Bank of India
02 апреля, 18:12

Time to Learn from the Facts: Global Week Ahead

Bond market economists and stock strategists alike consider the huge flow of macro data out in the first week of a month ??? particularly payrolls in the USA, inflation in Europe, and manufacturing PMIs everywhere ??? to be catalysts for changes to their quarterly and annual outlooks, on rates and on stock prices, respectively.

02 апреля, 10:21

Власть и бизнес: как Дональд Трамп пытается усидеть на всех стульях

Forbes выяснил, как президент США использует должность ради извлечения выгоды для бизнеса. Оказывается, ему удается даже сдавать недвижимость в аренду самому себе, а реальный конфликт интересов Трампа связан с Китаем, а вовсе не с Россией

06 марта, 23:31

Alphabet Roundup: Waymo Milestone, Clips Camera, Tez Payments

Alphabet's (GOOGL) Waymo unit beat its own self-driving miles record while its Google unit announced a pocket camera called Clips.

05 марта, 23:48

Банки Индии "пылесосят" внутренний рынок

Индийские банки активно привлекают средства, чтобы удовлетворить постоянно растущие расходы.

05 марта, 23:48

Банки Индии "пылесосят" внутренний рынок

Индийские банки активно привлекают средства, чтобы удовлетворить постоянно растущие расходы.

20 февраля, 23:55

Will Latest Bank Fraud Impact India ETFs?

The future of India's banking sector is in the red, as another fraud hurts the markets.

16 февраля, 16:14

Indian Banks Tumble After $2 Billion Fraud By One Of India's Richest Men Emerges

Indian authorities have uncovered a $2 billion banking fraud involving one of the country's 100 richest men, a jeweler who made his name dressing Hollywood and Bollywood actors including Kate Winslet and Priyanka Chopra. His name is Nirav Modi, and on Friday shares of the Punjab National Bank - or PNB - plunged after federal investigators first unveiled their findings in a fraud investigation. In its complaint to India's the Central Bureau of Investigation, PNB alleged that the fraud was led by Nirav Modi, a jeweler who’s dressed Hollywood and Bollywood actors including Kate Winslet and Priyanka Chopra. Modi’s No. 85 on Forbes’s 2017 list of India’s richest people and, at 47, is one of the youngest names on that list, according to Bloomberg. The scheme also involved Mehul Choksi, whose Gitanjali Group of companies was intimately involved in the fraud. PNB on Friday said it had filed complaints against Mehul Choksi’s Gitanjali Group of companies. These include Gitanjali Gems Ltd. and PNB alleges a 49 billion rupee (nearly $800 million) loss from Choksi’s companies, CBI spokesman Abhishek Dayal said in a text message. Nirav Modi PNB also claimed that Modi and Choksi worked with a former PNB employee, Gokulnath Shetty, who was posted at a PNB branch in Mumbai from where the fraud originated. Shetty was a deputy general manager in the bank's FX department. Shelly was instrumental in helping Modi and Choksi pull off the heist. The details of the scheme will sound familiar to anybody who has read our coverage of China's "ghost collateral" scandal: Modi and his collaborators secured fake guarantee letters from PNB bank, used over a period of roughly six years to secure some $2 billion in loans from overseas branches of Indian banks. During the scheme, several fake guarantee letters were issued by PNB - all without evidence of collateral - that were then used to secure the loans. The schemers allegedly then bypassed the lender’s internal messaging system in order to avoid detection, and placed instructions via the Swift global payment system asking overseas branches of Indian banks to pay out cash in the form of "secured" loans. The exact details of how this played out haven't yet been made clear. And the scheme probably would've continued, if it hadn't been for those pesky federal regulators. Indeed, the scam was uncovered when Modi approached the bank about securing a new loan for its company. But Shetty - his man on the inside - had retired, and his successor declined to honor Modi's request. In an incredibly brazen move, Modi - who had apparently become too comfortable with the success of his scheme - contested the bank's decision to deny him another guarantee. "At this, the firms contested that they have been availing this facility in the past also but the branch records did not reveal details of any such facility," PNB said in the complaint. It was only then that the bank and investigators discovered fake letters of undertaking and filed an initial complaint alleging a $44 million fraud. Two weeks later, it filed another complaint covering transactions worth about $1.8 billion, according to people familiar with the matter. The exposure of the scheme - and the realization that the loans would never be repaid - sent PNB scrambling to try and pin some of the exposure on its counterparties, the overseas branches of Axis Bank and Allahabad Bank. PNB has alleged that the money was used either to retire import bills or replenish maturing lines of credit with some other banks, according to the document seen by Bloomberg. In its public complaint, PNB names the Hong Kong branches of Axis Bank Ltd. and Allahabad Bank as the overseas counterparties. Allahabad Bank has exposure of about 40 billion rupees while Axis Bank has a roughly 30 billion rupee exposure, a person familiar with the matter told reporters in New Delhi. Union Bank has about 20 billion rupee exposure with rest accounted to State Bank of India, the person said, asking not to be named as the information isn’t public. "Allahabad Bank has raised claims of two tranches of $26 million each from Punjab National Bank for underwriting the letter of credit," the Mint newspaper reported citing Usha Ananthasubramanian, managing director at Allahabad Bank. "We want the bank to pay up as the exposure is on PNB." Axis Bank told the exchanges on Thursday that the transactions were undertaken in the normal course of business and credited to PNB’s nostro accounts. It added it has "sold down all of the referred transactions.” The Reserve Bank of India has been left to disentangle the mess, and has asked for all parties involved to submit all relevant information about the loans by the end of the week. India’s government has asked all banks to send reports involving this case or other such incidents latest by the end of this week, the Press Trust of India reported. The banking bureaucrat Kumar told BloombergQuint that the case is an isolated one. About 10 PNB employees have been suspended pending the CBI investigation, he said. He didn’t name any of the accused. PNB’s CEO said Modi has reached out to PNB to present a repayment plan but the bank has sought more details. Nirav Modi had left India even before the CBI complaint was filed, according to media reports that didn’t cite any people. India’s foreign ministry on Friday said it has suspended Modi and Choksi’s passports, and the documents may be revoked if they fail to respond. "We will seek government intervention to extradite Modi and Choksi and will not allow any settlement that leaves burden on tax payers," C.H. Venkatachalam, general secretary of the All India Bank Employees Association, said in a phone interview. "From the data we are collecting the sense is that the amount is set to become bigger." Meanwhile, the authorities are seeking to extradite Modi and Choksi and promising that any settlement to help shore up PNB's damaged balance sheet will not saddle taxpayers with the cost of the bailout. But we imagine that promise is about as genuine as the collateral Modi and Choksi used to "secure" their loans.

14 февраля, 15:20

Скрытые плохие долги отразили проблемы банков Индии ( Вести Экономика )

Индийский регулятор обнаружил около $3,6 млрд “плохих“ кредитов у крупнейшего банка страны, что вызывает дополнительные вопросы о состоянии финансового сектора страны, пишет Bloomberg. State Bank of India в пятницу заявил, что проведенный центробанком аудит показал, что проблемная задолженность была примерно на 232 млрд рупий ($3,6 млрд) больше, чем государственный банк сообщал в конце марта 2017 г. В крупнейшем частном банке страны HDFC Bank Ltd. обнаружилось расхождение в 20,5 млрд рупий. ......

14 февраля, 12:08

Крупный индийский банк пострадал от мошенничества

Второй по величине государственный банк Индии заявил, что он обнаружил мошенничество на $1,8 млрд в своем филиале в финансовом центре страны. Последствия могут распространяться и на других кредиторов, сообщает Bloomberg.

14 февраля, 12:08

Крупный индийский банк пострадал от мошенничества

Второй по величине государственный банк Индии заявил, что он обнаружил мошенничество на $1,8 млрд в своем филиале в финансовом центре страны. Последствия могут распространяться и на других кредиторов, сообщает Bloomberg.

12 февраля, 11:39

Скрытые плохие долги отразили проблемы банков Индии

Индийский регулятор обнаружил около $3,6 млрд "плохих" кредитов у крупнейшего банка страны, что вызывает дополнительные вопросы о состоянии финансового сектора страны, пишет Bloomberg.

12 февраля, 11:39

Скрытые плохие долги отразили проблемы банков Индии

Индийский регулятор обнаружил около $3,6 млрд плохих кредитов у крупнейшего банка страны, что вызывает дополнительные вопросы о состоянии финансового сектора страны, пишет Bloomberg.

09 февраля, 11:27

WhatsApp позволил пользователям переводить друг другу деньги

Функция денежных переводов между пользователями, над которой WhatsApp работал с начала 2017-го, наконец-то достигла стадии тестирования. В качестве "полигона" для ее обкатки принадлежащий Facebook мессенджер выбрал Индию.

09 февраля, 00:35

India ETFs in Focus as Central Bank Holds Interest Rates

Reserve Bank of India keeps interest rates unchanged.

07 февраля, 17:28

Taxes putting pressure on investment in India – RBI’s Patel

Reserve Bank of India leaves interest rates on hold, expressing concerns that latest budget threatens to push inflation out of target zone

01 февраля, 15:39

Cryptos Tumble After India Says It Will "Take All Measures To Eliminate" Their Use

India's government became the latest country to declare its opposition to bitcoin payments, saying it would do everything in its power to eliminate the use of cryptocurrencies. “The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system,” Finance Minister Arun Jaitley told lawmakers in New Delhi on Thursday. However, while blasting bitcoin, the Indian finmin announced that India would embrace blockchain "The government will explore use of blockchain technology proactively for ushering in digital economy." The news sent the crypto space sliding, with Bitcoin now well below its recent support level around $10,000. Curiously, Ethereum has been largely spared the recent rout, and remains up +30% YTD, while Bitcoin is down -30% in 2018. Since reaching a peak of almost $20,000 in early December after the introduction of futures contracts on regulated exchanges in the U.S., a series of negative news has buffeted Bitcoin and rival cryptocurrencies, with losses intensifying since the start of 2018. Bitcoin’s January slide knocked $44.2 billion off the $200 billion in market value generated in all of 2017, the biggest one-month loss in dollar terms in the short history of digital assets according to Bloomberg. Having failed previously in the "control" of capital outflows via gold, the Indian government - following a Reserve Bank of India advisory - last month raided one bitcoin seller and issued a warning cautioning citizens against acquiring and trading virtual currencies. The scrutiny led to several exchanges in India to suspend operations amid fears they could violate anti-money laundering and financial terrorism laws. Indeed, as Bloomberg reports, India's income tax officials started investigating the exchanges for potential violations shortly after issuing the warning. The federal government had also set up a panel to decide on India’s stand on virtual currencies, people with knowledge of the matter said on Dec. 12. The employees and owners of the country's crypto exchanges are, understandably, nervous. "After today’s announcement, people are getting scared," said Anshul Vashist, Delhi-based support manager at the cryptocurrency exchange Coinsecure. "We have seen some dumping of bitcoins." Coinsecure has a volume of about 100 coins a day, he said. The announcement is the latest disappointing news to hit the price of bitcoin - which has dropped more than 50% in a little over a month - during one of the pioneering cryptocurrency's worst weeks in recent memory. It's latest leg lower began following reports that the CFTC subpoenaed Bitfinex - believed to be the world's most active bitcoin exchange - and Tether - a separate company that's run by the same people, stoking suspicions that the exchange could be hiding missing funds used to back a popular dollar-backed cryptocurrency called tether. On the other hand, concerns that South Korea - one of the world's biggest crypto markets - would shut down bitcoin trading were put to rest after the nation yesterday said it had no plans to pursue such a strategy, news of which catalyzed the first sharp move lower in cryptos.

25 января, 13:44

Индийские индексы снизились на фоне фиксации прибыли

В четверг, 25 января, фондовый рынок Индии продемонстрировал отрицательную динамику по итогам торговой сессии на фоне фиксации прибыли по длинным позициям. При этом под давлением находились бумаги банковского сектора после сообщений о том, что крупные кредиторы могут получить меньше денег от правительства Индии в рамках плана рекапитализации. Напомним, что ранее правительство страны одобрило план рекапитализации банковского сектора на сумму 2,11 трлн рупий ($32,43 млрд) в течение следующих двух лет. На момент закрытия торгов индекс Nifty 50 снизился на 0,15% до отметки 11 069,65 пункта, а индекс BSE Sensex 30 упал на 0,31% до 36 050,44 пункта. Среди компонентов индекса Nifty 50 в лидерах роста по итогам торгов были котировки акций Indiabulls и ICICI Bank, подорожавшие на 2,74% и 2,28% соответственно. Лидерами падения стали UPL и State Bank of India, потерявшие в цене на 6,71% и 5,08% соответственно.

24 января, 21:36

India's Role in the World

Political change, structural reform and technological innovation are changing the socio-economic context of India. Examine how global challenges, national priorities and local trends are reshaping India’s stance in the world. Dimensions to be addressed: - Shaping the global agenda on climate change - Developing capacity in manufacturing - Digitalizing for competitiveness · Natarajan Chandrasekaran, Chairman, Tata Sons, India · Rajnish Kumar, Chairman, State Bank of India, India · Suresh Prabhakar Prabhu, Minister of Commerce and Industry of India · Chetna Sinha, Founder and Chair, Mann Deshi Foundation, India · Sir Martin Sorrell, Chief Executive Officer, WPP, United Kingdom Moderated by · Fareed Zakaria, Host, Fareed Zakaria GPS, CNN, USA

22 января, 17:10

Cryptocurrencies Leg Lower After South Korean Tax Headlines

Update 1100ET: Headlines from South Korea's Yonhap news regarding new tax rules for cryptocurrency exchanges appear to have sparked the latest leg down in cryptocurrencies... As CoinTelegraph reports, Local news agency Yonhap reports that South Korean government has announced Monday, Jan. 22 that it will be collecting a 22 percent corporate tax and a 2.2 percent local income tax from the country’s cryptocurrency exchanges. The tax announcement comes right after the conclusion of an unprecedented anti-money laundering probe into six major South Korean banks that showed a 36 times increase in commissions from virtual accounts linked to crypto exchanges, from 61 mln won ($57,340) in 2016 to 2.2 bln won ($2 mln) in 2017. Yonhap reports that South Korean exchange Bithumb made 317.6 bln won ($295,368,000) last year in total, so is expected to pay about 60 mln won in taxes, according to the tax percentages announced Monday. The announced tax percentages are in line with the South Korean tax code for all corporations that make a yearly income of over 20 bln won ($18.7 mln). Cryptos legged lower... Which is slightly odd since this suggests shutdowns are off the cards - why would government go through the logistics of taxation when it will merely shutter these accounts? *  *  * From South Korean bank blocks to Bulgarian ponzi scheme shutdowns and a Bali bitcoin crackdown, you can take your pick as to what is driving the sudden plunge in cryptocurrencies this morning. Ethereum is back below $1000, Bitcoin is back to a $10k handle, and Ripple is down 30% from the weekend's highs. Weakness began around 6amET but really accelerated at around 8am ET... With Bitcoin and Ethereum breaking key support levels.. The catalyst for the move is uncertain at best with numerous headlines over the weekend: OneCoin offices were raided and its servers seized in Sofia, Bulgaria, on Jan. 17 and 18, as yet another step in a series of international raids and court cases against the highly-controversial altcoin. Although the servers were shut down, OneCoin currently remains operational. Bitcoin exchanges are under fire in India, as many of the nation’s top banks have suspended or greatly curtailed functionality on exchange accounts. State Bank of India (SBI), Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have all taken strong action toward crypto exchanges, either closing accounts or severely limiting functionality. The banks cite the risk of dubious transactions, according to local reports. The biggest Nordic bank sent a memo to all its employees on Monday informing them that they will not be allowed to trade in Bitcoin and other cryptocurrencies. Nordea Bank AB will impose the ban from Feb. 28, after the board agreed to take a stand due to the “unregulated nature” of the market, spokeswoman Afroditi Kellberg said by phone. The bank had about 31,500 employees at the end of the third quarter. Bitcoin is under heavy surveillance on Bali, an island in the Indonesian archipelago, according to local reports. Central Bank officials are seeking to crack down on the use of the cryptocurrency anywhere in the nation. But we do note that the most recent plunge occurred as Bitcoin broke below its 100-day moving average at $10951...   As we noted yesterday, the Bitcoin futures short keeps growing... And with the short overhang growing weekly, one wonders how long before a short squeeze - whether due to some long-overdue bullish catalyst or for some other reason - in unleashed first in bitcoin futures, then quickly cascading into the spot market, potentially unleashing the next move higher in the cryptocurrency space. Year-to-Date, Ethereum remains the only big winner of the major cryptos...   Finally, as a reminder, this January weakness in Bitcoin is not unusual as it appears a pre-Lunar-New-Year sell-off is prevalent: