A senior official with Muthoot Finance said the group would also want to apply for a universal licence.
Standard Chartered's India strategy will focus on wealth management while credit card will remain core to its business though will avoid competition with the country's private banks, said a senior executive of the British lender. "Our focus on wealth management and affluent clients are central to our existence. "We are strong in these areas and we want to grow in these areas.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021 on a sharp surge in holdings via securities and similar instruments while customer deposits rose as well, annual data from Switzerland's central bank showed on Thursday.
Foreign banks had 317 branches in 2015-16; it has reduced to 286. In the same period, employee strength came down from 26,642 to 24,766.
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Reliance, Birla Group, Airtel eye small finance banks.
The funds officially held by Indians with banks in Switzerland now accounts for only 0.07 per cent of the total funds kept by all foreign clients in the Swiss banking system.
BK Modi-promoted group registers company 10 days before the deadline
The Enforcement Directorate has summoned actor Ranbir Kapoor for questioning on Friday in connection with Mahadev betting application money laundering case of Chhattisgarh, officials said Wednesday.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland's central bank showed on Thursday. The increase in aggregate funds of Indian clients with Swiss banks, from 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years. It stood at a record high of nearly 6.5 billion Swiss francs in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013 and 2017, as per the Swiss National Bank (SNB) data.
They are understood to have promoted the Mahadev app and some had entertained guests at a wedding of a promoter of the app (application) that was held abroad.
"Workers in acute distress, medical cases, pregnant women, the elderly and the group of Indians stranded in Dubai Airport," are likely to get first priority when the government resumes services for repatriation, he said.
If there was one event that made the month of August stand out, it was a strengthening of the dollar index to levels last seen only 20 years ago, as the Federal Reserve dispelled all doubts about its intention to continue raising interest rates. Predictably, most currencies suffered against the US unit, with the bulk of the losers belonging to the emerging markets pack. Amid the volatility, the rupee, however, has displayed significant resilience and fared much better than most of its peer currencies.
Chief economic advisor V Anantha Nageswaran on Tuesday said Indian economy will grow at over 7 per cent, down from above 8 per cent of growth rate projected in January. He, however, said that the economic momentum and the animal spirits are "unmistakable". "India's own growth rates have come off the projections made in January down to about 7-plus per cent for the current financial year," Nageswaran said speaking at Global Fintech Fest event in Mumbai.
India's unabated tryst with Russian crude oil is slowly coming to an end. The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis - after Washington's warning to transgressors last week. Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set by the US led G-7 nations in December.
The increasing involvement of Big Tech in the financial system could give rise to concentration risk and there are potential spillovers, which call for closer attention, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. "...enormous amounts of consumer data is being generated and leveraged upon by a few entities (the so-called Big Tech) by virtue of their huge customer base. "Such developments raise concerns on concentration risk and potential spillovers as their level of engagement with the financial system strengthens in the years to come," Das said at the Global Fintech Fest 2022.
Licence winners are expected to be announced by the first quarter of 2014.
Hundreds of people are feared dead after a deadly blast at a hospital in Gaza for which Hamas and Israel traded charges holding each other responsible for the incident.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
'Rawalpindi must downsize its quest for 'strategic depth' in Afghanistan and Kashmir,' suggests Matein Khalid.
The ED has filed a fresh chargesheet against absconding jeweller Mehul Choksi, his wife Priti and others under the anti-money laundering law in connection with the over Rs 13,000-crore PNB loan fraud case, officials said on Monday. This is the first prosecution complaint filed by the central agency against Choksi's wife Priti Pradyotkumar Kothari. She has been charged by the Enforcement Directorate (ED) with "helping her husband in layering of the proceeds of crime".
If military power is all it would take to finish the menace of an awful terrorist organisation like Hamas, how come five Israeli wars in Gaza since 2003 have failed to do so? asks Shekhar Gupta.
She said she was an "Indian citizen and a law abiding citizen" and has not broken any law. "But, even to issue the two-year passport, the Official Secrets Act has been invoked against me. This Act is usually invoked for espionage," Iltija claimed.
'At the heart of the strategic relationship between our countries are economic ties.'
Besides the passports, Modi also possesses multiple residency cards, some of them expired, but covering countries/regions such as the UAE, Singapore and Hong Kong.
Friday's hearing is expected to be presided over by Chief Magistrate Emma Arbuthnot, the same judge who had ordered the extradition of former Kingfisher Airlines boss Vijay Mallya last December.
The sale will be quicker if an Indian private bank buys it; it will take longer for regulatory clearances if a foreign bank or an NBFC buys it, points out Tamal Bandyopadhyay.
After staging a strong recovery from COVID-induced slowdown in 2021, India's exports are likely to extend the growth story to the New Year also on increased demand in the global markets, boost in domestic manufacturing due to production-linked incentive schemes and implementation of some interim trade pacts. Expectations of positive growth in the country's exports are also backed up by the outlook of the World Trade Organisation (WTO) which predicts a 4.7 per cent expansion in the global merchandise trade volume in 2022. Exporters believe that the outbound shipments would cross $400 billion mark in this fiscal going by the current momentum and may reach $475 billion in 2022-23.
The move takes the process of extraditing and bringing back Nirav Modi to face the law in India to the next stage, the sources said.
Many of the stories, the pictures going out of India worldwide lately with these provocative processions, taunting of Muslims, bulldozers targeting mostly their properties, the sweeping 'othering' of a community of 200 million are painting the front pages and TV screens in the democratic world. That is where most of the friends we covet lie. Soon enough, these will also make our vital friends among the Muslim nations, from Bangladesh to Saudi Arabia and the UAE, uneasy. The best time for course correction is now, asserts Shekhar Gupta.
Even as the industrial cycle has ground to a halt during the 21-day lockdown, the industry has been hit hard by foreign orders from major clients in the US and Europe being cancelled. Also, a sudden lack of labour has crippled the sector because of a mass exodus of workers from industrial units to the hinterland.
In its RCN issued against a fugitive, the Interpol asks its 192 member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin.
CBI said it had shared the information about revocation of his passport in the 'diffusion' notice issued through the Interpol on February 15.
The central probe agency had filed a money laundering case to probe the deal and is carrying out the action to collect evidence under the Prevention of Money Laundering Act (PMLA), officials said.
The employment situation remains dire. Whatever can be done to promote greater low-skill employment should be pursued aggressively, advises former chief economic adviser Shankar Acharya.
The ED on Monday also examined the state-owned bank's executive director K V Brahmaji Rao to understand how the alleged fraud was detected and other banking procedures.
'The recalculated ranking showed India should have had a higher ranking earlier (113 in 2012 instead of 132) and lower ranking later (114 in 2018 instead of 100).' 'This would mean that there has been no change in India's climate of doing business across two regimes.' 'This is exactly consistent with the reality on the ground,' observes Debashis Basu.
The CBI also carried out searches at the residence and office of controversial arms dealer Sanjay Bhandari in connection with the deal
The Kerala-born businessman is the latest in a slew of foreign buyers who have shaken off mounting fears of a 'Brexit' from the European Union
Remittances are estimated to exceed $600 billion in 2015.
With Modi's international image seriously damaged -- perhaps, irrecoverably -- and Indian foreign policy finding itself in drift, we move on to the New Year in a depressing scenario, points out Ambassador M K Bhadrakumar.
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