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.
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.
The top performing microfinance institutions the world over are achieving high growth and profitability.
Tamil Nadu is leaving no stone unturned in marketing its upcoming global investors meeting on January 7 and 8. While business veterans are promoting the positives of the state's industrial climate through the 'Titans of Tamil Nadu" campaign, the state is narrating the human stories behind its robust industrial growth via the 'One Trillion Dreams' campaign. Among the industry bigwigs, who are showcasing Tamil Nadu to the world through this mega marketing initiative include Venu Srinivasan of TVS Motor Company, K M Mammen of MRF Ltd, Pratap Reddy of Apollo Hospitals, P R Venketrama Raja of Ramco Group, Mallika Srinivasan of TAFE; and Vellayan Subbiah of Murugappa Group.
Going by the RBI directive and the overall narrative, Paytm may have lost the rigour of stress tests, audits and compliance.
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.
Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have been invited to join the grouping.
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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.
Mr Chidambaram could have done more to calm investors.
After the finance minister directed public sector banks to join the account aggregator (AA) ecosystem, 5-6 major ones, including State Bank of India (SBI) and Bank of Baroda are expected to go live by July-end. Sahmati, an industry alliance for the AA ecosystem, has been working with PSU banks to get them onboarded for quite some time now. So far, Union Bank of India and Punjab National Bank (PNB) have gone live on the AA ecosystem. While Union Bank has been live for a while, PNB went live earlier this month.
India has undertaken a number of structural reforms.
The submissions were made in an affidavit filed in response to a batch of pleas challenging the Centre's 2016 demonetisation decision.
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
Foreign Portfolio Investors' (FPIs) selling spree continues as they pulled out over Rs 3,400 crore from the Indian equity markets in the first three trading sessions of November on rising interest rates and geopolitical tensions in the Middle East. This came after such investors withdrew Rs 24,548 crore in October and Rs 14,767 crore in September, data with the depositories showed. Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in Rs 1.74 lakh crore during the period.
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.
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.
The government will formulate a strategy to make India self-reliant in edible oils by boosting domestic output of oilseeds and launch a comprehensive programme to support dairy farmers, Finance Minister Nirmala Sitharaman announced on Thursday. India imports a large quantity of edible oils to meet the domestic demand. During the 2022-23 marketing year (November-October), the country imported nearly 165 lakh tonnes of cooking oils, valuing a whopping Rs 1.38 lakh crore.
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.
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.
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.
Digital literacy is emerging as the professional language of 2024. It is the ability to process complex data sets, deploy critical communication technologies appropriately and validate your importance at your workplace, explains Jagdeep Kochar, managing director, Baker & Taylor India.
In a dazzling resurgence, foreign investors have graced the Indian equity markets with an influx of nearly Rs 1.5 lakh crore in 2023, fuelled by optimism over the country's resilient economic fundamentals amid shadows of a gloomy global scenario. Experts believe that the positive trend may continue in 2024. This follows Indian equities witnessing the worst-ever net outflow of Rs 1.21 lakh crore by FPIs in 2022 on aggressive rate hikes by the central banks globally after net inflows for three consecutive years.
State Bank of India (SBI) wants to extend its footprint to 11,943 unbanked villages, with a population of at least 2,000, this financial year. The country's largest lender recently submitted its plan to the Reserve Bank of India (RBI).
A senior RBI official said the regulator was focusing on performance of banks' statewise and in each district.
In a bid to step up financial inclusion, the Reserve Bank of India (RBI) has permitted all business correspondents (BCs) or representative of any one particular bank to conduct business for other banks as well.
Against National Democratic Alliance's 75 million target, United Progressive Alliance added 61 million in 2013-14.
If states have to fall in line with MSPs declared by political parties, they will have to do so in violation of central order or bear the full expense of the surplus procured at above MSP rates.
Upcoming payment banks will lift lower income groups in distant villages.
More than three crore signatures submitted to PM seeking scrapping of Aadhaar.
Banks now ride on what is defined as a "banking outlet". This is a fixed-point service unit, manned by either the bank's staff or its business correspondent (BC), where all kinds of services - acceptance of deposits, encashment of cheques, cash withdrawal or lending of money - are provided for a minimum of four hours per day, for at least five days a week. Banks are now turning to reposition the manner in which they acquire customers, report Abhijit Lele and Raghu Mohan.
It was merely an obligation in the past, but financial inclusion has now turned into a big business opportunity for private banks.
Bandhan Financial Services, which is to start banking operations soon, has received a combined equity commitment of Rs 1,600 crore (Rs 16 billion) from International Finance Corp (IFC) and GIC, Singapore's sovereign wealth fund.
The Finance Ministry has asked all banks, including private sector lenders, to open branches in locations with population of more than 5,000 in the under-banked districts by September, 2012.
It is in circumstances like this that the Constitution becomes extremely important. It reminds us that we have a commitment towards higher human values to fulfil, a path to get back to, suggests Shyam G Menon.Else, we risk being rudderless in an ocean of money and majoritarianism, suggests Shyam G Menon.
Tata Communications has seen analyst upgrades after reporting Q3FY24 results. The biggest factor is the visible signs of a turnaround in its new acquisition, Kaleyra. The consolidated revenue grew 16 per cent Q-o-Q to Rs 5,630 crore led by 15 per cent Q-o-Q improvement in the data segment.
Remunerate Business Correspondent Channel to bring sustainability and scalability in the model
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