Almost three years after the Indian government announced its intention to open up the banking sector for a new set of private banks to expand banking services, the Reserve Bank of India (RBI) last week released the final guidelines on the licensing norms for such banks. There is no surprise in the guidelines even though there are minor deviations from the draft norms. For instance, the draft norms, released in August 2011, had said corporate entities earning at least 10% of their revenues from broking or real estate business would not be eligible to apply for a banking licence.
Mumbai: In many ways, Thursday’s national budget—independent India’s 82nd—will be the toughest for finance minister P. Chidambaram, as he will be presenting it with one eye on the electorate and another on rating agencies, which have threatened to downgrade India. This is Chidambaram’s eighth and the United Progressive Alliance government’s last budget before the nation goes to the polls next year.
India’s private banks, by and large, have been able to contain their bad assets, but there is no let up in the growth of bad loans of state-owned lenders. In the December quarter, most public sector banks recorded higher non-performing assets (NPAs) and, for some of them, the growth has been pretty high. Three such banks now have gross NPAs more than 5% of their loans and many more between 3% and 5%.
Afzal Guru,convicted in the 2001 Parliament attack case, was hanged in Tihar Jail on Saturday, less than a week after India’s President Pranab Mukherjee rejected his mercy plea. Guru was sentenced to death in 2002 by a special court. Ajmal Kasab, the Lashkar-e-Taiba militant, was hanged in November after the President rejected the clemency petition.
Mumbai: Chanda Kochhar took over as managing director and chief executive officer of India’s largest private lender ICICI Bank Ltd in May 2009 amid rising bad loans and falling profit. In March 2009, the bank recorded a net profit of Rs.744 crore, and gross non-performing assets (NPAs) as a percentage of loans were 4.
Mumbai: India’s lone listed microfiance company SKS Microfinance Ltd has seen a 91% erosion of its share value from its peak on 28 September 2010 till date and a 72% slump on its loan book after a state law in Andhra Pradesh (AP) forced it to exit the southern state that made up close to 30% of its business. Collection levels in AP dropped to 5%, forcing SKS to shrink its loan book in other states and use the money to provide for the AP bad loans. In a rare interview, the company’s CEO and managing director M.
They are as different as birds and bats. Peek at their plates at any family function and you’ll know. She helps herself to rice, fish curry and gajar ka halwa; he prefers bread, boiled vegetables, grilled fish and cheesecake.
Cyrus Mistry, Mukesh Ambani, Kumar Mangalam Birla,Anand Mahindra and their peers in Mumbai let out a collective sigh of relief when they heard that West Bengal chief minister Mamata Banerjee was postponing her road show, originally scheduled to be held in Mumbai on 13 February, in a bid to attract investments. Some of them have even stopped looking for music teachers. The concept of singing for one’s supper was taken to new heights (or depths) at the Bengal Leads 2013 summit in Haldia, West Bengal, in mid-January.