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Steps down as MD & CEO four months ahead of tenure-end; Dipak Gupta elevated as MD & CEO subject to RBI approval
from | The HinduBusinessLine https://ift.tt/ZjFJpul
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from | The HinduBusinessLine https://ift.tt/ZjFJpul
According to the NPCI data, the UPI transactions on August 30 stood at 10.24 billion. In value terms, the transaction had totalled Rs 15,18,456.4 crore. The number of UPI transactions in July was 9.96 billion (996.4 crore), up from 9.33 billion in June. In value terms, the transactions totalled Rs 15,33,645.20 crore. UPI is an instant payment system that allows users to instantly transfer money to any bank account.
UBS could have spun off the business and floated it in an IPO but the domestic bank has been a solid profit-maker for Credit Suisse and last year it was the only division in the black. The long-awaited announcement was made in tandem with UBS's first earnings report since taking over its stricken rival.
Indian shares ended near the session's low as a late slide in financials offset gains in IT stocks. The Nifty 50 index closed slightly higher, while the S&P BSE Sensex also rose marginally. Financials were dragged down by HDFC Bank, while IT stocks climbed on easing interest rate concerns in the US.
Indian benchmark stock indices, the sensex and Nifty, closed higher for the second consecutive day, led by gains in metal, power, and select financial shares. However, losses in Reliance Industries, ICICI Bank, and Airtel, along with foreign fund outflows, limited the gains. The sensex rose by 0.12% to settle at 65,075.82, while the Nifty gained 0.19% to end at 19,342.65.
The US has expressed support for the revamp of multilateral bodies such as the World Bank and IMF, ahead of the G20 summit. US President Joe Biden plans to work with Congress to provide additional funding to strengthen these agencies and counter China's lending practices through the Belt and Road Initiative. India, which prioritizes the reform of multilateral development banks, is expected to benefit from this support.
Indian shares rose on Monday as concerns over deposit growth at HDFC Bank eased, lifting financials. The Nifty 50 index settled 0.21% higher, while the Sensex rose 0.17%. Mid-caps and small-caps outperformed, driven by strong retail inflows. Financials rose 0.55%, with HDFC Bank adding 1.04% after Goldman Sachs reiterated a "buy" rating.
On the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which is one of the biggest financial inclusion initiatives in the world, Sitharaman in her message said 55.5 per cent bank accounts have been opened by women, and 67 per cent have been opened in rural/semi-urban areas.
The government is expected to take up the issue of penal charges levied by banks for non-maintenance of minimum balance with the Reserve Bank of India, as these yielded Rs 21,000 for state-run and private lenders over the last five years. While a government official insisted that state-run banks such as SBI do not adopt such practices, he acknowledged the problem and said the issue will be taken up with RBI.
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