HDFC Bank on Tuesday said the Reserve Bank of India (RBI) has appointed an external IT firm for carrying out a special audit of its IT infrastructure in the aftermath of repeated service outages at the country's largest private sector lender over the past two years. "RBI has appointed an external professional IT firm for carrying out a special audit of the entire IT infrastructure of the bank under Section 30 (1-B) of the Banking Regulation Act, 1949..., at the cost of the Bank under Section 30 (1-C) of the Act.
The Centre has asked all states to set up special search committees to find out talented people who could be nominated for Padma awards but so far have been left out of consideration despite their exceptional contributions.
'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.'
'We should have calmed down the child. We will do an internal analysis on that.'
Some of the proposals include redrafting transfer and placement policy for IRS officers, strengthening the cadre restructuring, rebranding of IRS, robust deputation policy and creation of encadred post in other ministries and government department.
The army chief also appealed the cadets to keep abreast with new technology to counter the contemporary challenges.
Brokerages are expanding the universe of stocks they cover amid a boom in the market. Several stocks in the mid-cap universe are now tracked by more analysts than they were a year ago. For instance, SBI Cards and Payment Services is now tracked by 17 brokerages, compared to just four a year ago.
Public sector banks, including the country's largest lender State Bank of India (SBI), have come out with a templated approach for restructuring retail and small business loans of up to Rs 25 crore under the Reserve Bank of India's (RBI) Covid restructuring package 2.0. They have also come out with standardised products to make funds available to business entities for improving healthcare infrastructure and to individuals for meeting Covid treatment expenses. Business loans have been divided into three categories.
Flipkart has promoted several of its leaders into newer roles at a time when the Walmart-owned e-commerce giant has internally raised its IPO (initial public offering) valuation target to about $60 billion and aims for a US listing in 2023, according to the sources. "I am delighted to announce the promotion of some of our exemplary leaders," said Kalyan Krishnamurthy, chief executive officer, Flipkart Group, in an internal note, and which has been reviewed by Business Standard. "Each of them has been instrumental in delivering impact and creating long-term value for Flipkart.
'Even during the lockdown, we have received many online enquiries and subsequent bookings.'
New norms are in place to strengthen regulations for this set of lenders which has been playing a critical role in Asia's third largest economy, notes Tamal Bandyopadhyay.
'The IPO market is cooling off and getting a reality check.'
Lawyers say compensation may be an uphill task for investors because of a lack of judicial precedent and broader institutional difficulties.
Indian businesses' weak ability to compete overseas says much about the infirmities imposed by the intensity of government dominance of economic policy and the nature of this dominance, observes Kanika Datta.
'I'm 79 + now, and I've been doing all this since my late 20s.' 'Sometimes the ideological war extends to the home as well.' 'Many nights I couldn't sleep when someone close to me uttered the smallest insult.' 'It would cause me a lot of pain. But one has to be honest to oneself.'
Mobility company Ola's chief financial officer Swayam Saurabh and chief operating officer Gaurav Porwal are leaving the company. These developments come at a time when the SoftBank-backed company's core ride-hailing unit is planning to go public and for which it raised $500 million from Warburg Pincus and Temasek in July this year. These investment firms had partnered with the company founder Bhavish Aggarwal for this round.
'It could tempt investors to pick stocks that are not fundamentally sound.'
'There will be partnerships between banks and fintech firms, but there will also be areas where they will be direct competitors.'
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.
Chief Economic Advisor Krishnamurthy Subramanian said India's economy will witness a decline in the current fiscal, but the drop will be limited if there is an economic recovery in the October-March period.
S&P has maintained a stable outlook on the basis of their expectation that over the next two years the growth will remain strong and India will maintain its sound net external position and fiscal deficit will remain elevated but broadly in line with their forecast.
Though most analysts expect the global central banks to keep the liquidity tap open, valuations of Indian markets, they say, are beginning to look stretched. Against this backdrop, they remain cautious, with some even expecting a minor correction from here on.
Other countries with a large number of cases including Brazil, Russia, Spain and the United States of America, all have more people heading to work.
Although the number of resignations came down at Cognizant in April and continued to slow in May, the impact of attrition would play out in the second quarter also because of the longer notice period in India.
After a long wait, the Shapoorji Pallonji Group has closed the sale process of its consumer durables business under the Eureka Forbes label by picking the American private equity fund Advent International's Rs 4,400-crore offer for a 72 per cent stake. The sale process, which began in November 2019, will help the over 156-year-old SP Group pair the debt pile and sharpen the focus on the flagship construction and engineering business under Afcons. The valuation of Rs 4,400 crore for a 72.56 per cent stake is is at an enterprise level and subject to closing adjustments and also includes an open offer for the remaining stake after the demerger and listing of Eureka Forbes, the SP group said in a statement on Sunday.
'Banking is a business of trust.'
Firms generated free cash flows in 2013-14, for the first time since the 2008 Lehman crisis
The Defence Ministry on Friday inked a nearly Rs 20,000 crore contract with Airbus Defence and Space of Spain to procure 56 C-295 medium transport aircraft which will replace Avro-748 planes of the Indian Air Force.
Fund managers said investors remained positive on the pharma manufacturing activity in India, which further strengthened during the Covid-19 period, on account of restrictions imposed on pharma imports from China.
After a long hiatus of more than 20 months, the government had on November 26 announced the resumption of scheduled international commercial flights from December 15.
'The term 'pro-growth' must be qualified somewhat because, while a rising tide will lift all boats, it will not necessarily do so equally.'
The Union home ministry on Tuesday allowed opening of shops selling school books and electric fans, services of bedside attendants of senior citizens and public utilities including recharge facilities for prepaid mobile phones during the ongoing lockdown.
As fresh Covid-19 cases continued to increase, the Tamil Nadu government on Thursday announced reintroduction of curbs like permission only for 50 per cent seating capacity in cinemas and ban on select activities effective April 10, to help prevent the spread of the virus.
The ultimate consequences of Rahul Gandhi's yatra may be known only in 2024, points out Dr Sudhir Bisht.
'Imagine hanging from a thin steel cable under a helicopter with certain death staring at you below, being pulled up slowly in the din and downwash of the helicopter.' IAF Veteran Air Commodore Nitin Sathe, a helicopter pilot himself, reports on how the air force rescued those trapped in the Deoghar cable cars disaster last fortnight.
Companies have activated a comprehensive pandemic response plan with requisite risk mitigation protocols for keeping networks working as telecom is an essential service.
'Considering Mumbai's population density, one can expect to see more positive cases in areas like Dharavi in the days to come.' 'That is the challenge before the public health infrastructure and preparation of the city in dealing with such crises.'
As an applicant, you must understand there is a difference between getting an offer letter from a university and receiving a study visa, explains Ajay Sharma, president, and founder, Abhinav Immigration Services.
The ministry of petroleum and natural gas has granted seven authorisations to companies for selling automobile (auto) fuels in the country. These new approvals are under the relaxed guidelines for authorisation to market transportation fuels that were revised in 2019. This is expected to make the competition more intense in India's petroleum retail business. According to a top oil ministry official, a fresh marketing authorisation has been granted to Reliance Industries (RIL) under these norms. This is being done since RIL's existing retail marketing authorisation has been transferred to its subsidiary Reliance BP Mobility
The airport has formulated standard operating procedures for post-lockdown safety of the passengers, which include social distancing, stringent thermal screening, positioning temporary quarantine centres and also continues to sanitise and disinfect the airport to ensure safety and well-being of the passengers when operations resume.
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