MUMBAI: Uday Kotak, Asia’s richest banker by virtue of being the founder of Kotak Mahindra Bank, which he led for nearly two decades, on Saturday announced that he was stepping down as its managing director and CEO four months before the end of his term.The high-profile banker’s decision to become a non-executive director came as … Read more
MUMBAI: In a move that will make lenders extremely cautious in declaring borrowers as wilful defaulters or frauds, the Reserve Bank of India (RBI) has placed the responsibility of settling such cases with the board of directors.Under its new guidelines, the RBI has also passed on the responsibility of deciding on a compromise settlement to … Read more
MUMBAI: RBI governor Shaktikanta Das has said that events around the Silicon Valley Bank (SVB) failure in the US highlight the need for banks to be prudent in their asset-liability management and grow their deposits in a sustainable manner. He also said that the incident brings out the dangers that cryptocurrencies pose to banks.“Recent developments … Read more
MUMBAI: Reserve Bank of India (RBI) has said that the financial technology, or fintech, sector should organise itself under a self-regulatory organisation that can monitor the conduct of member fintech entities.Addressing an international research conference on fintechs on Friday, co-organised by IIM-Ahmedabad, RBI deputy governor MK Jain said that a self-regulatory approach could also help … Read more
NEW DELH: Rajiv Kumar formally took over as the 25th Chief Election Commissioner (CEC) of India at Nirvachan Sadan in Delhi on Sunday. Election commissioner Kumar was appointed to the post on Thursday, replacing Sushil Chandra who demitted office on May 14. “The President is pleased to appoint Shri Rajiv Kumar, the senior-most Election Commissioner, … Read more
MUMBAI: ICICI Bank and Bank of Baroda have notified the increase in lending rates by 40 basis points (100bps = 1 percentage point) following a similar increase in key policy rates by the Reserve Bank of India (RBI) on Wednesday. Kotak Mahindra Bank raised its fixed deposit rates across multiple maturities for retail customers. The … Read more
COLOMBO: In an “unstinted and multi-faceted support” to Sri Lanka which is grappling with its worst-ever economic crisis, India has extended the duration of the $400 million currency swap facility which had been concluded with the island nation in January. This was the first extension of an international debt instrument to Sri Lanka after the … Read more
NEW DELHI: The International Monetary Fund on Tuesday vowed to expand its work on crypto assets, amid a call from finance minister Nirmala Sitharaman to evolve a consensus to deal with digital assets. During a panel discussion early Tuesday morning (India time), Sitharaman flagged concerns over possible misuse of private digital currencies for money laundering … Read more
NEW DELHI: India’s economy is estimated to grow by 8.2% in the current fiscal year (2022-23), sharply slower than the International Monetary Fund’s (IMF) earlier forecast of 9% as the impact of Russia’s invasion of Ukraine weighs heavily on prices and disruption of supply chains. In its latest World Economic Outlook (WEO) report, the IMF … Read more