Private lender Axis Bank has agreed to buy FreeCharge, the mobile payment services platform owned by beleaguered e-commerce portal Snapdeal, in a deal which saw considerable erosion of value.
Seeking to rest speculation, Axis Bank on Thursday re-appointed Shikha Sharma (in pic) as the managing director and chief executive of the third largest private lender for a third term that will last till June 2021.
On an average bad loan for public sector banks (PSBs) currently is about 75% of their net worth and the situation is even more alarming for those Banks where this amount has exceeded their net worth. Banks’ exposure to large corporates and infrastructure sector has been most affected. In this segment, bad loans could be as much as 35-40% and a large portion this accounts for the toxic exposure. The Indian banking industry has a large amount of debt outstanding appearing as non-performing loans.
In an attempt to make sovereign gold bonds (SGBs) more attractive to buyers, the Union cabinet on Wednesday raised the annual investment limit to 4 kg per individual from 500 gm and also relaxed other norms.
The ceiling will be counted on the financial year basis and will include gold bonds bought during trading in the secondary market, said an official statement after the cabinet meeting, chaired by prime minister Narendra Modi.
After remaining stagnant for 2 years, salaries in the banking, financial services and insurance (BFSI) sector went up 40 per cent in 2016 as the drive towards digitisation, emergence of small finance banks and FDI in insurance opened up the sector.
In 2016, BFSI was the highest paid sector with a median gross hourly wage of Rs 433. In 2014 and 2015, the median gross hourly wage was stagnant at Rs 307.9, finds a Monster.com study.
The Reserve Bank of India-led Monetary Policy Committee (MPC) may ease India's key lending rates or repurchase rates by 25 basis points in August policy meet supported by significant moderation in India retail inflation, while investors will eye upon the guidance of the central bank to gauge upon the further rate action this fiscal year. The Monetary Policy Committee may vote to ease interest rates by 25 basis points taking the repo rate to 6 per cent in the third bi-monthly monetary policy meet, TickerNews poll of 22 economists showed.
The NDA government will launch a pension scheme for senior citizens with a guaranteed 8 per cent interest. It could well become a flagship plan similar to the Ujjwala gas connection for poor.
Finance minister Arun Jaitley will launch the pension scheme on Friday in which the elderly will get monthly 8 per cent fixed rate of interest on their savings. It can be purchased offline as well as online through the Life Insurance Corporation (LIC) of India.
The LIC has been given the sole privilege to operate this scheme, the finance ministry said in a statement.
The Reserve Bank of India (RBI) may soon get a new liquidity management tool, the standing deposit facility (SDF), to better manage the surplus liquidity available in the banking system.
As on March 31, SBI had 3.27 crore internet banking customers and nearly 2 crore mobile banking customers.
According to sources, integrated farming, which is one of thrust areas recommended by a committee under Ashok Dalwai, special secretary in the Union agriculture ministry, will be the key to successful implementation of the programme.