 2020. Unions expressed satisfaction over the tremendous response being received from workers and the people at large throughout the country to the ongoing campaign for the countrywide general strike on November 26, 2020, a joint forum statement said.
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