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Private banks account for a total of 21.15 per cent in terms of advances in the overall banking system.
Dean of ISB, M Rammohan Rao on ISB's new programmes, their unique selling proposition, placement programme, their recently launched pre-doctoral programme and dearth of quality faculty crunch faced by Indian management schools.
Modi said New Delhi has emphasised on dialogue and diplomacy along with restraint to deal with the situation arising out of the Hamas-Israel conflict.
'We are committed to achieving the targets we had outlined.'
There hasn't been any dramatic moment in the first act (the Budget) but nobody would complain. It's par for the course as long as the figures don't change in the main Budget, which will be presented after general elections.
Rinku Singh says a burning desire to give his parents a good life while wading through tough times paved the way for his inclusion into the Indian team.
Addressing a press conference after the meeting, Sarma said a total of eight sub groups will be formed with members from the indigenous Muslim community to suggest various developmental measures.
"The budget adopts following seven priorities -- inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector," she said.
There are allegations that MFIs are charging exorbitant interest rates and using strong-arm tactics to recover the loans.
FM will meet public sector bankers tomorrow in a pre-budget meet to stress on credit targets and enhancing credits to minorities.
Seeking to insulate small and marginal farmers from exploitation by moneylenders, United Progressive Alliance chairperson Sonia Gandhi has asked banks to provide credit to farming community at lower rates of interest.
Called 'Swabhiman', the programme, to be launched by UPA chairperson Sonia Gandhi, was to be introduced earlier, but put off twice.
Like Indira Gandhi, even Narendra Modi seems to be relying on directing public-sector banks through ministry of finance supported by party cadres, says Debashis Basu.
As the Andhra crisis continues to deepen, proponents of financial inclusion might find both unexpected challenges and inspiration in a short film called 'The Future of Money'.
Manish Khera, chief executive officer, Fino, tells Shriya Bubna that the smart card technology platform of Fino can help banks cut operational costs by one-third and MFIs, but connectivity remains an issue.
RBI Governor Shaktikanta Das on Friday called upon G20 nations to resolutely address the challenges, like threats to financial stability and debt distress that confront the global economy. Addressing the inaugural session of the meeting of G20 finance ministers and central bank governors, Das said although the outlook for the global economy has improved in recent months and there is now greater optimism that the world may avoid a deep recession and only experience slow growth or softer recession,"yet uncertainties lie ahead of us." "Together we must resolutely address the challenges that confront us, including those that are of medium to long-term nature such as threat to financial stability, debt distress, climate finance, fractures in global trade and strains on global value chains.
The government's plan to tap into India's vast postal system to reach out to the unbanked population by utilising offices across the country as banks is expected to take some shape this year as the proposal has been sent to the Finance Ministry for its nod.
An Irda official said the idea was to improve the penetration levels of insurance and deepen financial inclusion.
The Unique Identification Number, renamed as 'Aadhaar', would be issued soon to Indian residents, Nandan Nilekani, chairman of Unique Identification Authority of India (UIDAI) said on Wednesday.
Ultimately quotas kill talent and true meritocracy, argues R Jagannathan.
The World Bank has approved loans totalling $1.75 billion (about Rs 13,834.54 crore) to fund India's PM Ayushman Bharat scheme and private investment to boost the economic growth. Of the total loan, $1 billion will go towards the health sector, while the rest $750 million will be in the form of development policy loan (DPL) to fill the financing gaps through private sector investment in the economy. The World Bank Board of Executive Directors approved two complementary loans of $500 million each to support and enhance India's health sector.
ICICI works on similar lines; alternative to Business Correspondents to reach financial inclusion targets.
The venture is applying to the Reserve Bank of India for approvals.
To ensure its financial inclusion drive is not restricted to meeting branch opening targets, the Union finance ministry is to ask banks for a performance report of the 'ultra small' branches set up in the past two years in about 73,000 villages.
Addressing the CII annual session, he also indicated to further liberalisation of policies to attract more FDI and FII funds, promote external commercial borrowings, service exports and tourism.
Having created businesses ranging from world's largest single-location oil refining complex to nation's largest mobile network operators in just few years, billionaire Mukesh Ambani says his group Reliance Industries Ltd will never be complacent and will grow to be among the top 10 business conglomerates of the world. Addressing employees on Reliance Family Day - the birthday of the group's founder Dhirubhai Ambani, he said Reliance is now aiming to consolidate a place among global leaders in digital data platforms and AI adoption. "Today, the domestic and global environments for business are changing very fast.
While India won't be immune to global spillovers, we need to create the macro preconditions for sustained growth. Policy agility, prudence, and resilience will be key, suggests Sonal Varma.
'We like certain stocks from banking, insurance, retail, hospitals and capital goods.' 'Though some of these stocks may seem expensive, they will compound well over the long term, thus justifying their current multiples.'
Tata Consultancy Services TCS) said it has bagged a Rs 85-crore three-year deal for implementing smart card-based Financial Inclusion Solution (FIS) for Indian Bank.
Lewis Hamilton has signed a new contract with Mercedes and will continue to partner compatriot George Russell in 2024 and 2025, the team said on Thursday.
The rating agency expects the Reserve Bank of India to continue its accommodative monetary stance.
Kumar said the Commission will follow the time-tested methods of consultations and consensus building in bringing about any reforms and will not shy away from tough decisions, according to an Election Commission (EC) statement.
The Jan-Dhan accounts are zero balance accounts, comes with a life cover of Rs 30,000 per person, and an accidental cover of Rs 100,000. An active user of the account can also get overdraft facility of Rs 5,000 from banks.
The decision of the Reserve Bank of India (RBI) to allow banks to engage companies with large retail outlets as business correspondents has the potential to change the future of financial inclusion and branch banking in India.
In March this year, Worldline India launched Vabox (Voice Alert Box): merchants will now get instant audio alerts on the settlement of UPI (Unified Payments Interface) payments via QR codes in languages of their choice when customers check out. "They needn't worry whether the amount has been credited to their account," says Gulshan Pruthi, the firm's executive vice-president. The French payments giant will roll out 500,000 Vaboxes in the initial phase.
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
The rally in PSBs, analysts feel, was more a knee-jerk reaction to the development, and the actual benefits will start to accrue once the addition takes place in 2024. "The actual benefit for banks from the inclusion in JP Morgan's EM Index will accrue from June 2024 onwards. "Until then, the larger fundamentals of the market will dictate the moves. "Once the initial euphoria subsides, bond markets will look to global cues which may trigger fresh selling," said Siddharth Khemka, head of retail research, Motilal Oswal Financial Services.
It generates huge end-user benefits as well as dramatic industrial spinoffs.
Payments banks are niche banks which will be allowed to function with several restrictions.
The Reserve Bank is looking to use mobile phones as a medium for taking banking facilities to the remote and far flung areas.
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