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Union Finance Minister Nirmala Sitharaman is scheduled to attend a bankers’ conclave in Nagaland today, officials said. Sitharaman, who is on a 3-day tour of the northeastern state, is also slated to visit the remote district on Tuesday morning to inaugurate the branch of a private bank.
The spectacular jump in UPI transactions over the last few years may be one of the reasons for the growth in banking system’s CASA deposits, going by RBI data. CASA deposits of scheduled commercial banks increased from 41.99% of total deposits as at March-end 2019 to 45.15% as at March-end 2022 even as the value of UPI transactions surged almost 10 times from ₹8,76,703 crore in FY19 to ₹84,15,900 crore in FY22.
RBL Bank has appointed Gopal Jain and Dr. Sivakumar Gopalan as non-executive directors on its board, the bank said. “RBL Bank has been working on adding a diverse set of leaders with relevant experience to accelerate its 2.0 strategy,” the bank said in a release. With the new additions, the bank’s board will have 14 members.
Richest Indian Gautam Adani’s ports-to-power-to-cement conglomerate is “deeply overleveraged” with the group predominantly using debt to invest aggressively across existing as well as new businesses, CreditSights, a Fitch Group unit, said today. In a report titled ‘Adani Group: Deeply Overleveraged’, CreditSights said, “In the worst-case scenario, overly ambitious debt-funded growth plans could eventually spiral into a massive debt trap, and possibly culminate into a distressed situation or default of one or more group companies.”
Also Read – RBI Bulletin – Government Banks Privatization May Do More Harm Than Good
India’s GDP growth in Q1 (April- June) FY2023 is expected at 15.7%, with a good possibility of an upward bias, according to SBI’s Nowcasting model. If this materialises, SBI’s economic research department (ERD) expects an upside to RBI’s FY23 GDP projection of 7.2%.
Adani Group’s media arm today announced that it would purchase a 29.18% stake in New Delhi Television Ltd (NDTV), and make an open offer to acquire another 26% of the shares in the Co. The acquisition of 29.18% stake will be indirect, as it will be made through Vishvapradhan Commercial Pvt Ltd (VCPL), a wholly owned subsidiary of AMG Media Network Ltd (AMNL), which is owned by Adani Enterprises Ltd (AEL).
Days after reports surfaced that Tata Consultancy Services (TCS) had delayed the June variable compensation payout by a month for some employees, the country’s largest IT firm said today it will pay out 100% variable pay for its 600,000 plus employees.
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