No Main Affect on Indian Banks After Brexit, Says SBI UK Chief

London: There will be no major impact on Indian banking operations in the UK post-Brexit and the British capital will continue to be the global “financial hub”, according to the UK chief of State Bank of India.
Sanjiv Chadha, the SBI's Regional Head for the UK and chair of the Association of Indian Banks in the country, said that Indian banks in the UK are set for a new phase of growth as they prepare to expand operations into subsidiaries.
In reference to Brexit, the banking chief said he did not foresee a major impact on Indian banking operations in the UK and believed that London would continue to be the global “financial hub”.
“Indian banks have always followed the diaspora and just as the diaspora has transformed and grown, the Indian banks are also being asked to subsidiaries as we have also grown,” Chadha said yesterday while addressing a special event here organised to celebrate the contribution of Indian banks by the Asian Business Publications Limited (ABPL) media house…

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Do not Blame Execution if Concept Itself is Unsuitable: Rajiv Bajaj on Demonetisation

Mumbai: With the adverse impact of note ban continuing to hamper two-wheeler sales, Bajaj Auto Managing Director Rajiv Bajaj on Thursday said the idea of demonetisation was itself “wrong” and it is incorrect to blame only the execution side of it.
“If the solution or the idea is right, it will go like a hot knife through butter…if the idea is not working, for example, demonetisation, don't blame execution. I think your idea itself is wrong,” Bajaj said at the annual Nasscom leadership forum here.
Prime Minister Narendra Modi had on November 8 last year scrapped all the Rs 500 and Rs 1,000 notes, with a view to check the black money.
Massive cash rationing was introduced as the new replacement notes were in short supply. The ban on 86 per cent of the total currency worth Rs 15.55 trillion in circulation impacted economic activity across sectors with the consumption-driven ones being the most affected.
Notably, the two-wheeler sales are yet to recover from the impact of demonetisa..

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Demonetisation has Impacted PepsiCo’s India Enterprise in This autumn: Nooyi

New York: The demonetisation drive in India had a “significant impact” on PepsiCo's business in the country in the last quarter of 2016 and there are still “lingering effects” of it, according to the food-and-beverage giant's India-born CEO Indra Nooyi.
“On demonetisation, across the board for pretty much all of industry, and CPG (Consumer Packaged Goods) in particular because it hit the individual retailer significantly, demonetisation had a significant impact on our India business in Q4,” Nooyi said during an earnings call for Pepsi's fourth quarter that ended on December 2016.
Responding to a question during the call on February 15 on whether demonetisation had any impact on Pepsi's beverage or snack business, Nooyi said there are still some “lingering effects” from the Indian government's decision to withdraw high-value banknotes of Rs 1,000 and 500 from circulation, noting that she is “not sure we are totally out of the woods”.
Nooyi, 61, said demonetisati..

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Is RBI’s Inflation-targeting Mandate Hurting India’s Financial Development?

“We have been mandated by the government backed by legislation that we have to have an inflation target of about 4 percent – central tendency of 4 percent over the medium term. Therefore that is our main objective in terms of the policy of the central bank which is now determined by the monetary policy committee (MPC).”
This is Reserve Bank of India Governor Urjit Patel’s reply to a question posed by Network18 Group Editor-in-Chief Rahul Joshi on interest rate cuts.
The reply highlights critics concerns that the RBI’s focus on controlling inflation may come at the cost of economic growth.
Read Here: Highlights from the Urjit Patel Interview
To understand why this is so, let us understand the changes that have taken place in India’s monetary policy architecture and why inflation targeting is a controversial idea.
A central bank, like the Reserve Bank of India, is the guarantor of the country’s money, banking system and financial stability. This meant that the RBI’s mandate was to con..

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Xiaomi Elevates India Head Manu Kumar Jain as International VP

New Delhi: Chinese handset maker Xiaomi has elevated its India Head Manu Kumar Jain to a global role as its Vice President.
“Manu, congratulations from the entire Xiaomi family on your promotion to Vice President of Xiaomi!,” Xiaomi said in a Facebook post.
Under Jain's leadership, Xiaomi's operations in India expanded from a small team into the second largest smartphone vendor in the country with 10.7 percent market share, the post added.
Apart from being the VP of the company, Jain will also be Managing Director, Xiaomi India.
Industry watchers said Jain's elevation indicates the importance of the Indian market, which is one of the fastest growing one globally. Xiaomi crossed the USD 1 billion revenue mark in India last year.
Recently, Xiaomi's Vice President Hugo Barra had put in his papers to return to the Silicon Valley and lead Facebook's virtual-reality efforts, including the Oculus VR.
Barra was considered as the face of the company and his exit was see..

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Sensex Bolts Away, Jumps 425 Factors on Inflows, Nifty Tops eight,800

Mumbai: For the second day, the Sensex broke free Friday, shooting up nearly 425 points, and the Nifty wrested back control of the 8,800-mark in early session on substantial gains across the spectrum, driven by increased foreign capital inflows.
The 30-share barometer zoomed 424.99 points, or 1.50 per cent, to 28,726.26. The gauge had gained 145.71 points in the previous session.
Also, the NSE Nifty recaptured the key 8800-level by surging 91.60 points, or 1.04 per cent, to 8,869.60.
HDFC Bank skyrocketed 7.29 per cent to Rs 1,424.05 after RBI on Thursday lifted restrictions on foreign investors for purchase of shares in the company.
FIIs, NRIs and PIOs (persons of Indian origin) can invest in primary and secondary capital markets in India through portfolio investment scheme (PIS).
RBI monitors the ceilings on FII, NRI, PIO investments in Indian companies on a daily basis and has fixed the cut-off 2 percentage points below the actual ceiling.
Other big-time movers that supported the ra..

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Normalcy in Forex Operations Restored, Says Arun Jaitley

New Delhi: Finance Minister Arun Jaitley on Friday said normalcy has been restored within few weeks of the unprecedented decision to recall 86 per cent of the currency in circulation and there is no shortage of notes in market.
Currency note printing presses of Reserve Bank of India as well as Security Printing and Minting Corporation of India Ltd (SPMCIL) have worked without a break to remonetise by issuing new bank notes, he said.
Speaking at the 11th Foundation Day function of SPMCIL, he said the easiest task during demonetisation was to pass comments and make snide remarks.
“But the toughest work is to implement it.This is perhaps the biggest demonetisation drive in the world that was aimed at striking at the very root of corruption, black money and counterfeit currency,” he said.
Stating that people often commented that it may take up to one year or at least seven months to restore normalcy, he said the task has been achieved within few weeks.
“Normalcy has been restored within fe..

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No Main Influence on Indian Banks After Brexit, Says SBI UK Chief

London: There will be no major impact on Indian banking operations in the UK post-Brexit and the British capital will continue to be the global “financial hub”, according to the UK chief of State Bank of India.
Sanjiv Chadha, the SBI's Regional Head for the UK and chair of the Association of Indian Banks in the country, said that Indian banks in the UK are set for a new phase of growth as they prepare to expand operations into subsidiaries.
In reference to Brexit, the banking chief said he did not foresee a major impact on Indian banking operations in the UK and believed that London would continue to be the global “financial hub”.
“Indian banks have always followed the diaspora and just as the diaspora has transformed and grown, the Indian banks are also being asked to subsidiaries as we have also grown,” Chadha said yesterday while addressing a special event here organised to celebrate the contribution of Indian banks by the Asian Business Publications Limited (ABPL) media house…

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Over 10 Lakh Have not Defined Supply of Revenue to I-T Dept

New Delhi: Over Rs 4.5 lakh crore worth of suspicious deposits by 18 lakh people are under “verification” by the I-T department, which will send “non-statutory” letters to those who have not responded to SMS and e-mail queries.
So far, it has received replies from over 7 lakh people who have accepted making such deposits and the department will issue letters to the remaining nudging them to explain the source of deposits on the e-filing portal under Operation Clean Money.
“More than 99 per cent of the 7 lakh respondents have accepted that the data are correct,” the official said.
As many as 5 lakh people out of these 18 lakh people who have been sent SMS and e-mail are not registered in the e-filing portal, the official said.
As many as Rs 4.5 lakh crore worth of deposits have been made by these 18 lakh people during the 50-day demonetisation period, a senior official told PTI.
The department has alerted the field offices about the data of people who have not responded as well as over ..

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Do not Blame Execution if Concept Itself is Improper: Rajiv Bajaj on Demonetisation

Mumbai: With the adverse impact of note ban continuing to hamper two-wheeler sales, Bajaj Auto Managing Director Rajiv Bajaj on Thursday said the idea of demonetisation was itself “wrong” and it is incorrect to blame only the execution side of it.
“If the solution or the idea is right, it will go like a hot knife through butter…if the idea is not working, for example, demonetisation, don't blame execution. I think your idea itself is wrong,” Bajaj said at the annual Nasscom leadership forum here.
Prime Minister Narendra Modi had on November 8 last year scrapped all the Rs 500 and Rs 1,000 notes, with a view to check the black money.
Massive cash rationing was introduced as the new replacement notes were in short supply. The ban on 86 per cent of the total currency worth Rs 15.55 trillion in circulation impacted economic activity across sectors with the consumption-driven ones being the most affected.
Notably, the two-wheeler sales are yet to recover from the impact of demonetisa..

Read more