Mr. Romesh Sobti, CEO of IndusInd Bank joins International Banker to discuss Indian banking reform, the wider challenges facing banks in India and IndusInd’s goal of doubling profit in the next three years.
You could be excused for thinking that financial inclusion is a given. In reality, however, this is far from the truth. As illustrated by a recent report by the World Bank, 1.7 billion adults across the world are ‘unbanked’, meaning they do not possess a bank account or have access to formal finance. This situation is not confined to just one part of the world. Whether you live in a developed country or developing region, the unbanked can be found. For example, just 14 percent of adults in the Middle East hold a bank account.
How much value does a view have? It can have an awful lot. The luxury accommodations that combine lavish interiors with sumptuous views of the world’s wonders top the lodging value chain. In our travel feature, we take a world tour of the foremost accommodations that successfully combine luxury with the best views of everything from world-famous mausoleums to mesmerizing big cats.
Financial services firms in the UK have more questions than answers about how Brexit will affect their operations. The uncertainty extends to London’s position as a global centre for dispute resolution, as it is possible that English court decisions will not be automatically enforceable in the EU. As the case study in this article demonstrates, English courts will endure as the best option for fast and fair resolution of international cases.
The largely state-owned banking industry in India has not started the year off on a good foot, with fraud cases, costing billions in damages, triggering alarm bells about the security of the current system. The push is on to increase the privatisation of Indian banking, but how far will such efforts get in a country dominated by state control of banking, policymaking and regulating?
On April 1, 2017, India’s largest bank, the State Bank of India (SBI), expanded its size even further after completing its long-awaited merger with Bharatiya Mahila Bank and five of its commercial banking subsidiaries: State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore.
On November 8, India’s prime minister, Narendra Modi, addressed his nation to announce that Rs 500 (approximately $7.25) and Rs 1,000 notes would be withdrawn from circulation. Indian citizens have until the end of 2016 to swap their holdings of old notes, effectively giving them just over 50 days to get rid of currency that is soon to be defunct.
The Securities and Exchange Board of India (Sebi) stated that they had streamlined its norms for stockbrokers. They have introduced a regulatory system whereby anyone wanting to act as a stockbroker will have to be registered with Sebi for each stock exchange where they intend to operate and pay a fee.