Reserve Bank Governor Shaktikanta Das on Thursday said the fundamental drivers of the Indian economy are gaining momentum and the country is moving on a sustainable growth path. In the inaugural address at FIBAC 2024, the governor said that massive changes are taking shape in various economic sectors and markets, and the country is geared for orbital shifts.
Reserve Bank of India (RBI) deputy governor M Rajeshwar Rao on Wednesday defended the central bank's decision of not allowing industrial houses to float banks, and said more deliberations are needed before RBI changes its stance on this issue agreed back in 2001. An internal working group (IWG) of the RBI had recommended allowing industrial groups into banking, but late last month the RBI said it kept on hold the two recommendations of allowing industrial houses and large non-banks to float banks. However, RBI had accepted 21 of the 33 recommendations of the group that submitted its report a year ago.
The government on Saturday announced a host of measures such as setting up of a new Fund of Funds Scheme (FFS) with Rs 10,000 crore corpus; and extension of period of incorporation by five years with a view to promote growth of budding entrepreneurs.
Allocation to bank deposits -- fixed deposits, savings account deposits, and current account deposits -- came down.
The message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
Industry leaders on Thursday mourned the death of Ratan Tata saying with his demise India has lost a visionary who shaped its industrial and philanthropic landscape. Tata was a truly remarkable business leader who placed the country before business interests, and whose vision was truly transformational for a country and its people, TVS Motor Co Chairman Emeritus Venu Srinivasan said in a statement. "Mr Tata was a truly remarkable business leader, the likes of whom nations get only once in a century," he added.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
Currently, banks are closed every second and fourth Saturday of a month. Why shouldn't they be shut every Saturday? When most customers carry their banks in their pocket (the app on the mobile phone), there is no need to keep banks open on Saturdays, argues Tamal Bandyopadhyay.
India will place restrictions on foreign direct investment (FDI) in the national interest to ensure safeguards because of its location in a highly sensitive neighbourhood, Finance Minister Nirmala Sitharaman said during an interactive session at the Wharton Business School in the US on Tuesday. "I cannot blindly accept FDI simply because we need investment, unmindful of where it is coming from. "We want business, we want investment, but we also need some safeguards, because India is located in a neighbourhood that is very, very sensitive," Sitharaman said.
On the cusp of launching its Rs 11,327 crore initial public offering (IPO) next week, food and grocery delivery major Swiggy believes quick commerce to be its future growth engine and anticipates that it will outpace its core food delivery business over the next five years. Currently, the quick commerce business of Swiggy - backed by Prosus and SoftBank - is 40 per cent of the size of its food delivery revenues.
The Reserve Bank of India has formulated strategic polices to enhance growth in banking sector.
Reliance Jio, the telecom business of the Mukesh Ambani-promoted conglomerate, is expected to go for an initial public offering (IPO) of over $6.25 billion either in the second or the third quarter of the calendar year 2025, sources said. Reliance Retail is likely to be listed around the same time with a short gap, it is learnt. The timing of the two IPOs, however, will depend on the company's assessment of the market conditions among other factors.
According to the World Bank, economic growth in middle-income countries, including India, is not accelerating. 'In fact, it is slowing down as incomes increase, with the trend becoming more pronounced each decade.'
The prime minister also stressed on the need to transform the landscape of Indian science, technology and innovation, as he assured that the government will ensure the 'Ease of doing Science' and effectively using information technology to reduce red tape.
'MNCs now recognise India's capacity for innovation and its pivotal role in substantive contributions to global product development.'
Global capability centres (GCCs) are increasingly looking to tap into revenue opportunities from the Indian market, which is already a critical talent hub. While capturing the potential of the Indian market has been in the works over the past few years, it's only of late that companies are gaining momentum. India is home to more than 1,580 GCCs, with a total market size of $46 billion and growing at a compound annual growth rate (CAGR) of 11.4 per cent, according to a Nasscom-Zinnov report.
'Any entrepreneur who wants to create companies on blockchain will have to move outside India.' 'A ban will also wipe out the entire asset investing class that has built up in India.'
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
Indian Institute of Management Bangalore is offering special digital courses taught by their professors.
'The shifts in US involvement in global conflicts and geopolitical alliances could introduce uncertainties.'
What do we need more of: Leaders who dominate global institutions or local leaders with a 'Make-in- India' mindset?
A platform that helps retailers reduce failed transactions while keeping the cost down, Innoviti is all set for India's digital payments revolution.
Union Finance Minister Nirmala Sitharaman on Monday said banks need to focus more on being customer-friendly so that the process of availing credit becomes more hassle-free for borrowers. However, the minister made it clear that banks do not have to be lenient on credit underwriting standards by taking any adverse risks on a proposal. At a meeting between industry representatives and the finance minister, a startup founder in the baking business suggested for credit to be available hassle-free, to which largest lender SBI's chairman Dinesh Kumar Khara said a startup's worries are more on the equity side and assured full support in lending if sufficient equity is on the table.
The country's largest lender State Bank of India (SBI) will revamp its banking application (app) YONO and position it as a complete digital bank (DB) under a new rubric 'Only YONO' for enhancing customer experience and ease of use. The bank plans to bring in a consultant to help draw up the project plan, keeping in mind business goals for the next five years. With 54 million monthly active users (MAUs), SBI YONO has seen growth of over 35 per cent in MAUs in 2021.
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.
'There is a need for an innovation sandbox where the PSBs can collaborate and then they can do their own innovation on top of it.'
Bank of New York Mellon Corp has pulled out of providing financial services to the Adani group and its Carmichael coal mine in Australia, saying the venture is incompatible with its environmental, social and governance rules.
'The pricing model will be different. The product will be different.'
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Going by the RBI directive and the overall narrative, Paytm may have lost the rigour of stress tests, audits and compliance.
'Facilitating conversion of well-run NBFCs into banks is urgently needed.'
From connectivity woes to infrastructure advancements and the startup boom, there is a gulf between claims and reality in India's economic landscape, points out Devangshu Datta.
Fintech firm One97 Communications, which owns the Paytm brand, has received support from merchants, and it assured them of continuity of services without any disruption, the company said in a blog on Sunday. The blog post came amid the recent crisis around Paytm Payments Bank Limited (PPBL), an associate company of Paytm, which has been barred by the RBI from accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.
Banks are coming up with innovative products to attract B-school aspirants. Take your pick...
Commerce and Industry Minister Piyush Goyal on Wednesday questioned Amazon's announcement of $1 billion investment in India, saying the US retailer was not doing any great service to the Indian economy but filling up for the losses it had suffered in the country. He said that their huge losses in India "smells of predatory pricing", which is not good for the country as it impacts crores of small retailers.
Modi said the young and aspirational India understood the need for political stability to achieve faster development and had ended three decades of instability by mere touch of a button.
The list includes Hindustan Unilever, Asian Paints and Bharti Airtel - firms that investors feel are most likely to come up with the next big innovation.
Close to 9,000 start-ups are currently banking with HDFC Bank and it has the bank now dedicated SmartUp zones in 70 branches in 30 cities across India.
