Months after picking up 24.21 per cent stake in private sector lender Yes Bank, Japan's Sumitomo Mitsui Banking Corporation (SMBC) has received the Reserve Bank of India's (RBI's) in-principle approval for setting up a wholly owned subsidiary (WOS) in India.
Eighty-five village sarpanchs from across India have been invited as special guests to witness the Independence Day celebrations at Red Fort, in recognition of their contributions to rural transformation.
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.
FDs are not advisable for long-term wealth creation as their post-inflation, post-tax returns are not very attractive.
In a move to strengthen governance in private sector banks and wholly-owned subsidiaries of foreign banks, the Reserve Bank of India (RBI) on Wednesday directed them to have at least two wholetime directors. Lenders that do not meet the requirement will have to submit the names for the RBI's approval within four months. Banks need prior approval from the banking regulator for the appointment of wholetime directors.
More than half a dozen private-sector banks are awaiting regulatory approval for the appointment of a second whole-time director on their boards.
Prime Minister Narendra Modi on Friday launched the second phase of the Swachh Bharat Mission-Urban and Atal Mission for Rejuvenation and Urban Transformation.
After a sequential fall in November, due to high base and waning of the festival season effect, credit card spends have picked up again in December, recording over Rs 1 trillion for the 10th consecutive month. Latest figures released by the Reserve Bank of India (RBI) show that credit card spends in December 2022 touched Rs 1.26 trillion, up 10.21 per cent compared to November. And, on a year-on-year (YoY) basis, spends were up 34.31 per cent during this period.
The Cabinet on Wednesday approved $1.5 billion (about Rs 9,000 crore) World Bank support for the Swachh Bharat Mission (SBM) in rural areas.
The panel is expected to meet next month in Chandigarh.
Amid a political furore over a meltdown in the Adani group shares, stock market data shows it is not only the plunge now but the sharp surge of the past also drew regulatory attention and enhanced surveillance. Adani group stocks have taken a huge beating on the bourses, losing billions of dollars in market value, after US-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
In India, 173 people defecate in the open for every square km.
The government's Swachh Bharat programme presents entrepreneurs with a chance to curb open defecation and make money in the process.
The World Bank has approved a $1.5 billion loan for the ambitious clean India campaign.
States spent much more in the first three months of the current financial year compared to the corresponding period last year.
We do not expect any major price action at SBI counter as the swap ratio being largely neutral
Swachh Bharat Mission could focus on using technological innovation to eradicate the problem of open defecation, says R Gopalakrishnan.
Panna-Mukta field was producing 40,000 barrels of crude oil per day before July 25 when the leakage in the SBM (oil evacuation system) was detected and production was stopped, an industry source said. State-run gas utility GAIL India, which markets the gas produced from the fields, declared a Force Majeaure and effected a pro-rata cut on all its customers.
The second and third positions in the category were grabbed by Surat and Navi Mumbai respectively.
Employee integration and branch rationalisation are major challenges.
With average capacity utilisation now touching 76 per cent, Indian companies are going back to the drawing board to add capacity but the plans to build new factories and plants are still some months away.
Syed Firdaus Ashraf/Rediff.com lists 11 Modi flagship schemes that may have been gamechangers in the Lok Sabha election.
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.
Country's biggest lender State Bank of India had proposed merger of five associate banks.
We need to bring solid waste management into all school curricula in an organised and cohesive manner, suggests Anjuli Bhargava.
The RBI also looked into the effectiveness of systems and processes for implementation of KYC norms
The two sides signed a maritime security agreement after extensive talks between Prime Minister Narendra Modi and his Mauritian counterpart Pravind Jugnauth.
BG Exploration and Production India, a part of UK-based BG group and Reliance Industries, hold 30 per cent stake each in the field, while ONGC has a participating interest of 40 per cent.
It is urgent that we break the silence around the 'M' word, one ward and gram panchayat at a time, so that women and girls -- irrespective of their financial capacity -- can demand the information and materials they need, says Archana Patkar.
Seeking to create a global-sized bank, the Cabinet on Wednesday gave the go-ahead to the merger plan of SBI and its five associates, a step aimed at strengthening the banking sector through consolidation of public banks.
The Central Bureau of Investigation has arrested an Reserve Bank of India official and a JDS leader K C Veerendra, who is also a casino owner, in connection with separate cases relating to alleged illegal conversion of currency post-demonetisation.
Govt keen to revive business sentiment in india.
'We cannot let this country be a place where the poor pay to shit.' 'That is inhuman and unacceptable.'
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