The government is likely to conduct a through inquiry into allegations that multinational organisation HSBC Bank was involved in money laundering operations that may have helped terror groups operating in India.The probe is likely to be conducted by sleuths of various intelligence wings of home and finance ministries as the allegations, if proved true, would have serious security implications, highly-placed sources said.
Though trade deficit is expected to 'narrow' in 2013 driven by ongoing curb of gold imports and the gradual removal of fuel subsidies, the deficit will still be 'sizeable', it said.
The Core Group of Secretaries on Divestment is believed to have favoured the appointment of HSBC as the global advisor for managing the privatisation of oil PSU Hindustan Petroleum Corporation.\n\n
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Improved investor sentiment is expected to drive the economy forward in the coming quarters.
Growth, said HSBC, would be helped by higher public investment, bankruptcy code and direct transfer of subsidies
The two Indian banks will make available their combined network of 3,600 branches and a customer base of 40 million.
The many ways in which the fast-expanding bank got it wrong on money laundering.
HSBC admitted to a breakdown of controls and apologised in a statement announcing it had reached a deferred-prosecution agreement with the US Department of Justice, as was first reported by Reuters last week.
This marked an increase from 2,63,000 at the end of 2013
The bank believes that that gold prices will recover this year and retain a pronounced bullish posture.
Many of the jobs will now be offshored to lower income countries such as India, China and Poland
It is not often that you find a mechanical engineer leading the private banking business of a foreign bank in India.
Among the Sensex firms, JSW Steel, Tata Steel, Tech Mahindra, Infosys, Wipro, Tata Consultancy Services, Nestle, HCL Technologies, HDFC Bank and Maruti were the major laggards. IndusInd Bank, ITC, Bharti Airtel and State Bank of India were among the winners.
According to HSBC, India's current account deficit is expected to narrow from 1.1 per cent of GDP in 2014 to 0.6 per cent in 2015.
HSBC has acknowledged compliance lapses, including a failure to maintain an effective anti-money laundering programme.
The Reserve Bank is unlikely to cut the benchmark interest rate in its forthcoming bi-monthly monetary policy review later in the week as retail inflation is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts.
The HSBC India Composite Output Index, which maps both services and manufacturing activity, fell to 48.4 in July, down from 50.9 in June, indicating an overall contraction.
A figure above 50 indicates that the sector is expanding, while a figure below that level means contraction.
Public sector banks have lowered both deposit and lending rates, while almost all private and foreign banks have stayed away from rate cuts despite the Reserve Bank of India reducing key rates. HDFC Bank has become the first private sector lender to reduce deposit rates, while other private sector banks said they would also jump on the bandwagon over the next few weeks.
Reliance Petroleum Ltd, a unit of Reliance Industries that plans to sell 1.8 billion shares in an initial public offering to raise up to $1.3 billion
Funds raised by India Inc. through offshore loan syndication hit a 15-year high in 2023 with companies and banks raising $21.4 billion, the highest since 2007. The momentum is expected to continue in 2024 as well with over $4 billion fund raising expected in the first three months of this year. Companies raise funds, both onshore and offshore, depending on interest rates and activities. Funds raised offshore can be deployed in overseas activities.
Naina Lal Kidwai, group general manager and country head for HSBC India, does not seem to be too perturbed about the slowdown or the rising delinquency levels.
Bank employs more than 300,000 people worldwide.
It appears the two banks are now convinced that increasing their credit card portfolios will not lead to significant erosion in asset quality.
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According to the global financial services major, the primary concern for the RBI at the moment has to be anchoring elevated inflation expectations and stabilising the currency, which could face renewed pressures if the Fed begins QE tapering this week, as widely expected.
The deal fell as the transaction deadline expired. RBS said that it will wind-down its banking operations in the country.
On Tuesday, UK-based Standard Chartered's outsourcing of key banking jobs to India came under the lens of US authorities.
The headline HSBC India Purchasing Managers' Index -- a composite gauge designed to give a single-figure snapshot of manufacturing business conditions -- stood at 53.3 in November significantly higher from 51.6 in October.
Gulliver had about $7.6 million pounds in a Swiss account in 2007.
The Asian Development Bank too had projected Indian's economic growth for current fiscal at 7.4 per cent.
According to the revised forecast by HSBC, the rupee is likely to be around Rs 51 per USD (as against Rs 57 per USD earlier) by the first quarter ended March 31.
As many as 10 merchant bankers, including ICICI Securities and SBI Cap, had evinced interest in managing the stake sale.
According to HSBC, the 'storm has abated' for the Indian markets as the US Fed has deferred tapering of its quantitative easing stimulus, and as the new Reserve Bank of India Governor Raghuram Rajan has taken steps to contain the rupee fall.
