Clara's Feed
Mar 31, 2015

Stock options, new blood as India’s state banks ready for change

MUMBAI, April 1, (Reuters) – State Bank of India,
the country’s largest lender, may offer employee share options,
recruit specialists and promote faster – radical changes that
promise to shake up a bloated, debt-heavy sector.

India’s state banks are under pressure to improve
profitability and slash bad loans, creating a more agile sector
to help fuel economic growth. For the government and the banks,
that has put the focus firmly on one issue: people.

Mar 24, 2015

SBI sees lending growth accelerating

MUMBAI (Reuters) – State Bank of India (SBI), the country’s largest lender, expects credit growth to accelerate in the year beginning in April to as much as 15 percent, helped by firms seeking funds to bid for coal concessions and mobile airwaves.

Arundhati Bhattacharya, SBI chairman, told Reuters in an interview that the pick up in lending compares to a “very very low” loan growth of below 10 percent in the year just ending. The bank, she said, had come through a period of consolidation and was comfortable with the current pace.

Mar 24, 2015

State Bank of India sees lending growth accelerating

MUMBAI, March 24 (Reuters) – State Bank of India,
the country’s largest lender, expects credit growth to
accelerate in the year beginning in April to as much as 15
percent, helped by firms seeking funds to bid for coal
concessions and mobile airwaves.

Arundhati Bhattacharya, SBI chairman, told Reuters in an
interview that the pick up in lending compares to a “very very
low” loan growth of below 10 percent in the year just ending.
The bank, she said, had come through a period of consolidation
and was comfortable with the current pace.

Mar 20, 2015

SEBI warns of penalties as board quota deadline nears

MUMBAI (Reuters) – Corporate India’s “shameful” failure to appoint enough women directors ahead of a deadline set by regulators for April 1 will result in “very serious” consequences for firms, the head of the Securities and Exchange Board of India (SEBI) said on Friday.

SEBI last year imposed a quota of one female director on the board of every listed firm. It extended the deadline once last year, but despite last-minute appointments, hundreds of firms, including several large state-owned companies, still fall short of the requirement.

Mar 20, 2015

India regulator warns of penalties as board quota deadline nears

MUMBAI, March 20 (Reuters) – Corporate India’s “shameful”
failure to appoint enough women directors ahead of a deadline
set by regulators for April 1 will result in “very serious”
consequences for firms, the head of the country’s market
regulator said on Friday.

The Securities and Exchange Board of India last year imposed
a quota of one female director on the board of every listed
firm. It extended the deadline once last year, but despite
last-minute appointments, hundreds of firms, including several
large state-owned companies, still fall short of the
requirement.

Feb 27, 2015

Some staff say Sahara has not paid salaries for months

MUMBAI (Reuters) – Some staff at conglomerate Sahara say they haven’t been paid for several months, as the company tries to raise $1.6 billion to bail its boss Subrata Roy out of jail.

Reuters interviewed 11 employees independently contacted in separate units in Delhi, Mumbai and Lucknow this week, and found workers at what was once one of India’s highest profile firms frustrated over a lack of information about the group’s future. Business has been disrupted for a year as Sahara fights a regulator’s charge that it illegally sold bonds and did not reimburse investors.

Feb 27, 2015

Some staff say India’s Sahara has not paid salaries for months

MUMBAI, Feb 27 (Reuters) – Some staff at Indian conglomerate
Sahara say they haven’t been paid for several months, as the
company tries to raise $1.6 billion to bail its boss Subrata Roy
out of jail.

Reuters interviewed 11 employees independently contacted in
separate units in Delhi, Mumbai and Lucknow this week, and found
workers at what was once one of India’s highest profile firms
frustrated over a lack of information about the group’s future.
Business has been disrupted for a year as Sahara fights a
regulator’s charge that it illegally sold bonds and did not
reimburse investors.

Jan 30, 2015

India should seize weak oil price to woo experts – Sesa Sterlite

MUMBAI, Jan 30 (Reuters) – India should take advantage of
weak oil prices and shrinking budgets among majors to attract
top flight oil services firms and improve its own skills and
technology, the head of oil and mining firm Sesa Sterlite Ltd
said on Friday.

Sesa Sterlite controls Cairn India, which is
India’s largest private crude oil producer and the operator of
more than a quarter of India’s domestic crude oil production.

Jan 15, 2015

Rate cut a start but we need more, says business

MUMBAI/DELHI (Reuters) – Businesses, saddled with crippling costs of capital, urged the RBI to move boldly after its rate cut on Thursday, with some demanding easing of a full percentage point in the next six months to fuel a recovery.

The Reserve Bank of India lowered interest rates by 25 basis points, in a surprise move weeks ahead of its own bi-monthly meeting and of the Narendra Modi government’s maiden annual budget.

Jan 15, 2015

Rate cut a start but we need more, says Indian business

MUMBAI/DELHI (Reuters) – Indian businesses, saddled with crippling costs of capital, urged the central bank to move boldly after its rate cut on Thursday, with some demanding easing of a full percentage point in the next six months to fuel a recovery.

The Reserve Bank of India lowered interest rates by 25 basis points, in a surprise move weeks ahead of its own bi-monthly meeting and of the Narendra Modi government’s maiden annual budget.