American banking major Citibank on Thursday announced that it will exit from the consumer banking business in India as part of a global strategy. The business comprises credit cards, retail banking, home loans and wealth management.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
The prime minister also called for more RT-PCR tests.
A special aircraft of the Indian Air Force was sent on Saturday to bring back the Indian diplomats, officials and other staff members including a group of Indo-Tibetan Border Police personnel.
'Rising Covid cases and localised lockdowns are being closely monitored.'
Record equity divestment by the Reliance Group in its telecom and retail businesses garnering around $23 billion revved up the deal street in 2020, which otherwise would have gone down as one of the dullest on record, and dealmakers are seeing sunnier days in 2021 given the large scope for consolidation in a slew of sectors ravaged by the pandemic. With Jio Platforms alone garnering over $16 billion (Rs 1,18,318 crore) by selling 25.24 per cent stake and Reliance Retail notching up $6.4 billion (Rs 47,265 crore) by divesting around 9 per cent shareholding, the deal street signed off with $85 billion in the deal kitty across 1,270 transactions. This is higher by about 10 per cent over 2019. What is significant is that over a third of the total deal value came from Reliance transactions, say investment bankers.
A career Citibanker, 'Selva' came into the spotlight as the person who rewired the financial behemoth's Indian retail operations.
Heads of various public and private sector banks on Thursday sought to present a counter-narrative on RBI Governor Shaktikanta Das warning lenders about the perils of extreme risk aversion in the pandemic-stricken environment where credit demand is on the wane.
About 18 months after its entry in India, a Spotify listener spent an average of 97 minutes on the app, almost ten times more than any other streaming music brand.
are in the process of building one at the Jio Center in Bandra Kurla Complex where the Maker Maxity building used to be. "This theatre will be on the top of the mall and should be able to accommodate 300 cars, and is expected to open sometime in January or February next year.
The IOA have decided to boycott the CGF General Assembly in Rwanda, also withdrawing candidatures of two of its officials from the September elections there.
The development comes at a time when growing tension in US-China trade ties is forcing companies to explore alternative manufacturing sites in order to derisk operations.
The key driver of this expansion will be not car-hailing but bike-taxi service. The company is willing to partner local players that have a similar offer and would like to come on their platform.
'If you believe the Congress will win in 2024 because Modi is blundering from one monumental disaster to another, that means you are living in a fool's paradise.'
'Initially, Gift City was just another real estate project, but all that changed with Modi moving to New Delhi,' notes Tamal Bandyopadhyay.
Over 2.52 lakh who were in close contacts with patients had been traced with over 1.85 lakh others still under medical observation.
The Election Commission had earlier asked Twitter to remove the tweet by Mishra, a candidate from the Model Town seat.
A film-maker has accused Citi India of 'picking up' his idea for their latest ad. But the bank denies this vehemently and has threatened legal action.
Summary of sports events and persons who made news on Friday.
'If the government does not take any action soon, 21 cities of India will become like Cape Town, with no water.' 'Four cities -- Delhi, Gurgaon, Meerut and Faridabad -- will suffer the worst.'
As markets enter the new financial year and the long-term capital gains tax on the sale of stock investments kicks in, Abhinav Khanna, head of equities, Citi India, tells Puneet Wadhwa that he remains optimistic on the medium-to-long term growth of India, led by consumption recovery and the green shoots visible in the capex cycle.
Cricket fans discuss the first innnings of the India-Pakistan World Cup match.
Reader Sachin Karamchandani sends a photograph.
A monthly charge of Rs 500 is applicable if the net relationship value falls below the minimum level.
India's vast size and diversity posed as obstacles in the initial preparatory stage, but having crossed the hurdles, FIFA's head of events Jaime Yarza has promised to deliver a 'magnificent' U-17 World Cup football.
India jumped on top of overall medal standings at the 13th Asian Shooting Championship, adding with six more medals to their kitty on Day 6 of the competition in Kuwait City.
It's a difficult time for banks both at home and abroad. But Sanjay Nayar, Chief Executive Officer, Citi India, shrugs off Citigroup's problems in the US saying they haven't really impacted the Indian operations. Nayar admits there have been a few problems with the consumer finance business but tells Business Standard that Citi's India operations are well-positioned to see double digit growth over the next few years.
Sebi's new FPI regulation has helped attract new capital pool, up registrations.
As torrential rains wreaked havoc in Chennai flooding major parts of the city. Indian team members R Ashwin and Murali Vijay, who hail from the city, sent heartfelt messages for victims of the flood.
The State Bank of India on Thursday successfully raised $1.25 billion from an overseas dollar-denominated bond sale, making it the single largest issue from the domestic banking in recent years.
The move comes after the financial services firm announced that it will lay-off 4,500 employees or 2 per cent of its workforce globally.
Infosys continues to see challenges in the short-term in the insurance space.
India this week made operational its new consulate in Atlanta, the fifth in the US, but the original plan was to have a new consulate each in Atlanta and Seattle.
The July-September quarter saw significant deal momentum.
The RBI also allowed banks to levy ATM charges beyond 5 transactions for the same bank's account holders.
Mumbai's museum is no longer a mere showcase for objects of history, but an active agent in prolonging its life.
The foundation stone for the prestigious Hyderabad Metro Rail Project will be laid in January 2011.
Ravi Kapoor, head of global banking at Citi India tells that the success of the Centre's divestment programme hinges on attractive valuations
The bank's profit is buoyed by robust growth in its commercial banking and mortgage businesses.
The recent weakness of the rupee has been due to yuan's devaluation.
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