Financial Times
Retailers refused to accept the bills, worth around US$7.50 and US$15 respectively, and people were unable to access ATMs after banks closed them down. Deepak Urs, a staff trainer at a financial services company in India’s southern tech hub of Bengaluru, said he would need ...
India has long called itself the “biggest democratic country” in the world. All Indian states are under the unified administration of the central government, but they lack coordination and national governance remains fra...
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Mallya, who was once the member of India's parliament, took the country by surprise in March when he quietly left the nation to find new home in the UK. Mallya owes over a dozen Indian banksroughly $1.35 billion. A month after he left, the Indian government revoked his passport and iss...
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non-compliance of terms and conditions will attract penal measures including cancellation of licence of the bank.* Additional conditions for NBFCs promoting / converting into a bank : Existing NBFCs, if considered eligible, may be permitted to promote a new bank or convert themselves into banks ...
“It’s not that high even now: 35 to 40,” he says. “You need to be in the 70s to really take off and create demand.” The second point was that nobody was quite doing everything properly in Indian banking. On one side were the public-sector banks, which had scale, distribu...
3. important through having power, influence, wealth, authority, etc: the big four banks. 4. (intensifier usually qualifying something undesirable): a big fool. 5. informal considerable in extent or intensity (esp in the phrase in a big way) 6. a. elder: my big brother. b. grown...
“It’s only a matter of time, if things are not resolved, that we’ll start to see bigger defaults in the sector,” said Saswata Guha, Fitch’s head of financial institutions in India. “There’s a risk of contagion which may flow through [NBFCs] and also banks. It’s very hard...