As the country's HNI population is on a rise, the segment is hard to ignore for domestic banks.
It makes sense to go for a cash back card only if you are a big spender, otherwise the benefits are almost equal.
Emerging giants India and China are leading the global economy on a '32-62-72' growth path, Standard Chartered Bank's Chief Economist has said -- using the numeric phrase for evolving economic size of the world.
Volatility in domestic share market acting as catalyst.
The Central Bureau of Investigation on Wednesday sought clarifications from Standard Chartered Bank officials in connection with its probe into former Aircel chief C Sivasankaran's allegations that the then Telecom Minister Dayanidhi Maran forced him to sell his company to Malaysia-based Maxis group in 2006.
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
India has been the fastest-growing market in Asia for the affluent segment between 2006 and 2010.
The airline is also expecting to close the bridge loan of $195 million from the domestic arm of the British lender shortly.
Gerard Lyons, chief economist and group head of research, Standard Chartered Bank, says that much will depend on monetary and fiscal policies undertaken.
Issuing debentures is one way by which companies raise loans.
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.
Banks are increasingly offering a range of tailor-made financial products; however, there are some downsides.
The scheme offers complete solutions that combine savings, borrowing and protection for the emerging affluent segment, which consists of individuals with an annual income between Rs 5,00,000-Rs 40,00,000, the company said.
India, which has seen significant rise in foreign investment in recent years, needs regulatory changes to enhance investor confidence, a senior executive of a leading global bank said on Monday.
Mergers and amalgamations will grow and deal sizes increase as the Indian economy expands, Venkat Anantharaman, managing director responsible for mergers and amalgamations, leveraged finance and equity corporate finance at Standard Chartered Bank in Mumbai, tells Sumit Sharma in an interview.
The District Consumer Disputes Redressal Forum said raising undue credit card bill of Rs 74,000 and putting the customer's name in defaulters' list due to which he could not avail the services of any other bank was illegal and asked Standard Chartered to desist from such activities in future.
At a meeting of the Institute of International Finance, a global association of financial institutions, Standard Chartered Bank Chief Economist, Gerard Lyons, raised doubts over the Centre's projections of reducing fiscal deficit from 2010-11's estimate of 5.1 per cent. "I am skeptical whether fiscal deficit can be reduced as planned," he said.
United Spirits Ltd (USL), flagship spirits company of the UB Group, has finally decided on foreign currency convertible bonds (FCCBs) to raise as much as $225 million (Rs 1,190 crore). The plan is to raise up to $175 million, plus an over-allotment option of $50 million.
Ahead of the Mumbai Marathon, visually-impaired marathoner Henry Wanyoike shares running tips and the secrets of becoming a champion.
Diageo may not be able to recover $135 mn loan from Mallya firm
Just as investors abroad can participate in Indian companies' issues through the American Depository Receipt and Global Depository Receipt route, Indian investors can now invest in foreign companies through the IDR. Standard Chartered Bank will be the first IDR issue, opening May 25.
The Standard Chartered Bank is set to ask three of its executives to go on leave following complaints made by a few high net worth clients on mis-selling of products.
Banks and financial institutions have proved to be the only ones in corporate India's otherwise dismal gender diversity performance, according to a report published by Standard Chartered Bank.
While other foreign banks are still shrinking their loan portfolio, Standard Chartered Bank says it is seeing a double-digit growth
The number of Singapore-based companies setting up operations in India, about 350 at present, will double in the next five years, a senior executive of the Standard Chartered Bank in Singapore said.
Indian depository receipts (IDR) are set to get going after a long gestation period of six years with Standard Chartered Bank filing a red herring prospectus to raise up to $750 million.
Faced with a rising number of customer complaints on excessive charges, the Reserve Bank of India has asked the Indian Banks' Association to come up with guidelines on what the reasonable charges should be.
The government's showcase Indian Infrastructure Finance Company Ltd has run into trouble with two leading global banks - Standard Chartered Bank and Calyon Credit Agricole - suggesting that they may not fulfil collective contractual funding commitments of $250 million
Standard Chartered pulled out of the negotiations over valuation issues, according to sources. They say it was willing to pay up to $250 million, a figure that apparently fell far short of RBS' s expectations.
In view of India's faster industrial growth and improved business confidence, UK-based Standard Chartered Bank (SCB) on Tuesday revised upwards its forecast for the country's economic growth to 8.1 per cent for the current fiscal.
Major global banks such as Standard Chartered, Barclays and HSBC have paid lesser amounts in advance tax in the third quarter of this fiscal compared to the year-ago period, while the domestic banks have paid higher amounts during the same period.
Even after UBS Global Asset Management's $220 million deal to acquire Standard Chartered Bank's mutual fund management business in India fell through, the Swiss financial services giant exuded confidence that it will beef up its asset management business operations in the sub-continent.
Bank FD rates are expected to go down in the near future. Lock in now if you want stability as well as returns
The Supreme Court stayed the National Consumer Commission's order, which had capped the interest rate chargeable on credit card holders at 30 per cent. The verdict will allow banks to levy any interest rate they consider applicable to card holders. In their appeal, the banks said they were following the guidelines of the RBI, which was the only authority to regulate the fixing of the interest. The commission had no jurisdiction to pass an order directly to the banks.
Telecom infrastructure major GTL Infrastructure will use its Rs 2,200 crore cash reserves to buy back foreign currency convertible bonds.
"The examination will cover several aspects, including standalone profiles of the Indian subsidiaries, our assessment of the strength and quality of parent support, and translation of global ratings to the Crisil scale," Crisil Ratings Senior Director Raman Uberoi said.
The Indian market is very competitive because you have existing foreign banks, private banks, new foreign banks and public sector banks, says Mike DeNoma, executive director, StanChart.
The Supreme Court on Monday admitted the appeals of Standard Chartered Bank, HSBC and Citibank challenging the order of the National Consumer Commission imposing restriction on charging credit card holders an interest rate in excess of 30 per cent.
Earlier, the court had sought response from the Central government and K Nageshwar Rao, Special Director, ED, on the bank's petition seeking quashing of the Bombay high court order that refused to stay the proceedings.Earlier, the court had sought response from the Central government and K Nageshwar Rao, Special Director, ED, on the bank's petition seeking quashing of the Bombay high court order that refused to stay the proceedings.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
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