Telecom, a business that has come into being in India in the last 18 years, makes just about one-fifth of the Rs 7.63-lakh crore revenues that banking generates. Also, notice that we are publishing Twitter handles of all our writers from this issue. Follow #BTBestBanks on Twitter for nuggets and pointers on the package. A team of five writers helped Senior Editor and resident banking expert Anand Adhikari put together what is a meaty read on the business of lending. How does he fix the skew? That is a question 26 banking licence aspirants in India should be worrying about, too, and our partner and consultancy firm KPMG India has some direction for them. Some 54 per cent of his branches are in semi-urban and rural areas, but they contribute just 15 per cent of his revenues.
Aditya Puri, Managing Director of the bank that was at the top between 20 (except in 2004, when we didn't conduct the survey), has a familiar challenge. This year, HDFC Bank, India's second-largest private lender and most valuable one, is back on the top after five years. In this issue, you will see one of our most rigorous: the BT-KPMG Best Banks Survey. I was astounded to hear from Sarika that even big, organised gold retailers in the state meet about 30 per cent of their gold requirement from smuggled sources and that number is as much as half in the unorganised segment.Īt BT, we like our lists because you like them. Special Correspondent Sarika Malhotra, wove her way through obstacles - including a hawk-eyed bean-counter in the newsroom - to bring us the untold story of how gold is smuggled into Kerala, a state where more gold is bought than any other. But jewellery demand in India, the biggest buyer of gold in the world (it imported 845 tonnes of the yellow metal in 2012/13), has not abated and gold smuggling is back at its strongest in nearly three decades. The yellow metal's imports have shrunk nearly one-third in the July-September quarter from a year ago. Chidambaram and RBI Governor Raghuram Rajan made forecasts of a lower current account deficit (CAD).Ī big reason in New Delhi's success with reining in CAD (simply put the difference in exports and imports, net of transfers) is the increase in import duty - three hikes since January - on gold imports. It helped the rupee in particular that both Finance Minister P.
At a time when finance ministers worry if their home-economies will pass a stress test, the Draghi-Yellen utterances were welcomed in India. Soon after, across the Atltantic, Janet Yellen, expected to chair the Federal Reserve from early 2014, rooted for the Fed's ultra-easy money policy. There's even some talk of charging banks depositing money with the ECB! Mario Draghi, ECB President, desperately wants to ease further supply of cash to nudge up economic activity. On November 7, the European Central Bank halved its main refinancing rate to 0.25 per cent - similar to the repo rate in India, which the Reserve Bank of India has set at 7.75 per cent - and kept its deposits rate at zero. Still, Europe and the US made India look good. No sooner had India's October inflation numbers, at an eight-month high of seven per cent, been announced last week, than a now-familiar air of gloom settled in business circles.
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