The hit to economic activity will be mostly confined to the first quarter. And a third wave, if it materialises, is unlikely to be hugely disruptive for the economy, predicts T T Ram Mohan.
'Hacking of an ID or an account will have the same impact on a user in a city and one in a small town.' 'Security is like a railroad, you create it to last for every customer.'
Social e-commerce platform Meesho is set to disrupt the food and grocery market by offering free home delivery on all orders in over 200 below Tier 1 cities in a year's time, in the first phase. It is also disrupting the monetization model by focusing primarily on advertising revenues rather than commissions from sellers, as distinct from its competitors. The move is expected to challenge the big players in the sector which include Jio Mart, Tata's Big Basket, Amazon, Grofers, and others, many of which have minimum prices for free delivery.
Brokerages expect better financials as management is determined to improve profitability.
'...Rs 137 lakh crores of people's money?' 'It is not the government's money, it is people's money.'
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.
While the lender has Rs 17,000 crore of retail assets and land parcels in Juhu, Borivali, Worli, and Chembur in Mumbai, there may be a disconnect between the quality of DHFL's books and the value bidders ascribe to it.
The bigger worry is that its effects could linger well into the next financial year.
The sale of the NPA account is to happen through e-auction on January 30, as per the bid invite.
Byju's is set to promote its chief operating officer (COO) Mrinal Mohit to a bigger role, including leading the India operations, according to people familiar with the matter. This is because Byju Raveendran, founder and chief executive officer (CEO) of the edtech giant - which is valued at $22 billion - is planning to focus on global expansion and acquisitions. Among the global regions, Raveendran may look at markets such as the US and the Middle East.
Like everything else, the structure of banks may change, and banks may depend more on digital technologies and artificial intelligence for dealing with both their customers and employees.
Private lender Tamilnad Mercantile Bank's (TMB) is planning an Initial Public Offering ( IPO) of about Rs 1,000 crore by November-December 2021. The IPO will involve combination of fresh capital plus sale of existing shares. The shareholders of the unlisted South-based private bank have already given nod for IPO.
If the fear of ED could drive the powerful people of today to be honest or at least be minimally corrupt, will it not be a great thing for our nation?, asks Sudhir Bisht.
They have cited higher capital for bad-loan provisioning, pending legislative amendments, and delay in finalising rules by the Reserve Bank of India (RBI) as some of the reasons.
SBI's gross NPA figures have shown a decline for three consecutive quarters.
The FIR also said chairman of New Development Bank K V Kamath, Goldman Sachs India chairman Sonjoy Chatterjee, Standard Chartered Bank CEO Zarin Daruwala, Tata Capital head Rajiv Sabharwal and Tata Capital senior advisor Homi Khusrokhan need to be investigated.
The finance ministry on Monday said it will transfer Rs 6,000 crore as the second tranche of GST compensation shortfall to 16 states and 3 Union Territories -- including Maharashtra, Bihar, Assam, Puducherry and Delhi. The Centre had on October 23 transferred Rs 6,000 crore to 16 states and 2 UTs of Delhi and Jammu and Kashmir. In the second tranche of transfer, Union Territory of Puducherry has been included.
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
Small and medium enterprises have been struggling to raise bank credit even as they have been powering India's manufacturing growth in recent years.
Agitating farmers have stressed that unless their demands are met and the new farm laws repelled, they will not move anywhere from the borders of the national capital and their protest will continue.
The Union finance ministry is planning to make rules regarding wilful defaulters more stringent, so that criminal charges can be pressed against such entities.
Fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank on Tuesday invited expression of interest (EoI) from potential investors for investment or equity participation in the bank for its reconstruction. Subsequent to commencement of the normal day-to-day operations, it will be open for the investors to convert the bank into a small finance bank by making an application to the RBI, the lender said.
The government was also faced with problems on its balance of payments. It took steps to conserve declining foreign exchange reserves, and began to regulate the production, supply and distribution of gold. It banned forward trading in the yellow metal in November 1962, and introduced gold bonds as well, reveals the RBI's annual report for the year ending June 1963.
Confidence had ebbed in the last few years due to default by some errant domestic retailers and exporters. Moreover, many jewellers are believed to have diverted the fund collected through monthly deposit schemes to pay 'mark-to-market' margins on various loans.
Finance Minister Nirmala Sitharaman on Friday assured cash-starved Yes Bank depositors that their money is safe and the RBI is working on an early resolution of the issue. "I'm in continuous interaction with the Reserve Bank of India (RBI). The central bank is fully seized of the matter and has assured they will give a quick resolution. I want to assure every depositor that their money shall be safe. Their monies are safe," Sitharaman told reporters in New Delhi.
Finance Minister Nirmala Sitharaman on Wednesday announced Rs 3 lakh crore collateral free automatic loan for businesses, including MSMEs, to benefit 45 lakh small businesses. Detailing parts of the Rs 20 lakh crore economic stimulus package, she said this loan will have a 4-year tenure and will have 12-month moratorium, she said.
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
He urged employees to work as a team, follow the vision the lender has set out for itself and beat competition.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
Russian owner Abramovich put the club up for sale in early March following Russia's invasion of Ukraine, which Moscow calls a "special military operation". Sanctions on Abramovich had also complicated the sale process.
Lenders are likely to convert part of the airline's debt into 11.4 crore shares at a consideration of Re 1 apiece as per RBI norms.
Jewellers initially feared the ban applied on them, too. However, after discontinuing their monthly schemes for almost two weeks, they've started accepting deposits again.
Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
Archana Ramanan, a homemaker from Tamil Nadu, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
These PSU banks also account for the lion's share of bad loans or NPAs plaguing the sector and need crores of rupees in new capital in the next two years to meet global Basel III capital norms.
The league said last week that the deal, called 'Boost La Liga', would strengthen its clubs and give them funds to spend on new infrastructure and modernisation projects as well as increasing how much they could spend on players' salaries.
UP's mills, dominated by the private sector's 94 units, have already expressed their inability to participate in the next crushing season
Axis Bank Managing Director & Chief Executive Officer Shikha Sharma on the new mechanism for non-performing loans, the bank's loan portfolio, industry outlook and the bank's future plans.
'The prospects for both India and the global economy is that we are headed towards a very difficult time.' 'I see very uncertain at least 8-10 months for both India and the rest of the world.'
With the gradual opening up of shops, hotels, restaurants and catering services with limited number of participants, milk consumption has improved by 5-10 per cent from the lowest level.
