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Privatising public sector companies would have encountered significant opposition from their managers as well as from strong unions.
Standard Chartered Bank is contemplating forming a subsidiary for its banking network and is scouting for acquisitions to grow its business in an effort to retain its status as the largest foreign bank in India.
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
Tamal Bandyopadhyay offers some unsolicited advice for a government wh,ich came to power, with brute majority and the nation's pragmatic chief money man.
The continuing stress faced by corporate India has weakened their debt-servicing capability and this is reflected in the banks' books, as yet-burgeoning bad loans.
Reserve Bank of India has slapped a penalty of Rs 500,000 on Citi Group for failing to comply with 'Know Your Customer' guidelines by letting fake stamp scam accused Abdul Karim Telgi and associates to open accounts with the foreign bank.\n\n\n\n
The Bharatiya Janata Party's prime ministerial candidate Narendra Modi today promised to review and reform of the taxation system in the country, saying the existing structure is a burden on common man.
Foreign banking major HSBC plans to inject $180 million in India operations to support its growth in the country.
"As it is said a man-made disaster, in the same way demonetisation is Modi-made disaster," the Congress vice-president said as he targeted the prime minister squarely blaming him for the hardships post-demonetisation.
The government will soon come up with detailed guidelines for private banks including hike in the foreign holding from 49 to 74 per cent and allowing foreign banks to set up subsidiaries in the country.
According to the IT department's complaint, Burman was holding foreign bank accounts but he had not disclosed about it in his income tax returns and there were undisclosed deposits in those two accounts.
We will continue to grow at 25 per cent -- we can't handle more than that.
The country's largest private sector bank, ICICI Bank on Monday ruled out any acquisition abroad and said it would wait for another 2-4 weeks to decide on whether to revise the interest rates further.
A major criticism of the new law is that it can become an instrument of abuse as it confers the tax enforcement authorities with strong discretionary powers, says Paranjoy Guha Thakurta.
The government is working out the modalities for enhancing foreign direct investment limit to at least 74 per cent in banks and assured it would have no impact on ownership control and regulation of the public sector banks.\n\n\n\n
Foreign banking major HSBC said on Thursday that it will decide on hiking its 14.6 per cent stake in UTI Bank after the government comes up with a policy on foreign direct investment and voting rights.
The amount from securitisation has been utilised to repay rupee debt, saving significant interest costs for the company.
Even if RBI partially replaces the stock of the high value notes, RBI will have to incur thousands of crores of rupees in cost, say economists.
Wants details of Vijay Mallya transactions over 4 years
The size of the hole in today's banking crisis appears to be roughly 10 per cent of GDP.
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