The Reserve Bank of India (RBI) has decided to give new banking licences to create more capacity and competition in the Indian banking space but the right size is yet to be determined. "The right size of a bank remains a debate for the industry," said Deputy Governor Subir Gokarn.
Amidst rising demand from banks that they be allowed to increase user fees and limit free ATMs, RBI Deputy Governor K C Chakrabarty said it is "ridiculous" for a bank to charge its own customers for these services.
The RBI Governor had earlier cautioned the banks on the risks involved in just hunting for numbers, asking them not to compromise on core objectives of the programme.
While higher income, educated Indians are financially literate, they aren't really much better off when it comes to planning their financial futures
Raghuram Rajan has appointed him as head of several committees soon after taking charge.
A healthy track record and 17 years of experience in financial services would be the key strengths of Edelweiss Financial Services in setting up a bank, says chairman and chief executive officer Rashesh Shah, in an interview with Business Standard.
Shares of HDFC Bank will witness massive inflows totalling $600 million from passive trackers this week, predict analysts. This influx is attributed to the rebalancing activities in the S&B BSE Sensex and the Financial Times Stock Exchange (FTSE) indices. The Sensex is set for its quarterly rebalancing act on September 15 (date of adjustment), resulting in inflows of $102 million (approximately Rs 850 crore).
Welcoming the launch of the Bharatiya Mahila Bank, India Inc on Wednesday said the initiative will propel women's financial inclusion, encourage female entrepreneurs and empower women in the country.
Approximately 80 leaders from more than 26 political parties are expected to attend the third meeting of the INDIA alliance in the country's financial capital, they said.
All-rounder Rachin Ravindra continued to bolster his reputation with three for 33 as New Zealand reduced a weakened but battling South Africa side to 220 for six on the first day of the second Test at Seddon Park on Tuesday.
In a remarkable comeback, foreign portfolio investors (FPIs) have pumped Rs 1.7 lakh crore into the Indian equity markets in 2023, propelled by confidence in the country's robust economic fundamentals amid a challenging global landscape. The year 2023 has witnessed massive investment by FPIs, thanks to the sharp uptick in inflows of Rs 66,134 crore in December. Going forward, FPI flows are expected to be robust.
The top performing microfinance institutions the world over are achieving high growth and profitability.
The Congress on Friday claimed that a 'silent undercurrent' is brewing across western Uttar Pradesh against the 'failures' of the Modi government, as it flagged issues such as 'neglect' of sugarcane farmers and examination paper leaks.
IPL chairman Arun Dhumal believes that the media rights value of the league has the potential to touch a staggering USD 50 billion over the next two decades, provided it keeps innovating and improvising with fans' interests in mind.
While most of Mukherjee's lectures will be closed door for the students taking up the elective, the institute plans to open up one or two sessions for public in November this year.
"I would like to resign as an independent director of the bank with effect from January 27, 2020. Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was -- in the interest of propriety and corporate governance -- only appropriate that I stepped down from this role," Bansal said in his resignation letter, which was disclosed by Ujjivan SFB in the regulatory filing.
The discussion will be about setting up various coordination committees, he said.
Contributions to mutual fund schemes through systematic investment plans or SIPs remain unfazed from the market volatility in 2022 with inflow growing to Rs 1.5 lakh crore in 2022, a surge of 31 per cent from a year earlier, due to higher retail participation. In comparison, an inflow of Rs 1.14 lakh crore through the route was registered in 2021 and Rs 97,000 crore in 2020, data with the Association of Mutual Funds in India (AMFI) showed. Going ahead, SIP numbers are expected to continue to remain strong in 2023 as investors are increasingly appreciating the importance of regular investing through the route, Kaustubh Belapurkar, director - manager research at Morningstar Investment Adviser India, said.
'We are cautious only on sub-sectors that have seen massive melt-up during the past six months.'
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During his last visit to India, Khosla had said the focus of Khosla Labs would be to fund innovations around Aadhaar.
Cricket is seen as one of the favourites given the sport's wide global reach, its financial strength and broadcast appeal.
Mr Chidambaram could have done more to calm investors.
'If rate cuts happen, bond yields will come down and investors will make mark-to-market capital gains on them.'
Ajay Banga will be a 'transformative leader', who will bring expertise, experience, and innovation to the position of World Bank President, United States President Joe Biden has said after the top Indian-American business executive was confirmed as the new head of the international lender.
What some of our leaders were up to on Monday and Tuesday.
India has undertaken a number of structural reforms.
A number of exhibitions at the Bharat Mandapam, the convention centre which will host key G20 summit meetings, will showcase India's technological prowess and innovation, and offer a multitude of unique experiences to the visitors.
Facebook co-founder and CEO Mark Zuckerberg on Tuesday said India is a very special and important country with a remarkable entrepreneurship culture, as he sought to push deeper the just-launched payments services that allow users to make payments over WhatsApp. Last month, Facebook-owned WhatsApp received approval from the National Payments Corporation of India (NPCI) for rolling out its payments services in India. In 2018, WhatsApp started testing its UPI-based payments services in India -- a global first -- with about a million users.
The gist of the reactions from various quarters to the Reserve Bank of India's (RBI's) discussion paper on entry criteria for new banks in the private sector, as published by RBI, shows that most would like RBI to ensure utmost transparency and discretion in the next stage of growth of Indian banking.
With UPA facing allegations of corruption, Prime Minister Manmohan Singh on Saturday said his government wants to use new technology to curb dishonesty and bring transparency in governance.
RBI's licensing norms require a bank to bring down promoter holding to 40 % within 3 years of operation - which, for Bandhan Bank, will be by Aug 23
The payment mechanism is aimed at checking corruption and pilferage in the social sector schemes that seek to promote financial inclusion.
As many as 24.27 crore accounts have been opened under the scheme and the percentage of zero balance has come down to 24.43 per cent
As banks are looking at such infrastructure as ancillary assets, wanting to focus on core activity, they're reluctant to commit their resources here, throwing space open for other players.
Social stock exchange (SSE) saw its first listing on Wednesday, with SGBS Unnati Foundation becoming the first entity to take this route to avail financing. The foundation - engaged in vocational training of youth - raised Rs 1.8 crore from four investors. These include brokerage firm Zerodha and National Bank for Agriculture and Rural Development (Nabard).
'When manufacturing or even services cannot generate the kind of employment they are looking for, they prefer to be unemployed rather than under-employed.'
The EU mission noted that political and campaign fundraising and financial expenditure lack transparency and effective oversight.
The apex bank has come out with a discussion paper on entry of new private banks to broaden the reach of banking in the country.
The RBI has created a stunted business model by which payment banks are supposed to shoulder the noble objective of financial inclusion without being able to make much money.
Taking a dig at the system, Prime Minister Narendra Modi on Monday said things have started moving in India under him and the Jan Dhan scheme was being implemented at a rapid pace despite initial reluctance of RBI and bureaucracy.
