Vodafone Idea, the promoter of Aditya Bira Idea Payments Bank, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of India.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
The company will transfer its wallet business, which has over 218 million mobile wallet users, to the newly incorporated entity -- PPBL -- under the payments bank licence awarded to Vijay Shekhar Sharma, the founder of One97 Communications that owns Paytm.
FM says government policies aim to contain inflation, spur growth.
India has evidence that social media platforms are being used to raise terror funds, NIA director general Dinkar Gupta said on Thursday, underlining that the issue will be deliberated during a two-day international ministerial conference on countering terror financing.
BJP on Thursday said while claiming the exercise had brought back "hope" into the economy by charting a roadmap for the country's economic resurgence.
India on Monday sought comprehensive reform of international financial institutions to enable enhanced capital flows and infrastructure investment in developing markets, which it said will strengthen recovery from the worst global economic crisis since 1945.
The company did not respond to specific queries on the project's expansion.
As many as 14,091 civilians and 5,356 security force personnel lost their lives to militancy in Jammu and Kashmir between the 1990s, when militancy first reared its head in the valley, and 2020.
Categories such as lifestyle, food and electronics accounted for over 1,350 sellers across the country last year.
Former England captain Michal Vaughan talks of the power dynamics that theT20 tournament will hold, while Australia spin legend and former captain of Rajasthan Royals, Shane Warne reckons IPL makes cricket second most popular sport in the world.
Seven years is a long time for any of Modi's promised actions to show up. If voters are angry and cynical today, it is because the rhetoric stings, argues Ramesh Menon.
'Oommen Chandy always had time for his people and valued their voices.' 'There was no rest for him as long as the betterment of his fellow citizens was at stake.' Ambassador Venu Rajamony, who knew the former Kerala chief minister for half a century, salutes a beloved leader who worked tirelessly for the welfare of its people.
Prime Minister Manmohan Singh and UPA Chairperson Sonia Gandhi will inaugurate country's first all-women Bharatiya Mahila Bank in Mumbai on November 19, the birth anniversary of former Prime Minister Indira Gandhi.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
Any return to 9-10%(economic) growth is some years away.
The Ministry of Information and Broadcasting runs various awareness programmes for the citizens leveraging the Internet and the social media.
He stressed that reform for him was just a way station on the long journey to the destination and the destination is the transformation of India.
Per capita income has more than doubled to Rs 1.97 lakh in around nine years. Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years. Seven priorities of the Budget, 'Saptarishi', are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
'It's important that every portfolio is well diversified.' 'My own portfolio is diversified across asset classes: 50% is in equity funds, 15% in international schemes, 25% in debt funds and 10% in sovereign gold bonds.'
After a strict lockdown impacting sales, India has returned to the growth path again, Anglo-Dutch FMCG major Unilever has said. The return of growth of India business, along with Brazil and continued recovery in China, helped the company's emerging markets clock a growth of 5.3 per cent in the September 2020 quarter.
The Sebi chief said that although the idea of an SRO has been challenged in court, he is hopeful of its implementation.
With economic growth slowing to a six-year low, IMF Chief Economist Gita Gopinath says the government should undertake structural reforms such as bank clean-up and labour reforms to address the slowdown in domestic demand. She rooted for government policies focusing on managing a slowdown in domestic demand, and on boosting productivity growth and supporting employment creation in the medium term.
.jpg)
A rule change may make Nachiket Mor, among others, eligible to replace Chakrabarty.
.jpg)
SBI will hold 30 per cent in RIL joint venture
Nadella's visit comes at a time when the Indian government is taking a strong position on issues like data localisation and tightening the rules for e-commerce companies as well as social media platforms.
When Open Network for Digital Commerce (ONDC) was conceived last December, the idea was to reduce the dominance of e-commerce giants like Amazon and Flipkart. It was also to bring in a level-playing field for small merchants in India's fragmented but fast-growing $1-trillion retail market. However, those goals have changed now as large e-commerce players such as Flipkart, Amazon and Ecom Express are in various levels of talks with the ONDC team. They want to form partnerships like integrating with the network as well as providing their expertise to build it, according to the industry sources.
An executive director of a bank could, for example, be elevated to the post of chairman of a different bank.
While three of the top five FPIs - Capital, Government of Singapore, and Vanguard - have seen their investment value more than triple, India's benchmark indices have risen just 70%.
India does not have a unified regulatory regime to counter Ponzi, or pyramid, schemes whose operators typically grab new deposits to meet their promise of guaranteed returns to existing savers, point out Manoj Kumar and Mayank Bhardwaj.
The Reserve Bank on Thursday permitted banks to increase charges for cash and non-cash ATM transactions beyond free monthly permissible limit from next year. Bank customers will have to pay Rs 21 per transaction, instead of Rs 20, with effect from January 1, 2022, if they exceed the monthly limit of free transactions. "To compensate the banks for the higher interchange fee and given the general escalation in costs, they are allowed to increase the customer charges to Rs 21 per transaction. "This increase shall be effective from January 1, 2022," the RBI said in a circular.
The Paytm Payments Bank will be headquartered in Noida and kick off its services from east and north to begin with
Finance Minister Arun Jaitley on Sunday said the government is planning to bring down its stake in public sector banks to 52 per cent so as to meet Rs 3 lakh crore capital requirement.
What stocks will gain from a normal monsoon?
Last year, FDI cap in insurance was hiked to 49%
Umesh Sachdev's startup produces software allows people to interact with their phones in local languages.
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
Akasa Air, which took to the skies two months ago, will allow domesticated dogs and cats in cabin as well as cargo from November and will also be starting new routes in the coming weeks. The airline, which is "well capitalised", plans to start international services in the second half of 2023 once it has a fleet of 20 planes. Currently, the carrier has 6 aircraft and will have a total of 18 planes by the end of March next year.
For the first time in 21 years, the Reserve Bank of India (RBI) will revise norms for investment portfolios of commercial banks to reflect changes in global standards on valuation and measurement, and progress in the domestic market. This could pave the way for banks to transition to the new accounting standards (Ind-AS). The outstanding investment portfolio of commercial banks was at Rs 45.84 trillion as of November 19 this year.
ICICI Bank chief Chanda Kochhar on Wednesday said "disruption" will happen in the industry due to technology and not because of the entry of new entities in the market.
