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India is not immune to global disruptions, so some slowdown in growth is inevitable, he said, adding, since India is a domestic, consumption-based economy, India is less dependent on the global economy compared to countries that rely heavily on exports.
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In its 4-point statement, ICICI Bank categorically denies the data breach incident. Researchers tell ETCISO that although the leaked KYC data appears legitimate, it cannot be attributed to a lapse by the banking major.
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The billionaire banker's transition from CEO was necessitated after central bank guidelines capped tenures for Indian business heads.
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India's central bank has allowed either of HDFC or HDFC Bank to increase their ownership to more than 50% in HDFC Life and HDFC ERGO before their merger. The regulator has also asked HDFC Bank to comply with liquidity and reserves requirements without exception from the merger date. HDFC Bank's CFO said there are no guidelines on whether the stake increase has to be through funds infusion or share purchases from the market. HDFC Bank has been ramping up its investment book, which expanded 13.4% on-year to INR5.17tn ($68.84bn) as of 31 March 2022.
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Indian banks are expected to avoid investing large amounts in the central bank's 14-day variable rate reverse repo as cash in circulation and increased credit demand eat away at liquidity levels. Traders have also said that few banks have ample cash, leaving many susceptible to funding shortfalls. Subscription to the Reserve Bank of India's variable rate reverse repo on Friday was less than half the previous week, indicating the trend of reduced demand will continue.
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Credit Suisse saw investors pull a record 4.6 billion euros ($5.04 billion)out of its funds at the height of the bank's troubles last month, data published on Friday showed. The data from Morningstar covered the whole of March, when a potential collapse of Credit Suisse saw Switzerland's financial authorities orchestrate its emergency takeover by rival UBS .
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India's economic activity remained robust in March despite weakening export growth and rising unemployment. The needle on Bloomberg's Animal Spirits indicator remained at 5, and a rise in tax collections showed that the country's economy was steady, though the Reserve Bank of India has paused rates evaluations due to the impact of 250 basis points in rate increases so far.
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India's largest lender, the State Bank of India (SBI), has reportedly contacted international banks to explore options for a possible bond issue, with initial estimates pointing towards $500m. The bank is expected to formally involve investment banks in the project within a week, with the issue's size dependent on the response from investors. The regulatory framework allowing companies to issue securities to investors in the US and other markets without registering with the SEC is expected to help to bring down costs.
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Anil Agarwal-led resources conglomerate Vedanta has encumbered a part of its stake in Hindustan Zinc (HZL) to raise Rs 1,500 crore in loans against those shares at more than 50% margin to their market value, Vedanta told the exchanges in a mandatory filing Thursday.
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More students from India's Tier 2 and 3 cities are seeking higher education abroad, and applications for loans have increased by 162%. Hyderabad, Mumbai, Bengaluru, Delhi, and Chennai in Tier 1 cities have seen the highest number of loan applications, with a rise of 237% in Delhi and 193% in Hyderabad.
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As part of the association, a multi-media campaign featuring Virat Kohli will showcase the value proposition of banking with HSBC. Through its suite of products and services, the bank is positioned to support various facets of the Indian economy poised for a significant and sustained growth trajectory, it said in a statement.
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India's income tax department sent notices to two private banks in its ongoing investigation into possible malpractices involving commission payments made by insurance companies. The initial investigation focused on over 20 insurance firms and around 500 entities linked to their sales agents. However, officials have now shifted their attention to banks, as voluminous transactions have been revealed. Investigators are apparently scrutinising transactions in excess of INR60,000cr ($8.06bn) and also investigating suspected GST evasion exceeding INR5,500cr.
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Following a nudge from the finance ministry last fortnight, most government-owned banks identified companies they would prefer to sell to National Asset Reconstruction Company (NARCL), the people cited above said. NARCL will identify about 20-25 accounts from the list for acquisition this fiscal year.
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China's GDP grew by 4.5% YoY in Q1 2021, surpassing analysts' forecasts of 4.0% expansion, as the country began to emerge from the effects of Covid curbs. However, the recovery has been uneven, with slower prices and surging bank savings causing concerns about demand.
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It comes after the Insurance Regulatory and Development Authority of India (IRDAI) asked the insurers to come out with a new insurance product along these lines, they said. Insurers will make a representation to the IRDAI in this regard, said a senior executive with one of the general insurance companies.
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The government's decision to withdraw tax exemptions on maturity proceeds of non-unit linked insurance policies (non-ULIP) with an annual premium exceeding ₹5 lakh led to a surge in pre-booking of high-value non-linked policies before March 31, resulting in an overall increase in the average ticket size for retail regular premium policies across the insurance industry.
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The overnight and one-month tenor MCLRs are raised by 0.10 per cent to 7.90 per cent and 8.10 per cent each while the six-month maturity bucket increased to 8.40 per cent.
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Currently, Central Board of Indirect Taxes and Customs (CBIC) manually notifies exchange rates of 22 currencies every fortnight -- 1st and 3rd Thursday of a month -- based of rates obtained from the State Bank of India (SBI). The rate notified comes into effect from midnight of the following day.
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IIDF, a financial creditor of McLeod, filed the petition against the company for default in payment of Rs 347.4 crore as on November 12, 2019, of which the principal amount is about Rs 252.66 crore.
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Public sector banks (PSBs) in India have set a target to sell flagship government insurance schemes, including Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), by FY24. These PSBs also have set targets for other financial inclusion schemes like Mudra Yojana and StandUp India Scheme. Banks were advised to encourage customers to buy these policies for multiple years rather than renewing annually. As of March 31, 2023, about 15.99 crore and 33.78 crore were enrolled under PMJJBY and PMSBY, respectively. A campaign has been launched to achieve saturation under these schemes by leveraging banking correspondent networks for outreach and enrollment of potential beneficiaries.
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