What can we get for Rs.1? Till 15 March, funky party bags worth Rs.95 were available at Rs.
Senior officials of two state-run banks, one in Kolkata and another in Chennai, recently told me the State Bank of India (SBI) is wooing away many of their corporate borrowers, offering them lower interest rates. In other words, the nation’s largest lender is waging a rate war. According to them, SBI chairman Pratip Chaudhuri said at a recent press conference that the bank has about Rs.
Mumbai: India’s capital market regulator and Subrata Roy Sahara are at war with each other. Sahara’s managing worker and chairman has stepped up his offensive against the regulator, which asked the Supreme Court on 15 March that he be detained for allegedly flouting its directions. (The company handouts refer to the man as Saharasri and Subrata Roy Sahara.
Reserve Bank of India (RBI) deputy governor K.C. Chakrabarty has given a clean chit to the Indian banking system.
The key takeaway from the Reserve Bank of India’s mid-quarter monetary policy review—the last for fiscal 2013 that ends 31 March—is not the quarter percentage point cut in its policy rate, but its guidance: “the headroom for further monetary easing remains quite limited”. A quarter percentage point cut had been widely predicted and very few had expected a reduction in banks’ cash reserve ratio (CRR), or the portion of deposits that commercial banks need to keep with the central bank. RBI has left CRR untouched at 4%, a level last seen in December 1974.
Nine out of 10 bond dealers expect Reserve Bank of India (RBI) to cut its policy rate on Tuesday when the central bank announces its last mid-quarter review of monetary policy for fiscal 2013 that ends in March, but bond yields are not reflecting this expectation. In the past fortnight, the yield on the benchmark 10-year government bond has remained in the range of 7.8%-7.
Loris Luyendijk's banking blog in The Guardian in August 2012 cited one question that the entrance examination paper for a trainee programme at Merrill Lynch in 1972 had: “When you meet a woman, what interests you most about her?” The correct answer, Luyendijk said, was beauty. Those who thought intelligence, were given low marks. There was, of course, no question on what interests one the most when meeting a man.
How does the government of India, majority owner of public sector banks that roughly account for 70% of the banking industry and a key growth driver in the world’s 10th largest economy, choose the chief executives of such banks? A peek into the board room at the Reserve Bank of India’s (RBI) regional office on Delhi’s Parliament Street on 11 February would have given you an idea. On that day, a committee consisting of Rajiv Takru, secretary, department of financial services; Anand Sinha, deputy governor, RBI; Jagdish Capoor, former RBI deputy governor; and Debashis Chatterjee, director, Indian Institute of Management, Kozhikode, interviewed 18 executive directors (EDs) for nine posts of CEOs that will fall vacant between now and January 2014. The original idea was to interview six EDs between 9am and 11am, another six from 11am till lunch and the rest in the afternoon, post lunch.