Becoming banks would give NBFCs access to low-cost deposits. But even after IL&FS crisis led to rising borrowing costs, no company applied for a bank licence.
Launched in 1994, India's HDFC Bank is now the world’s 10th most valuable bank and has surpassed Citibank and HSBC in worth standing at about $90 billion.
The combination would boost its assets to Rs 7 lakh crore and cement Kotak’s position as India’s fourth-largest private bank, closing the gap with Axis Bank Ltd.
After its affidavit to SC, govt orders issues waiver norms including cashback by 5 November. All standard accounts up to 29 February eligible for benefits.
With more virtual banks popping up, there is hope they will be more cost-effective, better scalable versions of savings, loan associations and chit funds, with fewer blowups and scams.
The last time this matter flared up was when Delhi Chief Minister Rekha Gupta, in a very similar directive in April, called for the relocation of stray dogs in the capital.
Finance ministry says the proposed revamp will focus on structural reforms, rate rationalisation & ease of living, & will be deliberated upon in the coming weeks.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Now that both IAF and PAF have made formal claims of having shot down the other’s aircraft in the 87-hour war in May, we can ask a larger question: do such numbers really matter?
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