'When there is unlocking, there is demand revival.' 'This is going to be the main growth engine in this kind of an economic scenario.'
Individual banks should break away from the industry pact and have their own settlements with the unions, recommends Tamal Bandyopadhyay.
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.
'The CEO will neither be able to guide the senior team in operational matters nor decide on their appointment, compensation or removal.' 'Yet, the CEO is responsible for the profit and loss of the bank!' 'Why would the senior executives listen to him?' 'Which self-respecting professional would want to be a CEO with these constraints?' asks Tamal Bandyopadhyay.
Public sector banks accounted for a bulk of frauds reported in 2018-19 -- 55.4 per cent of the number of cases reported and 90.2 per cent of the amount involved -- mainly reflecting the lack of adequate internal processes, people and systems to tackle operational risks, the RBI report said.
Though most foreign banks appear reluctant to establish a subsidiary here, Citi is the only bank that has so far communicated this to the regulator, in writing.
The decision assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the Reserve Bank of India.
The bank was worth over Rs 80,000 crore as recently as September 2017. The lender had grown at breakneck speed, helped perhaps by Rana Kapoor's reputation as a banker, willing to aggressively write checks.
Let all the stakeholders, especially the government, remember that if the Make in India lion needs to roar and rise again, it won't happen unless India Inc rises too, points out Shekaar Subramanian.
Scores of National Students' Union of India activists on Tuesday staged a protest outside the residence of Union Home Minister Rajnath Singh in Delhi over the issue of black money stashed away in foreign banks.
India has a unique window of opportunity to effectuate long-lasting structural change in its banking sector, says Riju Agrawal.
Move can also bring a huge change in the way business is done in India, where firms use multiple current accounts, often for even individual projects, making them difficult to monitor.
The proposed measures aim to bring stricter norms to curb holding of illegal cash and mismanagement of unaccounted cash seized by the probe agencies during investigations.
The apex court said its two-judge bench in its July 4 2011 order for setting up of SIT felt that 'no effort was made to bring back the money stashed in foreign banks' which could have been accounted and pumped into the 'mainstream of the Indian economy'.
Lenders had filed 1,251 cases to recover Rs 24,765.5 crore. Wilful defaulters are the entities that do not pay back money despite the ability to do so. Defaulters above Rs 1 crore were considered for this exercise.
'What made him different was that he was not a banker at all by temperament.' 'He was a businessman, a typical lalaji at that.' 'He had to win at any cost.'
'In my 20 years, I have never seen such high rates.'
According to RBI's circular, cases of frauds involving more than Rs 25 crore and up to Rs 50 crore should be given to the CBI's Banking Security and Fraud Cell
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
India's news broadcasters are a national shame that have polarised Indians, observes Vanita Kohli-Khandekar.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
At a time when most foreign banks in India are looking at opening more branches, British lender Barclays has decided to close three of its nine branches in the country.
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
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.
Eight investment banks including HSBC and India's ICICI Securities and SBI Capital have submitted bids to manage a 10-per cent stake divestment in state-owned Coal India.
The Finance Ministry is likely to exempt assesses from sharing details of company sponsored foreign trips in the revised Income Tax Return (ITR) forms.
The truth is more than what is being shown to the naked eye, said the court.
The government may on Monday file an additional affidavit in the Supreme Court over the black money issue, stating clarification on its earlier stand of not revealing the names of those account holders who have deposited money in foreign banks.
'GIFT City is now on a growth trajectory,' says Tapan Ray, MD and group CEO, GIFT City, 'The time has come for the GIFT City to take the big leap and emerge as the next financial hub of Asia.'
Among bank groups, PSBs, which constitute the largest market share in bank lending, have accounted for the bulk of frauds reported in 2018-19.
The Centre on Friday submitted before the Supreme Court that all the information on black money received from foreign countries, with which India has double taxation avoidance agreement, cannot be disclosed.
The UPA government, under severe pressure from the Supreme Court and the Opposition parties over the issue of billions of dollars of Indian wealth parked in tax havens, on Thursday assured the Apex Court that it will make public the names of persons who have stashed money in foreign banks, after a case is registered against them.
Bharatiya Janata Party president Nitin Gadkari on Wednesday launched an attack on the Congress-led United Progressive Alliance government in the Centre for not taking any action against black money stashed away in foreign banks.
Citing national security and confidentiality clauses, the Finance Ministry has declined to disclose information on exchange of correspondence among India, Swiss and German authorities in connection with the black money probe.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
While the government has infused huge capital into PSBs, the same has largely been used to mitigate losses and has failed to contribute meaningfully to credit growth.
Hassan Ali Khan, the Pune-based real estate consultant and stud farm owner, who is alleged to have stashed away over $8 billion in foreign banks, on Friday appeared before Income Tax authorities, apparently in connection with notices issued to him over huge tax evasions.
It is unlikely Brigadier Raja Rizwan was working for RA&W, notes Rana Banerji, who headed the Pakistan desk at the Research and Analysis Wing, India's external intelligence agency.
The Bharatiya Janata Party has claimed that the 'Rs 70 lakh crore' black money stashed in foreign banks is a bigger scandal than the 2G spectrum scam and asked the Centre to take steps to bring back the amount. "The money stashed in foreign banks and tax havens by India's dishonest people should be brought back to the country. This scandal is 200 times bigger than the 2G scam," said BJP vice-president Shanta Kumar.
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