Although private banks continued to operate as usual majority of trade and industry was hit by the strike by staff of 25 nationalised banks who are demanding revision of wages and a second option for pension among other things. The Indian Banks' Association, a grouping of public sector banks, is yet to formally respond to the demands of the striking employees.
The agency conducted a day long search at various offices of the businessman across the national capital, including Karol Bagh and Chandini Chowk areas recently and seized a large number of documents showing foreign bank accounts, unaccounted investments and receipts and payments showing hawala transactions worth several hundred crore rupees, officials said on Thursday. The accused is one of the leading importers of the Chinese mobiles.
Overseas funds have been spooked by several policy measures taken by the government in the past few years
Terming demonetisation as a historic and brave step, he said, black money constitutes 80-85 per cent of the economy and Modiji has taken bold step to solve the issue
'If the RBI board forces the management's hand on all the key issues, it should be prepared for resignations by the governor and the key deputy governor, Viral Acharya,' warns T N Ninan.
While everybody is talking about the vast potential of 5G, the uptake of such services in India depends on operators getting around 100 Mhz 5G spectrum. At the reserve price proposed by Trai, getting this spectrum will cost a telco around Rs 490 billion. Which amount could be difficult for operators to mop up, given the financial stress they are undergoing, says Kiran Rathee.
ICICI Bank on Tuesday said it cannot be termed foreign bank and is awaiting further clarification on the circular regarding new FDI norms.
The rupee had dipped by a massive 67 paise to an all-time closing low of 61.10 against the dollar on Friday.
Accordingly, the Central Board of Direct Taxes has asked its officials in the field to check every deduction claimed by banks against each claim. The CBDT action has been prompted by a recent assessment of banks carried out by the Comptroller and Auditor General.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
To discuss ways of increasing lending to optimise stimulus package impact.
A list of things you should watch out for in your credit card document
Wages as percentage of the total expenses for the ABN Amro Bank, which is in the process of selling its retail and commercial banking operations in the country, shot up from 19.91 to 25.61 per cent during the year, reveals an RBI analysis of the banking sector in the country.
Barclays customers would now be able to access all the information about the bank and its products and services besides downloading account opening forms in seven languages -- English, Hindi, Marathi, Gujarati, Tamil, Telugu and Kannada. Barclays Bank Plc's Global Retail and Commercial Banking, managing director, India and Indian Ocean, Samir Bhatia, said: "Barclays is committed to offering services that make banking easy and accessible to all."
Deutsche Bank in India has managed to avoid the bad-loan problems plaguing its rivals such as Standard Chartered Plc.
While the first three parts of the operation, codenamed 'Red Spider', dealt with Indian banks (both private and state-run), the fourth part targeted a couple of foreign banks.
Also says PSU banks divestment to be considered after improvement in governance
Burman held an undisclosed, yet, active account in an HSBC branch in Zurich
Ongoing trade-war rhetoric between the US and China added some nervousness on the trading front coupled with extremely bullish dollar sentiment overseas.
Ram Jethmalani passed away a few days before his 96th birthday on September 14.
The move comes at a time when four foreign banks - Standard Chartered, Hongkong and Shanghai Banking Corporation, American Express and Citibank -- have moved the Supreme Court with a special leave petition and the hearing for admission of SPL is on September 8. The committee is, however, expected to wait till the Supreme Court decides on the issue before finalising its recommendations. The committee is, however, expected to wait till the Supreme Court decides on the issue.
The main issue has been that of a higher Asset Management Ratio as has been prescribed by the Monetary Authority of Singapore for qualifying full banks from India.
Shareholder advisory companies are raising eyebrows at the ICICI Bank board not being aware of Firstland's investment in NuPower
Every cog in the wheel must present its unique services at the moment of instructed haste, says Vikram Johri.
Reflecting moderation in economic growth, bank credit contracted by about Rs 25,000 crore (Rs 250 billion) in January 2009 compared with the outstanding credit of Rs 11,85,530 crore (Rs 11855.30 billion) around December 2008.
The global economic slowdown is rapidly changing the aspirations of India's most talented graduates, leading many to reassess what they want in life.
After a near six-month drought, India Inc is finding some takers for debt and equity issues. Though private and the foreign banks are yet to step up lending in a big way, public sector banks have started financing projects.
Chidambaram has not been named as an accused in the FIR and the CBI is yet to file a chargesheet in the matter.
The rupee ended at 59.18 compared with previous close of 59.33 to the dollar.
At the start of 2008, Manoj Singh headed Tranzact Consolidated India, among the largest direct sales agents in Mumbai with about 200 employees.
The bank, which had announced a similar cut in January, will see its mortgage prime rate fall to 13.75 per cent from April 1. In a statement, the bank said that the benefit will be available to all its existing customers on floating rate loans. A bank spokesperson said that, depending on loan tenure and amount as well as the customer's relationship with the bank, he could get a loan at up to 50 basis points lower than the benchmark rate.
The PMGKY will not allow declarants to use claims made for refunds for advance taxes paid, tax deducted at source and tax collected under the scheme.
The meeting comes a day after Finance Minister P Chidambaram met heads of PSU banks and got an assurance from Indian Banks Association that banks would consider interest rate cut and come up with some decisions on the price at which credit will be delivered to different sectors. Following the meeting many public sector banks announced their decision to cut lending rates by up to 75 basis points.
Senior bankers are trying to impress upon the central bank that the shift to external benchmark-linked lending be postponed to April 1, 2020.
The lure of FMCGs has faded over the years with the rise of consultancy firms, foreign banks and software companies, according to the Campus Recruiter Index, an annual survey by research agency AC Nielsen tracking students' perception of recruiting companies on campuses.
In March this year, he quit to start his own firm for equity syndication to cater to small and medium enterprises in smaller towns. Huzefa Sitabkhan, who was working with one of the domestic investment banks (i-banks), left to start PNR Consulting, an advisory and consultancy firm for equity and debt syndication for SMEs.
All these were done on the basis of forged papers.
At this time of fear and apprehension over jobs, public sector banks are swimming against the tide to go on a hiring spree.
Citibank has put on sale yet another residential property on Altamount Road in south Mumbai. Earlier it had sold off prime residential property at Mumbai's National Centre for the Performing Arts for Rs 34 crore. Most of the banks are selling residential properties as they are offering a fixed cash compensation every month to their employees. Bank offices have now shifted to suburbs and employees prefer to live close to workplace. Such sales unlock value and releases capital.
The partially convertible rupee closed at 60.30/31 per dollar compared with 60.28/29 on Friday.
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