With demand for information-technology (IT) services in North America still sluggish, Europe has become a source of optimism for Indian companies because it is delivering steady gains over the past two years and continuing to outperform in the latest quarter. Yet analysts caution a full-scale revival will require a rebound in the United States (US), particularly in manufacturing, retail, and BFSI (banking, financial services, and insurance), because Europe contributes only about a third of the revenues.
Ahmedabad civic authorities launched a massive demolition drive on Tuesday, razing over 2,000 illegally constructed houses and properties in the Chandola Lake area. The operation, which involved around 50 teams equipped with earthmovers and 2,000 police personnel, was carried out days after illegal Bangladeshi immigrants were detained from these settlements. The Gujarat High Court declined to stay the action, observing that the dwellings were situated on the periphery of the water body and therefore subject to demolition under the Land Revenue Code. Authorities also demolished the illegal farmhouse of Lalu Pathan, alleged mastermind behind the encroachments, who is suspected to have helped illegal immigrants obtain rental accommodation and Aadhaar cards.
ndia's inflation rate would slow down to between 5.5 per cent and 6.5 per cent by March 2011, State Bank of Indiachairman O P Bhatt said here on Thursday.
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
Faced with an increase in defaults on home loans, banks are beginning to feel the 'bite' after growing their portfolios at breakneck pace in the last three years, according to State Bank of India Chairman O P Bhatt.
Banks in India will need about $100 billion (Rs 5 lakh crore) of capital over the next decade as the system grows to meet credit requirements of an expanding economy, Om Prakash Bhatt, chairman of the State Bank of India said.
This case is the largest investigated by the Pandemic Response Accountability Committee Fraud Task Force to date, US Attorney for the Northern District of Texas Leigha Simonton said in a press release.
The top 100 companies have accounted for 63% of the gains (Rs 51 trillion out of Rs 81 trillion), while firms beyond the top 100 have contributed 37 per cent (Rs 30 trillion).
Barring stray references such as the 'dual control' of banks and shifting the goalposts during demonetisation, he is not in a fault-finding mode with the government, notes Tamal Bandyopadhyay.
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
Unlike any other business, banking is a turf where the captain's role is the most critical. Often a bank is defined by the personality of the CEO who runs it. Both HDFC Bank and Kotak Mahindra Bank are the creation of their CEOs, notes Tamal Bandyopadhyay.
NavIC consists of a constellation of seven satellites and a network of ground stations and is touted to be more accurate than GPS.
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.
State Bank of India Chairman O P Bhatt says the bank did differ with the Reserve Bank of India's views on a host of issues, but it was unfair to blame the country's largest bank for taking care of the interests of the aam aadmi (common man).
Narendra Modi has proved through execution of this event in Ayodhya that amongst all his contemporaries in politics he knows ordinary Indians like none other, notes Sheela Bhatt.
An increased level of 'stressed assets' in the banking system could push up the NPA levels of banks, State Bank of India's chairman O P Bhatt, told reporters on the sidelines of a Ficci-IBA organised banking seminar on Thursday.
The State Bank of India on Friday launched a defence salary package for the Indian Air Force with an array of concessional services such as zero balance accounts, interest rate concessions on loans, preferential allotment of lockers and free mobile banking.
The BJP enters challenging times where it has been given a task to hold onto the values of Ram in running the country as defined by Narendra Modi in Ayodhya, notes Sheela Bhatt.
As per the Budget estimate, net borrowing by the government in the current fiscal is pegged at a whopping Rs 3,97,957.47 crore (Rs 3,979.57 billion) to fund its widening fiscal deficit projected at 6.8 per cent of GDP this fiscal due to a slew of measures taken to boost the economy, which is facing the impact of financial meltdown.
The State Bank of India (SBI) is setting up a Rs 500-crore (Rs 5 billion) private equity (PE) fund to cater to the small and medium enterprise (SME) sector.
SBI had a tough journey in the last 40 years.
Is this 'Yashpal Kapoor' the late Congress leader, one of Indira Gandhi's closest aides in the 1970s?
As against an allocated Rs 1,000 crore (Rs 10 billion), subscription by retail investors stood at Rs 4,500 crore (Rs 45 billion), while an additional subscription of nearly Rs 4,000 crore (Rs 40 billion) came from other investors, including high net-worth individuals.
The State Bank of India on Wednesday became the first Indian bank to begin full-fledged operation in China.
'Who would think of making a bank of poor women? She had vision and boldness.'
RBI will not follow US Federal Reserve's cue of cutting rates, as Indian conditions differ greatly from US.
Prime Minister Narendra Modi offered prayers at the famous Kedarnath temple in Uttarakhand's Rudraprayag district on Friday.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
'The stimulus packages, sector reliefs, loans etc are coming to industry, but state governments have not got any money from GST, no money from excise, no money from any income source.'
'I want to leave behind the bank stronger and better than when I took over.'
Gen Pande also said that Indian troops are adequately deployed along the Line of Actual Control to deal with any situation and that guidance has been given to them to "remain firm and resolute" in their tasks.
A teaser loan is one where the lender offers a slightly lower rate in the initial years and then charges higher rates in later years.
B Sriram, the senior-most managing director at SBI, along with fellow MDs Rajnish Kumar, P K Gupta, and Dinesh Kumar Khara had been interviewed for the post
'Macro headwinds are rising for Indian equities in the form of rising commodity prices, especially oil, depreciating rupee, fiscal challenges, election-related uncertainty and upside risks to inflation'
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Forex dealers said besides dollar's gains against other currencies overseas, increased demand from oil importers for the US currency put pressure on the rupee.
From the many large communal riots across decades to the six-hour mass cull of Muslims in Nellie, 1983; Sikhs in Delhi and elsewhere, 1984; Kashmiri Pandits, 1990; selective massacres of Hindus in Punjab, 1983-93; and Gujarat, 2002, we have failed to bring perpetrators of our biggest tragedies to account, asserts Shekhar Gupta.
Only a few thousand chargers dot the Indian landscape, some in working condition, others not, with some held hostage to the power supply vagaries of local utilities, reports S Dinakar.
'Lending to Mr Mallya was the bankers' season ticket to corridors of power and glamour. Borrowing from them was like a favour Mallya did to them,' says Shekhar Gupta.
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