The China threat continues to resonate in the strategic partnership between India and the USA, points out Rup Narayan Das.
As the government tabled insurance bill in the Parliament on Monday, trade unions of public sector firms called for a strike on Tuesday against the move that aims to raise FDI limit in the private insurers to 49 per cent and the minimum paid up capital in LIC to Rs 100 crore (Rs 1 billion).
India is among the fastest-growing markets for Google in the cloud services segment, a senior executive has said, adding that the tech giant is looking to partner companies in their business transformation through its offerings. Google Cloud India is seeing an "increased adoption" of its offerings across segments from the public sector to small and medium businesses and from startups and digital-native companies, Google Cloud India vice president and country managing director Bikram Singh Bedi told PTI.
Foreign investors did not lap up the new SBI issue because of deeper worries about public sector banks
Eying benefits from digital banking, lenders are now looking at building Unified Recovery Interface (URI) for enhancing efficiency, reducing costs, and getting good prices for properties of defaulters. This would be managed by PSB Alliance Ltd, a company set up by all public sector banks in the country. M V Rao, chairman, Indian Banks' Association (IBA), said: "Till now we had Unified Payments Interface (UPI), a product developed by National Payments Corporation Ltd (NPCI).
Pitching for more public-sector role in health, Planning Commission deputy chairperson Montek Singh Ahluwalia said on Monday health and education are two areas where the private sector is welcome to make investments but the government needs to be dominant.
The finance ministry is not only keen to split the roles of CMD, but also wants to appoint them for a fixed tenure of five years.
Punjab & Sind Bank plans to offer 5% each to top institutions
Rajan said RBI should pay as much dividend as possible to the government, which over the past two years has run into billions of dollars
Fresh plans of privatisation or divestment in central public sector enterprises and public sector banks might take a back seat this financial year because these may require a large consensus among coalition partners.
Public sector banks (PSBs) have proposed the Finance Ministry their plan to raise Rs 54,800 crore through Additional Tier-1 (AT-1) and Tier-2 bonds in the current financial year (FY25), 37 per cent more than the Rs 39,880 crore raised in FY24
Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday said the central bank has developed an innovative artificial intelligence and machine learning (AI/ML) based model MuleHunter.ai to address the growing issue of mule bank accounts that are often used for committing financial fraud. Developed by the Reserve Bank Innovation Hub, the new initiative is piloted with two public sector banks.
The government on Friday doubled the limit of Mudra loan amount under the Pradhan Mantri Mudra Yojana (PMMY) to Rs 20 lakh from Rs 10 lakh under a new 'Tarun Plus' category to promote entrepreneurship in the country.
Feature for feature, bank FDs are indeed better than debt funds today, mainly thanks to Ms Sitharaman, notes Debashis Basu.
'As we navigate uncertain waters, a conservative approach to largecap investing could provide a strategic advantage.'
The Centre may overshoot the Rs 56,260 crore target for dividend receipts from central public-sector enterprises (CPSEs) set for FY25 and is likely to end up getting around Rs 65,000 crore this financial year, according to a senior government official. This excludes dividend from nationalised banks and financial institutions. As on October 21, the Centre collected Rs 28,913 crore as dividend and other investment from CPSEs, accounting for over 50 per cent of the Budget Estimate for FY25.
'We are in a position to start due diligence and private data room access shortly.'
The retirement fund manager EPFO is likely to hike the cap on investment in bonds of highest rated public sector undertakings, banks and financial institutions on the lines of the insurance sector to earn better returns.
Russia's state-owned oil firm Rosneft has agreed to supply up to 500,000 barrels per day (bpd) of crude oil to Indian upstream oil and gas major Reliance Industries (RIL) in the largest-ever energy deal between the two countries, Reuters reported on Thursday. The 10-year agreement amounts to 0.5 per cent of global oil supply and is valued at roughly $13 billion per year at current prices, it said.
The growing decline of MTech applicants in Indian colleges is due to multiple factors, including outdated curricula, poor return on investment and lucrative non-engineering alternatives, say experts.
HAL, BEL and MDL feature on Sipri's list of the 100 largest arms producers in the world.
Former Indian Prime Minister Manmohan Singh passed away on Thursday night at the age of 92. He was brought to the emergency department of AIIMS Delhi in critical condition after "sudden loss of consciousness."
Typically, those from the IIMs, Xavier Labour Relations Institute and Indian School of Business joined at Scale III, but graduates from other B-schools were recruited in scale II.
The finance ministry is in favour of extending the August deadline for public sector banks (PSBs) as well as insurance companies to increase their minimum public shareholding (MPS) to the mandated 25 per cent, said a senior government official. "The election results will determine the course of action. "Most likely, those who did not receive an extension to meet the minimum shareholding norm will be granted one," the senior government official said.
State Bank of India and IDBI Bank have decided not to go to the IIMs this year.
As many as 128 pilots have left Air India, Indian Airlines and Alliance Airways between 2004 and 2006, the Rajya Sabha was informed on Tuesday.
Enterprising women business correspondents, known as BC Sakhis, have facilitated transactions worth Rs 27,000 crore in Uttar Pradesh, earning Rs 75 crore in commission over the past four and a half years. BC Sakhis, appointed under the nationwide women empowerment programme, are members of self-help groups (SHGs) who are trained and certified to provide banking and financial services in rural areas.
'The snakes and ladders game will continue till the consolidation process is complete simply because we don't know how bad the scene is, with some of the banks being merged,' says Tamal Bandyopadhyay.
Quarterly results of many of these banks show significant losses.
Normal banking operations like cheque clearance in public sector banks across the country are likely to be hit on Wednesday as employees have decided to go on one-day nation-wide strike to press for wage revision.
Capital infusion of $30 bn over two years needed amid high dividend payouts and impairment ratios.
Former RBI governors Urjit Patel and Raghuram Rajan have also expressed worry about the Mudra scheme, particularly government's target-setting practice and the rising bad loans.
Hewlett-Packard sees tremendous market opportunity in India for high-end servers, especially in the government and public sectors, and the company on Wednesday launched a new entry-level NonStop server system in this country.
The RBI has changed the way it approached supervision in the past. Having seen a couple of collapses in the NBFC sector and the near-collapse of a few banks, it is focusing on regular drills to prevent a fire from breaking out, explains Tamal Bandyopadhyay.
The government will come out with a credit guarantee scheme for MSMEs to facilitate term loans without collateral or third party guarantee, Finance Minister Nirmala Sitharaman said on Tuesday. Presenting her seventh straight Union Budget, she also said that public sector banks to build in-house capability for credit assessment of MSMEs.
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Privatising public sector companies would have encountered significant opposition from their managers as well as from strong unions.
A number of public sector banks will have to stock up on core capital, if the Reserve Bank of India decides to ask banks to leave out hybrid instruments while computing Tier-I capital adequacy, as indicated by RBI last week.
Finance Minister Nirmala Sitharman on Monday held a performance review meeting with heads of public sector banks and asked them to make concerted efforts to garner deposits. Deposits have been growing 300-400 basis points lower than the credit growth in the last few months, creating an asset-liability mismatch for banks. During deliberations on the deposit mobilisation, she said that while the credit growth has picked up, mobilisation of deposits could further be improved to fund the credit growth sustainably, and asked banks to make concerted efforts to garner deposits by conducting special drives.
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