In the first such collaboration for India, the country's flagship payments platform, the Unified Payments Interface (UPI), and Singapore's PayNow payment system have launched a real-time cross-border payment linkage system. The linkage, which was launched by Prime Minister (PM) Narendra Modi and Singapore's PM Lee Hsien Loong on Tuesday, was kicked off by a live cross-border transaction between Reserve Bank of India Governor Shaktikanta Das and Monetary Authority of Singapore managing director Ravi Menon, using mobile phones.
Its obsession for growth, chasing corporate clients and giving up its original mandate of meeting the needs of local trade and businesses. A quarter of its loan book has gone bad. That's an error of business strategy, points out Tamal Bandyopadhyay.
Yoga guru Baba Ramdev's Patanjali Ayurved on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
Within two days, the business school had 108 recruiters making 370 domestic and international offers, including 23 new final recruiters with an average salary of Rs 25.08 lakh.
India must push on with economic reforms as back tracking on such initiatives will impact growth as well as foreign investments, a senior banking official said.
No, because year-on-year data mask a sharp upward correction in industrial growth but a rate rise could see a surge of fund flows into India and prove counter-productive
The loan is funded by a consortium of banks led by Australian and New Zealand Banking Group Ltd, BNP Paribas, Credit Agricole Corporate and Investment Bank, DBS Bank Ltd and Intesa Sanpaolo Spa, RCom said in a filing to the Bombay Stock Exchange.
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
Analysts at Barclays pitched for a 0.25 per cent cut to generate demand advising the central bank to throw caution to the wind.
The DBS venture has been under financial stress of late.
The sudden stop in economic activity led to a sharp decline in employment-intensive sectors like construction, manufacturing and trade, hotels, transport etc.
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Analysts see FY16 CAD at 0.5-0.6% of GDP.
India CEOs of 12 banks form pressure group within IBA.
ICICI Bank edged past foreign banking majors Citibank and Standard Chartered Bank to emerge as the best retail bank in India, according to the latest issue of 'Asian Banker Journal'.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Some leading private and foreign banks in the country have started checking scores of credit information companies such as Credit Information Bureau Ltd as part of their pre-employment screening process.
The Reserve Bank is likely to continue buying dollars from market to add to its reserves in the coming months, which has crossed $300 billion, says a report.
...but when they awaken, it's going to be overly optimistic to assume everybody will walk off the sleeping bed and come back to full life, Rajan noted.
The Bharti Group is raising $320 million in loans from a clutch of banks, including ABN AMRO and Singapore's DBS Bank, group chairman Sunil Mittal said on Tuesday.\n\n\n\n
Of the Rs 20-lakh-crore package that Prime Minister Narendra Modi announced to defend the economy against coronavirus disruptions, fresh support may be only around 60 per cent of the offer as it counts the first financial stimulus and liquidity support that Reserve Bank has given already, and will overburden the bond market, says a report.
Modi has taken a slew of measures to attract investment, but he has yet to initiate steps that could help repair corporate balance sheets.
India's GDP may turn positive at 1.3 per cent in the third quarter of 2020-21, having witnessed contraction in the previous two quarters due to the coronavirus pandemic, as the number of cases is falling and public spending has started rising, according to a report. The government will release the GDP numbers for the October-December quarter of the current fiscal on Friday. Projecting that the gross domestic product (GDP) may have returned to the black in the last quarter of the calendar year 2020, DBS Bank in the report said the full-year growth in real terms may be at a negative 6.8 per cent.
According to Nielsen India online viewership has doubled since 2011.
Adani Wilmar's bid was approved by the committee of creditors of the bankruptcy-bound Ruchi Soya with about 96% votes in favour
Patanjali, the lone player left in contention after the exit of Adani Wilmar, had last month increased its bid value by around Rs 200 crore to Rs 4,350 crore for Ruchi Soya.
The immediate concern for the rupee is the sharp spike in oil prices
Indian banks have started exploring opportunities in the space, including lending to crypto exchanges, and accepting bitcoins as collateral, among others.
Economists praise Das for his pragmatism and willingness to face challenges head on. And in doing so with the finesse of an able administrator.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
The retail inflation, which is factored in by the RBI to arrive at its monetary policy, has been on decline since last month. The previous low was 5.54 per cent in November 2019. The government has asked the RBI to restrict the inflation around 4 per cent, with a margin of 2 per cent on the either side.
Any return to 9-10%(economic) growth is some years away.
Forex dealers said besides dollar's gains against the euro overseas, increased demand from importers for the US currency and a lower opening in the domestic equity market also put pressure on the rupee.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
Irrespective of demonetisation and GST blues, IIM Lucknow has been able to successfully place their batch of 459 students.
'When there is unlocking, there is demand revival.' 'This is going to be the main growth engine in this kind of an economic scenario.'
China would be an influential player in the bank
