At a time when the asset quality of state-owned banks is deteriorating, the Reserve Bank of India is also planning harsher penalties for wealthy promoters of wilful defaulters.
Bank unions said they will not participate in the 'Bharat Bandh' on Tuesday, even as they expressed solidarity with farmers protesting against the new farm laws. Farmer groups, camping at various Delhi border points for over a week, have called for a nationwide shutdown on Tuesday to protest against three recently enacted agriculture-related legislations.
StanChart to hand over pink slips to its employees in India too.
Jobs specialising in the creation and management of AI tools may witness rising salaries due to the niche expertise they require. Skills in AI research, development and the practical application of AI tools in business settings will also see strong demand.
Reserve Bank of India is to introduce a voluntary early retirement scheme for its employees.
As more companies ask their employees to return to office after the pandemic, the share of women employed in regular salaried jobs in urban India decreased from 54 per cent in the first quarter to 52.8 per cent in the second quarter of the current financial year, according to the quarterly Periodic Labour Force Survey (PLFS) data. The slump in the share is the lowest in wage employment in any quarter in the last six years when the National Statistical Office started releasing the quarterly PLFS surveys in Q3 of FY19. The share of women in wage work was highest in Q1 of FY21 at 61.2 per cent.
The Delhi high court on Wednesday allowed Chinese smartphone maker Vivo to operate its various bank accounts frozen by the Enforcement Directorate in connection with a money-laundering probe subject to furnishing of a bank guarantee of Rs 950 crore within a week with the agency. Justice Yashwant Varma also directed the company to give details to ED about its remittances and issued notice to the investigating agency on Vivo's plea seeking quashing of the order freezing its various bank accounts. ED contended that presently the proceeds of crime have been quantified to Rs 1200 crore.
The department of investment and public asset management is racing against time to launch the LIC IPO, which could become the largest-ever listing on the Indian bourses. This would lead to some delay in the strategic divestment of IDBI Bank.
After targeting employees in the sectors of insurance, banking and hospitality, militants in Manipur have now targeted mobile operators in the state to continue their activities of extortion and abduction.The militants had earlier burned down mobile towers after employees of telecom companies refused to fulfill their demands. In February, militants of the Kangleipak Communist Party (Nongdrenkhomba faction) outfit burnt down a mobile tower and gunned down a security personnel.
The Reserve Bank of India (RBI) has sent showcause notices to ICICI Bank, HDFC Bank and Axis Bank, the three private lenders named in the first of three Cobrapost 'sting' cases.
'Today, three areas give banks a big headache -- steel, power, infrastructure.' 'Three Cs are very critical in lending -- character, capacity and collateral of the borrower.'
Disgruntled executives are already pinning hopes on the new banks, too.
"We will not let this company go down and will not tolerate this casual talk to dismantle this company piece by piece and give it as doles to airlines of your choice," an open letter said.
The Central Bureau of Investigation, probing the Satyam financial fraud, arrested three employees including a top executive of the IT firm on Sunday, said CBI deputy-inspector general V V Lakshmi Narayana.
The bank will take its time to look into the complaint and carry out an investigation. Ultimately, if the bank refuses to admit its liability, the customer is forced to take recourse to legal action.
Employee integration and branch rationalisation are major challenges.
Though NCLT has extended window to find a buyer, bankers don't see much hope of a deal.
The country's largest lender SBI on Saturday reported a 9.13 per cent rise in consolidated net profit to Rs 16,099.58 crore for the September quarter, weighed down by money it had to set aside for employees' impending wage and pension revisions. On a standalone basis, the State Bank of India (SBI) had a 8.03 per cent increase in the profit after tax for the reporting quarter at Rs 14,330 crore. However, the same was down 15.13 per cent compared to Rs 16,884 crore in the June quarter.
The market could not make a clear assessment of Tech Mahindra with the stock swinging wildly in the last two sessions. The results on Thursday were expected to be weak but the stock dropped slightly. However, investors reviewed the three-year turnaround plan and decided the stock had been oversold and the price recovered 7.5 per cent.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
Nearly 40 per cent of IITians sitting for placements in 2024 are yet to receive job offers, showing a doubling of the 'unplaced' in the last three years from 19 per cent in 2021-2022 to 38 per cent in 2023-2024.
India's real estate market is poised for growth across categories - residential, commercial, and rental. Currently valued at Rs 24 trillion, or about $300 billion, it is projected to surge to $1.3 trillion by 2034, and then grow further to $5.17 trillion by 2047, indicates a report by the Confederation of Real Estate Developers Associations of India (Credai).
The country's largest private lender HDFC Bank's bad-loan write-offs doubled to Rs 3,100 crore in the April-June quarter (first quarter, or Q1) of 2021-22 (FY22), from the level of Rs 1,500 crore in the same quarter of 2020-21 (Q1FY21). It also offloaded its non-performing assets (NPAs) amounting to Rs 1,800 crore in Q1FY22 to maintain a robust asset quality profile. It had jettisoned NPAs worth Rs 1,000 crore in the last quarter. Lenders knock off stress assets from books after making full provisions. Their right to recover dues from delinquent borrowers remains intact after the write-downs.
PNB has rich experience in the integration of commercial banks.
An Infosys employee is among those being held hostage by an unidentified armed man who stormed a downtown cafe in Sydney, the IT major said on Monday.
To share your Mother's Day story with us, please mail us at getahead@rediff.co.in (subject: Mother's Day) along with your name, the place where you live, your mother's name and picture and your message about your mom.
As the world celebrated International Day of Persons with Disabilities (PwD) on December 3, corporate India has kept up with efforts to make workplaces more inclusive and accessible. Organisations across sectors are taking initiatives such as equipping offices with practical work tools like Braille-friendly and voice-enabled lifts and screen readers. While inclusion has gained pace, only 11.3 per cent (or 3.4 million out of 30 million) Indians with disabilities have jobs.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
In a series of tweets reacting to banks led by State Bank of India taking over management control of troubled Jet Airways, Mallya said, "...Only wish the same was done for Kingfisher".
For Lori Beer, chief information officer, JPMorgan Chase & Co, largest banker in the US, India is a big part of the organisation's global technology footprint and is core to its products and services. This is evident from the fact that in less than two months since JPMorgan & Chase chief executive officer Jamie Dimon visited India, Beer has come here to see the recently opened centres in Mumbai and Bengaluru. "What is different for me this year are our new centres and to be able to come and see the vibrancy, and connectedness is great.
'Israelis arrested us before this war and continue to do so -- even more so -- now.'
Praggnanandhaa, who has reached the summit clash featuring legendary five-time world champion Magnus Carlsen, had none other than the iconic Gary Kasparov, acknowledging the Indian GM's mother's role
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
In 2017, when Infosys announced that Salil Parekh would be its next chief executive officer (CEO) and managing director (MD), very few in the industry or the analyst community doubted his ability to bring the company back to a healthy growth trajectory, improve morale within the company and, more importantly, win the promoters' trust and investor confidence. There were reasons for this confidence. He was not only the deputy CEO of the Paris-headquartered IT services major Capgemini, but also one of the only non-European faces on the executive board of the company.
'The more educated a young person is, the higher the chances of him or her remaining unemployed.'
Capital markets regulator Sebi has kept in 'abeyance' the proposed initial share sale of securities depository NSDL. However, the Securities and Exchange Board of India (Sebi) did not clarify further. The National Securities Depository Ltd (NSDL) filed its preliminary papers with the capital markets regulator on July 7.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
Growth rate in per capita income is projected to fall to the lowest in 21 years this financial year - except for the financial years 2019-20 (FY20) and 2020-21 (FY21) - according to the first advance estimates. During the last 21 years, the two periods - FY20 and FY21 - saw growth rates in per capita income lower than 7.9 per cent, seen during FY24. This was despite the real gross domestic product (GDP) being projected to grow by 7.3 per cent in the current financial year by the first advance estimates.
The $5.7 billion total includes $1.6 billion in fines separately imposed by the US Federal Reserve on the five banks.
With a potential liability of Rs 750-800 crore, sources say Clix Capital's stand on the matter would be crucial in finalising the merger valuation.
