Friday, September 18
India has pushed back against a proposal by the European Union as part of free trade agreement talks which would give the 27-nation bloc a say in decisions related to capital flows, two Indian government sources said. The proposal, unusual in most free trade agreements, has raised concerns in New Delhi over limiting its ability to act unilaterally during crises, as both sides aim to conclude the deal by the end of 2025. India has in the past imposed restrictions on outflows, including during a currency crisis in 2013. In its proposal to India, the EU has suggested an oversight committee on trade in services and investment policies which would review policy actions, including those taken during financial or balance of payments crises. "India fears such oversight could allow the committee to
Lower bad loan provisions helped Indian Bank report a 24% rise in net profit for the first quarter to Rs 2,973 crore, compared with Rs 2,403 crore in the year-ago period.Its pre-provision operating profit rose 6% year-on-year to Rs 4,770 crore from Rs 4,502 crore.Provisions against NPAs for the quarter stood at Rs 387 crore, compared with Rs 896 crore in the same period last year. Total provisions were also lower at Rs 691 crore, down from Rs 1,258 crore.The Chennai-headquartered lender's asset quality improved, with the gross non-performing assets (NPA) ratio falling 76 basis points to 3.01% at the end of June, from 3.77% a year earlier.Its net interest margin (NIM) for the quarter stood at 3.35%, 19 basis points lower than in the year-ago period.Net interest income rose modestly by 3% to
Discount broker Zerodha is grappling with a demat market share loss despite growth in the assets under management (AUM). The company is addressing the issue by creating content, even though it remains unsure about its impact so far.On Thursday, Zerodha Founder & CEO Nithin Kamath posed a question for founders and marketing professionals on his X handle if traditional strategies used in the past to acquire customers will be useful now. Kamath also explained how his company was coping up with the problem."Here's the context: Our AUM share is growing (people with more money trust us), but our demat share is shrinking (fewer new accounts). The people with money are sticking with us, but many others aren't opening accounts with us . Most likely, the newer and younger, and people from tier 2
