Ira Dugal @dugalira
Financial Journalist. Views and tweets are entirely personal. Present: India Financial News Editor @Reuters. Past: BQ Prime, Mint, NDTV Mumbai, India Joined April 2012-
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Gosh. Thank you for all the insightful and entertaining conversations over the years, Mr Aima. RIP sir.
Gosh. Thank you for all the insightful and entertaining conversations over the years, Mr Aima. RIP sir.
Good RBI move on SFB / universal bank transition. We’ll probably see at least a couple of applications? Also talks to the fact that India’s brief enchantment with differentiated banking models has faded… … you can probably chose to be a small bank / community bank / regional…
Good RBI move on SFB / universal bank transition. We’ll probably see at least a couple of applications? Also talks to the fact that India’s brief enchantment with differentiated banking models has faded… … you can probably chose to be a small bank / community bank / regional…
India central bank scrutiny of financial firms leads to restrictions — A fact box on the recent RBI actions on individual firms reuters.com/world/india/in…
India's Kotak Mahindra plunges 10% after ban on adding new clients digitally reuters.com/business/finan…
There is also a debate that needs to be revived on the mode of supervisory action — fines vs business restrictions. Legislations don’t allow for large fines in India, so RBI resorts to business restrictions. There are pros and cons I suppose of both (just rudimentary thoughts…
There is also a debate that needs to be revived on the mode of supervisory action — fines vs business restrictions. Legislations don’t allow for large fines in India, so RBI resorts to business restrictions. There are pros and cons I suppose of both (just rudimentary thoughts…
Some details on what RBI had issues with: - Deficiencies in IT inventory management - Data security, data leak management - Frequent digital outages - Corrective action plans issued by RBI not adhered to - Rapid digital expansion adding to pressure on IT systems
Some details on what RBI had issues with: - Deficiencies in IT inventory management - Data security, data leak management - Frequent digital outages - Corrective action plans issued by RBI not adhered to - Rapid digital expansion adding to pressure on IT systems
RBI very strong action on Kotak — similar to what happened with HDFC Bank but much wider. Kotak can’t take on customers via online or mobile banking channels due to deficiencies in IT systems. Coincidence perhaps, but just like in HDFC Bank, the action came after long time…
Morgan Stanley says rate cuts off the table for India in 2024-25 -- This is now as much a growth call as it is an inflation call. While we keep attributing the RBI's pause in rates to food inflation concerns, it is now equally about the strong growth and credit expansion which…
For around 2/3rd of PCs, the 2024 election season is slotted for nearly their hottest period of the year. Forecast shows even the first phase polling will be very hot. hindustantimes.com/india-news/num…
Morning joy — Spotify premium. Totally worth it. #notapaidpost
Jio Financial / Blackrock deepen partnership — plan launch of wealth management / Broking businesses in 50:50 JV They signed up last year for an asset management company, which is awaiting SEBI approval.
#Monsoon #rainfall seen above normal in 2024, rains seen at 106% of long-term average: @Indiametdept says Alert: Met Dept gives first long-range southwest monsoon forecast 2024
At the end of the day (or days before voting) it's bread & butter issues that matter. #BJPManifesto focuses on jobs, infra to create jobs, welfare (to tackle inflation). Campaign rhetoric will manage the rest. I report with Shivangi @Acharya0122 @Reuters reuters.com/world/india/in…
#CNBCTV18Excluive | It is understood that new provisions w.r.t India-Mauritus treaty, will apply to even past investments where the taxable event occurs post coming into effect of the protocol. It is not retrospective as taxability is only post the date of the treaty coming into…
GQG PARTNERS, SBI MUTUAL FUND CONSIDERING UP TO $800 MLN INVESTMENT IN INDIA'S VODAFONE IDEA $2.16 BLN SHARE SALE-SOURCES #vodafone #vodafoneIdea Via @followthemani
Breaking online. @EconomicTimes global #exclusive. Japan's MUFG set to buy 20% in HDB Financial @ $10 bn valuation. @HDFC_Bank shadow bank arm, sources tell me. Final decision next week bank board meeting. @andymukherjee70 @dugalira economictimes.indiatimes.com/industry/banki…
India can grow fast with or without Narendra Modi - writes Reuters' @ugalani in this superbly balanced piece. [Have argued with many (tweeted too perhaps) that a lot of what's happening right now is cyclical and situational. That should keep the economy growing reasonably fast…
The RBI should be happy to know that coffee inflation is running close to target — the price of my cup of Starbucks is up 4.2%. Not too hot; not too cold (inflation, not the coffee)
Ghosh’s retirement from Bandhan Bank caught most by surprise. But so did his rise from a social worker to a banker. Here I argue that his banking career is incidental in his pursuit of something far more noble. ndtvprofit.com/economy-financ…
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19K Followers 5K Following Activist (Trade union leader),All India President FBOIOA,All India GS ,AINBOF,secretary,AIBOC(WB),GS,BOIOA.EIB Arise,awake &stop not till the goal is reached.@dugalira One cynical view would be they just created more MnA tgts for bigger banks. Nevertheless, it's welcome imo
@mayurshetty01 @dugalira @RBI Not sure it does. SFBs have portfolio composition restrictions. I don’t believe those are enforced on a full commercial bank that screwed up.
A robust discussion on any tax policy would consider Purpose: Revenue generation ofcourse but also to encourage/discourage consumption of the product/service, correct inequities etc... Necessary thresholds Ease of compliance for tax payer Ease (and cost) of administration for…
Since everyone is commenting on inheritance tax - here is some reading material. Feel free to add to the list. Warren Buffett, the world’s second richest man, says eliminating the estate tax would be a ‘terrible mistake’ cnbc.com/2017/10/03/war…
☕☕☕ For all coffee lovers... Nespresso comes to India. First Nespresso shop in Delhi and then other cities. Also to be sold online.
@dugalira The problem with fines is that, the promoters of firms violate the regulations knowing full well the fine (far in the future) will be way less than the profits they will be making by violating a specific set of regulations. This holds true across geographies.
Monetary fines in western geographies are so normalised, it may be treated as "operating expense". Me liking the RBI's random actions. हम सब रंगमंच की कठपुतलियां हैं जहांपनाह, जिनके डोर RBI की उंगलियों में बंधी है. कब, कहां, कितने डंडे पड़ेंगे कोई नहीं बता सकता.
There is also a debate that needs to be revived on the mode of supervisory action — fines vs business restrictions. Legislations don’t allow for large fines in India, so RBI resorts to business restrictions. There are pros and cons I suppose of both (just rudimentary thoughts…
@dugalira I presume since a business restriction has wider impact , it prompts an immediate action . As rightly said fines impact shareholders , not the management.
@dugalira Repetitive failures ( as has been the case for paytm, master card , kotak) to comply with RBI directives shud invite strict actions. Non- action against such institutions is actually penalty against the more complaint guys.
@dugalira Business restrictions forces mgmt to take action.. fines aren't effective at all
@dugalira RBI making observations public will bring transparency & will create pressure on banks to comply..
@dugalira I would argue business restrictions can decimate a stock - case in point PayTM (-60%, -25kcrs) but agree that fines can be much larger. A 100cr/larger fine (vs 10cr) would have had much more meaningful impact on PPBL/OCL making it compliant without disruption.
People who didn’t have much idea/view about inheritance tax before breakfast today have formed strong opinions about the topic before dinner. What a country and what a time to be alive.
Personal Data Protection is a joke in this country. From a practical standpoint point - Almost all banks, telecom companies etc leak data inadvertently or as a quiet process. How do you think life and health insurance companies, credit card vendors etc incessantly contact you.…
Some details on what RBI had issues with: - Deficiencies in IT inventory management - Data security, data leak management - Frequent digital outages - Corrective action plans issued by RBI not adhered to - Rapid digital expansion adding to pressure on IT systems
@dugalira These r very generic and common bullet points I have seen in all IT audit issues in my 25 yrs business career
@dugalira The points mentioned by RBI r very generic& most of the banks will fall in the trap. New age system r constantly involving & have little uncertainty/instability build in. Problem with banks is good IT guys don't want to work for them & banks r not ready to handover to IT com
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My art- Freebies offered in Congress manifesto risk jeopardising fiscal stability; the financial calculations behind these initiatives appear flawed or unsustainable. swarajyamag.com/politics/congr… @dugalira @ShamikaRavi @CafeEconomics @capitalcalculus @pujamehra