Standard Chartered on Friday lowered India's growth forecast for the current financial year to 4.7 per cent from earlier 5.5 per cent, citing "upside risks" to inflation and fiscal deficit.
These categories rank among India's top 10 export items by value.
Australia-based Westpac Banking Corporation said on Monday it would sign a cooperation agreement with Standard Chartered Bank in India on Wednesday (June 7).
While Gupta, 60, can rightfully bask in the glory he has achieved for his bank in the subcontinent, his peers in foreign banks will have to revisit their India play, especially the local incorporation model, says Raghu Mohan.
The issue price of 390 pence per share represents a discount of 48.7 per cent to the closing price on November 21, the statement added. Temasek, Standard Chartered's largest shareholder, is intending to take up its rights and is also participating in the underwriting of the issue.
As many as 40 staffers, in the key equities and investment banking division in India, could be asked to go as part of the London-headquartered lender's global layoffs, said people aware of the development. HSBC India declined to comment.
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.
Having identified India as one of its major markets globally, Standard Chartered Bank on Wednesday said it was open to acquisitions and plans to more than double its branch network in the country to 150 by 2006-07.
Atul Choksey, the former co-promoter of Asian Paints, has exited from Standard Chartered Mutual Fund.
India's unstable politics and slow pace of reforms add to the downside risks said the bank's note.
To mark its 150th year of inception, Standard Chartered Bank would strengthen its presence in the country and open 23 new branches and 81 ATMs in this calendar year.
Sources close to the developments said the company would announce the deal any day. Morgan Stanley is advising Standard Chartered on the deal.
Like the US, India too has a sub-prime market and it is booming. The success of early entrants like Citi Financial and GE Money has encouraged several others to enter the consumer lending business, nearly half of which is a sub-prime market.
This will allow the bank's customers to access funds from virtually any city or town in the country. The NFS is India's largest domestic network with over 30,000 ATMs across the country and Standard Chartered's customers will now have wider coverage of ATMs available to them.
The stock plummeted after the the New York state in the US on Monday night threatened to revoke its licence and charged it of $250 billion worth secret transactions with Iran.
Of the six-member rate-setting monetary policy committee, five members voted for a 25 bps cut while one by 40 bps, the RBI said.
The kind of hiring MNCs are doing in India makes it clear call centre operations are no longer the only thing on their minds.
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
For some, India has become critical to global operations. It accounts for 10 per cent of StanChart's top line as well as bottom.
'What made him different was that he was not a banker at all by temperament.' 'He was a businessman, a typical lalaji at that.' 'He had to win at any cost.'
They are small town boys who went on to make it big in global financial powerhouses.
Govt is likely to find it hard to meet deficit target next year.
It was unclear how bankers were deciding which jewellers to support
The RBI is working to nudge large foreign banks with 30 or more branches in India to get incorporated locally.
The rupee's plunging to record level and a sharp fall in the equity market are knee-jerk investor reactions to the US Federal Reserve's saying the it will slow down bond-buying programme in view of improving American economy.
Many Indian companies provide outsourcing services to various American entities, including large banks and financial institutions.
Tomorrow's review could also turn out be the last policy anchored by Rajan if the proposed Monetary Policy Committee (MPC) is put in place before the next review due on August 9.
One of India Inc's top demands is the abolishing of the MAT.
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The minister, who will also be meeting foreign institutional investors whose money is key to funding CAD in the afternoon, did not speak to reporters waiting outside.
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