State Bank of India sanctioning $1-billion loan to Adani group's coal project in Australia was on Thursday raised in Rajya Sabha by Derek O'Brien, who said it smacks of crony capitalism. Raising the issue during Zero Hour, he said SBI has signed an memorandum of understanding pledging one of the single largest loans to a corporate house despite five international banks refusing to lend to the Adani project. Five leading global banks -- Citibank, Deutsche Bank, Royal Bank of Scotland, HSBC and ... Rediff.com, 3 weeks ago
5 reasons why SBI's $1bn lifeline to Adani's Australia project needs to be questioned - Rediff.com, 1 month ago
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Reserve Bank governor Raghuram Rajan has been conferred with the Best Central Bank Governor award for 2014 by Euromoney magazine. Euromoney said Raghuram Rajan’s tough monetary medicine combatted the storm ravaging the deficit-ridden economy in the recent emerging market crisis. "Now, he is battling vested interests to arouse a sleepy financial system for over one billion people...Remarkably, the internationally-renowned economist, who earned acclaim for his warnings in 2005 of an ...Rediff.com, 2 months ago
Private sector banks have outperformed the benchmark BSE Sensex by a long shot. While the Sensex has returned 8.5 per cent over three months, private banks have returned 18 per cent. Over the past six months, shares of these lenders have risen 25 per cent against a 15 per cent of the Sensex. This rise is driven by both optimism and reality. Equity strategists believe India’s private banks are in a proverbial ‘sweet spot’ as capital-starved competitors struggle with ...Rediff.com, 3 weeks ago
It's not e-retailers alone. Bankers are also celebrating initiatives like 'Big Billion Day Sale' this festive season. For, online shopping of physical goods in India is estimated to reach $4 billion in 2014, and multiply by over 11 times to $45 billion by 2020 - reflecting a compound annual growth rate (CAGR) of 50 per cent. The country's internet population, 213 million as on 2013, is seeing an addition of five million every month, driven by the rapid growth in smartphones. Most banks ...Rediff.com, 1 month ago
"Just not immediately, if that's ok," he added on a lighter note in reference to the upcoming General Election in Britain in May 2015. "What makes Britain a success is that every community has a hand in it...but frankly it is still not enough. In Britain ...Jagran Post, 1 month ago
Image: Markets cheer reforms, poll results. Photograph: Reuters The fuel reforms are a very important signal of the government's commitment to tough economic reforms. After a brief pause, the government has rolled out some long pending reform measures over the past few days. While the focus on rejigging the bureaucracy continued to receive priority, the government has implemented policy decisions in the more difficult areas of labour and energy sector. Besides decontrolling diesel, ...Rediff.com, 1 month ago
Image: A Kathakali dancer performs during a cultural programme in Chandigarh. Photograph: Ajay Verma/Reuters India is home to 11th largest population of Ultra High Net Worth Individuals, but also figures among countries with ‘very high wealth inequality’ with a large number of its residents being in the lower wealth strata, says a new report. According to the Credit Suisse Global Wealth report, India has 1,800 ultra high net worth individuals -- 11th largest group globally, while ...Rediff.com, 2 months ago
Some say the rupee has already started to trade with a weaker undertone, recognising the sharp rise in the US dollar index, which touched a 52-month high of 86.746 on October 3 after the data indicated a drop in their jobless rate, notes Somasroy Chakraborty. The volatility in the exchange rate of the rupee appears to be in the past. The dollar has continued to climb against major currencies but the rupee has been unusually stable against the greenback for the better part of this financial ...Rediff.com, 2 months ago
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