Union Bank of India has received the Reserve Bank of India's permission for opening representative offices in Dubai and Doha.
According to a reliable source, the names of 'Preneet Kaur' and a name similar to one of Narayan Rane's sons allegedly feature on the HSBC list of Indians with Swiss bank accounts, says Sheela Bhatt/Rediff.com
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
'It can't be a coincidence that he and his family, uncles and all, vanished from India only days before the scam was discovered.'
China has launched a host of reforms to halt the slow down of the economy, which is hovering around seven per cent with forecasts that it would dip down further.
Mutual funds have invested nearly Rs 94,500 crore in equities thus far in CY17, compared to Rs 32,000 crore in the year ago period, at a time when foreign investors have turned net sellers of India since August.
A bench headed by Chief Justice Ranjan Gogoi asked the parties to furnish 'forthwith' the details of electoral bonds received by a political party till date.
'Most likely scenario is Modi comes back with either a much smaller majority and no majority at all and a coalition.' 'Very hard to imagine him doing better than he did last time.' 'He will then be a weaker prime minister,' the author of The Billionaire Raj tells Rediff.com's Vaihayasi Pande Daniel.
SBI declared a dividend of 2.60 per cent for financial year 2015-16.
'A balanced head plus heart approach would be a full opening up of the economy including manufacturing and internal travel in the country but excluding COVID-19 hotspots,' recommends Jaimini Bhagwati.
The bank's gross non-performing assets rose to 5.56 per cent of total advances at the end of June, against 4.99 per cent a year ago, reflecting the impact of slowing economy.
The Indian market regulator had revamped the FPI regulations in 2014 giving custodians the mandate to collect and verify the KYC documentation of offshore investors
The country's largest lender, State Bank of India reported a 21 per cent drop in consolidated net profit for the quarter ended March on the back of higher provisions and operating expenses. On a standalone basis, net profit fell almost 32 per cent.
During the month, inflation in vegetables shot up to 35.99 per cent, as against 26.10 per cent in October. Likewise, the prices of cereals and eggs grew at a faster pace of 3.71 per cent.
The demand of imports coupled with rising international crude oil prices has widened the overall trade deficit in the first half of the current fiscal to $20.3 billion from $11.9 billion a year ago, Reserve Bank said on Tuesday.\n\n
The July-September quarter GDP numbers are due on November 30.
Since 2009, the Department has publicly charged 73 account holders and 35 professionals with violations arising from their offshore banking activities, and 72 individuals have plead guilty or were convicted at trial.
Sun Pharma and ONGC emerging as biggest gainers
Even though the number of proposals recorded an increase of 77.3 per cent, amount invested by India Inc on overseas ventures dipped by over 11 per cent during the period. There were a total of 2,828 proposals during the first nine months of 2008-09 against 1,595 proposals in the corresponding period previous year.
Clearly, the extra borrowing of Rs 4.2 trillion the government has planned so far will not be enough to meet the shortfall in revenues which could be between Rs 8 trillion and Rs 10 trillion, points out A K Bhattacharya.
The British home secretary has granted permission for jeweller Nirav Modi's extradition to India. During their arguments in a London court, his lawyers claimed Modi suffers from mental illness and is a suicide risk if he was sent to Mumbai's Arthur Road jail. A fascinating excerpt from Danish Khan and Ruhi Khan's Escaped: True Stories Of Indian Fugitives In London.
The services sector, which plays the biggest role in shaping the economy, is facing loads of issues currently. The largest segments, financial and real estate, are struggling to cope with bad debts and low demand for houses.
The study says the entire supply chain of goods and services will suffer a massive liquidity shock.
CAD refers to the difference between inflow and outflow of foreign exchange that has a bearing on exchange rate.
Punjab National Bank on Friday reported a 21 per cent increase in net profit at Rs 314.27 crore (Rs 3.14 billion) for the quarter ended December 31, 2004 compared to Rs 259.8 crore (Rs 2.59 billion) during the corresponding period last fiscal.
The morning doesn't always show the day. After the early birds surprised many with their decent increase in net profits, a detailed analysis of the performance of 2,088 manufacturing and services sector companies (excluding banks and finance firms) shows that net profit has indeed gone up -- but only just.
Financials ended mixed despite the status-quo on key rates by the RBI. SBI, ICICI Bank and Axis Bank ended up 0.4-2.5% each.
Bank shares were the top losers along with index heavyweight RIL
'The mismatch between valuations and fundamentals is startling,' warns Devangshu Datta
Wholesale price-based inflation stood at 8.90 per cent in the corresponding week a year ago. During the week, the prices of the maize, arhar, spices and fruit went up while ragi and barley declined.
With 600-700 new NPA cases getting admitted into NCLT every month, the demand for resolution professionals is on the rise with their number more than doubling in less than a year.
The multilateral lender, in its recently released report 'Global Economic Prospects for 2009', said a quarter of India's population will be living in extreme poverty, on less than $1.25 a day, in 2015. According to the World Bank's poverty forecast, China had 60.2 per cent of its population living on less than $1.25 a day in 1990, compared to India's 51.3 per cent.
'The government's principal aim should be to reduce the volume of cash transactions.' 'That would bring more of the Indian economy within the purview of taxation.' 'The current downturn in economic activity due to a lack of adequate cash is likely to be limited to a year,'
Money sent abroad rises sharply in July; maintenance of close relatives, education expenses top the chart
Sensex gained over 100 points and ended at 26147.33 while the Nifty ended 27 points higher at 7,795.75.
Leeway on CRR and SLR was a long-standing demand from banks, which the RBI did not agree to till recently.
Total income increased to Rs 41,833 crore (Rs 418.33 billion) during the quarter from Rs 37,199.92 crore (Rs 371.99 billion) in the corresponding period last year.
The data provided by the SBI shows that highest purchase of electoral bonds for the year 2019 was reported from Mumbai where the bonds worth Rs 495.6 crore were sold.
