Central banking is a science, not an art, Tamal Bandyopadhyay tells RBI Governor Shaktikanta Das.
"My family reputation kept me a silent spectator, as I mutely watched the organisation I founded come to a point where it was publicly auctioned; where my family and myself have been stripped of our legacy, our finances and my personal credibility."
While several opposition parties criticised the move, Union minister Prakash Javadekar said the Parliament session is being held under special and extraordinary circumstances.
Most of the changes have come about in the last four years and ITC is now reaping the dividends - standalone revenues from the non-cigarettes FMCG business have grown 40 per cent from FY17 to Rs 14,728.21 crore in FY21 and pre-tax profits 30 times to Rs 823.69 crore. The business accounted for 30.58 per cent of gross revenues and 4.85 per cent of pre-tax profits in FY21. "In the last four years, our margins in FMCG have gone up by 640 basis points (bps) and EBITDA margins have been moving up consistently. "We created levers that enabled a sustained growth trajectory," said ITC chairman and managing director Sanjiv Puri. Puri took charge as the chief executive officer in 2017; in 2018, he was redesignated managing director and effective May 2019, he became chairman.
2018 has been a disappointing and highly volatile year for equity investors.
The company said the committee, headed by independent director D Sundaram and assisted by independent legal counsel Shardul Amarchand Mangaldas & Co, and PricewaterhouseCoopers, found that the "allegations are substantially without merit".
The ECB chief said the financial argument to shift ICC headquartes out of London had become irresistible.
The increase raises the bank's benchmark advance rate to 13.75 per cent from 13.25 per cent. The revised floating reference rate for consumer loans, including home loans, will be 10.75 per cent.
Responding to concerns expressed by members of the House on the issue, Chief Minister Pinarayi Vijayan said he would bring the matter to the Centre's notice and that the police have been asked to examine the incidents.
The Board of Control for Cricket in India treasurer Aniruddh Chaudhry has questioned COA member Diana Edulji benefitting from a one-time ex-gratia payment given to women international cricketers, implying conflict of interest in the allocation.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
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The 'in substance' agreement with India under Foreign Account Tax Compliance Act was concluded on April 11, the US Treasury said.
Though the Bharatiya Janata Party is not overly worried about getting the amended land acquisition bill through in the Upper House, it has nevertheless decided to have a three-day gap between the dates of the sitting of the Lok Sabha and the Rajya Sabha for the Budget session.
IT major i-Flex Solutions on Tuesday said it was planning to acquire two entities in the US and France as part of its efforts to have inorganic growth.
Chinese stock markets have slumped 30 per cent since mid-June.
The resignation is sure to create more political firestorms for the government as it comes on the eve of the winter session of Parliament where the Opposition has already made it clear to the treasury benches that infringing on the RBI autonomy would be a big talking point for them.
The RBI governor has to convert the zero-sum game with the government from a non-cooperative one -- which his two predecessors had made it -- to a cooperative one, explains T C A Srinivasa Raghavan.
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.
Foreign institutional investments in equities soared by 43 per cent to over $9.43 billion this year pushing the Sensex to intra-day record high of 6,409 on Wednesday.
The president of a top Honduras football club and two family members were charged by US authorities on Wednesday with engineering a decade-long scheme to launder drug trafficking and foreign bribery proceeds through US accounts.
The COVID-19 pandemic, weak economic conditions, and a few political considerations are some of the challenges he faces.
While rate cuts may increase churn between banks, these may not boost credit offtake meaningfully.
V G Mathew, managing director and chief executive officer of South Indian Bank speaks to Gireesh Babu, about demonetisation impact, rights issue and future plans.
President Donald Trump has tapped Jerome "Jay" Powell to lead the US central bank, bypassing Janet Yellen for a second term despite praising her excellent management of the world's largest economy over the past four years.
If indeed the issues involved between the government and RBI are of immense public interest, why not make public the arguments of both the government and the RBI, irrespective of the outcome of the process, says Tamal Bandyopadhyay.However, the Act is silent on what happens if the governor's views differ from that of the government. If Patel does not want to budge from his stance the government can either see merit in the Governor's arguments and decide against going ahead with its plan or overrule him. My guess is that the issues raised by the government need to be sorted out not at the November 19 board meeting but between the Governor and the government, says Tamal Bandyopadhyay.
The government must set up a Bank Investment Company to shrink its role in PSBs, if we are serious about tackling the two persistent issues - lax corporate governance practices and discretionary decision-making, says Shyamal Majumdar.
Fintechs need to behave with responsibility and transparency. A lot of mis-selling has been happening. Other issues have been plaguing the fledgling industry -- high interest rates, even higher processing fees, harsh collection process and, most critically, data leakage leading to rampant frauds, points out Tamal Bandyopadhyay.
A Bank Investment Company to act as a holding company for state-owned banks would go a long way in minimising government interference and improving governance.
The best available recourse to keep the defence sector healthy, is to source most of our requirement within the country so that procurement outlays under both the Revenue and Capital heads flow within the country, recommends says Brigadier S K Chatterji (retd).
The 30-share Sensex stayed in the green for the better part of the session and hit the day's high of 38,297.70 as buying pace gathered momentum towards the fag-end.
Opposition repeatedly sought a reply from the PM on the issue.
SBI said the crisis in Grece would have little impact on the bank.
Total holdings of the top eight gold ETFs have risen by 3.8 million ounces so far this year
The imapsse continues over issues like bank scams and special status demand for Andhra Pradesh.
The founder of Lashkar-e-Tayiba also vowed to continue supporting Kashmiris.
Sebi has allowed mutual fund schemes the option of 'side-pocketing' which move will help both fund houses and investors.
Supporters of Yadav created ruckus in the hospital premises protesting the decision.
