Shaktikanta Das will demit the office on Tuesday after completing six years as the 25th Governor of the Reserve Bank of India. Revenue Secretary Sanjay Malhotra will replace him as the 26th Governor. He was appointed as the Governor on December 12, 2018, after the abrupt exit of Urjit Patel.
The average cost of data breaches in India reached $2.18 million in 2023, marking a 28 per cent increase since 2020, according to the Reserve Bank of India's (RBI) Currency and Finance report for 2023-24. The report said that India's average data breach cost was still below the global average. The most common attacks in India are phishing which was at 22 per cent and stolen or compromised credentials was 16 per cent. The automotive industry is highly vulnerable to cyber attacks, whereas the banking and financial services sector, benefiting from stringent regulations, enjoys comparatively stronger protection.
Growth in corporate profits needs to be commensurate with wages to boost the economy, Economic Survey 2024-25 said, noting that sharp disparities between the two pose risk to the economy by curbing demand. The document tabled in Parliament on Friday noted that while the labour share of GVA (gross value added) shows a slight uptick, the disproportionate rise in corporate profitsredominantly among large firmsaises concerns about income inequality.
The government is contemplating changes to the Insolvency and Bankruptcy Code (IBC) to deal with environmental claims and liabilities of defaulting companies to make the law future-ready and meet climate action goals, sources told Business Standard. Currently, the IBC has various categories of claims and creditors, including those related to environmental liabilities.
President Droupadi Murmu, in her address to the nation on Republic Day, advocated for the "One Nation One Election" initiative, emphasizing its potential to enhance governance and reduce financial burdens. She highlighted the government's efforts to eliminate remnants of colonialism, citing the replacement of British-era criminal laws with modern alternatives. Murmu also lauded India's economic progress, stressing the importance of inclusive growth and social welfare. She urged citizens to remember the sacrifices of freedom fighters and reaffirmed the significance of the Constitution in guiding India's journey towards a prosperous and equitable future.
'It allows everybody to participate and controls all assets.' 'We want to have something that allows everyone to participate and control all kinds of assets.'
The US Fed rate cut of 50 basis points is unlikely to have any significant impact on foreign inflows into India, Economic Affairs Secretary Ajay Seth said on Thursday. He said the US Federal Reserve has done what it assesses is good for the largest economy in the world, but the RBI will take a decision on interest rate cut keeping the Indian economy in mind. "It is a positive for the global economy, including the Indian economy. "It is a 50 basis points cut from a high level.
Six US Congressmen have written to the Attorney General of the United States expressing concerns over the Department of Justice's indictment of the Adani Group, alleging it jeopardizes relations with India. The letter, signed by Lance Gooden, Pat Fallon, Mike Haridopolos, Brandon Gill, William R Timmmons, and Brian Babin, criticizes the Biden administration's decision to pursue the case, arguing that it has no real injury to US interests and could negatively impact the strategic partnership between the US and India. The Congressmen call for an investigation into the DOJ's conduct and request records pertaining to the case.
One looks upon the coming new year with foreboding as current wars in Ukraine and Gaza spill over and escalate and new ones erupt in incipient fault lines across the world, notes former foreign secretary Shyam Saran.
'The structural story of India is a multi-decadal story.' 'One should stay invested in that story and avoid reacting to what is happening globally.'
The regulatory gap between crypto firms registered with the Financial Intelligence Unit-India (FIU-India) and unregistered offshore entities is expected to narrow, industry players said, after global crypto players Binance and KuCoin received approvals to register with India's anti-money laundering unit.
The 16th Brics Summit beginning Tuesday in Kazan, Russia, is expected to see more focus on creating a sharper energy policy for Brics that ensures closer partnership among members in both energy security and energy transition, official sources said. The same is expected to be a part of the Kazan declaration, currently being negotiated, they added.
Giving the slogan of "one earth, many efforts", he said India is ready to lend its support to actions to make environment better and improve global wellness.
From CEOs to RBI governors, cricket's rich imagery and strategy resonate deeply with leadership, uncertainty, and decision-making across industries and global diplomacy, points out Suveen Sinha.
ICICI Bank, India's second largest bank, was awarded 'The Best Retail Internet Bank Award in India-2004' and 'The Best Corporate/Institutional Internet Bank Award in India-2004' by internationally acclaimed Global Finance magazine.
Global Finance announced its 20th Annual Ranking of the World's 50 safest banks.
The national team, captained for the bulk of those years by Misbah Ul Haq, hosted its 'home' games in the United Arab Emirates and remained relatively successful until fixtures trickled back onto Pakistani soil in 2018.
'If you look at the order books of capital equipment companies or money deployed on the ground, there is forward movement in terms of actual investment by the private sector.'
India leads global remittances in the year 2013 with a whopping $70 billion in its kitty, of which USD 65 billion were earned from the country's flagship software services exports, the World Bank reported.
The global economy in 2011 and 2012 is shifting into a phase of slower but solid growth, with India and China contributing towards almost half of the global growth, says the World Banks latest Global Economic Prospects 2011 report.
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 India, managers and the leadership almost glorify overworking.'
Here we present a list of the 10 biggest banks of the world in terms of market capital and brand value, as compiled by www.brandirectory.com.
Here we present a list of the 10 biggest banks of the world in terms of market capital and brand value, as compiled by www.brandirectory.com.
The ministry of finance is likely to assume crude oil price to remain within $85 per barrel while estimating subsidies for the Interim Budget 2024-25 (FY25), to be presented on February 1. Brent crude prices moved up on Thursday, ending at $78.9 per barrel. Crude oil and cooking gas prices, which move in tandem, impact fertiliser and cooking gas subsidies, constituting 53 per cent of the government's total subsidies.
With bank stability still high on corporate and investor agenda, Global Finance publishes its 18th annual list of the world's safest banks.
The failure of SVB was due to idiosyncratic reasons, but shows how higher rates can expose fault lines in unforeseen places, observes Neelkanth Mishra.
Bank stability and safety are still high on corporate and investor agendas, says a Global Finance study.
The Indian equity markets will soon account for over a fifth of a key emerging market (EM) benchmark tracked by funds with assets exceeding $500 billion. This development is expected to funnel as much as $3 billion into the domestic markets. Following the latest review undertaken by global index provider MSCI, India's weighting in the MSCI EM index will surpass 20 per cent for the first time, narrowing its gap with the current top-weighted China to fewer than 400 basis points.
While India won't be immune to global spillovers, we need to create the macro preconditions for sustained growth. Policy agility, prudence, and resilience will be key, suggests Sonal Varma.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
The global recovery is expected to be asynchronous and divergent between advanced and emerging market economies, the IMF said on Tuesday, noting that policymakers should take early action and tighten selected macroprudential policy tools while avoiding a broad tightening of financial conditions. "Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks," the International Monetary Fund (IMF) said in its Global Financial Stability report released ahead of the Spring meeting of the global lender and the World Bank. However, actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities, it said.
The bank said in its 'Global Development Horizons 2011 - Multipolarity: The New Global Economy' report that Brazil, China, India, Indonesia, South Korea and Russia will help drive growth in lower income countries through cross-border commercial and financial transactions. It said the international monetary system will no longer be dominated by a single currency.
Billionaire Mukesh Ambani's Reliance Industries Ltd climbed two spots to No. 53 on Forbes' latest Global 2000 list of public companies worldwide. Forbes Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets and market value, Forbes said releasing the 2022 ranking of the world's top 2,000 companies. Reliance is the top-ranked Indian firm on the list, followed by State Bank of India at No. 105, HDFC Bank at No. 153 and ICICI Bank at No. 204.
The Tata Group is one of the very few Indian MNCs which has carved out a niche in China's highly competitive market, notes Rup Narayan Das.
The Unique Identification Authority of India (UIDAI) is looking to collaborate with foreign countries and international organisations to build digital identity systems across the world, a top official said on Friday. UIDAI CEO Saurabh Garg during a panel discussion with Paytm founder Vijay Shekhar Sharma at the Infinity Forum said the authority is also exploring emerging technology to enhance security and increase the number of transactions that can be done by using Aadhaar. "We think going forward we will be happy to collaborate with other nations...We would like to collaborate with international organisations also in building international institutions for standards for national identity.
The silver lining for India's presidency is likely to be the support by almost all G20 countries to its proposal to include the African Union as a permanent member of the bloc that has emerged as perhaps the most influential multilateral forum after the United Nations.
Industry leaders on Thursday mourned the death of Ratan Tata saying with his demise India has lost a visionary who shaped its industrial and philanthropic landscape. Tata was a truly remarkable business leader who placed the country before business interests, and whose vision was truly transformational for a country and its people, TVS Motor Co Chairman Emeritus Venu Srinivasan said in a statement. "Mr Tata was a truly remarkable business leader, the likes of whom nations get only once in a century," he added.
Among the 30 Sensex firms, Asian Paints, Infosys, JSW Steel, UltraTech Cement, Power Grid, Larsen & Toubro, HCL Technologies and Tata Steel were the biggest laggards. Tata Motors, HDFC Bank, Bharti Airtel, ITC, IndusInd Bank and Axis Bank were the gainers.
