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World Bank President David Malpass has said the multi-lateral funding agency will continue with $ 6 billion lending target for India. World Bank right now has 97 projects with $24 billion committed. So, we expect the programme to continue and to reflect the projects and reforms that were going on in India. Maybe 5-6 billion dollars per year," he told media in an interaction.
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The combined market capitalisation of seven of the 10 most valued Indian firms advanced by Rs 76,998.4 crore last week, with TCS leading the chart. Reliance Industries Limited (RIL), HUL, HDFC, ITC, ICICI Bank and SBI were the other firms which witnessed a jump in their market valuation for the week ended Friday, while HDFC Bank, Kotak Mahindra Bank and Infosys suffered losses.
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ICICI Bank posted a 6.09% decline in consolidated net profit for the September quarter at Rs 1,131.20 crore. On standalone basis, ICICI Bank's net profit was down 27.93% to Rs 654.96 crore in July-September as against Rs 908.88 crore of the corresponding quarter last fiscal. It had reported a net profit of Rs 1,204.62 crore for the July-September period a year ago.
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In her anticipatory bail plea, Parmeet Sodhi, says she had recently deposited Rs 10 lakh of her own money in the bank. And, she fears arrest on her arrival in India, on October 28, since there is a look-out notice issued against her.
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The city police discussed the matter with JB Bhoria, the RBI-appointed administrator of the bank, saying the proceeds raised from the auctions could be infused in the bank and be made available to the beleaguered depositors.
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Aggregate loans disbursed by the commercial banks in the country rose Rs 21,645 crore during the fortnight ended October 11, to Rs 97.9 lakh crore, according to the latest data released by the Reserve Bank of India.
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As per the decision, the Centre will own a 50 per cent stake in the GST Network and the remainder will be held by the states on a pro-rata basis in the new structure.
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Regulatory Sandbox (RS) usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain relaxations for the limited purpose of testing.
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The country's largest lender State Bank of India (SBI) on Friday reported a standalone net profit of Rs 3,011.73 crore for the quarter ended September 30, up 30.25% as compared to net profit of Rs 2,312.20 crore posted in the previous quarter.
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India jumped 14 places to the 63rd position on the World Bank's ease of doing business ranking released on Thursday, riding high on the government's flagship 'Make in India' scheme and other reforms attracting foreign investment. The country also figured among the top 10 performers on the list for the third time in a row.
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The auditor has found instances where the mortgage lender has extended loans to entities that are linked to the promoters and in some cases repayments worth Rs 12,541 crores by 28 such entities are not traceable.
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UPI, an interbank fund transfer mechanism run by the National Payments Corporation of India, will be available for use around the world starting with UAE &Singapore in the next six months. UPI recorded 955 million transactions in September
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Sources said the model for the payments bank was flawed from the beginning as “too much money” was poured into technology, which is estimated at up to Rs 1,000 crore for setting up the core banking system (CSB) and other related technology.
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The growth across the country is driven by increased demand from tier-I and tier-II cities where American Express Card members want to spend, the premium credit card and payment platform company said in a release.
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Mortgage is the safest piece in lending. But financial engineering for better returns made it vulnerable to liquidity risks. Both the govt and the RBI have taken measures to boost liquidity. But will it help in reviving the sector?
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Credit-funded buys touch a record of about 75% for consumer durables, 55-60% for smartphones. Amazon India said around 40% of total sales during the festive season was driven by consumer finance and credit card purchases.
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A Mumbai court on Tuesday extended the ED custody of Housing Development and Infrastructure Limited (HDIL) promoters Rakesh Wadhawan and his son Sarang Wadhawan, arrested in connection with Rs 4,355 crore Punjab and Maharashtra Cooperative (PMC) Bank scam, till October 24.
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The McKinsey's Global Banking Annual Review launched on Tuesday, warned that the bottom third of banks need to rapidly reinvent their business models in the face of continued threat posed by fintechs and big technology companies that are taking stakes in banking businesses.
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Vreedhi Financial Services have received an NBFC licence. While starting with a strong physical leg in the distribution business, the company will create a digital lending model by the next financial year.
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We know that children often mimic their parents’ behaviour when it comes to money and financial discipline imbibed young stays forever. Efficient money manag...
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Lack of an India-centric understanding of issues affecting the economy, the prudential norms effective from 2014 which do not fit a bank-driven economy and a lack of proper assessment of consumer preferences have combined to feed the talk about an economic slowdown, says Tuglak magazine editor S Gurumurthy.
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The strike call was given by two unions - All India Bank Employees' Association and Bank Employees Federation of India - in protest of the closedown of six nationalized banks.
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Assets worth Rs 40,000 crore are up for sale in sectors such as power, roads, telecom in the first half of FY20. 34% of cases under IBC delayed as of June, up from 26% a year ago. The code is one of the signature reforms of the Modi govt.
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In a letter to the finance ministry, SBI has sought an immediate policy intervention to revive gas-based plants worth about Rs 1 lakh crore from becoming non-performing assets. The bank has also sought bringing natural gas under the ambit of GST.
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Services in state-owned banks may be affected as some of the employees unions have decided to observe nation-wide strike on Tuesday to protest against bank mergers and fall in deposit rates. However, officers and private sector banks are not part of the strike call given by All India Bank Employees Association (AIBEA) and Bank Employees Federation of India (BEFI).
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The company has 15,000 people in India across tech and ops — about a third of total headcount. The transformation seems to be at variance with the trend of slowdown in revenue from the banking and financial services sector for IT services firms.
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Insurers said that the stricter enforcement of penalties by the police has led to this massive surge in customers buying mandatory third-party motor insurance. Under the new provisions, driving an uninsured vehicle will lead to a fine of Rs 2,000.
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SBI said the financial assets were showcased on Oct 12 and the e-auction will take place on Nov 7. The auction for the accounts will be held under the 'Swiss Challenge Method', based on an existing offer in hand, who will have the right to match the highest bid.
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The mortgage lender said that the website content is now also available in Hindi, Marathi, Tamil, Telugu, Malayalam and Kannada, even as English continues to be a widely used language on digital platforms in India, HDFC said.
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The insurance regulator issued a circular laying out guidelines for dos and don'ts for insurance companies to comply with. It also laid out the structure for communications made through internet for clarity of prospective customers.
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Many countries have cautioned against rushing into crypto currencies, Union Finance Minister Nirmala Sitharaman said on Sunday, as Facebook's proposed virtual currency Libra became a buzzword during the annual meeting of the International Monetary Fund and the World Bank. In fact, Reserve Bank of India Governor Shantikanta Das spoke about crypto currencies during one of the interventions this week. The RBI has banned the use of cryptocurrencies in India.
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As the United States and China remain engulfed in a massive tariff battle and with Brexit turmoil continuing on Saturday, trade overshadowed the discussions of finance officials gathered for the annual meetings of the International Monetary Fund and World Bank.
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